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Everything posted by MP80

  1. I got that newsletter not so long ago about the second quarter of 2022, heed the increase of massive new members joining PenFed. The possible reason for PenFed to bring about prequalification for credit card applications must have something to do with the recent significant increase in new members. However, as of now, the prequalification button no longer exists.
  2. Hey, Pot! Is this the final starting limit or the $10.5K? If it's the latter, I'll not apply.
  3. Thanks! I've learned something valuable from you!
  4. We used to have a regular member here who was as tough as a nail @Konrad2012 but not to the extent of Pot if I'm right both military. Maybe, just maybe the way he used to treat his subordinates was the way he interacted with people, a mindset you might expect. Stern but still a very loyal man, if reading his posts always thank others who gave him good advice @mrjuggalo9er. He'll give you great credit advice, but he has the tendency to become an emotional tirade and push other people away with his onslaught of extreme inundated diatribe! Not to mention that our CB bully alias @hdporter, myself, and others also get the treatment from him! I and the others acknowledged his personality persona, so there's no conflict between us there, there!
  5. There's no need to rant so harshly at someone with a flawed credit report. Well, perhaps it doesn't matter anymore.
  6. If you don't mind me asking, your account is involved in one vital thing I hope it's not an intrusive question, what is the credit limit of your Cit secured credit card after it becomes unsecured?
  7. Hey, Pot! The way I read it, in the first 2 paragraphs of the content, you are debating yourself! Call me delusion paranoid if you will, lol... WTH will release your staking collateral, and the voucher deposit was initially made to get $25,000 on a secured credit card account. Also, no one is talking about APR, you and I are discussing whether there is a $25,000 secured credit card. BTW, a $25,000 secured credit card resonated 10 years ago, and whatever program or policy you want to name it, and whether it's currently available, is a lingering question mark, and I betcha there is utterly no interest to accrue on such pledged collateral account. If you like to get a definitive answer you can ask @cashnocredit.
  8. Keep in mind that Capital One investigation (inquiries) linked its nefarious behavior by culling previous inquiries. Show only updated queries. (Equifax)
  9. Yeah, it happens every month on my EQ report, plus it happens every month on the EWS. This is a new ongoing strategy that minimizes the risk of being stiff by consumers despite account holders having the highest credit.
  10. U.S. Bank for illegally accessing its customers’ credit reports and opening checking and savings accounts, credit cards, and lines of credit without customers’ permission. CFPB Fines U.S. Bank $37.5 Million for Illegally Exploiting Personal Data to Open Sham Accounts for Unsuspecting Customers | Consumer Financial Protection Bureau (consumerfinance.gov)
  11. @cashnocredit I really appreciate your confirmation response to the issuer of the $25,000 Secured Credit Card. I think these credential certificate deposits issued by Citibank for secured credit card accounts are hopefully and expected to continue to this day.
  12. On 11/3/2020 at 8:04 AM, @cashnocredit said: However, you are very fortunate to have a large cash position. The fastest way to improve not only your scores but your attractiveness to an issuer, is to also increase the CLs and usage. I had a similar problem 10 years ago so I opened two secured CCs. One for 10k and one for 25k. Not everyone can do that but for those that can, like you, it tells banks that you actually have significant assets just from your credit report. Do that then use the cards. ................................................................................................................................. I'm not sure if the issuers are Wells Fargo Bank, Citibank, or others, you need to ask @cashnocredit.
  13. @cashnocredit says he applied for the $25K secured card from Wells Fargo Bank when he was rebuilding his credit. (probably 10 years ago)
  14. I don't think I've said that. You may have been confused about Securitization with C1 secured credit cards. They are not the same. @maverick9 also got the wrong concept! You're correct about showing C1 responsible usage and they’ll reward you with way higher SL on new apps. Then just close or merge limits!
  15. Big banks would accept an application for a secured credit card with a credit line of $25K by pledging a $25K deposit to connect the collateral.
