topic Re: How about this? BOA came to me! in Credit Cards

How about this? BOA came to me!

Anonymous — Wed, 05 Mar 2008 14:42:49 GMT

I'm sitting here at my desk at the start of another long day at work. My phone rings, and it's from a number I don't recognize (we have caller ID with our VOIP). It's a lady from Bank of America, thanking me for financing my new Infiniti through them. She then tells me that with my application I am qualified for a Platinum Plus Visa card for 6k through them, and if I say yes they will mail it out.

I said yes.

I have a no applying pact with concord and cheddar, so I don't think this counts. She said there would not be an inquiry on my credit report other than the one they used for my car.

Pretty cool eh?

As a side note, they just declined me for a Visa card like 2 weeks ago when they pulled EX. The car dealer pulled EQ.

Anyone do a CLI on activation with BOA?

Re: How about this? BOA came to me!

Red1Blue — Wed, 05 Mar 2008 14:46:42 GMT

Congrats on your new card. Yes, you can ask for CLI at Activation. BOA is very good in customer support. It is one of the best cads you can have. You'll be very happy with the card and your new infiniti. ( By the way what model is it? )

Re: How about this? BOA came to me!

Anonymous — Wed, 05 Mar 2008 15:05:49 GMT

Way to go, FM! It looks like you've really "turned a corner" with your credit apping these days. You have become on of my credit heroes. I'm trying to wait a few more months before I re-enter the credit jungle.

I believe ducky recently got a CLI on a BOA card at activation.

Message Edited by lurknomore on 03-05-2008 07:05 AM

Re: How about this? BOA came to me!

Anonymous — Wed, 05 Mar 2008 14:55:17 GMT

Congratulations! And no, I don't think this counts as breaking "the pact." If they came to me with an offer with no hard pull, you bet I'd take them up on it.

BTW, I think the pact is down to you and me, and perhaps Lady Scarlet. I believe concord is no longer "king of the castle" or "master of his domain," if you get the Seinfeld reference.

Re: How about this? BOA came to me!

Red1Blue — Wed, 05 Mar 2008 15:00:19 GMT

cheddar wrote:
Congratulations! And no, I don't think this counts as breaking "the pact." If they came to me with an offer with no hard pull, you bet I'd take them up on it.

BTW, I think the pact is down to you and me, and perhaps Lady Scarlet. I believe concord is no longer "king of the castle" or "master of his domain," if you get the Seinfeld reference.

Dont count me out. I am still part of the pact. I acted with Citi App's out of mental anguish that is caused by Amex Delta Application and FNOB CLI. As I am writing this post, I am on the phone with CRA's and freezing my CR's.

Re: How about this? BOA came to me!

Anonymous — Wed, 05 Mar 2008 15:20:33 GMT

Of course I get the reference. That is one of the best shows to ever come on tv. I have seasons 1-9 on dvd.

I figured that BOA is a lender I should get in good with so I said yes.

This means I've opened 33k in new credit this month, along with a car loan for 12k. I am afraid about what's going to happen when they hit my reports (Citi already did).

When new credit hits, does it only hurt per account, or do the limits somehow factor in? Before this month, my util was around 23 percent as I had only subprime garbage cards. New credit should drop my util to about 5 or 6 percent. I'm hoping this is enough to offset and not ding my scores.

My car is an Infiniti I35. It's pretty sweet. Definitely a step up from the Scion tC I was previously driving.

Re: How about this? BOA came to me!

Anonymous — Wed, 05 Mar 2008 16:09:22 GMT

Congrats FM! WTG! I'm thrilled for you.

You've done well on your apping spree! Time to let those things age now. Enjoy!

Re: How about this? BOA came to me!

Anonymous — Wed, 05 Mar 2008 19:09:35 GMT

Thanks Syl! I am still 100 percent completely jealous of your Discover card though.

Re: How about this? BOA came to me!

Red1Blue — Wed, 05 Mar 2008 19:13:39 GMT

Watch out on your car loan. Once the car loan with full balance posts your scores will drop substantially. They will go back up again once the loan is paid above 35% or so. When I added a car loan, I lost 30 points on each CR. I paid down the loan by 40% and my scores came back to levels before the Car Loan reported.

Re: How about this? BOA came to me!

Anonymous — Wed, 05 Mar 2008 19:15:02 GMT

Whoa. That's terrible news. I hope no AA comes of that.

At least am I credit-ly satisfied. But this does put a damper on refinancing anytime soon. I need to ditch the ARM I received when I was a sub-600 guy.

Re: How about this? BOA came to me!

Red1Blue — Wed, 05 Mar 2008 19:17:03 GMT

I dont think there will be an AA. But you'll see a drop in scores and might raise some flags once the car loan with full amount posts. Especially TU is very sensitive to this and other 2 are not forgving either. Just a friendly warning, keep tabs on your scores.

Re: How about this? BOA came to me!

Anonymous — Wed, 05 Mar 2008 21:42:31 GMT

congrats! boa cli'd me from 1k to 12 at activation. i called the number on the back of the card prior to activating, worked for boa and national city (3k to 10k).

Re: How about this? BOA came to me!

haulingthescoreup — Thu, 06 Mar 2008 00:21:51 GMT

@Anonymous wrote:
....This means I've opened 33k in new credit this month, along with a car loan for 12k. I am afraid about what's going to happen when they hit my reports (Citi already did).

When new credit hits, does it only hurt per account, or do the limits somehow factor in? Before this month, my util was around 23 percent as I had only subprime garbage cards. New credit should drop my util to about 5 or 6 percent. I'm hoping this is enough to offset and not ding my scores.

