BOA Onlne 'Expert' recommened Visa Signature card with WorldPoints. Thoughts?

[Anonymous]

Well I guess now it remains to be seen if;

1) BOA Signature will approve me with a 7 yo CO on one card, or a 4 yo Gym CO on the other, or a a (reportedly) 4 year old but recently 'reported' unpaid collection (all scores at 700)

OR

2) Bally's / Professional Collections agree to PFD (pretty sure cap1 won't)

[haulingthescoreup]

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@Anonymous wrote:

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@haulingthescoreup wrote:
You won't get that high, high limit unless you do a one-time run-up on the card and then pay it off pdq. If you typically charge about the same amount every week, the card will look perpetually maxed-out or nearly so.

Here's one of the many threads. Probably somewhere in here it summarizes the issue:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=82707

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What if you do a large cash advance and then pay that off with that cash? Or are they hip to that?

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That's probably the most effective way. Like psychic said, check out the fee first and decide if it's worth it (it would be the equivalent of making it a fee card for the first year, I suppose), and I would add to time it after your statement dropped and reported. That way, if there are any delays in the process, you should still be able to pay the balance back down before it reports.

I don't think they'd care if you do this, in the sense of being "hip to that." They're desperate to flog these cards (bet there's a higher bonus or something), and it's not like it benefits them to have the cards reporting incorrectly.

[Anonymous]

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@Anonymous wrote:
Here's a great follow-up;

you: and no way you can tell me by basic scores / items if i should/shouldn't?

Nick: There is no way, I am not a credit analyst and I do not know all your credit information

you: oh. that would be a good service to have IMHO

Nick: Yes then it wouldnt be called credit either *smiling*

you: how so?

Nick: Well where have you been where they tell you based on looking at your credit history we suggest that you apply for this particular item?

you: that seems like it would be a critical thing no? recommend to potential customers which of your products they would be most suited for?

you: and your product IS credit no?

you: and you WANT me to succesfully buy your product no?

you: if I told you I can only afford one tv and every time I get turned down for one my chances are slimmer to buy one, wouldn't you help me ascertain which I can afford?

you: why is it when I go to a bank and the loan officer says 'if you have good credit you'll get the line of credit no problem' and I say 'well my Transunion is 705 and my Experian is 701 and my Equifax is 710' showing him I take my credit responsibly and am knowledgable, HE says 'ok not sure what that means but it sounds good' and then you, who are here to assist me in choosing a card don't know a thing about credit?

Nick: Ok is there any thing else I can assist you with?

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Haha, that's great!

[Anonymous]

Like others suggested, this card does have a fee for cash advances/balance transfer. 3% minimum $10.00. My cash advance interest rate on the card is 19.99%, so watch out for that too!

If you really wanted to go this route, you could do it as a BT, have the money deposited in your checking with the 0% promo rate, then pay it back on the next cycle. From what I've heard, doing this over the phone may also give you some room to negotiate the BT fee down or have it removed.

[haulingthescoreup]

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@Anonymous wrote:
Like others suggested, this card does have a fee for cash advances/balance transfer. 3% minimum $10.00. My cash advance interest rate on the card is 19.99%, so watch out for that too!

If you really wanted to go this route, you could do it as a BT, have the money deposited in your checking with the 0% promo rate, then pay it back on the next cycle. From what I've heard, doing this over the phone may also give you some room to negotiate the BT fee down or have it removed.

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You don't even have to wait for the next cycle. The highest balance is *supposed* to be reported, even if it was inter-cycle and paid off before it hit the statement.

This did happen with one of my USAA cards. I still pucker a bit when I see that "highest balance" figure, until I saw the true balance. whew

[Anonymous]

Ok so the questions I guess are;

1) Who will they most likely Hard-Pull

2) If they hard pull Efax (my best) with 7 yo Cap1 CO will that kill me?

3) If they pull Exp with the 3 yo Bally (and Cap1) will that kill me?

4) If they pull TU with the 3+ Year Old Prof Collections (updated as of 1/08 though) will that kill me?

I'm realllly leery about calling Prof Coll. If it doesn't go well they can always ADD to Exp and Efx to be bastards and ruin pretty clean reports.

Same with Bally's; if they say all or nothing and no delete in any event, they can add to TU and Efx and kill me.

I'm literally wringing my hands here trying to figure out whether to let sleeping dogs lie, or of those sleeping dogs are keeping the credit out and I need to wake 'em and duke it out. Very important as I need to take last step for my business.

[Anonymous]

They will likely pull EX.  Perhaps EX and TU.  Perhaps hard on EX and soft on TU.

If you are really wringing your hands over this, perhaps it's best if you wait until your repair process is done.  What's the rush on getting this card?  Why not wait until you can submit the application with confidence?

[unknown_entity]

  nyccc2 wrote:   BOA Onlne 'Expert' recommened Visa Signature card with WorldPoints. Thoughts?

That's kinda like the big bad wolf recommending to Goldilocks to open the front door.....

[Anonymous]

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@Anonymous wrote:

They will likely pull EX. Perhaps EX and TU. Perhaps hard on EX and soft on TU.

If you are really wringing your hands over this, perhaps it's best if you wait until your repair process is done. What's the rush on getting this card? Why not wait until you can submit the application with confidence?

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Well I've been working for months to prepare myself for now so that I can finance last step of a business I've been developing for the last 4 years. I need a fair amount to fly/stay in India and pay my development team to finish and launch my website. I cleaned up a lot with both payments and disputes, MOVs, etc.

I'm thinking maybe best bet is to apply for an Efax pulling card with decent line ($3k or so), use that to pay Bally/Prof as much as needed to at LEAST update to PIF but preferably get off, then try Cap1 and at very least get that $1280 CO down to $0 Paid.

My scores should then all be in low-mid 700s and very clean, then I can apply for the rest.