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Everything posted by Flashman

  1. Alas, I'm afraid all you were seeing there was inept editing. For some inane reason, I ended up creating new posts rather than simply editing (and saving the changes on) an existing one (which is what I was actually attempting to do). Sorry for the confusion; sometimes problems occur between the keyboard and the chair.
  2. Without completely flinging my cards on the table (for all I know, the CCCs actively monitor these forums), this is what I intend: I plan to apply for a total of 3 cards in the same day, one right after the other, in descending order of desirability (i.e. from most to least desirable). CCC #1 will see that I haven't applied for a single credit card for a period measured in years rather than in months. CCC #2 will see that there have been inquiries made earlier that day by CCC#1, but, according to the information offered earlier in this thread, will only be able to tell that "an inquiry" (or small number of inquiries) have been made. They will not be able to ascertain who made the inquiries, or whether I was granted (or refused) a new tradeline. Nor will they be able to determine the size of the new tradeline that I applied for. (Perhaps it's also worth mentioning that the card I'm applying for with CCC#2 is one they have repeatedly offered me via email solicitation, which may or may not actually mean anything.) CCC #3 will, obviously, be seeing all the inquiries from CCCs #1 and #2. However, CCC#3 will (likely) be a store card with (very likely) a relatively small tradeline no matter what my credit score happens to be like (i.e this is an issuer who is known to be stingy with their tradelines) and, of course, is the least desirable of the three. (Meaning that, should CCC#3 see the earlier inquiries and start feeling faint, it will be a great sadness for me, but I expect I will get over it with the passage of time.) Of course, if there is a flaw in the above reasoning, please do not be shy about bringing it to my attention. Edit: brevity
  3. Ah, well, there you are then: inquiries are a consideration, but a comparatively minor one in the overall scheme of credit scoring. Thank you for posting that. [tips hat]
  4. I say "7-10 hit points per inquiry" because it's the best guess I've been able to come up with so far by reading through old threads on CB, most of which seem to have wildly disparate figures. Naturally, I make no claims regarding my guessing ability and, as always, I am happy to replace the figures I have with better figures someone else might have.
  5. Fair enough, then. As long as they don't report instantaneously, then applying for multiple cards in a short timespan on the same day still carries something of an advantage, even if the advantage wasn't the one I originally had in mind. The 7-10 hit points (or so) I can expect to take on my FICO score for each inquiry (with different creditors) seem pretty much inevitable, but the subsequent CCCs not being able to see what the previous CCC gave (or didn't give) me should help somewhat (apart from the B* advantage that apparently can be had by grouping all your HPs together that mizliz1011 mentioned earlier, of course). Edit: typo
  6. Ah, well then, you got me. As much as I would love to say, "I knew it all along," I was actually pretty impressed that someone had crunched the numbers on that (to three decimal places, no less) and had taken the figure really quite seriously. (Damn, blast, and double damn. )
  7. Seriously. They are FAST There's no doubt of that. I'm grateful for your follow-up comment because, frankly, when I first glimpsed the figure that BW gave, I thought he was just having a laugh.
  8. Do you remember (roughly) how long it took for Barclays to report? Did they, perhaps, start reporting the very day you applied?
  9. To clarify: By "before the accounts start reporting," do you mean that, if I apply to 2-3 different CCCs on the same day, CCC #2 would only be able to see that I had a HP earlier that day (but would not be able to see which CCC I had applied to earlier, or the size of the tradeline I was granted), whilst creditor #3 would only be able to see that I had two HPs from earlier in the day (but, again, would not be able to see either who I had applied to earlier, or the size of the earlier tradelines I was given)? Edit: clarity
  10. So was there ever an advantage (however minor) to applying for more than one credit card on the same day in the post-computer world? I ask because I could've sworn that the idea of submitting multiple apps on the same day within a short time of each other came to me as the result of something I read here on CB. Edit: clarity
  11. Good point: the card issuer simply reports my balance; FICO is the one that would actually calculate the utilisation. Has that always been the case? Or was the time lag a loophole that did exist at one time, but the CRAs closed it sometime after 2010? Edit: clarity
  12. Hey Y'all, When card issuers calculate your utilisation on a given tradeline they round up to the nearest percent, is that correct? Up 'til now, I've actually done the math to work out what 1% of my current "favoured tradeline" is and taken care to utilise that actual amount. However, I'm guessing that purchasing a mere cup of coffee will show 1% utilisation in exactly the same way. Is my guess correct? Just in case different issuers are known to calculate utilisation in different ways (i.e. some round up whilst others do not), the issuer for the purposes of this question is Chase. and When last I applied for credit cards some years back, I was told that submitting multiple credit card apps on the same day would help me to take advantage of the small "time lag" between when a hard inquiry was made, and when the 5-10 (?) point concomittant loss in credit points would actually hit my credit score. Does this time lag still hold true in 2015? Or does my plan to apply for a couple-three cards on the same day, one right after the other, not confer any actual advantage?