Just as a heads up, my EX just dropped from 749 to 712, and much of it seems to be due to the new car loan. (Loan is new, not the car, lol.)

I lost 3 points (752 to 749) for one inq, and the big drop occurred when two new cards posted, one with a balance of $220 on $5K, plus the car loan. EX did not bother to scold me for the new cards on screen two; the top two negatives were the usual yada yada about lates. But this was new:

The remaining balance on your non-mortgage installment loans is too high.

Your FICO score weighs the balances of your non-mortgage installment loans (such as auto loan or student loans) against the original loan amounts. In general, when you first obtain an installment loan your balance is high, and as you pay this loan down, the balance decreases.

Keep this in mind: This factor will have less of a negative impact on your FICO score as you pay down your installment loans and the total balance decreases.
FICO High Achievers [?] have paid down an average of 35% of the principal on their installment loans.

Since the car loan (the non-mortgage installment loan) is brand-spanking new, I am currently at 100% util on it. So I think I might throw some extra money at it to get it down a bit earlier than scheduled.

And yes, of course, part of that 37-point drop was obviously the two new CC's, one reporting a balance, but I didn't get any negative feedback on them --just on the new installment loan.

I'm scared witless to try to advise any AmEx holder on how to keep them happy --did they know about your car loan when you went through F/R? If so, they might not be startled by a resulting score drop. I don't know if you should give them a heads-up or not --sorry!

Re: How about this? BOA came to me!

Anonymous — Thu, 06 Mar 2008 00:22:18 GMT

Congrats on both!! So what is an I35?

Re: How about this? BOA came to me!

NICKI183 — Thu, 06 Mar 2008 00:33:59 GMT

concorduser wrote:

cheddar wrote:
Congratulations! And no, I don't think this counts as breaking "the pact." If they came to me with an offer with no hard pull, you bet I'd take them up on it.

BTW, I think the pact is down to you and me, and perhaps Lady Scarlet. I believe concord is no longer "king of the castle" or "master of his domain," if you get the Seinfeld reference.

Dont count me out. I am still part of the pact. I acted with Citi App's out of mental anguish that is caused by Amex Delta Application and FNOB CLI. As I am writing this post, I am on the phone with CRA's and freezing my CR's.

I was wondering what do you mean by " freezing your CRA's". How do you go about doing this-is it a good thing? Please explain.

Re: How about this? BOA came to me!

Anonymous — Thu, 06 Mar 2008 02:56:46 GMT

Congratulation to both of you .

Re: How about this? BOA came to me!

hautemama — Thu, 06 Mar 2008 05:06:26 GMT

Wow. B of A increased fm 1K to 12??? I just got a CLI upon activation fm 1k to 5k.. Can I ask again? lol.

Re: How about this? BOA came to me!

Anonymous — Thu, 06 Mar 2008 06:58:52 GMT

Wow, super cool to have them knocking at your door! And with no additional credit pull! WTG!

Re: How about this? BOA came to me!

Mn_Vikes — Thu, 06 Mar 2008 11:05:35 GMT

Congrats, a couple quicks points/?'s

1) Sounds like Concord pulled a Kramer

2) My first thought was: Where can i get a "NEW" I35 for 12k. Until i saw they stopped making them in 2004. Still a very nice car

3) So if someone was going to buy a 30k car and put 15k down, should they finance the 30k then make 15k on the first payment to get the loan UTIL down to 50%?

4) I just applied for my 2nd CC, got approved for over 9k from Citi. Needless to say, i was for sure "Master of my Domain" until this app. Last CC app was 12 years ago.

FretlessMayhem wrote:
This means I've opened 33k in new credit this month, along with a car loan for 12k. I am afraid about what's going to happen when they hit my reports (Citi already did).

When new credit hits, does it only hurt per account, or do the limits somehow factor in? Before this month, my util was around 23 percent as I had only subprime garbage cards. New credit should drop my util to about 5 or 6 percent. I'm hoping this is enough to offset and not ding my scores.

My car is an Infiniti I35. It's pretty sweet. Definitely a step up from the Scion tC I was previously driving.

Re: How about this? BOA came to me!

Red1Blue — Thu, 06 Mar 2008 11:22:43 GMT

If you want your scores to recover fast from the car loan hit, this is the best way to do. Finance the car for 30K. Then pay off 35% the loan say 10-12K as soon as possible. Then the scores will bounce back.

Mn_Vikes wrote:
Congrats, a couple quicks points/?'s
1) Sounds like Concord pulled a Kramer

2) My first thought was: Where can i get a "NEW" I35 for 12k. Until i saw they stopped making them in 2004. Still a very nice car

3) So if someone was going to buy a 30k car and put 15k down, should they finance the 30k then make 15k on the first payment to get the loan UTIL down to 50%?

4) I just applied for my 2nd CC, got approved for over 9k from Citi. Needless to say, i was for sure "Master of my Domain" until this app. Last CC app was 12 years ago.
FretlessMayhem wrote:
This means I've opened 33k in new credit this month, along with a car loan for 12k. I am afraid about what's going to happen when they hit my reports (Citi already did).

When new credit hits, does it only hurt per account, or do the limits somehow factor in? Before this month, my util was around 23 percent as I had only subprime garbage cards. New credit should drop my util to about 5 or 6 percent. I'm hoping this is enough to offset and not ding my scores.

My car is an Infiniti I35. It's pretty sweet. Definitely a step up from the Scion tC I was previously driving.