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Considering a mini-spree, could use some advice

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SouthJamaica
Mega Contributor

Re: Considering a mini-spree, could use some advice


@Anonymalous wrote:

@Who_wuda_thought wrote:

@Anonymalous  So did you decide if you are going to app next for Cash+?


No, I don't think so. The reason for my visit was to get a feel for the bank in general, because I've been looking to move some of my deposit accounts. U.S. Bank has a really good SUB for their checking ($500), that ends on Monday, and having a credit card is a way to avoid the monthly fee, which would make a natural combination. But their fees are high and their limits are low, so I don't think they're a good choice for a long-term bank. It wasn't a deciding factor, but my general impression is that U.S. Bank felt more like a fuddy-duddy old school local bank than the 5th largest American bank by assets.

 

I'll think I'll try for the Max Cash Preferred instead. While I was amused by the banker's rant, I do agree with her about activating the quarterly categories. While I could certainly set an alert, I'd much prefer to set the categories and forget them. The MCP allows for that. Plus, one of the local FIs that offers the card is a genuine local bank. (After more than 130 years, they finally opened their third branch a half a dozen years ago!) I don't have any deposit accounts with them, but I certainly could, and it's good to have that as option.

 

Elan is apparently a bit looser than U.S. Bank, but I'm still a young file. So I'm going to wait until 12/1 to ensure I'm at 1/12, giving me the best chance.

 

And I'll apply for the card from the local credit union, at the same time. I'll skip the Flex/Custom Cash for the moment. I can apply for those in 6 months or so, if it seems appropriate.

 

So 2 cards. I don't think that will qualify as spree to anyone except @uncreditedSmiley LOL


@Anonymalous About the new checking account $500 SUB, for which I recently qualified:

 

1. You need to have direct deposits from employer and/or government totalling $6k in 60 days to earn it.

 

2.  The account does not have early direct deposit.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 21 of 44
Lou-natic
Established Contributor

Re: Considering a mini-spree, could use some advice


@Anonymalous wrote:

 

She also hated the Cash+. When I mentioned I was interested in the card, she immediately tried to talk me of it, pushing the Altitude Go instead. She didn't care what I was interested in, and didn't even seem to be aware of what categories the cards covered, she just went off on a rant about how you have to activate the quarterly categories with the Cash+, and everyone forgets, so it's a bad card stay away.

 


What's funny is that they ask if you want alerts and how you want alerted the first time you set up your catagories. I have mine setup to email me alerts automatically and they make reactivating pretty simple. They even give you the option to "continue to use the catagories you use already". Honestly it's easier than I thought it would be. I don't know if I would want 2,3,etc cards to do it with but just one is easy enough.


 




3/3/24
Message 22 of 44
Anonymalous
Valued Contributor

Re: Considering a mini-spree, could use some advice

Since I got caught with a balance when my FNBO card unexpectedly closed, I went ahead and applied for the local credit union card and the Max Cash Preferred, a week or so early. The CU has human underwriters, so a delay is expected. Elan gave me the 7-10 days message. As expected, the CU pulled EQ and Elan pulled TU.

 

The CU rep told me my score was 790, which is about 25 points higher than what myFICO is reporting for my FICO 8. She didn't know which variation of the score was pulled. It may be FICO 9 or a bankcard score, which for me run about that much higher than my 8s. Though my last EQ FICO 9 from Navy Fed was only 770 or so, but my scores in general have jumped in the last month or so for reasons I don't understand.

 

Also strangely, I just got an alert from Experian that FNBO reported -- and my score actually went up a couple points. If either of the two cards I applied for fall through, I'll be in a good place to apply for the Flex or Custom Cash (both EX, I believe).

Message 23 of 44
Who_wuda_thought
Frequent Contributor

Re: Considering a mini-spree, could use some advice


@Anonymalous wrote:

Since I got caught with a balance when my FNBO card unexpectedly closed, I went ahead and applied for the local credit union card and the Max Cash Preferred, a week or so early. The CU has human underwriters, so a delay is expected. Elan gave me the 7-10 days message. As expected, the CU pulled EQ and Elan pulled TU.

 

The CU rep told me my score was 790, which is about 25 points higher than what myFICO is reporting for my FICO 8. She didn't know which variation of the score was pulled. It may be FICO 9 or a bankcard score, which for me run about that much higher than my 8s. Though my last EQ FICO 9 from Navy Fed was only 770 or so, but my scores in general have jumped in the last month or so for reasons I don't understand.

 

Also strangely, I just got an alert from Experian that FNBO reported -- and my score actually went up a couple points. If either of the two cards I applied for fall through, I'll be in a good place to apply for the Flex or Custom Cash (both EX, I believe).


Good luck @Anonymalous !  Hope both apps result in approvals 🤞😊

Scores as of March 6, 2024:




Message 24 of 44
uncredited
Frequent Contributor

Re: Considering a mini-spree, could use some advice


@Anonymalous wrote:

Since I got caught with a balance when my FNBO card unexpectedly closed, I went ahead and applied for the local credit union card and the Max Cash Preferred, a week or so early. The CU has human underwriters, so a delay is expected. Elan gave me the 7-10 days message. As expected, the CU pulled EQ and Elan pulled TU.

 

The CU rep told me my score was 790, which is about 25 points higher than what myFICO is reporting for my FICO 8. She didn't know which variation of the score was pulled. It may be FICO 9 or a bankcard score, which for me run about that much higher than my 8s. Though my last EQ FICO 9 from Navy Fed was only 770 or so, but my scores in general have jumped in the last month or so for reasons I don't understand.

 

Also strangely, I just got an alert from Experian that FNBO reported -- and my score actually went up a couple points. If either of the two cards I applied for fall through, I'll be in a good place to apply for the Flex or Custom Cash (both EX, I believe).