  13. And I've sworn off cash back cards entirely, but people value different things. I'm trying to remember that in 2015. Well, he did ask for opinions. And, IMO, store only cards are a complete waste of a new account reporting/inquiry/wallet. and they do nothing beneficial for FICO. While I don't need to derive a benefit from the REDcard in terms of my FICO score, I am wary of damaging my FICO score by acquiring a store card. Which leads me to ask: do the credit scoring companies actually look down on someone acquiring a store card? I ask because, while I'm certainly not a n00b at the credit card racket, I am new at the whole store card thing, and am fast developing the (mistaken?) impression that store cards are largely directed at people who are trying to build credit. Meaning: if you've already attained pimp(-ish) status, will the credit scoring companies ding you for adding store cards to your stable because store cards are widely considered downscale credit products?
  14. I'm guessing that you opened your account sometime prior to 2012, is that correct? I ask because, according to what IndyPoolPlayer said earlier in the thread: ...it appears that anyone who has applied for the card since 2012 has gotten a $200-$300 tradeline from TD, with little to no chance of a CLI. (If I'm drawing an incorrect inference here, please don't be shy about pointing it out; I am here to learn.)
  15. [scratches head] Was Bloomies peeved because they take overpaying on card balances to be a sign of financial instability? These days it is associated with fraud risk. Ah, right, the (theoretical) "run up a balance, overpay it with a fraudulent stolen check, and run it up even higher" -thing. Perhaps it's just me, but I'm always appalled at how difficult fraudsters make life for us anal-retentive types who simply want to "fire and forget" when it comes to CC payments (i.e. there are perfectly legitimate reasons for overpaying on a card balance, but try telling that to a bank). Edit: clarity
  16. [scratches head] Was Bloomies peeved because they take overpaying on card balances to be a sign of financial instability?
  17. May I ask how long it took for Target to increase your tradeline? Based on what you've said, I find myself wondering if the "magic formula" for a CLI with Target (however small) might be maxing out the card repeatedly, Paying in Full repeatedly, then calling Target to get the card unfrozen (repeatedly). (Otherwise, Target just ignores you and keeps your tradeline the way it is.) Between ourselves, I, too, would like a $1000 tradeline with Target, if only in the interests of keeping my utilisation down when I spend a couple-three hundred dollars on a shopping trip. However, this thread has made it entirely obvious (even to me) that having a tradeline that (relatively) large is difficult (if not impossible) to have happen with these guys. It's just that, for me, if there's at least some chance (however remote) that Target might increase my tradeline with them "eventually," the card may still be worth acquiring. Hmmm. I wonder if that's what might be triggering the card freezes you've experienced: not the fact that you've maxed out the card per se, but both maxing out the card and having less-than-ideal credit? Does anyone reading this happen to know how often Target does soft pulls to monitor a cardholder's credit? ETA: I called the 888-755-5856 number and was told: When you apply, they pull all three credit bureaus. All three inquiries are hard inquiries (no surprise there, I suppose). and Target does monthly soft pulls to monitor their cardholder's credit status (I don't know if this is par for the course for store cards or not).
  18. Understood. Perhaps I don't quite "get" how store cards work yet and am showing my abysmal ignorance on the subject, but I think it's rather silly that Target gets worked up about your maxing out the card and Paying in Full when they give out such small tradelines in the first place. Got it. What I was actually hoping you'd say was that they got bent out of shape the first few times you did it, but then, over time, Target realized that your maxing the card out and paying in full was part of your normal spending pattern and, after they got used to your doing so, you didn't have to keep jumping through exact the same hoop of having to call them up to get your card unfrozen. (Or, better yet, that Target eventually realized the tradeline they'd given you was too small for your needs and gave you a CLI.) [gasp!] However, it's obvious from what you've said that, not only will Target start you out with a small tradeline, but they will also make it a point to keep you on a small tradeline (even if you show a pattern of maxing it out and Paying in Full) and woe betide the hapless cardholder who dares to max out their Tiny Target Tradeline. Thank you for the replies; this is exactly the sort of information I was looking for to help me make up my mind on this card. Edit: typo
  19. Were you ever able to "train" Target over time to accept that your maxing out the card and promptly paying it off in full was part of your normal spending pattern? or Did you have to call card services to get your card unfrozen on, say, the 35th time you maxed it out in exactly the same way you had to the first time you maxed it out (i.e. no matter what you did, Target never caught on over time that you could be counted on to PIF)? Edit: clarity
  20. Thank you for the reply. Debit cards are a non-starter with me due to fact that they are directly linked to my checking account. My understanding (and I could be wrong) is that if my debit card gets hacked, it's my money (rather than the card company's) the bad guys will be playing with. Banks, I've noticed, have a marked tendency to take their sweet time fixing a problem (like fraud) when it's the account holder's money at stake rather than the bank's. I appreciate your taking the time to point out that a debit card would get me the 5% discount I seek, but for me, the potential for fraud where debit cards are concerned makes it not worth it, sorry.
  21. If it's any help, I don't need to derive a FICO benefit from having this card: the sole point to the exercise is getting the 5% off. My primary concern is that having such a minor tradeline will adversely affect my credit because of the almost inevitable high utilisation of such a travel-sized tradeline, hence my question about whether Target is comfortable with/nervous about folks who PIF and zero out their balance within a couple days of using the card. For the record, it is indeed not the case. This is actually my first go at applying for (or rather, considering applying for) a store card and, based on the responses so far, I'm beginning to see now why I was never tempted to seek one out before.
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