Hi all! 👋
It's been a while since my last post as I've unfortunately been dealing with more health problems than before, but their severity is mostly "on again, off again," so hopefully I'm back on the upswing! We are also moving down to sunny Florida in just a few short weeks, which I'm sure will also help as the New Jersey cold has been brutal on my body this Winter! I am hoping to post many more exciting credit-related updates, and there's certainly a lot to share, but I want to start with this one in particular to see if literally anyone has seen this e-Mail message before?! 🤔
I mean this was just bizarre, especially after finally deciding to pull the trigger on applying again as I was outright denied the only other time that I tried applying for this particular product about two years ago. I figured that this time I have a $10K U.S. Bank credit card behind me, so it should get me something! I was hoping for $5K and thought that $10K would be really nice, but realistically figured that I would be approved somewhere between $4K and $6K this particular go. Frankly, I was amazed when I saw that I had a congratulatory e-Mail in my inbox less than 24-hours after applying! So, what gives?
I did call-in and after being verified by phone the rep confirmed that this is indeed very odd and that she's never heard of anything like this ever happening, but she assured me that I have been approved...
Approved for $15,000! 😮
Yeah, there'll be no need to kick this one up the foodchain to reconsiderations! 😂
My guess is that because I received the "7 to 10 day message," someone from underwriting had to manually approve me and being already towards the end of the day, they simply forgot to fill-in that part of the template. Again, that's just my theory. As for what seems like a very generous starting line for this card, I am thinking that the U.S. Bank relationship was probably the biggest factor, but my current numbers are reading like a dream to an underwriter with zero lates, ~3% utilization, a very eclectic mix of credit, usually paying in full each month, and of course multiple cards already in the > $10K range being underwritten by several banks. I've recently opened a couple of new card products, but my one year HPs were minimal from forcing myself to garden for a while! Thanks for that advice, BTW, because I had far too many HPs even just over one year ago! You may also have noticed that my scores seem lower compared to those getting these higher approval amounts and I'm pretty sure that it'll remain that way until my BK7 eventually falls off, but that's what underwriters are for! 😂
Now, if anyone could explain this any better, please do!
So, that's my weird approval story for a card that I almost didn't bother to try again for!
@SuperFlyEDSguy wrote:
Hi all! 👋
It's been a while since my last post as I've unfortunately been dealing with more health problems than before, but their severity is mostly "on again, off again," so hopefully I'm back on the upswing! We are also moving down to sunny Florida in just a few short weeks, which I'm sure will also help as the New Jersey cold has been brutal on my body this Winter! I am hoping to post many more exciting credit-related updates, and there's certainly a lot to share, but I want to start with this one in particular to see if literally anyone has seen this e-Mail message before?! 🤔
I mean this was just bizarre, especially after finally deciding to pull the trigger on applying again as I was outright denied the only other time that I tried applying for this particular product about two years ago. I figured that this time I have a $10K U.S. Bank credit card behind me, so it should get me something! I was hoping for $5K and thought that $10K would be really nice, but realistically figured that I would be approved somewhere between $4K and $6K this particular go. Frankly, I was amazed when I saw that I had a congratulatory e-Mail in my inbox less than 24-hours after applying! So, what gives?
I did call-in and after being verified by phone the rep confirmed that this is indeed very odd and that she's never heard of anything like this ever happening, but she assured me that I have been approved...
Approved for $15,000! 😮
Yeah, there'll be no need to kick this one up the foodchain to reconsiderations! 😂
My guess is that because I received the "7 to 10 day message," someone from underwriting had to manually approve me and being already towards the end of the day, they simply forgot to fill-in that part of the template. Again, that's just my theory. As for what seems like a very generous starting line for this card, I am thinking that the U.S. Bank relationship was probably the biggest factor, but my current numbers are reading like a dream to an underwriter with zero lates, ~3% utilization, a very eclectic mix of credit, usually paying in full each month, and of course multiple cards already in the > $10K range being underwritten by several banks. I've recently opened a couple of new card products, but my one year HPs were minimal from forcing myself to garden for a while! Thanks for that advice, BTW, because I had far too many HPs even just over one year ago! You may also have noticed that my scores seem lower compared to those getting these higher approval amounts and I'm pretty sure that it'll remain that way until my BK7 eventually falls off, but that's what underwriters are for! 😂
Now, if anyone could explain this any better, please do!
So, that's my weird approval story for a card that I almost didn't bother to try again for!
Awesome post and congrats on a very nice approval!
Congratulations on your Fidelity Rewards approval and impressive SL🎉🎉🎉
@SuperFlyEDSguy Congratulations!! on your approval. Do you have to have an account with Fidelity to apply for the card?
Congrats on your approval.
@SuperFlyEDSguy wrote:Many thanks! Yes, you absolutely need a Fidelity account because the card, by design, automatically takes your rewards and moves them over to a Fidelity account each month. That way you can keep earning money through your rewards or at least that's the idea with stocks being volatile and all. I would be optimistic though, well, I am optimistic because I am seeing the upturn in the market first hand right now. If stocks, bonds, ETFs, aren't really your thing you could check the FAQs because you could probably move it over to a Fidelity Cash Management account and have a High Yield Savings Account (HYSA) or something like that return a relatively stable return. I've been moving my rewards cash in general over to a Bread HYSA earning somewhere around 5.15% APY. It's not hard to transfer some funds once a month, but having an automatic sweep over to investments will be sweeeeet!
BTW, you could open up a Fidelity Self-Managed Brokerage Account for maybe even $1 as all you'll need is the minimum or a "stock slice." They may have a minimum, but it would be worth it! Here's why:
I'm up by the following numbers, always use percentages instead of cash, BTW, more accurate:
- Last Month: +26.33%
- YTD: +32.32%
- 1 Year: +66.31%
- BYRN: +73.11% (purchased about a month ago!)
- META: +92.02% (overall)
Investments are NOT for everyone, but if it's something you're interested in NOW is the time! (IMHO, of course.) Also, I'm saying "investing" as opposed to "trading," so I focus on longer-term goals and just let the money work for me instead of me working the money. It's all about picking specific companies and sticking with them for a certain amount of time. I mean there's A LOT more to it, but YES! Get a Fidelity account and go for the card!
@SuperFlyEDSguy Thanks a lot for the information, that card is definitely on my radar. I will open an account and let it sit for a while before I apply, also my inq get aged as well.