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About MB82x

  • Birthday 01/19/1982

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  1. It sounds like a dumb question - but there seems to be a lot of chicken and egg stuff going on here. Or maybe it's cart before the horse? I've never owned a vehicle before, and still don't. But that's going to change in the next week or two. Because I've never owned a car, I've never had auto insurance. But when I ask questions about buying a vehicle, people tell me to get insurance first. Makes zero sense to me. What vehicle am I going to insure, the one I think I might buy? What if I don't buy it? There's test drives. There's inspections. There's negotiation. What I do have in order, I have a tidy sum set aside as a ~20% down payment, and more than enough in financing approval from my credit union to cover the balance. I'm confident I can go in, and make an offer for the vehicle I want, and afford the monthly payment. Of course, I still want to lowball and shave $10-20/mo off the monthly if I can. The confusion for me comes on the order in which things need to happen. My credit union wants a copy of the title, purchase agreement, insurance binder, title application with CU listed as lien holder, and insurance binder. So far I've done a lot of research on vehicles, built up some pretty strong brand biases, test drove a couple, and ran approximately 972 insurance quotes though GEICO. Figured out which cars were cheapest to insure, and which ones met my needs. I have a rough idea of what insurance will wind up costing me. I'm thinking my next steps are this: 1: Choose a vehicle I like, negotiate on the price/conditions, and reach an agreement I'm happy with. 2: Sign purchase agreement, and ask for both a physical copy, and a copy sent to my email. Also get a copy of title application. Leave the check for my downpayment. 3: Contact my insurance agent with the VIN, and start coverage ASAP. Get copy of insurance binder. 4: Forward all the information/documentation to my credit union. They, in turn, send the financed portion of the purchase to the dealership via UPS overnight. 5: Once that's all done, and the cars are plated, I'm ready to drive off in my vehicle. Right? I'm worried about a few things... 1: writing a $5000ish check for downpayment, then having something go wrong with the insurance or financing, and not being able to get my money back once I signed the agreement 2: the amount of time it takes to get the insurance going and the financing to the dealership might kill any current end-of-month/end-of-quarter negotiating leverage I might have 3: while I've researched prices a good deal and know the value of things and what to look for on cars, I haven't found much information on the actual closing process - I don't want my naivete to wind up costing me money, or to make me come off as a sucker to the car salesmen. 4: At any point during the closing, looking/sounding like I'm not sure what comes next - and losing control of the situation. Anyone willing to help a rookie out?
  2. I’m a bit late to this thread, but the topic does hold some personal significance to my current situation. I’m 38 and never drove outside of a few hours here and there when I was 17 or 18. Tremendous fear and anxiety kept me from getting behind the wheel. Some 20 years later, I’ve decided it’s far too detrimental to my life goals/happiness to NOT drive, and as such I’m working on getting my license. The license getting seems like small potatoes next to the whole car buying process. I mean, I’ve never done this before - so I’m trying to research financing, insurance, vehicles, safety features, all while trying to conquer one of my greatest fears. But Insurance? That’s one of the big mysteries for me. Being a new driver, I know my premiums are going to be high. I can handle high. Fair is fair. But some of the quotes I got are not just high, but absolutely ludicrous. $600, $700, $800 a month? I make a respectable salary, but I can’t justify that. These quotes are from companies like Progressive, Geico and Liberty Mutual. AllState gave me a quote for $200/mo - which is doable, but the agent also noted that quote would have to be “approved by someone higher up”, because she was “giving me a break”. I can keep shopping around, but it’s hard to determine what I’ll actually have to pay for insurance. What if the $200/mo for AllState falls through, and I can’t get anything under $500/mo? It’s pretty confusing on how to go about this, because: 1: I can’t have a car without insurance. 2: I can’t buy insurance without a car. 3: I could conceivably be priced out of driving because the insurance is just going to be too high. It’s not that I have a bad driving record. It’s that I have NO driving record. For me, going to the dealer and having options for insurance on the table would be immensely helpful, because it’s super daunting if you’ve never dealt with it before.
  3. Depending on your spending habits, it may behoove you to change your Amex Blue into a Blue Preferred, which carries a $95 annual fee. 6% back on groceries 3% back on transit, gas, and ride shares 6% back on streaming services Also, when I made the switch, they almost immediately gave me a massive CLI, and have given me a handful more since then. Currently, I have a FICO in the 700-730 range, and my credit limit is $8000. It was only $1000 when I first got the card, in 2018.
  4. Not at all. But from a practicality standpoint, I don't really know of a card I have a pressing need for. I already barely use my Discover and CapOne cards. Barclays covers Uber & Restaurants, Amex covers groceries and some streaming services. Chase covers Amazon and Drug Stores. I haven't come across another card that would be used for anything other than buying a bottle of water once a month or so. I definitely did it within the past few months. It wasn't a simple button push though - you had to send them a secured message, requesting your limit increase.
