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
-More than a few inq
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.
Great data points. Awesome SL.
Super congrats, huge SL!
Nice data points anyone can do anything they want for sure...