Question about adding a 'hidden' tradeline

Anonymous · ‎05-18-2016

I probably already can guess the answer to this, but you guys are the pros so I thought it best to ask here.

Preface is that you guys know I have opened a relatively large number of cards recently (2 in April, now 4 in May.... 4 last July/August when this whole experience began).

Since I don't want Barclays to drop me, I think it's probably best to chill it on the personal card apps for a while (still want an AMEX, BofA, and a regular Freedom), but I was thinking that since Chase does not report business cards on personal credit - the only drawback there would be an additional Experian hit, right?

Asking this because after much contemplation, I would rather get 5% UR for my cell phone and internet bills (and Staples purchases woo!) than 5% cash back on just the phone bill (through US Bank Cash+ upgrade) so I would like to at some point pick up an Ink Plus or at least Ink Cash.

Also... while typing this it dawned on me that it might also be a good idea to wait for my EX to rise back up above 750 before apping, or do you think 740's would be ok for an Ink app?

Any thoughts?

core · ‎05-18-2016

Yes it's just the INQ. Chase usually double pulls me, but I don't remember if they did for my Ink. It's a great card for ebay and many other things you wouldn't expect.

750 vs. 740 seems like little difference.

Anonymous · ‎05-18-2016

@core wrote:
Yes it's just the INQ. Chase usually double pulls me, but I don't remember if they did for my Ink. It's a great card for ebay and many other things you wouldn't expect.

750 vs. 740 seems like little difference.

Thanks! Guess we'll see what happens

Anonymous · ‎05-18-2016

I would still evaluate if it's necessary. Do your internet bill and staples purchased make a new card and inquiry worth it?8? If so then go for it

Anonymous · ‎05-18-2016

Also, I think Bis Cards dont have the $50 fraud limit. Keep that card locked down.

Anonymous · ‎05-18-2016

@Anonymous wrote:
I would still evaluate if it's necessary. Do your internet bill and staples purchased make a new card and inquiry worth it?8? If so then go for it

yeah... I mean... I noticed that after X number of inquiries in the same month, 1 more doesn't make much difference so that isn't a huge concern. I would rather close out of US Bank permanently if i can get this Ink card to cover those expenses (rather than limit-swapping to upgrade my useless and SD'd Cash Rewards to a Cash+) so I figured might as well give it a go.

Either way this turns out, I have got to garden for at least 6-12 months to let these new accounts grow before even so much as thinking about the last few personal cards on my list... and hey if they'll approve me great, more UR points to upgrade my flights to/from Korea, and if not... eh... 1 more INQ won't matter in a few months and I am totally done applying for any credit at all that will show on my personal CR's until at least mid November.

You can hold me to those words XT

Anonymous · ‎05-18-2016

@Anonymous wrote:
Also, I think Bis Cards dont have the $50 fraud limit. Keep that card locked down.

Thanks palmdale. I have read a bit about the lesser fraud protection on business cards. Since I only intend on using it for the 5x categories, shouldn't be too much of a pain to set up alerts for every charge since I'm only going to be running a few per month, right?

Anonymous · ‎05-18-2016

@Anonymous wrote:
@Anonymous wrote:
Also, I think Bis Cards dont have the $50 fraud limit. Keep that card locked down.
Thanks palmdale. I have read a bit about the lesser fraud protection on business cards. Since I only intend on using it for the 5x categories, shouldn't be too much of a pain to set up alerts for every charge since I'm only going to be running a few per month, right?

Yah you could do that. Just make sure the added risk is worth the reward. Now, if you really have a business, and need the TL for the business, its easier to justify it. If you are just getting a bis card for personal use because you can you should consider that as part of your decision making process. Risk vs reward etc.

core · ‎05-18-2016

All an alert does is tell you you're now screwed. Lotta good that does?

I don't know about the fraud deal (keep in mind Visa's rules too), but you do lose the ability for chargebacks if the merchant does something nasty.

takeshi74 · ‎05-19-2016

@Anonymous wrote:
Also... while typing this it dawned on me that it might also be a good idea to wait for my EX to rise back up above 750 before apping, or do you think 740's would be ok for an Ink app?

No idea as I don't have access to the underwriting specifics for the Ink but it's never just about score for any card or credit product. You can refer to the Credit Pulls Database and see if there seems to be much of a difference between 740 and 750.

Don't just look at %. Consider the $ in rewards for your spend. If the numbers work out to be signficant enough for you then definitely read up on the Ink here and on other credit sites.