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Thread: My credit is magically awesome now?

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    Featured Member wednesday86's Avatar
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    Default My credit is magically awesome now?

    So today I finally took my big stack of cash and got a checking/savings account to deposit it into. I went with Chase..No reason, really. They're just close to my house. Anyway, as the guy was opening my account, he goes "Wow! Whatever you're doing about your credit, keep doing it. You just got pre approved for a credit card with the lowest interest." I was like "WHaaaaaa?" The last time I checked, my credit was in the 500s and "poor.". Two years ago, I gave a car I was leasing back, as I had bought it with my ex and he stopped helping with payments or insurance. I also had outstanding cell phone bills that my ex took out in my name and never paid. Anyone else have this happen, or does Chase just have low standards? Now I'm thinking I may be able to buy a house after all! I was worried that I would never get approved for a mortgage.

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    God/dess lynn2009's Avatar
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    Default Re: My credit is magically awesome now?

    Sweetheart, that 'lowest interest rate' is probably like 35%. Stay away.
    "There are different kinds of darkness. There is darkness that frightens, the darkness that soothes, the darkness that is restful. There is the darkness of lovers, and the darkness of assassins. It becomes what the bearer wishes it to be, needs it to be. It is not wholly bad or good."
    - The Court of Mist and Fury

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    Featured Member Vamp's Avatar
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    Default Re: My credit is magically awesome now?

    Having opened many accounts for people I can safely say .... That was his way of getting you to sign up for a credit card that you were not looking for.
    Chase has all kinds of standards. They have over 1.5 million different types of credit cards. They have the some of the highest fees and interest rates in the industry.
    They will also talk you into a mortgage that you qualify for with horrible terms. To me, they are one of the worst banks in the industry for taking advantage of people.

    Best thing to do is look at your credit yourself.

    Check out your credit report at www.annualcreditreport.com. It is a government spousered website. That way you know it is secure. They will charge you a few bucks for the score.
    Pulling the report this way will NOT be a hard hit.

    You could also check with any of the credit reporting agencies, transunion, experian, or equifax. They charge a bit more for the score and report though.

    Btw if you didnt open those phone bill accounts you can dispute them as unauthorized. Do not go into the bf explanation. Tell them you never personally opened them, which is true. You can dispute them directly with the credit reporting agency. Disputes take 60 days. The phone company would have to prove that you did open them. If they cant prove you opened them the items are removed from your credit report.

    Here is one of the credit reporting agency website ... http://www.transunion.com/

    Dispute link ...................... http://www.transunion.com/personal-c...s-freezes.page

    Credit education ............ http://www.transunion.com/personal-c...education.page

    If you have any additional questions please feel free to post them here or private message .... hope this helps
    Nature knows no indecencies; man invents them. ~ Mark Twain


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    Default Re: My credit is magically awesome now?

    What Vamp said. I got roped into a high interest credit card once my score started improving....I got rid of it b/c having a balance on a card like that is not a risk you wanna live with....

    Get a secured card to start with and go from there....

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    Banned Melonie's Avatar
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    Default Re: My credit is magically awesome now?

    ^^^ it would seem that you now fall into Chase's 'dream customer' category ... a 'subprime' customer with money in the bank !!!

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    Member justj's Avatar
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    Default Re: My credit is magically awesome now?

    If you sign up with identity guard you can see everything on your credit history, your credit score with all the 3 companies who give ratings, also can protect you with identity theft, you can see what you still owe $ on, what has gone to collections, what's been wiped from your history, oh and they also give you a detailed explanation as to why your credit score is whatever # it is and why it has changed. I think it's 19.99/month or I think you can buy a one time report... I use it because I am trying to clean up my credit and get rid of a bunch of debts right now and it's nice to have a clear picture of things.

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    Featured Member wednesday86's Avatar
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    Default Re: My credit is magically awesome now?

    I got it at 12% but I have no intentions of using it unless there is an emergency...like I break my leg and we're starving or something. My husband already owes $3k on his credit cards and I don't believe in using credit cards unless there's a crisis. Thanks for the info, Vamp! I will look into that for sure.

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    Moderator Optimist's Avatar
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    Default Re: My credit is magically awesome now?

    Chase is shaaaaady boots! Along with Wells Fargo and Crapital One, I'd avoid them like the plague.
    “What a caterpillar calls the end of the world we call a butterfly.” - ECKHART TOLLE

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    Default Re: My credit is magically awesome now?

    they always send me stuff like 'you're pre-approved' and in reality you are not.

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    Default Re: My credit is magically awesome now?

    Quote Originally Posted by Optimist View Post
    Chase is shaaaaady boots! Along with Wells Fargo and Crapital One, I'd avoid them like the plague.
    Do you recommend credit unions? Or is there a larger bank that you'd recommend? I've been with Wells Fargo for a couple of years now and have encountered nothing but problems with them...

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    Default Re: My credit is magically awesome now?

    Local credit unions can be extremely hit and miss where clients with any 'adult' industry related paper trail are concerned. Generally speaking, credit unions tend to 'take notice' of a lot more client details than major banks do. Or, put another way, attempting to cash / deposit a StreaMates check, or attempting to make frequent sizeable cash deposits, could lead to questions being asked ... and, potentially, to IRS 'suspicious activity' reports being generated.

    Also, I'll try to very carefully comment that major banks pay varying degrees of attention regarding 'adult' industry clients. And Wells is officially on record as being the most 'adult' industry friendly major bank. However, that certainly doesn't mean that banking with Wells will be problem free, nor that Wells will offer 'attractive' loan / credit card interest rates.

