One more thing:
Do not be discouraged by reason codes. Some of them make little to no sense, sometimes, which is one reason why it never hurts to get human eyes on your application. Key factors affecting my 829 Equifax FICO score were:
- Length of time accounts have been established
- Too many accounts with balances
- Length of time revolving accounts have been established
In regards to "too many accounts with balances," at the time, I had 3 personal revolving accounts reporting, and only one reported a paltry balance of $50.
@PayAndProsper wrote:
@OCONUS escribió:I have always been hesitant from applying to Discover since they double HP me in 2016 and declined. Then in my rebuild, they denied me a secured card as well.
Hey there, @OCONUS . I would urge you not to hold a grudge. I don't think Discover does. That secured card denial is interesting. Would you mind sharing your DPs around the time of application?
While I am a bit disappointed in not being able to get what I wanted (free TransUnion with Discover, right now, rather than later), I know that, in my case, their decision was completely warranted. I was, in all actuality, credit seeking. I was on a spree. I was not doing so because I am in dire financial position, but rather to have as many accounts as possible aging at the same time, to create a strong foundation. This is much more preferable to me than the 1-2 cards every 6 months method. My AAoA will be positively impacted by my choice, in the longrun. Plus, the cards I got are all cards I will actually use, or at least pertain to a family of cards that I will actually use. I didn't want to app for a bunch of junk, either.
I have no aspirations to become a full-blown, credit-churning hobbyist with 30+ cards and spreadsheets to manage them, either. I am just looking to make sure that I have more than 2-3 credit cards in order to maximize my score in that category of the credit mix and prevent the opening of a new tradeline, years in the future, from having a serious impact on my AAoA. In short, I want to thicken up the revolver side of my profile in the most effective and efficient way possible. This spree has helped me accomplish that.
Now, I just need to be able to hold on to what I have opened. Fingers crossed, although, I don't think it to be very unrealistic.
Discover is strange. I had a good need of them back in my rebuild. At the time, my EQ was 560 and EX 593, Uti was around 110%, with several CO closed in 2016.
I have sailed out pretty well and I dont think I will ever app for Discover.
@OCONUS escribió:
Discover is strange. I had a good need of them back in my rebuild. At the time, my EQ was 560 and EX 593, Uti was around 110%, with several CO closed in 2016. I have sailed out pretty well and I dont think I will ever app for Discover.
I get that the very nature of secured cards is to alleviate concerns surrounding potential default. That said, being at over 100% utilization with multiple derogs would make one a tough sell to almost any issuer.
I'm glad you made it through to the other side of that and are recovered now. I can see how a decline after 2 HPs, especially at that point, could feel like being kicked while you're down. Who was the first to give you an opportunity for your rebuild in 2016?
Congrats, again, on finding your way out.
1. Congratulations on your approvals.
2. I'm pretty sure that to maintain the Honors Advantage status with your PenFed checking account based upon your checking account balance, you need to maintain a minimum $500 balance, not a $500 average daily balance.
@SouthJamaica escribió:1. Congratulations on your approvals.
2. I'm pretty sure that to maintain the Honors Advantage status with your PenFed checking account based upon your checking account balance, you need to maintain a minimum $500 balance, not a $500 average daily balance.
@SouthJamaica Thank you! And yes, you are correct. I made an error and put "average daily balance" instead of "minimum daily balance." Thanks for the correction.
From the website:
Military service is not required for PenFed Honors Advantage qualification. You may also qualify with a checking account (either an existing one, or open a new one, excluding PenCheck Limited accounts). You must be the primary owner on both the PenFed Power Cash Rewards Visa® Card AND the checking account. Members with a Free Checking account must also 1) maintain a minimum $500 daily balance OR 2) set up monthly direct deposits of $500 or more in order to maintain Honors Advantage Eligibility. A minimum balance or direct deposit is not required to maintain a Free Checking account.
So, I was bothered by not having a card that granted me access to my TransUnion FICO 08 score for free on a monthly basis. After applying to Discover and being denied on basis of new accounts and recent inquiries, I decided to go to Bank of America (BoA).
I had previously burned them for ≈$2,000 in 2014. Their memory is long. I applied for the Bank of America® Customized Cash Rewards card and was denied. I called a recon number I found (800-732-9194) and was told by a credit specialist that I was denied because of the prior CO and that she would give it a another chance on manual review. I had already frozen my Experian before calling, as I did not want an additional HP if they decided to grant me a recon. Unfortunately, she came back and told me I was denied for the aforementioned reason, the 2 HPs from Chase and the one from AmEx in the past 2 months, and the new accoutn that was less than a month old.
I inquired if she could use the same HP to allow me to apply for the Bank of America® Customized Cash Rewards Secured Card. She informed me that they usually reuse the same HP for 30 days, but that I would have to apply for that card online. I wanted to rebuild the relationship, but, again, my primary reason for apping was to gain access to my TransUnion FICO 08. I thanked the CSR, hung up, and went to apply online with my EX still locked for a $200 CCR Secured. I was immediately directed to call a number (888-230-6262) or wait for them to contact me. I called and it turned out to be their fraud department. I verified my identity by answering a few questions and then was told that I would be transfered to the CC department. After a few minutes, another CSR picked up, asked for my info to verify me, and then, when I told her I wanted to check on the status of my application for a secured card, I was told that there was yet another department that handled that and that she would transfer me. I was on hold for an excess of 10 minutes (I was on the verge of hanging up) before someone picked up. I was told that my app was in secondary review but had been approved, pending funding. It was only $200 from NFCU, but I guess it may take some time.
I will be waiting until I get some sort of letter, the card, or an email letting me know I was approved to post in the Approvals section.
Key takeaways:
- BoA does, indeed, have a long memory. My information from about a decade ago was still in their system, including security pass phrases and all (a struggle to remember)
- It looks like I may be rebuilding my relationship with BoA
- If you get shut down for unsecured credit, give a secured card a shot. It may be your way in
- Hello free TU FICO 08 score (Hopefully)
- The good thing about acquirirng this card, for me, is that it will mean that 7 cards will be aging from ≈the same date
- If this works, I am really going to be in the garden for the foreseeable future. I have no immediate need for any more revolvers