Friend: 52 yo female, $ 500 credit one since 12/16, car loan since 8/15 – just did a refi via penfed in 12/17 and yes they turned her down for the power and promise because of limited history. Not happy with penfed @ the moment lol – 3rd recon is in process. I gave her 3 AUs, chase fu, amex ed and cap1 qs, $75K, scores went up ~45pts – paying the credit one from 106% to 1 also helped lol – scores up 150+ in 2 weeks. The linkage to my 1985 amex history must have shaken something loose because she got pre-quals up the wazoo, she got a $25K ed and a $1K bce the first week of 12/17 and I will prob get her a bgr in 1/18 for the bonus. Chase was a no, limited history and she let a checking account go into arrears and they did not like it. the woman cannot get pre-qual; citi, cap1, chase, bofa, no soft pulls all no. don’t trust bofa pq anyhow ha-ha. discover is a yes but to me, not to offend, its just amex in a different wrapper, I want her to have a visa or mastercard, something with wider acceptance
BUT..
US Bank is a yes. Just checked and they soft pulled her + she has a fixed apr. checked another friends and it was a range. No red bar, not sure if that is current info anymore. So, my comment/question is I am going to wait to see if the penfed recon pans out but I am doubtful so my ? is do you think it will help or hurt to have the amex report? not sure if they would actually report in order but $25K could mean something, either good or bad, or should I just wait until she gets a prequal from a more normal card like a citi dc? The chase and cap1 report on the tu where the sp is, assuming that is what they pull, different aus on different reports. The usb cash looks decent but high maintenance. End game is chase but that is prob 1-2 years away. She got rid of the ally 7-year 17% car loan – serious – and made it a 3-year 2.49 loan and I want to do the same to credit one, drop them and only have quality reporting on her profile so it’s about just getting 3 decent cards reporting. usb appears to be conservative, maybe not wound as tight as penfed, but I am sure it will be a low limit approval if she gets it at all. sorry for the grammar and run-ons
I am a strike while the fire is hot sort of guy…just trying to get the seeds planted asap so everything can grow together.
Any comments or ideas welcome, thank you + merry xmas. Friend: 12/09/2017 EX/TU/EQ: 757/768/760 | 3/0/1
@CreditCuriousity wrote:
@bourgogne wrote:
@CreditCuriousity wrote:Us Bank with most likely be a TU pull so she has zero inquiries, but they use the mortgage version being TU04.. What they give her is anyones guess, but those are legit pre-quals whether instant or 7-10 day story who knows as mine was instant and many others with better credit are 7-10 days. It could be a 500 approval it could be a 10k approval. Can I ask why her Credit One was maxed? Sure she is ready for the main stream and has learned from her past mistakes? Meaning this in the most genuine way as from what you said she has had a pretty checkered past as alot of us have just going from a Credit One maxed to a Amex 25k is a hang yourself situation if not careful. Assuming she has learned from her past i honestly don't know whether Amex reporting will help her or not as Us Bank beats to their own drummer I was approved for 1.5k when all my other CL's are alot higher and my average is 17.5k.. Low is well 1.5k Usbank now prior was Discover at 3.25k and high was a few at 35k. Many people get 500-1000 and call and recon to 5k-10k although her profile I doubt will support a recon like that if not instant approved. Best of luck whatever you/she decides to do. Merry x-mas to you all as well. I honestly doubt the third recon on PenFed also at this time will help either if so it might be a 500 dollar limit.
Hey CC, thx for the response, I am on my way to the deli, the jewish persons xmas here in 90212 lol. she does not have a checkered past, she has no past. she was debit/cash until a year ago. I know, try getting your head around that one hahaha...at far as the high util, that is what others told her to do, max the card and pif. oops! she makes $160K, been on the job for 3 years. I would be fine with $ 500 on the penfed, just dont want to mess with a secured card that can not graduate when she just got $26K from ax. penfed has been awful getting back to emails, etc. do you think she/I should wait and see or just pull the trigger on the usb or just not be in a hurry? I am quality over quantity, I see that credit one and it makes me cringe. mucho thx, be safe
Ah ok appreciate the explanation. Honestly have you tried the Cap1 Pre-qual for QS (not the one) or Discover Pre-qual? I gurantee Discover will like her with and clean profile. Although I personally hate Discover they threat thin and clean profiles very nicely typically! Where-as thick profiles such as myself with alot of credit are the ones that get 1-2k CL's. Guessing she might get a 5k+ CL if she went Discover route or possibly that or more if pre-qualified for the Cap1 QS card or Savor or whatever card. With regards for Us Bank if she doesn't mind a 500 possible limit she certainly could go for it and it will be an approvals 99% chance whether instant or in a few days down the line if she wants a relationship with Us Bank. There are just so many banks out there willing to extend credit to people right now although a bit tougher for people with newish/no credit profile, but options certainly exists as mentioned above. PenFed typically wants to see credit history is why I am guessing she is having some issues with them also they have tightened up their lending recently as I just heard they aren't approving people with BK's unless they are 4 years out now vs. a few months ago for several years were approving them no problem, so things are changing over there either being more losses or whether they were audited, etc. So guessing they are being more cautious lately. They have treated me incredible and have no complaints with them, but I certainly can understand why some people don't like them and have issues with them. They are my primary bank and have my Checking/Savings/Car Loan and numerous other products through them such as PLOC/CLOC, etc.
Anyways do what she/you feels is right, but keep all options open as she is going to take a decent score hit when Amex reports two new accounts so in all honesty I would grab one or two more cards now and let them all age at the same time then go for Chase/Citi and the others she wants in a year or two from now. Just my opinion. Best of luck and let us know what you decide to do.
CC, i didn't hear back from you in time! I tried both your emails, your cell, work, home, etc. lol. got lost in the orig post but I tried cap1, nada. I pulled the pin and I went for the usb..the address I used, her home, came back with the below pic...she lives in a rural area in carpenteria ca, the place that just was on fire. she lives on an avocado/chicken ranch and there is no mail delivery. I know, it goes on and on ha-ha. anyway I used my address that showed up on her report from one of the au cards and put her same rent in the area and it went 7-10 days. good grief. as said in the post, dont want discover even though she was prequal, want a normal run of the mill card to replace the credit one. I have to wait but there it is, the tu alert came in so they did pull her
