I was approved Tuesday for the GM card. I called and found out today. It took HCS 25 days to fully process my on-line application. I also had to submit 2 utility bills to them for unknown reasons to get the card. It has been so long since I applied that I don't remember all the terms but it should include a BT and a low teaser apr. for 6 months. Then revert to a competitive apr. The main advantage of the card is that the GM card is a rewards card. Every time you use it a 5% rebate accumulates toward the purchase or lease of a new car (Saturn & Saab excepted). Now for the interesting part... Household checked my credit via Equifax at a time when I am certain that the 3 negative discharged BK credit card accounts and the public record of my BK were being disputed by Junum. Yet, I only got a measly $1,500 credit limit. Equifax is my worst report as the BK never made it into the public record at either EX or TU. For those of you who read my NEXTCARD post yesterday, you will remember that Nextcard checked EX and TU and gave me a $6,500 limit along with all the other terms one would expect in a "prime" card. Nextcard only required 2 days to award me the card. My conclusion: I am obviously entering the prime credit zone for the first time since 1998. But even though the BK may have been suppressed for FICO scoring on EQ, I believe that I was a marginal candidate for the GM card as HCS could still see the BK. This is reflected in the low credit limit of $1,500. I also believe that I got lucky that Nextcard checked my 2 best reports, ie. TU and EX and accordingly awarded me a $6,500 limit. Anyway, I feel fortunate that I got these 2 cards to add to my 9 existing accounts. The decisions really should have been negative when you consider that my Chap 7 BK was discharged only 26 months ago. Only 2 dept. store charge cards survived my BK. WITH THE HELP OF THE BOARD, I have added a lot of new credit in the last 6 months and made the terms much more favorable.
Way to go Jim! I have a bone to pick w/ The GM card. They are listed (I think?) on my Experian report as a chargeoff. I was put on as AU by my ex and when he gave me the card, I never used it and cut it up....never activated it or anything. He of course blew the account off. Junum might have gotten them off but I'm not sure. I tried to call back in like 8/00 to tell them to take this off, etc. and they REFUSED! I think Junum might have gotten this off of my CR but I would have to check that. At any rate.....nice job!
Re: Way to go Jim! I did the auto dispute over an AU Charge off on my report.....they took it right off all of the reports, no problem--and that was for FIRST USA, the evil bloodsuckers from Hell.
