Credit Card Questions

Poll: Does anyone find this thread helpful?

Yes
67 80.7%
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5 6%
Somewhat
11 13.3%
Total number of voters: 9 ( Wanderer, FrankN, JacksonM, JGibbs, vincymol ) See more
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  • Posts: 1261

Replied by Wanderer on topic Re: Credit Card Questions

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


Note under credit card reviews... this poster was approved!
7 years 2 months ago #46

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Replied by JELOPEZ88 on topic Re: Credit Card Questions



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

]


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.:dumbfounded: Have you checked you credit reports recently for any potential problems?
7 years 2 months ago #47

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Replied by classy75 on topic Re: Credit Card Questions

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.
7 years 3 months ago #48

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Replied by hotabs579 on topic Re: Credit Card Questions



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

]
7 years 3 months ago #49

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Replied by Roughdraft on topic Re: Credit Card Questions

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.
7 years 3 months ago #50

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Replied by patrick12 on topic Re: Credit Card Questions

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.
7 years 3 months ago #51

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Replied by classy75 on topic Re: Credit Card Questions

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!!!
7 years 3 months ago #52

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Replied by kforbes86 on topic Re: Credit Card Questions

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.
7 years 3 months ago #53

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Replied by patrick12 on topic Re: Credit Card Questions

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.:dumbfounded:
7 years 3 months ago #54

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Replied by kforbes86 on topic Re: Credit Card Questions

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.
7 years 3 months ago #55

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Replied by Faith on topic Re: Credit Card Questions

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.
7 years 3 months ago #56

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Replied by andrewf123 on topic Re: Credit Card Questions

Did you know that cashback cards will earn you
money only when you spend money? Other transactions like withdrawing cash or
balance transfers do not apply. Moreover, these transactions are often charged
with a fee
!
7 years 3 months ago #57

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Replied by Joeyman on topic Re: Credit Card Questions


My questions are


Depending on the rest of your credit portfolio this could look bad. For example, say currently they are reporting a $5k limit on this account with the $700 balance, that's 7% utilization and will be impressive towards other lenders. Now, when they close the account most likely only a balance will be reported, and it will appear as 100% utilization (reflects bad). Have no fear, if you have other credit cards with high limits and low balances this will not have much of an impact on your credit report, if not any. I would certainly try and pay the balance off before they close it, though.
7 years 8 months ago #58

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Replied by JELOPEZ88 on topic Re: Credit Card Questions

Last month, I was notified by GEMB (G.E. Money Bank) that they will be discontinuing a credit loan program called "Genuine" on December 31, 2011.

It is the account I use to pay for major repairs for my Ford Ranger truck. On purchases of over $300.00, they offer a promotional period of six months to a year with no interest charged if paid off by the time the period ends. This account has come in quite handy and I basically use the bank's money for free by paying the total balance due before the promotional period expires.:thumbsup:

The bank will close the account on the date indicated above, but I still owe 700.00, which I have until July 2012 to pay the balance in full with no interest.

My questions are:

A. How will this "closed account" look on my credit report since I did not initiate the closure?

B. Will my good payment history still show up on my report even though the account is closed?

C. If I apply for other credit in the future, how will potential lenders use that former account information in deciding whether or not to grant me credit?

Any comments, words of wisdom, etc???

Thanks,

Joey
7 years 8 months ago #59

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Replied by Wanderer on topic Re: Credit Card Questions

As a follow on your comments about installment loans dropping your credit score. I have NOT found that they have dropped my scores anymore than having more than a percentage of utilization lower my score. Each of our credit records is unique so what happens to me may be different for you.

I find that if I exceed 5% utilization my credit scores drops a few points. Strange as we all hear that we should stay under 30% and so on. Well for me the magic number is 5%.

What could be happening is bringing to the bureau new debt. While you pay off your other credit cards there may be a lag time on credit reporting that could cause your scores to take a hit because of total outstanding debt. This affect would be temporary since once the dust settles, you will have your total debt and utilization back down. In reference to an installment loan as a score reducer, it will not make any difference. I have had several installment loans and they did not affect my credit. Any score hit should run 30 to 60 days and then you are caught up.

Note, FICO Scores want to see: department store cards, installment loans, bank credit cards and mortgages so a mix is advisable.
7 years 9 months ago #60

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