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App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Valued Member

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

I was anxious and worried about my new credit cards hitting my reports, so I went crazy last night and Applied for Credit Cards with PenFed, Cap 1 VentureChase Sapphire, First Tech Credit Union, and an Auto Loan w/DCU, but I made some rookie mistakes Smiley Sad   I've been really busy with work and life, plus BofA was so generous I got  sloppy and overconfident....

 

None of the Apps were approved instantly, and I got a call in the morning when I was dropping off my son at school from First Tech.  I forgot that I put a fraud alert on my Experian like 8 years ago so they wanted to verify me.   The rep was not an underwriter, but first asked about my address.  Experian had my previous mailbox address as my home address and I couldn't remember the dang thing because the mailbox company just moved. I finally remembered part of the address but got part wrong.   They asked me a ton of other questions:

  • what was source of income listed (I forgot I put down self employment, but it's actually royalties which wasn't a listed option)
  • verify your home address (which wasn't on my experian report)
  •  why did you have a fraud alert? (I told them the truth which was I was worried about fraud at the time)
  • Are you self employed (ans: yes)  (I have employment and self employment income.  My employment income is small but I didn't explain how much was from which source)
  • What is the name of your business (for self employement income) ans: I get royalties that come directly to my name, not company name
  • How long have you been self employed with same company? ans  10 years.
  • Do you still work for the company listed as your employer on your credit report (I don't, I didn't realize my old company from 10 years ago was still listed)
  • Did you get a w2, who owns the company you listed as your employer (yes I do get w2, but if I have to provide it, it won't show much money, most of my income is other self employment,  and royalties)
  • Why is the company listed as your employer listed at the same address as your home. (apparently they checked the secretary of state business listing) The company I work for is owned by a family memeber and I helped set up the LLC so my address was listed initially as organizer...but I don't own any part of the business. 

After the call the rep said they would pass it on to Underwriting.  An hour later I got a denial email.

 

I'm guessing I might be able to call and ask for a recon, but my whole presentation was so sloppy,  I'm not sure if it will help.  I can verify my income with bank statements and my home address is legit (just not on my report for some reason...it was on there when I checked some months ago). The company I work for is real. But admitedly everything sounded fishy over the phone, starting with me not knowing my address.

 

I'm thinking I need to get my latest reports and go over them with a microscope.  I need to get my home address fixed on my report.  I'm not sure how to delete my previous employer and how to get my current employer listed on my report since it is a very small family owned company.   But I need to figure it out.

 

Next up is PenFed who emailed me asking for:

 

NOTARIZED COLORED COPIES OF THE FOLLOWING DOCUMENTS: DRIVER'S LICENSE, SOCIAL SECURITY CARD, AND A UTILITY REFLECTING THE ADDRESS ON FILE.

 

Additionally, you must contact a Member Service Representative by telephone at 800-247-5626 or 510-376-7328 from a Class A DSN phone line to establish your membership. Representatives are available 7 days a week during the following hours:

 

 

I'm not sure how you notarize a driver's license??  Also not sure what a Class A DSN phone line is.  I'm going to try to call and ask before I call and actually provide any info.  When I do call I will have my credit report and credit application sitting there so I have all the right answers ready.

 

I'm really kicking myself right now for potentially wasting all these HPs and maybe burning the opportunity with some of the best lenders, but this is a learing experience.  

 

It may take awhile, but I'm planning to remove the fraud alerts and get all the addresses on my reports up to date, as well as hopefully updating my employment info.  I'm still hoping I can come away with at least one or two approvals, but we'll see....  My EX Fico score 8 dropped from 805 to 785  from 3 recent inquiries (First Tech, Chase, & Cap 1) and my utiliztion increasing to 9% because I fogot to pay off my Barclays card last week.

 

I'm hoping I will look back at today a year from now and laugh, but right now I'm irritated with myself. 

 

I'm wondering if I will have to get dealer financing because of self employment.  I'm looking to get a Mercedes Sprinter Van and lease an Acura RDX.  When I went to the Mercedes Dealer they suggested that with good scores they don't do POI.  My bank statements look good, but I take every deduction available so tax returns won't help me.

 

I'd love any feedback and hopefully some of my story will help someone else. 

