Visa Rewards Credit Card
Guest: thejoshua
Post subject: Visa Rewards Credit Card
Posted: Fri Oct 07, 2005 11:29 am
I went to BOA today to apply for a secured loan. The only terms they have available were $5000 for 60 months which is not what I need by far. The man I spoke with talked me into a Visa rewards card, he said I had a very good chance of being approved considering my history with BOA (checking, savings, secured card that is now unsecured) So do you think he was blowing smoke, or was he genuinely trying to help?
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Guest: StephanB
Posted: Fri Oct 07, 2005 11:46 am
Why did you want the secured loan? If it is to strenghten your credit, and you told the associate, then I believe he acted in good faith.
A bank loan does have more weight then a credit card in terms of your credit report, but I'm not sure if it would be worth the interest you would pay on that loan over the 5 years.
A high-limit credit card that you keep for that same period of time might do you more good in the long run, considering credit line increases you'll get during the 5 years, and of course the rewards that could rack up. And of course, a credit card earns you good credit even if you only use it sporadically and keep a low or no balance. This costs you little to no money, while the bank loan will cost you a lot of money - guaranteed.
/Stephan
_________________
My FICO scores --> EQ: 686 (11/25) -- TU: 690, EX: 708 (10/28)
TC FAKO scores --> TU: 740, EX: 750, EQ: 763 (11/29)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: thejoshua
Posted: Fri Oct 07, 2005 11:51 am
I wanted the secured loan to boost my score as well as have another type of credit. I only have credit cards. I was looking to do $2k for six months, but $5k for five years was just not the right move for me. However building more credit with this card (if i get it) will hopefully help my credit enough so I can get my school loans.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: thejoshua
Posted: Fri Oct 07, 2005 12:04 pm
When you have a relationship like mine with BOA does that way heavy on your approval? Or is it still totally based on credit?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: scarymary
Credit Expert (100+ Posts)
Posted: Fri Oct 07, 2005 2:27 pm
I don't know... I have been banking with Commerce for years but they turned me down this week for a Home equity line of credit due to delinquencies more that 2 years old. Chase approved methoug and I don'teven have a credit card with them... go figure!!!
It not like it used to be... years ago when you needed money,you went to see Bob down at the bank. Bob made you sign a paper and gave you a check to sign. Oops, no pen?? No problem, take the money and come in tonight to sign everything...
I remember going to the bank with my parents as a kid and it was like that. Everybody knew you... you wouldn't dare be late on a payment or you would be the talk of the town.
Technology and computers kinda took all that away.....
_________________
Thanks~
Scary Mary
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
When life feels jolly rotten... there's something you've forgotten... and that's to laugh and smile and dance and sing!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Visa Rewards Credit Card
Posted: Fri Oct 07, 2005 11:29 am
I went to BOA today to apply for a secured loan. The only terms they have available were $5000 for 60 months which is not what I need by far. The man I spoke with talked me into a Visa rewards card, he said I had a very good chance of being approved considering my history with BOA (checking, savings, secured card that is now unsecured) So do you think he was blowing smoke, or was he genuinely trying to help?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: StephanB
Posted: Fri Oct 07, 2005 11:46 am
Why did you want the secured loan? If it is to strenghten your credit, and you told the associate, then I believe he acted in good faith.
A bank loan does have more weight then a credit card in terms of your credit report, but I'm not sure if it would be worth the interest you would pay on that loan over the 5 years.
A high-limit credit card that you keep for that same period of time might do you more good in the long run, considering credit line increases you'll get during the 5 years, and of course the rewards that could rack up. And of course, a credit card earns you good credit even if you only use it sporadically and keep a low or no balance. This costs you little to no money, while the bank loan will cost you a lot of money - guaranteed.
/Stephan
_________________
My FICO scores --> EQ: 686 (11/25) -- TU: 690, EX: 708 (10/28)
TC FAKO scores --> TU: 740, EX: 750, EQ: 763 (11/29)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: thejoshua
Posted: Fri Oct 07, 2005 11:51 am
I wanted the secured loan to boost my score as well as have another type of credit. I only have credit cards. I was looking to do $2k for six months, but $5k for five years was just not the right move for me. However building more credit with this card (if i get it) will hopefully help my credit enough so I can get my school loans.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: thejoshua
Posted: Fri Oct 07, 2005 12:04 pm
When you have a relationship like mine with BOA does that way heavy on your approval? Or is it still totally based on credit?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: scarymary
Credit Expert (100+ Posts)
Posted: Fri Oct 07, 2005 2:27 pm
I don't know... I have been banking with Commerce for years but they turned me down this week for a Home equity line of credit due to delinquencies more that 2 years old. Chase approved methoug and I don'teven have a credit card with them... go figure!!!
It not like it used to be... years ago when you needed money,you went to see Bob down at the bank. Bob made you sign a paper and gave you a check to sign. Oops, no pen?? No problem, take the money and come in tonight to sign everything...
I remember going to the bank with my parents as a kid and it was like that. Everybody knew you... you wouldn't dare be late on a payment or you would be the talk of the town.
Technology and computers kinda took all that away.....
_________________
Thanks~
Scary Mary
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
When life feels jolly rotten... there's something you've forgotten... and that's to laugh and smile and dance and sing!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:24 AM
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