So after reading about all the people on here about Logix, I decided to give it a shot.
A bit about me first. I filed for BK7 (thank you ex-wife) in January of 2012. At the time, my FICO scores were in the 530 range. In June of 2012, Cap One approved me for a Platinum Card for $2000 (currently upgraded to Quicksilver and $3500 limit). After waiting a year, I apped for a few more cards in June of 2013. I was approved for a second Cap One Quicksilver One card ($750 limit). I was also approved for a Merrick Card ($700 limit), a Barclays reward ($1500 limit), and a DCU Visa ($500 limit). I also have a car loan with DCU for about $13000 at a rate of 5.49%. Currently, My FICO scores are EX- 655, TU- 680, and EQ- 674. My annual income is $81000, and I have 6 INQs on my reports. Right now my utilization is a bit on the high side (thanks Santa) at 64%.
So last week I opened a savings account with Logix. The process was very easy, and I e-signed all the docs.
Yesterday, I decided to give it a shot with a Logix credit card, as I have been reading about very generous approvals and limits. They asked me what I wanted for a limit, and I told the rep to ask for $15000, but that I was willing to take less. I was denied outright. Ouch. Kick in the gut! The rep told me that the BK7 was still too new, and that my utilization was too high. I thanked her and figured I would try again in a few months after paying down my cards.
Last night, after considering that Logix uses the same hard pull for any credit apps for 60 days, I decided to see if I could get a better rate on my auto loan. This morning, I got an email from Logix that I was approved, but at the same rate (5.49%) as my current loan at DCU. About an hour later, I got a call from a rep at Logix, about the car loan email. I explained that what they offered wouldn't save me any money. She explained that to qualify for a rate of 2.99%, I would need an EX score of 680. I thanked her for calling, and before hanging up, she asked if there were any other financial needs that she could assist me with. I told her that I was hoping to get a credit card with them. She said that looking over my credit report, that she might be able to get Logix to match my limit that Cap One gives me, if I did a no-fee BT of my balance from Cap One. I asked her to see if $4000 was possible, and she said she would check. About 3 minutes later, she came back on the phone, to tell me that I was APPROVED for the $4000 limit, pending my sending over my most recent pay stub. Wahoo!
So Merry Christmas to me! Now I will sit back and see if my other CC issuers will step it up a notch. One thing for sure is that I am grateful to Logix for giving me an opportunity to prove my credit-worthiness.
Thanks to all the others on these board who have been posting about Logix. You have been so helpful to me
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