  5. Hmm, that's too bad - not really sure it makes sense for me to have another CC at the moment. The rewards on Barclays and Amex cover like 90% of my spending outside of rent/utilities. The process is made worse now that I can't seem to request CLI online anymore, and have to call and talk to a person. "Why do you want a CLI?" "Uh, because I make a respectable salary, always PIF and on time, have a 740ish credit score, and compared to my other cards, $1000 is laughable?" I don't think that would fly though.
  6. I've recently become keenly aware of something regarding my credit, and thought it might make a good discussion. Simply put, I have five credit cards - and some of the issuers seem to be in love with me, while one seems to hate me. Others seem indifferent. Going back about two years ago, I had no active credit cards. At some point in 2017, I started applying for cards - and got the following over the subsequent year and a half. Capital One: $1000 (sometime in 2017) -> 1100 (3 months later) -> 1600 (Feb 2018) -> 4600 (July 2018) -> 5600 (May 2019) Usage: I tend to use this card to make larger purchases that I need sooner rather than later, but might want to gradually pay down. As such, this card will typically have my highest utilization. Overall, I swipe/use it pretty infrequently. Oddly enough, I got turned down for a CLI right before the most recent increase for having my average monthly payment be "too low". Then I made an $800 purchase, paid off $600 of it, and got a CLI shortly after. At first, this was my everyday "default" card - but right now I seldom have a reason to use it, as Barclays, Chase, and Amex get 95% of my action due to better cash back perks. Chase: $1000 (Oct 2017) Usage: This is the weird one for me. I'm pretty sure they hate me over at Chase. Like they're convinced I killed their dog. When I first got the card, I was using it almost everyday because I worked in a chain pharmacy that shared a building with a Whole Foods. So I had 2% cash back at work, and 5% cash back on the market next door. It was basically my meal ticket. And my snack ticket. And my bottle of water ticket. Sometimes I hit high utilization on the card, but always paid it down. Then I quit my job, went to greener pastures, and stopped using the card so much. Maybe 5-10 times a month on average. I've never paid late. I've periodically have asked them for a CLI, always when utilization is low, and each and every time the answer has been a "no". Discover: $1200 (Nov 2017) -> 1700 (Feb 2018) -> 2100 (Aug 2018) -> 2400 (Feb 2019) Usage: Ah, Discover... the card I have because... well... because. The rotating 5% categories are nice, when I remember about them. All in all, I seldom use this card. Mostly, I just use it to keep it active when I remember it's tucked in the back of my wallet. I'm guessing I might get an auto CLI in August, based on what they've done so far, but who knows. American Express: ??? (1000, summer 2018) -> $2500 (by end of 2018) -> $6500 (Feb. 2019 - coincides with me upgrading card to "Preferred") Usage: I can't remember all of the early details on this one, despite it being my newest card. I went from using it regularly for the 3% cash back on groceries, to almost every day when I started working in a grocery store. Shortly after I started taking advantage of the 3% cash back more frequently, they offered me the Preferred card for $95/yr, but with a 6% bonus. Did the math, and it made sense. Once I upgraded, they more than doubled my credit limit. Barclays: $1000 (spring 2018) -> 2800 (Aug 2018) -> 5800 (Jan 2019) -> 8800 (Jul 2019) Usage: I typically use this card at least twice per day, as it pays for my trips to and from work. Initially, it was very tough getting this card. I got denied my first attempt, and recon failed. Second attempt was another denial, but I got in on recon. Since getting in, they seem in love with me, giving me three substantial CLIs in just over a year - none of which I asked for. So some if this is bewildering to me. Barclays and CapOne seem to like me very much. Amex too - though I'm curious to see if the recent $4000 CLI was because of my product upgrade, my sudden uptick in usage, or something that was going to happen anyway. Wondering if I should expect another Amex CLI next month. Discover and I seem equally indifferent towards each other, as if we're just going through the motions, kind of like a dead marriage. No major reason to stay together, but not worth the inconvenience of breaking it off. But Chase. Chase just seems to hate me. And I'm not really sure why. I've been a frequent user. I've been a responsible user. But they don't trust me with what seems to be more than the bare minimum. Is it possible that I'm doing something that Barclays, Amex, and CapOne all love - but Chase looks at and says "yeah, no... hard pass"?
  7. Thanks - I found the Amex answer - didn't see anything for Chase. Looks like I probably should have asked Amex for 3k, not too huge a deal. But I guess I need to wait another 180 days before asking again. Oh well!