 

Cautionary note on Custom Cash that, reading some recent threads, it seems like Citi may have an inquiry rule of 1/7-15 days, and 3/6 months as hard rejections on apps of late.  Nothing as certain as chase 5/24 accounts, DPs are new and few, but definitely be aware that might be a new rule with them

Message 25 of 44
Anonymalous
Valued Contributor

Re: Considering a mini-spree, could use some advice


@uncredited wrote:

@Anonymalous wrote:

Since I got caught with a balance when my FNBO card unexpectedly closed, I went ahead and applied for the local credit union card and the Max Cash Preferred, a week or so early. The CU has human underwriters, so a delay is expected. Elan gave me the 7-10 days message. As expected, the CU pulled EQ and Elan pulled TU.

 

The CU rep told me my score was 790, which is about 25 points higher than what myFICO is reporting for my FICO 8. She didn't know which variation of the score was pulled. It may be FICO 9 or a bankcard score, which for me run about that much higher than my 8s. Though my last EQ FICO 9 from Navy Fed was only 770 or so, but my scores in general have jumped in the last month or so for reasons I don't understand.

 

Also strangely, I just got an alert from Experian that FNBO reported -- and my score actually went up a couple points. If either of the two cards I applied for fall through, I'll be in a good place to apply for the Flex or Custom Cash (both EX, I believe).


 

Cautionary note on Custom Cash that, reading some recent threads, it seems like Citi may have an inquiry rule of 1/7-15 days, and 3/6 months as hard rejections on apps of late.  Nothing as certain as chase 5/24 accounts, DPs are new and few, but definitely be aware that might be a new rule with them


If they pull EX, I'm safe. My last inquiry on EX was February. These last two are TU and EQ. Plus, CK promises me $50 if I get denied. But I'm still favoring Chase, becuase of all those reports of Citi being skittish. In hindsight, you probably got your Citi card at a good time.

Message 26 of 44
uncredited
Frequent Contributor

Re: Considering a mini-spree, could use some advice

Can't say Chase isn't skittish either, but yeah, Citi is starting to look like a pretty conservative lender suddenly, and I've been thinking it's a miracle that I got in when I did.  Although they still drown me in Custom Cash and AA offers with specific APRs (high, but specific), so I can't tell if they're still really open on those specific cards, or if that may only be because I'm an existing customer.

Message 27 of 44
Anonymalous
Valued Contributor

Re: Considering a mini-spree, could use some advice

Well, I got rejected by the local CU. They initially came back saying I opened too many lines of credit in the last year, so I pushed back a little because I've only opened 1 (my Navy card is just over a year old). But after going back to underwriting, the real reason they rejected me is because my total credit line increased by more than $30,000 in the last year. Which still isn't quite accurate, but I can see where they're coming from, and unlike with those impersonal codes that show up in letters, at least I know the real reason why. And it's fair enough -- my total credit 13 months ago was $300, so it's increased by more than a factor of 100.

Message 28 of 44
FinStar
Moderator Emeritus

Re: Considering a mini-spree, could use some advice


@Anonymalous wrote:

Well, I got rejected by the local CU. They initially came back saying I opened too many lines of credit in the last year, so I pushed back a little because I've only opened 1 (my Navy card is just over a year old). But after going back to underwriting, the real reason they rejected me is because my total credit line increased by more than $30,000 in the last year. Which still isn't quite accurate, but I can see where they're coming from, and unlike with those impersonal codes that show up in letters, at least I know the real reason why. And it's fair enough -- my total credit 13 months ago was $300, so it's increased by more than a factor of 100.


At least you're taking it in stride and understand the reason behind their decision. Sorry to hear the CU application didn't work out at this time.

Are you still considering ELAN and Chase?

Message 29 of 44
Anonymalous
Valued Contributor

Re: Considering a mini-spree, could use some advice


@FinStar wrote:

@Anonymalous wrote:

Well, I got rejected by the local CU. They initially came back saying I opened too many lines of credit in the last year, so I pushed back a little because I've only opened 1 (my Navy card is just over a year old). But after going back to underwriting, the real reason they rejected me is because my total credit line increased by more than $30,000 in the last year. Which still isn't quite accurate, but I can see where they're coming from, and unlike with those impersonal codes that show up in letters, at least I know the real reason why. And it's fair enough -- my total credit 13 months ago was $300, so it's increased by more than a factor of 100.


At least you're taking it in stride and understand the reason behind their decision. Sorry to hear the CU application didn't work out at this time.

Are you still considering ELAN and Chase?


I appreciate knowing why, which isn't something I'd necessarily get from a larger institution. Plus, I'm getting over 3% in a money market account, which isn't bad.

 

I applied for the Elan Max Cash Preferred the same day I applied for the CU, and got the 7-10 day message. I expect I'll hear back next week. Though if the CU is any indication, they'll treat me as 2/12 instead of 1/12, even though it's past the year anniversary.

 

I have two options:

 

1) I could try for the CU's VISA Signature next spring or summer. I'm 2/12 by their standards, but the most recent of those 2/ is 9 months ago, so by March I'll be 0/12, or 1/12 if I get the MCP. In terms of credit, I'll also be down to +$11,500/12 new credit in March, plus whatever if I get the MCP. I'm not sure if that would be enough. If I wanted to get down to +$0/12 new credit, I'd have to wait until October.

 

2) I could forget the CU's VISA Signature for at least a year. In that case, I apply for the Chase Freedom Flex or Citi Custom Cash, and maybe a new card in March. I'd prefer the Custom Cash to the Flex, but I'm not sure about Citi right now.

 

I do want the CU card, but I also want to front load some cards for age while my file is still young.

Message 30 of 44
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