  16. It is no longer secured. It graduated to unsecured but is stuck there. Is this still bucketed? You completely misunderstand what Securitization means for Capital One bucketed credit cards. Your Capital One bucket credit card is an Asset-Backed Securities (ABS) credit card, which is why your subprime card probably never grows. Credit card debt, the "money" you borrow when you make a charge, does not just come out of thin air. The creditor who is giving you a credit limit needs that money from somewhere to pay the companies you buy from. The credit card industry in the US is well over $1 trillion in the amount owed, but credit limits are much higher than this. That means that the creditors need to be able to make payments of over $1 trillion to vendors. It's a staggering amount. The way that credit card companies can pay out your purchases is by using their own cash assets, or by enticing investors to put money in. The latter is how they make an ABS or an Asset-Backed Security.
  17. Kat beat me to it! Both are Discover IT cards with different design images!
  18. According to your original post on this thread, you depict yourself as someone new to credit and carrying a substantial amount of debt and recently able to trim it down in size considerably. If you have 23 years of accumulated credit history, why do you have such a low credit limit while reporting so few credit card accounts on average? Also, if you're making $500,000 a year, why not get a credit card with a $25,000 limit in your loan collateral account? This strategy will raise your limit on unsecured credit later on! Your Capital One is a bucket credit card attached to securitization, and it may remain a low-limit card as it is now. Considering closing your Capital One account is not a better option given that you merely have 5 to 6 credit accounts.
  19. Sorry to disappoint you, but in addition to applying for a new starting credit limit approved at $25K, existing cards, any card requesting a credit limit increase will require a maximum increase of $8K or 3X credit limit if you establish a credit limit A low-limit card with only $500. It peaked at $4,000 2 years ago when the Covid-19 scare hit fans, and it went back to $8,000 last year. But nothing is set in stone, YMMV. NFCU's current policy is similar to what I described above. These are options to stick to the course policy unless something changes. Also, based on your credit history, your current credit profile is fairly weak, thin, and fairly new. These are calculated upon approval of a suitable starting amount for the line of credit. High income isn't a panacea for a high-limit card, it's your strong credit history, with a large number of accounts reporting positive, and a decent credit limit overall.
  20. Yep, there is little left per consumer as lawyers get a huge share. If you look at the 2019 Equifax settlement you will understand how tiny small the cut was that went to the folks. I'm facing threats on a daily basis given by these incompetent people that are in charge of security safety, the phishing email is coming none stop from all directions which someday makes me cringe on double alert! Getting so little in return and paying a high price, it's not worth the bargain!
  21. "A federal court judge on Wednesday approved banking app Plaid’s $58 million privacy class action settlement after consumers claimed the company had harvested and sold their financial data without consent." "U.S. Magistrate Judge Donna Ryu’s order found that 11 plaintiffs from five lawsuits, led by James Cottle, won payment for all impacted customers whose data was sold by the tech startup Plaid using their banking login credentials. Plaid provides bank “linking” and verification services for fintech apps that consumers use to send and receive money from financial accounts such as Venmo, Coinbase, Cash App, and Stripe." According to the litigation, Plaid violated the Stored Communications Act, which prohibits unauthorized access to electronic communications considered to be in “electronic storage.” A spokesperson for Plaid said the company denies ever having sold or harvested data. “While we disagree and have denied all allegations, we’re looking forward to putting the lawsuit behind us,” they said in an emailed statement.
  22. I think Plaid was clearly greedy, even though they told people like us they wouldn't sell our private information, and in turn, they did and got punitive damages in a $58 million settlement. I think Plaid was a pioneer in being a middleman for bank clients, just like some entities in Europe operating the process of verifying bank accounts for corporation customers. Soon it will be more and more of Plaid's competitors. A precursor that is not good for consumers.
  23. @maverick9 Regarding NFCU's CLI eligibility, you can claim your sky-high credit limit, but the truth is you can get up to $8000, and if you're sitting in a Toyland with a $500 credit card right now, you can triple your credit limit to $1500. This is an ongoing dichotomy of an increase of $8000 or similar to the CLI X 3 from American Express. It's possible to ask for $25K in spite of the fact that it's a risky business, but it's doable if luck out! But, it's safe to go for an $8K increases.
  24. You are right! I just reiterated the CLI program and the button didn't appear! I believe Algos and AI have a track record of recently timetable-approved CLIs internally, so as of now, I'm not currently eligible for another CLI. (Amex 180 days CLI policy)
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