With A Heavy Heart-fusa Update

Discussion in 'Credit Talk' started by Mark LA, Jun 3, 2002.

  1. Mark LA

    Mark LA Well-Known Member

    After a lot of consideration, soul searching and tears - ok - no tears - I have decided to cancel my "pending" application with First USA.
    As I told you all in previous posts - they need verification of address - which looks like i'll be approved - BUT - they won't tell me if I'm being approved for the Platinum or the standard. The Platinum (Readers Digest MC) has great terms and rewards - the standard card sucks.
    I looked at my credit file: I got 8 cc's. 1 charge card and one retail card. Total cl: 56K
    I've been approved, over the past two months for Chase, Citibank and Generations. None of them have posted yet on Experian (well - Generations is hidden) and I'm afraid that if Fusa is approved i'll have way too many recently opened accounts.
    The inquiry on Ex - which caused me to go from 2 to 3 inquiries within the past 6 months - only lowered my score by one point - which is now 694. I'm sure when citi and chase post i'm gonna take a more serious score drop - so that's the basis for my decision to cancel the First USA application.
    If anyone thinks I'm making a TERRIBLE mistake - please let me know!

    Thanx
    Mark
     
  2. DaveLV

    DaveLV Well-Known Member

    You've already suffered the inquiry, I think I would at least wait to see which card they gave me before I'd consider cancelling.
     
  3. Nave

    Nave Well-Known Member

    Ditto...forget the heavy heart, you have already gotten the inquiry, send the address in and see, then decide.

    -Peace, Dave
     
  4. LKH

    LKH Well-Known Member

    I absolutely agree with Dave. You've already taken the "hit" for the inquiry. Send in what the asked for. You may get the platinum. I don't think you will see much more of a point loss by having 3 new accts report as opposed to 2. I say wait it out and see what you get. If you get the platinum, you'll be glad you waited it out.
     
  5. Mark LA

    Mark LA Well-Known Member

    Dave
    I did think about that - but here's the situation.
    I requested a balance transfer of 1,500 when I applied on the internet If they do it to the Plat - it's all good, However - Fusa CS told me that if and when they approve me - the bt goes through automatically - wheter its the Plat or the standard - so I won't be able to cancel without first getting the card and activating it.
    After I activate it - they said i could bt the amount to a different card and cancel the account.
    The thing is - I'd prefer not ot activate the account if it's not the type of card I wanted in the first place.
    However- the way they work it - you MUST activate the card - and then cancel it - so the card will show up on your credit reports as closed within a mnoth . I'm thinking it will hurt my score more.
    What do you think?
     
  6. joe

    joe Well-Known Member

    Myth....the card will not show up on the CRA report if you don't activate it.

    In truth, once the card is approved, it can show up any time :)
     
  7. Mark LA

    Mark LA Well-Known Member

    Joe-
    I think it's automatically activated once they do the bt - that's my fear
     
  8. GEORGE

    GEORGE Well-Known Member

    MY "TOY" STATE FARM card showed up on my credit report 2 weeks BEFORE I got it in the mail...
     
  9. Mark LA

    Mark LA Well-Known Member

    LKH
    I see your point. You might be right. So you think three new accounts as opposed to two won't make a huge difference anyway?
     
  10. GEORGE

    GEORGE Well-Known Member

    See what ya' get...

    You can do what I did with the "TOY" STATE FARM card...

    GOT THEM TO ADMIT THEY HAD AN "ERROR IN JUDGEMENT"...got $4,000 increase to match my lowest...then when I didn't get the 3.90% I CLOSED IT (THAT'S ANOTHER STORY).
     
  11. Candi

    Candi Well-Known Member

    I opened 4 new accounts in the last few months. It cost me 12 points on Exp. and 15 on TU, not sure about EQ. So I don't think thats too bad. Of coarse you never know for sure with the random number generator.
    Good Luck!
     
  12. Saar

    Saar Banned

    The majority here is clearly in error :)

    I respectfully dissent :)

    I make it a principle not to apply for credit with criminal organizations.

    http://fusa1.tripod.com/contents.htm


    Saar
     
  13. GEORGE

    GEORGE Well-Known Member

    RNG----->768 to 808

    If "PAID" in full...(MORTGAGE and CREDIT CARDS)
     
  14. Mark LA

    Mark LA Well-Known Member

    Saar!

    Thank you for your post :)))
    I did read somewhere that Fusa is more careful with their co-branded cards
    (this one is Readers Digest).
    And - between you and me - aren't they all criminal oranizations ???
    (aside from - maybe - Amex)
     
  15. Mark LA

    Mark LA Well-Known Member

    Thanks Candi for the info :)
     
  16. Mist

    Mist Well-Known Member

    Mark,
    Don't fool yourself...a FUSA account is an FUSA account no matter which co. it is cobranded with.
     
  17. Mark LA

    Mark LA Well-Known Member

    Thanks for your post Mist.
    Have you had any bad experiences with them?
     
  18. Cadillac408

    Cadillac408 Well-Known Member

    Yes I had a bad experience w/ FUSA. When they did soft inquiries on my account, they saw that I was in financial trouble (collection accounts, maxed out cards, judgment, etc.) and they lowered my credit limit from $10k to $6k and I had just under a $6k balance and in a blink of an eye (finance charges, etc.) that put me over the limit and they changed me fees for that, etc. I got upset and closed my account with a balance (which was stupid). But...here's the interesting twist. I never really look at my FUSA statements, I just pay them a set amount but one day I noticed 2 things. 1. It use to say that my limit was $6k w/ $0 available. Now it says that I have available credit (I don't have a card and my account is supposed to be closed). 2. THEY HAVE NOT BEEN CHARGING ME INTEREST AT ALL! I don't know when they started doing this but no finace charges or interest what so ever! NONE! I don't even know why and I'm not about to ask. Also, they stopped updating my account on my credit reports completely. I had to do disputed a few times to get it updated but then they stopped responding to the disputes and the trades got removed from all 3 of my reports! I guess that's good considering it said Closed by Credit Grantor, which was a big fat LIE!

    I'll never do business with them ever again....especially not after the way the rep treated me (which ultimately led to me closing my account).
     
  19. Mark LA

    Mark LA Well-Known Member

    Thanks for the info MP (and others)
    Here's what i'm thinking might be the best thing to do after reading all the posts.
    NOT to cancel the application - see what they decide to give me - but watch em like a hawk.
    If i get the standard - rather than the Plat with the better terms - I'll bt the $1500 back to a different card - and leave the fusa account with O balance - and just keep it to improve debt ratio.
    Does that all make better sense?
     
  20. author_22

    author_22 Well-Known Member

    FUSA was a good company. But they "upgraded" my account (with no CL increase, and an interest rate INCREASE) a few days ago to a Bank One plain card. I had a Reader's Digest standard. Now, the FUSA card shows as closed by credit grantor on my reports, and the new card doesn't retain the old card's history. It f****d up my score by 36 points.

    also, my dad got approved by them then denied.

    My brother got a $1000 AKC card from them, added me as an AU (even though they never reported my parents as AUs on mine, the card he got was really for me.) FUSA claimed they NEVER report AUs.

    The first time he used the card, they closed it! Claiming they hadn't proved his identity. He sent in the docs. They claim they didn't get them. NOW the card shows up on both our credit reports as "reported stolen." We never did anything of the sort! Nice how they reported an AU then.

    I'm about to tell them to go to he...
     

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