Decided to apply for Overstock and Wayfair; two odd outcomes

[Anonymous]

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@Anonymous wrote:

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@FinStar wrote:
OP, Comenity/Comenity Capital Bank (depending on the issuer of the product) will HP either EQ or EX. Then, if additional processing, review (or the infamous internal UW audit) is needed, they'll SP either of the two subsequent to the initial HP. All the while, they will likely also use SageStream as an alternate source for verifying additional information.

IME, given a variety of store and major Comenity bankcards, I have seen these CR variations. Worth noting that the outcome can also vary depending on whether one applies (or accepts a pre-approved offer) online vs. in-store/POS.

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Ah...thank you for the input here. Cool cool. I'm fine with whatever Comenity decides, I suppose. I do like Wayfair, though; I think I could put their credit to good use. So, fingers crossed! 

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So, I wanted to follow-up with what happened with both Overstock and Wayfair, for the purposes of contributing to community knowledge. 

Overstock remains at 250.00 SL -- so I'm considering making a small purchase, paying off and addressing what to do about the card from there. I'll either make a CLI request or wait for it to auto-CLI, because it will be a very difficult card for me to use without having more of a limit available. I do like Overstock's merchandise and appreciate having their credit, but at the card limit, I end up paying for shipping and a large portion of their merchandise would be over the UTL I'm comfortable with (8.9%), because Overstock's free shipping kicks in at 45$. Any advice on Overstock CLI's -- requests or auto? 

Wayfair turned out well. The 7 to 10 day response I received online after applying turned out to be so Account Protection could verify some information about me via telephone. I think it's because I applied for both Overstock and Wayfair at roughly same time -- which is a fair reason to request a verification, I think. After speaking with the representative, I was approved with a $500 SL, which should be adequate for my needs for now. But like Overstock, at that limit, I end up paying for shipping at anything priced under a 8.9% UTL (Wayfair's free shipping kicks in at 45$). So, like Overstock, any advice on CLI's -- requests or auto? Should I make a small purchase, pay off and request a CLI, similar to Overstock? 

On both cards, I'm hoping they can grow a bit, rather quickly, without any hard pulls -- because I do like the companies, the prices and the merchandise. And I'm confident I can afford to spend a little more with them, if I had more of a credit line with either or both. I hope they increase so that I don't end up leaving the charge cards dormant, because there's not enough room on them to use realistically. Certainly, I don't want to close either because they are too small in terms of SL (at least, that's my thinking, correct? Don't close them, even if they remain small?)

I'm satisfied with the credit lines I've secured, with the banks and merchants I've applied with now. At this point, I'm gardening, maintaining responsible but regular use, and focusing on CLI's to help with my UTL, for the foreseeable future. Thanks for the input! 

[SweetCreditObsession]

@OP, please share the name of a credit union that allows secured cards to graduate.

[SweetCreditObsession]

@OP, you can request CLIs online and via robolady. If you get declined, try again after the fourth month.

[Anonymous]

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@SweetCreditObsession wrote:
@OP, please share the name of a credit union that allows secured cards to graduate.

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Surely! The CU is Navy Federal Credit Union (NFCU). I think it's generally known that their secured card graduates, but if you weren't aware of that, I'm happy to share it here. They are a great credit union and I'm fortunate to be a member. If you have the option to join, I highly recommend it. And if you're in the market for a secured card and have the means to obtain one of theirs, I'd strongly consider applying for one with them, out of all the options available. It's a solid program and, from my experience and what I've read from others, if you handle the card responsibly, they'll take good care of you over time. 

[Anonymous]

I personally feel that people put way too much self imposed importance on a HP. Unless you have a seriously excessive amount I wouldn't worry all that much if you do in fact have a use for the card and aren't just using it for padding. My general rule is if I'm applying for credit I expect the hit, that's how the game is played. If it ends up a SP well that's just gravy.

Also, I wouldn't worry too much about those starting limits. I've had the Wayfair card for a bit over a year. It started at $500 and after hitting the LUV botton every other month or so it's sitting at just a hair under 10K.

[Anonymous]

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@Anonymous wrote:

I personally feel that people put way too much self imposed importance on a HP. Unless you have a seriously excessive amount I wouldn't worry all that much if you do in fact have a use for the card and aren't just using it for padding. My general rule is if I'm applying for credit I expect the hit, that's how the game is played. If it ends up a SP well that's just gravy.

Also, I wouldn't worry too much about those starting limits. I've had the Wayfair card for a bit over a year. It started at $500 and after hitting the LUV botton every other month or so it's sitting at just a hair under 10K.

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My INQ's are now at 6 on TU and EQ; they are at 9 on EXP. For some reason, the credit providers I'm interested in hit EXP harder than the rest. This INQ count takes into account the last round of apps, so it's accurate. Dunno, though -- are those a lot of INQ's? I know that for Synchrony/Amazon, they cited my recent credit requests as the reason for declining me, even though I only have 6 on my TU that they pulled from. So, for them, I guess that is a lot? 

I probably will request increases with Overstock and Wayfair after I use the card, pay it off before the statement date cuts -- just to show them I'm interested in using the cards, not just having the credit. So, fingers crossed that works -- CLI's on those cards will allow me to use them for my real needs better than I can now. 

[Anonymous]

Be careful with the Luv button on Comenity card sites.  For many on this site (including me) they started with a small limit and could hit the luv button every day without experiencing a hard pull.  I hit it once every 3 mos and grew my limit on Wayfair from $5k to $12k very quickly (other factors helped grow my limit such has paying in full - often, improving my credit score and using the card responsibly (not overcharging).  Now, I won't dare touch that luv button as it makes it very clear it will result in a hard pull.  As far as the RoboLady is concerned I can't speak to that.  Tread carefully with Comenity and HPs!  YEMV