    I don't want to repeat too much stuff which has been discussed in detail elsewhere, but it's a fact that recently enacted regulations now deem ALL self-employed persons to be 'high risk' in financial terms. This essentially relegates self-employed persons to the 'subprime' loan / credit card market no matter what their current financial situation or credit score ... resulting in higher interest rates and less 'friendly' terms.

    I've actually had the best service and the least 'taking notice' problems using regional banks. Again trying to very carefully comment in this particular regard, regional banks receive less 'regulatory attention' than major banks do.

    In the past, I have dealt with both Capital One and Citi myself, and was very pleased to stop doing business with both of them as soon as I could.
    Last edited by Melonie; 12-13-2014 at 06:29 AM.

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    Default Re: My credit is magically awesome now?

    I deal with a bunch of the major banks between my school loans, car payment & credit card and Discover has by far been my favorite.

    Hate Citi sooo much my first year out of school I paid a lot extra on my principal balance with them and they lowered the monthly payment at the end of the year but also raised the interest rate by a full percentage point to make up for it.
    "There are different kinds of darkness. There is darkness that frightens, the darkness that soothes, the darkness that is restful. There is the darkness of lovers, and the darkness of assassins. It becomes what the bearer wishes it to be, needs it to be. It is not wholly bad or good."
    - The Court of Mist and Fury

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    Default Re: My credit is magically awesome now?

    - Discover was also my favorite, they have always been very pleasant to deal with.
    - Capital One, usually very short and abrupt but not rude, though every interest rate on every credit card and car loan I've ever been "pre-approved" for has been awful (24%? are you kidding me? who TAKES that?).
    - Wells Fargo I have for checking and they have been decent, albeit they charge a LOT of fees whenever they can, and they also gave me trouble with student loan/grant refund checks... they would refuse to cash them and want me to deposit them and "hold' them for 2 weeks because I never deposited enough into my acct to cover if they should bounce... but really, you think a check from a major university's financial aid dept is gonna bounce?

    - Chase, big pain in the ass... I had a student card I got at 18, and even after 3-4 years of on-time payments and a 700 credit score, they refused to increase the limit from a measly $300, while Capital One and Discover were throwing increases at me all the time. They were also super rude in person most of the time, and they play the "rearrange your transactions" game with checking accounts.
    "People jack off with the left hand and point with the right."

    "You can check out any time you like, but you can never leave."

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    Featured Member wednesday86's Avatar
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    Default Re: My credit is magically awesome now?

    Idk I've been with Chase a few months now..I actually did use my card to buy Christmas gifts, just to build up my credit. I've only used like 10% on a $4k card...but it's been fine so far. Even my husband was surprised I got a card with them because they denied him and I know his credit's in the 700s.

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    God/dess lynn2009's Avatar
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    Default Re: My credit is magically awesome now?

    Does anyone know anything about Darien Rowayton Bank? Thinking about getting a consolidation loan for the rest of my school loans.
    "There are different kinds of darkness. There is darkness that frightens, the darkness that soothes, the darkness that is restful. There is the darkness of lovers, and the darkness of assassins. It becomes what the bearer wishes it to be, needs it to be. It is not wholly bad or good."
    - The Court of Mist and Fury

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    Default Re: My credit is magically awesome now?

    Quote Originally Posted by lynn2009 View Post
    Does anyone know anything about Darien Rowayton Bank? Thinking about getting a consolidation loan for the rest of my school loans.
    Is this a state bank? Because some state banks in the US reserve the right to harrass you about overdue and late student loan/ other loan payments. In other words in the long run you might get a "better deal" with leaving your student loans in the current state they are versus doing a consolidation loan.

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    God/dess lynn2009's Avatar
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    Default Re: My credit is magically awesome now?

    Quote Originally Posted by SnuffleUffleGrass View Post
    Is this a state bank? Because some state banks in the US reserve the right to harrass you about overdue and late student loan/ other loan payments. In other words in the long run you might get a "better deal" with leaving your student loans in the current state they are versus doing a consolidation loan.
    Why wouldn't a bank be allowed to harass over late payments? In any case I've never made a late payment in my life, I'm not looking to consolidate due to hardship, I have excellent credit at this point and I was hoping to get a much lower interest rate.
    "There are different kinds of darkness. There is darkness that frightens, the darkness that soothes, the darkness that is restful. There is the darkness of lovers, and the darkness of assassins. It becomes what the bearer wishes it to be, needs it to be. It is not wholly bad or good."
    - The Court of Mist and Fury

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    Default Re: My credit is magically awesome now?

    Quote Originally Posted by lynn2009 View Post
    Why wouldn't a bank be allowed to harass over late payments? In any case I've never made a late payment in my life, I'm not looking to consolidate due to hardship, I have excellent credit at this point and I was hoping to get a much lower interest rate.
    OK long boring wall of text ahead. My sister in law got her student loan money through her state bank, not through the Fed. gov. SIL ran up about $40K in debt. She has been struggling to pay it off, and has encountered some threats and harrassment from the state bank. In all she would have been better off just going through Federal Programs and using their deferrment options and other assorted options for managing the debt versus being treated like a piece of shit.
    Last edited by SnuffleUffleGrass; 01-05-2015 at 12:53 PM. Reason: politeness edit

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    Default Re: My credit is magically awesome now?

    Quote Originally Posted by SnuffleUffleGrass View Post
    OK long boring wall of text ahead. My sister in law got her student loan money through her state bank, not through the Fed. gov. SIL ran up about $40K in debt. She has been struggling to pay it off, and has encountered some threats and harrassment from the state bank. In all she would have been better off just going through Federal Programs and using their deferrment options and other assorted options for managing the debt versus being treated like a piece of shit.
    A lot depends on the state program. But, generally these loans have differing repayment options.

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