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@cowboyguy wrote:Post your random questions here, which you think don't deserve their own thread. I'll start off with the following:
1) Is there a general consensus on this forum regarding the minimum credit score for getting U.S Bank Cash+ Visa Signature Card? I would agree 720ish is around the minimum for this card. I read 2-3 other CC forums, and this seems to be the lowest I have seen. Keep in mind, they also may pull a ARS (Advanced Recovery Systems) report on you. This is a CRA that tracks Visa/MC apps, etc. so if you have a lot of recent apps/approvals for Visa/MC, this may be a factor. Also, it seems people with lower scores, lower AAOA, & shorter credit files are getting denied, or approved for the Cash Preferred (lower tier) card. Some getting that lower card have re-conned into Cash +, so YMMV.
2) For how long do you need to have a Chase card before requesting for a CLI? I cannot say for sure, but I opened a Freedom 6/12, and received a 2.2k auto CLI this month, with moderate usage.
3) For how long do you need to have a U.S Bank card before requesting for a CLI? Again, a can only offer day my experience, but they also gave a decent (3.5k) auto CLI, after the account was open 3 months. Account was opened 6/12. From what I have seen posted on other boards, lots of people got auto CLI'd at 3 months.
4) For how long do you need to have a Citi card before requesting for a CLI? 6 months
5) Do the following lenders do a SP or HP whenever requesting for CLI?
a) Amex - SP
b) Chase - HP for customer requested CLI
c) U.S. Bank - not sure
d) Citi - SP
e) Capital One - no experience with them, never got a CLI
Does USAA ask for pay-stubs while applying for membership or CC?
Do other creditors view accounts opened with AmEx that are backdated as new accounts?
@rtw wrote:Do other creditors view accounts opened with AmEx that are backdated as new accounts?
On a manual review almosr certainly. Automated computer based decision, YMMV depending how they analyze the tradeline.
What does the bolded part mean?
"Inquiries remain on your credit report for 2 years but only affect your credit score for 1 year"
I didn't get it. I've always heard an inquiry reduces the credit score immediately by a few points, but the credit score jumps up once a few months pass. How does 1 YEAR come in to play?
I had 11, only 4 or which were in year 1, but they approved me for a 4K CLI from AMEX.
The HP remain on your credit file for 2 years, but are only calculated into your fico score for 1 year.
Lenders may still not like to see all the pulls, but your fico score will recover fully after 1 year of the HP.
So you mean I will actually see an increase in my FICO score by x points as a result of a HP that decreased my FICO score by x points today?
Consider this hypothetical scenario. I applied for CC today & the HP reduced my FICO by 3 points. Exactly after one year, I will see an increase in my FICO by 3 points only because this HP would expire at that time. Am I right?
@cowboyguy wrote:So you mean I will actually see an increase in my FICO score by x points as a result of a HP that decreased my FICO score by x points today?
Consider this hypothetical scenario. I applied for CC today & the HP reduced my FICO by 3 points. Exactly after one year, I will see an increase in my FICO by 3 points only because this HP would expire at that time. Am I right?
Well, none of us here know the exact calculation, we do know that HP last a year, but it's possible that they get less weight as the year goes on (or not). But in general after a year the damage done by the HP is completely undone.
Hard to test of course, as many other factors, including things like the AAoA would also increase a year, even if you kept everything else the same.