topic Re: Mixed feeling about Credit App - Should I recon??? in Credit Cards

Mixed feeling about Credit App - Should I recon???

newstar87 — Sun, 25 Mar 2012 15:54:11 GMT

Last night, I pulled trigger and apped Discover More, Chase Freedom, and Capitol One Rewards Venture (1.25 points/ dollar).

Got approved $1000 for Discover More Card

Pending app for Chase => Updated (03/25): chase gave me $2500

Talked to Capitol 1 rep, I was told it was approved. Later I called backdoor number 800-889-9939 or 800-625-7866.(Account Specialist) -> they said it was denied and a letter was sent out

WTH! I was told it's approved, and now you are telling me it wasn't.

Has anyone reconed succesfully with capitol 1? I called them twice today to get why I was denied and tried to recon but they kept telling me to wait for the letter. Any suggestions for recon?

I am full time student with part time job. I am new to the country and just built credit history 7 months ago. income 12700, here are cards I have:

Citi forward: 1600

Walmart: 400

Paypal smart connect credit line associated to debit card: 800

macy: 200

discover more: 1000

Star One credit union: 500

CAFCU card: 500

I really want to get the venture card bc no foreign transaction and air miles.

ty all

Re: Mixed feeling about Credit App - Should I recon???

LS2982 — Sat, 10 Mar 2012 02:33:42 GMT

@newstar87 wrote:
Last night, I pulled trigger and apped Discover More, Chase Freedom, and Capitol One Rewards Venture (1.25 points/ dollar).
Got approved $1000 for Discover More Card
Pending app for Chase
Talked to Capitol 1 rep, I was told it was approved. Later I called backdoor number 800-889-9939 or 800-625-7866.(Account Specialist) -> they said it was denied and a letter was sent out
WTH! I was told it's approved, and now you are telling me it wasn't.
Has anyone reconed succesfully with capitol 1? I called them twice today to get why I was denied and tried to recon but they kept telling me to wait for the letter. Any suggestions for recon?
I am full time student with part time job. I am new to the country and just built credit history 7 months ago. income 12700, here are cards I have:
Citi forward: 1600
Walmart: 400
Paypal smart connect credit line associated to debit card: 800
macy: 200
discover more: 1000
Star One credit union: 500
CAFCU card: 500

I really want to get the venture card bc no foreign transaction and air miles.
ty all

Maybe your thin file was part of the reason for denial. Unfortunately you'll have to wait for the letter in order to try to recon.

Re: Mixed feeling about Credit App - Should I recon???

Anonymous — Sat, 10 Mar 2012 03:22:48 GMT

Honestly, you should be very happy that you have what you have now.

If i were you, i would stop applying for anything at all for at least a year. You stated yourself why you were denied. Very very limited history, multilpe new accounts and inquiries, low income, and such. Just be content with what you have and in a year, pick one card you would like to try to add. Your odds will be much better then.

My opinion for what it is worth.

Re: Mixed feeling about Credit App - Should I recon???

Anonymous — Sat, 10 Mar 2012 03:26:31 GMT

Isn't the VentureOne card for Capital One's excellent credit category? Which supposedly requires 3 years history and a 5,000 limit on another card? You need to take more time to establish your credit before applying for a card like that. Let your current accounts age for awhile before considering another application.

Re: Mixed feeling about Credit App - Should I recon???

Anonymous — Sat, 10 Mar 2012 03:36:24 GMT

I wouldn't bother. Your profile looks very new.

You already have some prime cards too. Discover More, Chase Freedom (I think you'll get it), and Citi Forward. Those are 3 great cards already.

Re: Mixed feeling about Credit App - Should I recon???

Mike360 — Sat, 10 Mar 2012 03:39:18 GMT

I wouldn't bother. Be happy with your approvals and don't bother with Cap One. Be happy that you was denied because Capital One is horrible. Enjoy the new cards!

Re: Mixed feeling about Credit App - Should I recon???

pipeguy — Sat, 10 Mar 2012 03:52:23 GMT

@Anonymous wrote:
Isn't the VentureOne card for Capital One's excellent credit category? Which supposedly requires 3 years history and a 5,000 limit on another card? You need to take more time to establish your credit before applying for a card like that. Let your current accounts age for awhile before considering another application.

+1 Exactly right.

Re: Mixed feeling about Credit App - Should I recon???

Anonymous — Sat, 10 Mar 2012 04:16:32 GMT

@Anonymous wrote:
I wouldn't bother. Your profile looks very new.

You already have some prime cards too. Discover More, Chase Freedom (I think you'll get it), and Citi Forward. Those are 3 great cards already.

You are in great shape for a college student. Definitely stop apping for a while and get in the garden. I would love to have those 3 cards. Probably the 3 best non great credit rewards cards. Sadly I was only able to get approved for one of them, so I'm jealous. I don't think you need any more credit though for a while. Let these age and let the inquiries for them age. Congrats on your new Discover More, and hopefully Chase Freedom!

Re: Mixed feeling about Credit App - Should I recon???

newstar87 — Sat, 10 Mar 2012 08:13:54 GMT

recently, I check APR on Citi Forward. It is 19% now. Do you guys think it is high? Should I call them to ask for decreasing it? How can I decrease the APR? ty

Re: Mixed feeling about Credit App - Should I recon???

newstar87 — Sat, 10 Mar 2012 09:33:46 GMT

I really want to get the venture card bc no foreign transaction and air miles. Do you know any cards with similar benefits that I can apply?

