Credit Card Questions

[Faith]

Discover has a new feature called "Discover Cash Over", with a list of of Cash Over merchants as of 2012 (there's an overview of the feature on another credit board, didn't want to post link just in case it was acceptable). I'l cut and paste an overview, but it's a good option if you need cash and don't use/want to use a debit card:

At these stores, you can get cash back at the register during checkout. The amount you can get depends on the store. But whatever the case may be, Discover has a limit for Cash Over transactions of no more than $120/day per account.
Okay so what’s the catch?

Would you believe me if I told you there wasn’t one?
When you use this feature, it works in a somewhat similar manner to getting cash back using an ATM/debit card.

The extra amount (above the purchase price) will show up on your credit card bill. For example, if you made a $17.24 purchase at Walmart and used the Cash Over benefit to get $40.00, then on your card statement it would show $57.24 ($17.24 + $40.00).

There are no fees for using this. With credit card cash advances, interest begins accruing immediately (no grace period). However the nice thing about the Cash Over feature is that it’s treated the same as a purchase – there’s no interest charged if you pay your credit card bill in full each month.

So should you use it?

Yes! If you need cash, using your Discover for cash back at the register will save you a trip to the ATM. However, my answer is geared towards people who always pay their bill in full. If you don’t, then the Cash Over will accrue interest (the same way any other purchase does) and paying interest on this money wouldn’t be logical.

[kforbes86]

i have been trying for months to get an approval for any card through citi, and have been denied every time. today i was at the mall and was buying a new wallet at sears. i applied for and was instantly apprived for the sears mastercard from citi. $4000 limit and 24.24% interest. i find it odd that they would deny me instantly for every other card they issue, and then instantly approve me for this one with a good limit.

[patrick12]

Because for Citi Bank cards they pull Equifax and for Citi Retail cards they pull Experian, I bet if you look at your credit reports you will see Sears/Citi pulled your Experian report! It all depends whats reporting on your Equifax and your Experian, their system is very sensitive to recent inquires, or delinqencies, if your Equifax report has different information over your Experian report that might be the reason for the instant approval on the Sears Mastercard.

[kforbes86]

thats even more confusing then, because my equifax report has no baddies whatsoever, no lates, no collections, no charge-offs. my experian report has 2 old charged off accounts from about 5 years ago, but no collections, no lates in the last 5 years. and about the same amount of inquaries.

[classy75]

Because for Citi Bank cards they pull Equifax and for Citi Retail cards they pull Experian, I bet if you look at your credit reports you will see Sears/Citi pulled your Experian report! It all depends whats reporting on your Equifax and your Experian, their system is very sensitive to recent inquires, or delinqencies, if your Equifax report has different information over your Experian report that might be the reason for the instant approval on the Sears Mastercard.

Good information!!!

[patrick12]

I know in my case Citi cards has always pulled Equifax, and for their retail store cards Experian, just trying to help give you some more insight, with that said, depending on where you live, possibly another bureau? But Im just about certain on the retail card side they pull Experian.

[Roughdraft]

I recieved a preapproved letter (as did other members on here) for Citi's Diamond card. When I applied I was denied and so I read about their secured card. Some of the users have posted that you have to have a decent score just to be approved for their secured card. Unlike a lot of scured cards out there, Citi does offer a conversion after 18 months. It's not guaranteed, but at least you get your foot in the door. I hear Citi has an internal scoring system that they use heavily to determin things like credit approval, credit line increases and APR's. My seucred card has no annual fee and Citi cash rewards, also my $1000 is in a CD that is earning 1.15%. I have had the card for 7 or 8 months and at the bottme of my statement my CD shows to now be around $1007. I pay my balance in full each month and I have earned around $300 in citi cash that you can use on their website to buy their merchandise, and bid on their products. Something to consider. The process is long. You have to mail in your application and it takes around a month to hear an answer, but I have my hopes up.

[hotabs579]

<sub>so i just got a preapproved AMEX green card letter..
i am so psyched cos 7-8 months back they said no..

:)</sub>

[classy75]

I recently challenged some information on my credit report. Equifax said that they verified it which I highly doubt. However, I decided to send a letter of validation to the 2 creditors. Of course, I sent it certified mail with a return receipt. One letter was sent back to me as undeliverable. I used the address given to me by Equifax. What's up with that? I got a response back on the other saying that they could not locate my account because they needed the entire account number. Equifax only provided me with a few digits. My question is what do I do next in each scenario? I only have a few more baddies. When I started out I had 15-17 baddies. Your help will be greatly appreciated.

[JELOPEZ88]

<sub>so i just got a preapproved AMEX green card letter..
i am so psyched cos 7-8 months back they said no..

:)</sub>

Excellent! There is a good chance you will be approved for a new account when you apply. Wonder why they said "No" when you applied 7-8 month back. Have you checked you credit reports recently for any potential problems?

[Wanderer]

Excellent! There is a good chance you will be approved for a new account when you apply. Wonder why they said "No" when you applied 7-8 month back. Have you checked you credit reports recently for any potential problems?

Note under credit card reviews... this poster was approved!

[SAR1954]

I recently looked to expand my open credit lines, in building a better credit profile. Recently I was approved for a Walmart Card ($150.00), and Macy's ($100.00); those are not credit lines I can really use. Do I keep them open or do I just decline the offers?

[SAR1954]

Does anyone have a Kohl's charge card? I would say over the past year, I think since Capital One stepped in and Chase no longer backs their card financially, they stopped giving credit line increases. Has anyone else run into this issue? When I call they say they are updating their system’s that assist with deciding the credit limit increase, please call back in a couple of weeks. Every few months I get that same line.

[Wanderer]

Does anyone have a Kohl's charge card? I would say over the past year, I think since Capital One stepped in and Chase no longer backs their card financially, they stopped giving credit line increases. Has anyone else run into this issue? When I call they say they are updating their system’s that assist with deciding the credit limit increase, please call back in a couple of weeks. Every few months I get that same line.

Yes, I have a Kohls Charge Card with a $1,200 credit limit set by Chase on openning (2009). Never requested an increase and don't need one. Called Kohls once and they said families often times have limits as high as $3,000 (back when Chase processed the credit). As to Capital One, all you have to do is read the write-ups on them and most will say Capital One still thinks and acts like a sub-prime lendor and awards multiple credit cards with limits under $1,000. A few people are starting to see a change but not many. Capital One usually limits to under $3,000 for a credit limit. As an aside, I have had seven Capital One Cards and all were under $1,000 except for Business Cards where I reached $6,000 and $10,600. Closed all of them!!!