topic Re: Mini App Spree in Credit Cards

Mini App Spree

jboy1972 — Thu, 16 May 2013 05:57:59 GMT

Newest member of Myfico, and first want to thank the forum for all the knowledge, and wealth of information you have given us..

Well My stats are (FICO EQ 747: 4/24/13)( FICO TU 701:4/2713)(FICO EX 737 4/28/13via AMEX) Income- 40k, no baddies %100 on-time payment, AAoA- 2 yrs

Macys- 600cl 2yrs old

BB RZ MC- AU on DW 300 cl 2.6 yrs old

ALWAYS PIF

No mortgage

No car loan

In April I Apped for:

BCE- Instant Approved 2000cl after promo 21.99 APR

Discover it- Instant Approved 2500cl after promo 17.99 APR

Citi TY Prefered-Instant Approved 3500cl after promo 17.99

Chase Freedom-Denied (reconned) 500cl after promo 13.99 APR

These are my first credit cards and Im 40 yrs old..hahaha!.. Still cash is king!

My question now is: with FICO scores I listed, why does chase only give me 500 cl but give me thew lowest APR? I was under the impression that creditworthiness comes from the lowest APR ,(excellent credit)to a high APR(fair credit)and yet chase only gives me 500? The reason for denial was not enough revolving credit?? Please someone shed some light..

Thanks in advance

Re: Mini App Spree

myjourney — Thu, 16 May 2013 06:01:06 GMT

@jboy1972 wrote:
Newest member of Myfico, and first want to thank the forum for all the knowledge, and wealth of information you have given us..

Well My stats are (FICO EQ 747: 4/24/13)( FICO TU 701:4/2713)(FICO EX 737 4/28/13via AMEX) Income- 40k, no baddies %100 on-time payment, AAoA- 2 yrs
Macys- 600cl 2yrs old
BB RZ MC- AU on DW 300 cl 2.6 yrs old
ALWAYS PIF
No mortgage
No car loan

In April I Apped for:
BCE- Instant Approved 2000cl after promo 21.99 APR
Discover it- Instant Approved 2500cl after promo 17.99 APR
Citi TY Prefered-Instant Approved 3500cl after promo 17.99
Chase Freedom-Denied (reconned) 500cl after promo 13.99 APR

These are my first credit cards and Im 40 yrs old..hahaha!.. Still cash is king!

My question now is: with FICO scores I listed, why does chase only give me 500 cl but give me thew lowest APR? I was under the impression that creditworthiness comes from the lowest APR ,(excellent credit)to a high APR(fair credit)and yet chase only gives me 500? The reason for denial was not enough revolving credit?? Please someone shed some light..

Thanks in advance

Welcome to the forum

Congrats on a very nice app spree its time to hit the garden now for an extended stay...Chase likes to see a year of CC history

Re: Mini App Spree

BearsAndTurtlesRtheBest — Thu, 16 May 2013 06:04:55 GMT

Congrats!! Thats an awesome app spree. Ive hard that Chase likes to match credit limits and since you have two low limit cards maybe they decided to give you a $500 CL to start with.

Re: Mini App Spree

Anonymous — Thu, 16 May 2013 06:04:37 GMT

+1.

Re: Mini App Spree

jboy1972 — Thu, 16 May 2013 06:06:59 GMT

Thanks! I just was wondering why. and they gave me the lowest APR too...Just wished they would match it

Re: Mini App Spree

FinStar — Thu, 16 May 2013 06:09:04 GMT

@myjourney wrote:
@jboy1972 wrote:
Newest member of Myfico, and first want to thank the forum for all the knowledge, and wealth of information you have given us..

Well My stats are (FICO EQ 747: 4/24/13)( FICO TU 701:4/2713)(FICO EX 737 4/28/13via AMEX) Income- 40k, no baddies %100 on-time payment, AAoA- 2 yrs
Macys- 600cl 2yrs old
BB RZ MC- AU on DW 300 cl 2.6 yrs old
ALWAYS PIF
No mortgage
No car loan

In April I Apped for:
BCE- Instant Approved 2000cl after promo 21.99 APR
Discover it- Instant Approved 2500cl after promo 17.99 APR
Citi TY Prefered-Instant Approved 3500cl after promo 17.99
Chase Freedom-Denied (reconned) 500cl after promo 13.99 APR

These are my first credit cards and Im 40 yrs old..hahaha!.. Still cash is king!