  8. I didn't find an answer in that thread.
  9. I got auto-increased on the following cards within the past couple of weeks: CapOne: from 1700 to 4600 Discover: from 1800 to 2100 Barclays: from 1000 to 2800 Feeling good about myself, I asked Amex to increase me from 1000 to 2500, which they did instantly... should I have asked for more? If so, how long should I wait before asking again? I also have a Chase Amazon Card with a 1000 limit, which I would like to increase. How much should I ask them for? Income is approx. 50k/yr - FICOs are all 690-710 - account was opened October 2017
  10. Hi all. I have a general question regarding requesting credit limit increases. When requesting an increase, is there a guideline to know how much we should request? Logically, the lower the increase you request, it should be more likely you're approved. But you risk leaving potential credit on the table. On the flipside, if you ask for too much, you're more likely to be denied. Would the CCC counter with a lower increase? I recently had several limits automatically increased, CapOne from 1800 to 4600, Discover from 1700 to 2100, and Barclays from 1000 to 2800. I decided to poke Amex, and ask them to increase me from 1000 to 2500 - and it was instantly approved. Getting the instant bump sure was nice, but made me wonder if I should have asked for more. I also have a Chase Amazon Prime Card which has yet to get any love, and it's one I swipe almost every day (I work in a pharmacy, near a Whole Foods... 2% back at the Pharmacy, 5% back at Whole Foods), so I regularly make heavy use of my $1000 limit, and pay it down every month. I'd definitely like a CLI on this card, but from what I can tell I'd have to call and talk to a person. How should I know what I should ask for?
  11. In the past two weeks, friendly letters from a few of my CCCs, stating they're upping my credit limits... CapOne: 1800 -> 4600 Discover: 1700 -> 2200 Barclays: 1000 -> 2800 Amex/Chase still at 1000...
  12. Are the bad accounts completely gone, as in removed entirely from the credit report, or are they just cleaned up to appear as good accounts? If the items are merely cleaned up, you might need to look at the details - sometimes things get overlooked. I had EQ reporting a charge-off a few months ago, but also had a letter from the OC saying the account was in good standing and not charged off. TU and EX fixed the issue very quickly - but it took EQ like 3 or 4 times to get it right. They kept leaving little hints that the account was once delinquent/CO'd in the details. Some discrepancy in scores is normal between CRAs - but there could also be differences in credit limits, utilization, payment history, etc, hidden in the details. Congrats on the removals!
  13. congrats!!!! recom with barclays is always worth a shot. FWIW, barclays has been very liberal with me. PIF is preferred by many issuers and your own long term financial strength Thanks! I'm still learning how to maximize/perfect my payment timing/method in order to maximize FICO and minimize interest paid. Typically I try to almost PIF a couple of days before the statement cuts, then pay the balance off once the statement cuts. Read somewhere, probably here, that I don't want $0 balances reporting, as it's not optimal. So if my statement cuts on the 16th, and I have a balance of $820 on the 14th, I'll pay $800 on the 14th, and $20 on the 17th or 18th. As far as Barclays goes - should I wait maybe six months?
  14. I got denied for the Barclays Uber Card w/ a 713 TU score, and ~15% total utilization. Some of my accounts are relatively new - approx six months old, and I had some lates on my oldest open account. Nothing very recent though. Called for recon, got a $1000 limit, not great, but better than nothing. I feel like it took every ounce of sweet talk I could muster to get what I got. They put me on hold a couple of times, and asked a few questions. When they finally agreed to issue me an account, it sounded almost like a reluctant "okay, what we can do is this..." They wanted to know: - Why the lates on the older account, I explained why - told them what I've done to ensure it won't happen again - Why so many accounts (three) opened in past six months or so - explained I'm trying to build credit, would have held off a bit longer if I knew the Uber card was coming ahead of time - Used that lead-in to explain exactly what I'll use the card for - dining, Uber, streaming services, cell bill, emphasized the card's benefits seem tailored to my needs So with Barclays, is it absolutely essential to never carry a balance, ever? Sometimes I'll pay like $250 exact if the balance is like $258.21 or whatever. The $1000 limit should be sufficient for what I'd use it for, but getting an unexpected decrease would make things tight/inconvenient each cycle. I feel like Barclays is probably not very liberal with issuing CLIs. Any advice on when (if) I should ask?
  15. Thanks! Just wanted to post an update. My EX and EQ scores both just update on all three statements. Discover actually posted at the $20 balance despite the statement cutting at $320, so there does seem to be a small window of leeway to address large purchases. YMMV of course, and I wouldnt call this reliable. It may not work for all cards, and the time it takes for payments to post seems wildly inconsistent in my experience.... Now if only TU would update to reflect these changes. Theyre the bureau I want pulled...

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