My Application Spree Results !!

patoot10 · ‎09-09-2017

Hello

So recently I got an auto loan and decided it was time for my first ever app spree before the loan hits my report and my debt increases. I had a little window and was excited to start applying for cards I actually wanted.

Little background my scores are EX 721, TU 731, EQ 721 and I have Discover 2300, Angel Card 500, Express 250 and a credit builder loan with my FCU.

So after securing the car loan I applied for Amex BCE, Chase Freedom and BofaA Cash Rewards

Amex ----> instant approval 2,000

Chase Freedom -----> instant denial and called for recon many times but was told the credit lengh is very short (oldest account 6 months)

BofA -----> instant denail and counter offered the secured card version (including annual fee and cash back benefits) to which I agreed upon and was approved

Then I called BofA to recon and the analyst told me the same thing the chase guys told me (short length) and also told me that even if the card unsecures I will pay the annual fee because of the original terms agreement so I decided to cancel the account right away cause if you wanna unsecure it in the furute they will HP you. So might as well just apply fresh for the original Cash Rewards and take the same risk only this time you won't pay the useless annual fee (which btw kills most of your rewards)

After that I already had a pre-approval offer in the mail from Capital One Platinum Card which I didn't really want because no benefits but decided to apply anyway in hopes that it will increase my total limit and possibly upgrade the card later on so I applied and instant approval for only $500 which I will recon after the weekend.

And finally today I opened my paypal account and their beautiful 2% Cashback Mastercard pops up to which I couldn't resist so I applied and instant approval for 3,000

I am very satisfied and now I will hit the garden for 2 years until all my HPs are removed and my scores and accounts mature and the future plan is to apply for BofA and Chase freedom again.

For reference (chase - amex - bofa) pulled EX .. paypal with synchrony so pulled TU and of course Cap1 triple pulled.

Cheers

Anonymous · ‎09-09-2017

Congrats! Shouldn't be too long until you'll get approved for that Chase and BoA cards.

patoot10 · ‎09-09-2017

Thanks.. but probably should wait a little bit

DeeBee78 · ‎09-10-2017

Congrats on your approvals, but you should have stuck with the BoA card. You can get the annual fee removed from the card after it unsecures. A simple product change to the regular Cash Rewards would have taken care of that for you.

Also, you won't be able to recon the capital one starting limit, but you have an opportunity to grow it really quickly if you put a ton of spend and pay in full on it beteeen now and your credit steps increase in 6 months. Chances are with a $500 limit, they're going to send you literature that will offer you a $250 increase after 5 on time payments. This can be a lot more than $250 if you do multiple spend and pay in full cycles each statement. My mom started out with a $500 platinum card, and her credit steps increase took it to $3500.

Anonymous · ‎09-10-2017

Congratulations on your car loan and recent cc approvals!

Anonymous · ‎09-10-2017

Good job. and smart choice with the BOA card. I had that secured card and for 3 years after graduating, they kept charging $39 AF. Wouldn't budge at all.

I was forced to close it and get the same card again with a higher limit (5k vs 1k) and no AF. Your credit now will only help that out in the future.

patoot10 · ‎09-10-2017

according to myfico members and bofa analysts the product doesn't graduate .. it simply unsecures and also one of the people who replied to this thread confirmed it.

for cap1 I didn't talk to an analyst but customer service offered me a cli trial with a soft pull over the phone and I didn't do it cause the card is fresh and most probably won't work .. i will talk to them tomorrow (nothing to lose) and will use the card responsibly and hopefully it grows and I change it to quick silver

thank you

patoot10 · ‎09-10-2017

Yes .. you did the right thing closing the bofa account .. I decided to close it and retain my deposite and get it later on

DeeBee78 · ‎09-10-2017

@patoot10 wrote:
according to myfico members and bofa analysts the product doesn't graduate .. it simply unsecures and also one of the people who replied to this thread confirmed it.

for cap1 I didn't talk to an analyst but customer service offered me a cli trial with a soft pull over the phone and I didn't do it cause the card is fresh and most probably won't work .. i will talk to them tomorrow (nothing to lose) and will use the card responsibly and hopefully it grows and I change it to quick silver

thank you

See this link for several recent data points from people who have converted formerly secured cards to other products. One person mentioned they had issues with a product change, but other people reported no issues with a PC.

patoot10 · ‎09-10-2017

Thanks for staying on top of this

Lots of different stories .. I'd rather keep my security deposite and not have a card that I won't use anyway and apply later for the actual product without taking risks.