 

Mamba out.  Smiley Happy

 

 

 

 

 


3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, PenFed tentative $7500, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 11 of 30
Senior Contributor

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

PenFed will have people to do that, especially since the Equifax debacle recently.

 

Sorry for the denial on First Tech. We live and learn.

 

For Chase do not call the back door. Call a front line CSR and tell them what happened. Once you have it unlocked. They should be able to re-run it for you. 

 

Instant computer decisions are always better than the manual reviews IMHO.

FICO 8 Scores EQ=776 TU=783 EX=777 (INQ) EQ=12 TU=11 EX=11
TCL=$600K+ / AAOA= 2.9 yrs / Oldest account = 10.9 yrs
Message 12 of 30
Valued Contributor

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

I'm guessing because auto loans are more inquiry sensitive and the APR actually matters.
Message 13 of 30
Valued Member

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

I turned in all the Identity verifications documents to PenFed then called them as instructed.  After a loooooong time on hold, I got a rep who then put me on hold again to look for the documents for a loooooooooong time...but he finally came back on the line with a $7500 "Conditional Approval".  The conditional part is that because I put down self-employed I have to send in my last 2 years tax returns [cue scary music].    The rep said if I wasn't self employed I would have had to provide W2s.   I actually haven't even finished my 2016s (got an extension)...so I may need to be a little less aggressive on my deductions....definitely puts me between a rock and a hard place.  Pay more taxes vs. pay more borrowing costs.  

 

 I'm not sure this is going to fly, but we'll see.   I'll report back soon!!


3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, PenFed tentative $7500, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 14 of 30
Frequent Contributor

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?


65musclecar wrote:

I actually haven't even finished my 2016s (got an extension)...so I may need to be a little less aggressive on my deductions....definitely puts me between a rock and a hard place.  Pay more taxes vs. pay more borrowing costs.  

 

 I'm not sure this is going to fly, but we'll see.   I'll report back soon!!


Good luck to ya! But aren't they looking for gross income anyway, not net? You may not need all the luck I'm tryin' to send ya


Message 15 of 30
Valued Member

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

 

 

 


3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, PenFed tentative $7500, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 16 of 30
Valued Member

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Gmood1, forgot to mention I called Chase normal customer service number 800-493-3319 to ask them to get my application moving.  I offered to send in ID verification if necessary, but they said I needed to talk to Lending dept (which was closed at the late hour I called).    Unless you have any other ideas (maybe I called the wrong number or said the wrong thing), I guess I will try and call Lending dept tomorrow.   

 

Thanks again for all the tips!


3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, PenFed tentative $7500, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 17 of 30
Valued Member

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Capital One Venture card people called yesterday to verify I applied for a card (since I have the fraud alert).  The rep said they couldn't give me an answer about approval, but that they "thought I would be fine".  They said I could call today and find out the status.    I called in today, the automated information said I would receive more information within 10 days...I pressed the number to speak to a representative.  When I was connected to the rep she took my reference number and had to put me on hold quite a while she researched.  When she returned she said she was pleased to announce I had been approved for $20k initial credit limit on a new Cap 1 Venture card, and that it would be arriving in the mail within 10 days!!!  wooooo hoooo!   Major progress!   Thanks again for all the feedback everyone!

 

I'm still working on getting my Experian report fraud alert removed and the infromation updated.  When I do, I'll call DCU, Chase, and maybe even recon with First Tech.


3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, PenFed tentative $7500, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 18 of 30
Established Contributor

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Glad to hear you're getting some good news after the initial scare! Gotta admit I cringed a bit reading through your initial follow-up post but man talk about results! Here I was thinking the "this is taking way too long to be good news" pauses before my string of instant approvals during last months spree was an edge of your seat experience! Congrats on the venture card & good luck with the recons, I'll be watching for an update
Fico8 (Jun'18) - EQ 692 TU 771 EX 778

Message 19 of 30
Valued Member

Re: App Spree Now...or App Spree Later? Also, ideas on Credit + Auto rate shopping strategy?

Thanks SlightlyRemoved and good luck with your credit projects!     I sure didn't expect this much "excitement" [read "stress"] but it's definitely happening much faster than I expected.  

 

 

I'll keep you guys updated!


3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, PenFed tentative $7500, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 20 of 30