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MP80

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Everything posted by MP80

  1. 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!
  2. 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.
  3. 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.
  4. Kat beat me to it! Both are Discover IT cards with different design images!
  5. 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.
  6. 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.
  7. 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!
  8. "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.
  9. 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.
  10. @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.
  11. 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)
  12. @maverick9 Just execute the Amex CLI yourself by clicking the Check Your Spending Options button, and you'll be directed to the CLI button immediately, if it's visible, click it! (My experience recently) Procedure: Click... A- Account services home B- Card management C- Check spending power CLI button displayed
  13. I did not close my Access America checking account. PenFed recently launched a new product on the market called Free Checking, so I sent a secure message through the website asking to close my Access America checking account and open a free checking account. I also like to change the product from my Gold Visa to a PenFed Defender card. The good news is that the Access America checking account was changed to Free Checking by the product, and it went very smoothly. However, the PenFed flag image Defender Card is a military status and requires document verification and validation to qualify for the Flag Card. In the returned message, I told PenFed that the banner image digital card was already on my Apple Pay wallet app. What else do you need, a request for documentation? I'm tired of the sake of argument and uploading my document.
  14. Navy Federal CLI... A sharp climb from $3,000 to $11,000. Luck out!!!
  15. MP80

    NFCU

  16. Update - This is my second card approved last October for $1000, $3000 6 months ago, and now $11000. My first card recently CLI to $25,000, and I'm almost half the NFCU's max CL exposure with two cards. $11,000 $25,000 #3 NFCU card = ? Soon! The Navy Flagship card (maybe). A steep climb from $3K to $11K. luck out!!!
  17. Can you differentiate the Court inquiry as a corporate entity or a public record background investigation? Here's a screenshotted soft inquiry from Experian...the date is relative to the same entity snooping on my report.
  18. New Jersey woman who used $400,000 from GoFundMe homeless vet scam on Casino trips and cars sentenced to a year in prison (msn.com) She pleaded guilty to theft by scamming donors of $400,000 on GoFundMe after fabricating a homeless veteran story. Bad Karma is coming her way!
  19. The financial institution that operates according to current speculation is X1 Card, which approves high-limit credit associated with your bank account information.
  20. Coinbase made an EWS query on my app to set up a trading platform. Coinbase is also associated with Plaid as an intermediary, it is Coinbase that manufactured the enquires, not Plaid.
  21. No, I'm not suggesting you apply for Chase or Disco, I just agree with PotO's analysis of Chase's application strategy.
  22. I'm guesstimating he likes living in Toyland!
  23. Apply for the second card first, wait for the decision, and do CLI for the first card later. In that paragraph, I'm referring to the Chase app that has nothing to do with NFCU. Apply for a new credit card instead of asking the CLI. "Yep, instead of asking for the CLI, just doing a new app for the new card is a better choice." (Referring to Chase)
  24. Folks get the NFCU internal score after the app was declined or at least the member has not given the approved CLI to 100% subsequently receiving just 20% of the approved request! Something similar to asking for $8K and getting $2K instead.
  25. Is Rodney Dangerfield back? Hello, GEORGE!
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