Re: Mixed feeling about Credit App - Should I recon???

LS2982 — Sat, 10 Mar 2012 10:51:17 GMT

@Anonymous wrote:
I wouldn't bother. Your profile looks very new.

You already have some prime cards too. Discover More, Chase Freedom (I think you'll get it), and Citi Forward. Those are 3 great cards already.

Re: Mixed feeling about Credit App - Should I recon???

CreditCrusader — Sat, 10 Mar 2012 13:52:40 GMT

@newstar87 wrote:
I really want to get the venture card bc no foreign transaction and air miles. Do you know any cards with similar benefits that I can apply?

How can I say this in a polite, constructive manner...

Nearly everyone in this thread is telling you to cool off on the credit apps, yet you continue to push for feedback to feed your urge to get what you want NOW.

You're young and probably sort of new to the credit game, so allow me to tell you what starts to happen when you keep applying for more and more credit:

Not only will you start to get denials, but you'll start looking for approvals in unsavory places. Take it from one who has much experience in the credit game...nothing feeds destructive behavior (like applying for too much, too soon) like a denial when you desperately want a card. You begin to look for other cards that are similar to what you wanted...and when you get denied for those, you apply for store cards - even when you don't want them. This may seem far-fetched, but believe me...it isn't.

You are in an outstanding position with prime approvals and the chance to garden them for a year. At that point, you'll be able to pick any card you want because your inquiries will no longer hurt your score and your accounts will have some age.

Be patient...what you want will come in time.

Re: Mixed feeling about Credit App - Should I recon???

Anonymous — Sat, 10 Mar 2012 13:53:29 GMT

Just cool it on the apps for now.

You're good with what you have.

Re: Mixed feeling about Credit App - Should I recon???

LS2982 — Sat, 10 Mar 2012 15:11:46 GMT

@CreditCrusader wrote:
@newstar87 wrote:
I really want to get the venture card bc no foreign transaction and air miles. Do you know any cards with similar benefits that I can apply?
How can I say this in a polite, constructive manner...

Nearly everyone in this thread is telling you to cool off on the credit apps, yet you continue to push for feedback to feed your urge to get what you want NOW.

You're young and probably sort of new to the credit game, so allow me to tell you what starts to happen when you keep applying for more and more credit:

Not only will you start to get denials, but you'll start looking for approvals in unsavory places. Take it from one who has much experience in the credit game...nothing feeds destructive behavior (like applying for too much, too soon) like a denial when you desperately want a card. You begin to look for other cards that are similar to what you wanted...and when you get denied for those, you apply for store cards - even when you don't want them. This may seem far-fetched, but believe me...it isn't.

You are in an outstanding position with prime approvals and the chance to garden them for a year. At that point, you'll be able to pick any card you want because your inquiries will no longer hurt your score and your accounts will have some age.

Be patient...what you want will come in time.

Totally true!! I don't even shop at American Eagle but when I couldn't control myself with the apps I apped just to do it and got denied. It's a vicious cycle.

My advice to you is to freeze your reports and let your sig. other make the access codes if you feel like you can't control yourself.

Re: Mixed feeling about Credit App - Should I recon???

Anonymous — Sat, 10 Mar 2012 16:48:28 GMT

^ This is some great advice, I couldn't agree more.

Re: Mixed feeling about Credit App - Should I recon???

Anonymous — Sat, 10 Mar 2012 17:31:42 GMT

The OP and I are very lucky as college students to have the cards we have actually. I have ran into a lot of other students on campus who don't even have a credit card. I've ran into grad students who only have a Kohl's card to build credit.

One of my friends can't even make a Credit Karma account because she has no credit profile whatsoever.

Best thing you can do is garden with the current cards and only apply to cards you'll really need or really want. I am done with reward (cashback) cards. I will only apply to cards that give you free benefits like the previous Southwest Chase card. I am getting $800 in flights from it.

Re: Mixed feeling about Credit App - Should I recon???

Anonymous — Sat, 10 Mar 2012 17:36:30 GMT

@Mike360 wrote:
I wouldn't bother. Be happy with your approvals and don't bother with Cap One. Be happy that you was denied because Capital One is horrible. Enjoy the new cards!

Re: Mixed feeling about Credit App - Should I recon???

newstar87 — Sat, 10 Mar 2012 17:50:34 GMT

thank you for all constructive responses

I will garden my credit now and thinking to freeze it. I heard we can freeze 3 credit bureau scores but when we want to unfreeze them, we have to pay a fee. Is that info right?

Re: Mixed feeling about Credit App - Should I recon???

newstar87 — Sat, 10 Mar 2012 18:05:25 GMT

Is the APR of Forward high in respect to my FICO score? How do they set APR? Do they automatically review and/or decrease APR for the card? My other Corporate America Family credit union card's APR is just 13.9%, which is much lower than Forward's

Re: Mixed feeling about Credit App - Should I recon???

Anonymous — Sat, 10 Mar 2012 18:09:50 GMT

@newstar87 wrote:
Is the APR of Forward high in respect to my FICO score? How do they set APR? Do they automatically review and/or decrease APR for the card? My other Corporate America Family credit union card's APR is just 13.9%, which is much lower than Forward's

I don't think it's particularly high for someone in your situation. Doesn't the Forward lower the APR by .25% every quarter already? So you'll get down 2% from where you started by 2 years. After having the card for atleast 9-12 months, you could call to ask for it lowered a little extra, but I wouldn't expect too much.