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The BMW Visa

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Anonymous
Not applicable

The BMW Visa

I recently financed a BMW motorcycle with BMW Fininacial.  Received the package in the mail a few days later about the loan, how to set up online account etc.  Included was a invitation to apply for the BMW Visa Rewards.  No annual fee etc.  The rewards in itself are not much, I have much better cards, but the hook was 3% back at the BMW dealer to include routine service, repairs, tires etc, and accesories.  The rewards can be statement credit, or applied on your next vehicle purchase.  1% back everywhere else.

 

Thinking it would be good to keep all that in one place, I applied.  I'll only use the card at the dealer,  the 1% everywhere else fails to match my other cards.

 

I applied over the phone with the provided 800 number, no instant approval.  I have alot of cards, total credit line over 110k, but only 1% utilization at any one time.  I also have a 3 active installment loans with low balances, so I have alot going on, and thought maybe it spooked them, and the answer was going to be no dice when I get the letter.  I did not ask the rep for instant underwriter referral, mostly because I didn't care enough.

 

I was quite surprised a few days when I got the approval letter, starting CL 21,000k, with their best apr.

 

Here are the numbers for those interested-

 

-Ficos 740, 764, 803

 

-Clean report

 

-More than a few inq

 

-income 120k

 

Further background?  In mid 2014 I had a fico score of 548.  I know this because I bought a new Altima, that somehow the dealer was able to find financing for.  It was a horrendous apr, but I had little choice, I needed a car.  I was confident at the time if given the chance I'd make good.  A few months prior I landed an excellent parttime job with the federal govt to supplement my state pension.  It was a substantial boost in income, that also provided Blue Cross that saved us almost 1000 dollars a month in premiums.  

 

With some help I was in the 600s by mid 2015, and qualified to build a new house.  I proudly sit in in it now.

 

From there things rolled along to where we are now.   I say this only to point out I'm not anything special, only that I educated myself in the credit wars, and if I can, anyone can.

 

Message 1 of 22
21 REPLIES 21
Anonymous
Not applicable

Re: The BMW Visa

Congratulations!! Nice background info too.
Message 2 of 22
Anonymous
Not applicable

Re: The BMW Visa

Great data points. Awesome SL. 

Message 3 of 22
WowCool
Frequent Contributor

Re: The BMW Visa

Congratulations on your new card & bike!

Message 4 of 22
Anonymous
Not applicable

Re: The BMW Visa

I had this card from 2011 to 2014. It came in handy when it was time to turn in my lease. Having to commute every day from Long Island to Queens, NY, I was way over on my miles. I applied all my rewards towards the $2,500 in excess miles I owed.
Message 5 of 22
Anonymous
Not applicable

Re: The BMW Visa

Super congrats, huge SL!

Nice story. 

Message 6 of 22
BronzeTrader
Valued Contributor

Re: The BMW Visa

Nice. It is sexy card.  I'd get it if not working toward the 5/24 limit....

Message 7 of 22
Anonymous
Not applicable

Re: The BMW Visa

Nice data points anyone can do anything they want for sure... Smiley Very Happy

Message 8 of 22
CreditCuriosity
Moderator Emeritus

Re: The BMW Visa

Very nice SL for the BMW visa.. 

Message 9 of 22
Anonymous
Not applicable

Re: The BMW Visa

So where did you park a BMW in Queens??  Garage?  

Message 10 of 22
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