My question now is: with FICO scores I listed, why does chase only give me 500 cl but give me thew lowest APR? I was under the impression that creditworthiness comes from the lowest APR ,(excellent credit)to a high APR(fair credit)and yet chase only gives me 500? The reason for denial was not enough revolving credit?? Please someone shed some light..

Thanks in advance

Welcome to the forum
Congrats on a very nice app spree its time to hit the garden now for an extended stay...Chase likes to see a year of CC history

FICO score alone is not the only factor that lenders rely upon for approval. Keep in mind, the application was not originally approved. However, given the reconsideration efforts, Chase was only willing to approve you for the lowest CL based on your overall credit experience. The APR is secondary which is also determined by internal risk factors. With AMEX BCE, you scored a decent TL but a very subprime APR.

Re: Mini App Spree

myjourney — Thu, 16 May 2013 06:17:07 GMT

@FinStar wrote:
@myjourney wrote:
@jboy1972 wrote:
Newest member of Myfico, and first want to thank the forum for all the knowledge, and wealth of information you have given us..

Well My stats are (FICO EQ 747: 4/24/13)( FICO TU 701:4/2713)(FICO EX 737 4/28/13via AMEX) Income- 40k, no baddies %100 on-time payment, AAoA- 2 yrs
Macys- 600cl 2yrs old
BB RZ MC- AU on DW 300 cl 2.6 yrs old
ALWAYS PIF
No mortgage
No car loan

In April I Apped for:
BCE- Instant Approved 2000cl after promo 21.99 APR
Discover it- Instant Approved 2500cl after promo 17.99 APR
Citi TY Prefered-Instant Approved 3500cl after promo 17.99
Chase Freedom-Denied (reconned) 500cl after promo 13.99 APR

These are my first credit cards and Im 40 yrs old..hahaha!.. Still cash is king!

My question now is: with FICO scores I listed, why does chase only give me 500 cl but give me thew lowest APR? I was under the impression that creditworthiness comes from the lowest APR ,(excellent credit)to a high APR(fair credit)and yet chase only gives me 500? The reason for denial was not enough revolving credit?? Please someone shed some light..

Thanks in advance

Welcome to the forum
Congrats on a very nice app spree its time to hit the garden now for an extended stay...Chase likes to see a year of CC history
+1

FICO score alone is not the only factor that lenders rely upon for approval. Keep in mind, the application was not originally approved. However, given the reconsideration efforts, Chase was only willing to approve you for the lowest CL based on your overall credit experience. The APR is secondary which is also determined by internal risk factors. With AMEX BCE, you scored a decent TL but a very subprime APR.

+1 Correct you manage to convince chase to take a chance on you (recon) but they are taking a small chance until you prove yourself.....FinStar well said

Re: Mini App Spree

09Lexie — Thu, 16 May 2013 06:16:53 GMT

Welcome to the forum! Congrats on a successful spree and I'll see you in the garden!

Re: Mini App Spree

jboy1972 — Thu, 16 May 2013 06:19:53 GMT

Thanks FinStar..

I was wondering about that AMEX one.. Is it possible after maybe a year of gardening and good history they would lower my APR ?or is AMEX just like that?

Re: Mini App Spree

FinStar — Thu, 16 May 2013 06:29:08 GMT

@jboy1972 wrote:
Thanks FinStar..
I was wondering about that AMEX one.. Is it possible after maybe a year of gardening and good history they would lower my APR ?or is AMEX just like that?

AMEX does have some flexibility with APRs depending on the product. Manage your BCE wisely and have them review your account on or about 12 months to determine if the account is elegible for a lower APR. If this is going to be one of your primary CCs, then you can leverage such history and usage for elegibility. After all, you want them to keep your business and relationship.

Re: Mini App Spree

jboy1972 — Thu, 16 May 2013 06:35:17 GMT

Thanks, Will Do!!

I will be using BCE and Chase for my primary cards, so I will see in a year if i can lower my APR and maybe Chase will give me a CLI in the near future as well.

Re: Mini App Spree

FinStar — Thu, 16 May 2013 06:44:42 GMT

@jboy1972 wrote:
Thanks, Will Do!!

I will be using BCE and Chase for my primary cards, so I will see in a year if i can lower my APR and maybe Chase will give me a CLI in the near future as well.

Sounds like you have a good plan. There is a possibility that Chase may auto-CLI (anywhere from 6-12 months). If that does not occur, then you can request a CLI at some point in the future, just be aware that it will be a HP. However, if you are in "garden mode", and as your recent inquiries age over time, then you may feel that an HP may be warranted for the CLI. Best of luck on your credit journey!