I am really interested in the Evercard that you and MikeG just applied for. I saw that Everbank did an inquiry on Experian and that you have a 701 credit score. It sounds like they didn't give you instant approval. If you don't mind me asking; what did happen and have they contacted you or anyone to verify things? I am curious because that Evercard looks great but I am not sure when I will be able to apply for it at this time. Saar scared the heck out of me by revealing that 5 inquiries on top of 5 inquiries really hurts your score. I am glad Saar said that because I am at 9 EX inquiries in 2 years right now. That may be too many. Thanks - Jim
Hey Jim, How are ya doin? Yea, Everbank's Visa looks like a great card. I know nothing yet. I applied online and received an email confirming my application. It said if accepted I would receive the card in 7-10 days and that is all I have heard. I don't think it was an "instant approval" type of application. As Saar said, my 2 inquiries on Ex (of which 1 was Everbank) brought me a warning that "2 or more inquiries in 6 months is a bad thing", and when I used the "slider bar" to see the effect of 5 or more, my score dropped rapidly. I imagine 9 would result in a big drop may wanna wait for some to drop off the 6 month scale. I will let you know what I hear from Everbank but with the great benefits, APR, and "platinum" status I am skeptical a 701 will cut it. I still have my fingers crossed. -Dave
Thanks Nave, I appreciate the fact that you will keep us posted. I think with a 701 score and only 2 inquiries your chances are excellent. I personally wish you the best of luck and hope you get the card. Nave - a couple more questions if you don't mind. Did I understand correctly that you only have a Cap One account on EX? No other open accounts? I understand that you have no negatives which is great. Did the credit analyzer only analyze inquiries within the last 6 months or were you given the option of seeing the negative effect on the credit score for inquiries within the last 12 or 24 month range also? Thanks.
Just checked, it does not say on the "score simulator" what time frame it "watches" as critical for inquiries...it simply says # of inquiries for credit applications and shows 2 - On the first page my "advice" for the inquiries says 2 or more in 6 months is a "bad thing" so I imagine the slider is "watching" inquiries made in 6 months not 2 years. After logging in again and looking I realize I was wrong - the big drop off on my score occurs after 5 and again after 10 but is not as huge from 5 to 9 as I thought...at 2 my score shows about 700 from 4 to 6 it drops about 20-30 or so points and from 9 to 11 it drops about 70-80 or so more(its kind of hard to tell because it does not show you exact score but shows you a graph - kind of a thermometer with an arrow as you change the elements of the report.) Keep in mind this simulator does not give you any accurate measures of changes at best it is a toy! Nice to play with but meaningless most likely. Yes my only credit card reporting currently is CapOne, I have 2 cards closed at my request never late and AT&T wireless but no creditors that report limits so my $350 balance on my CapOne card made a debt to limit ratio calculation "divide by 0" and caused me what appears to be a huge increase in score if I simply pay the $350 balance off (my score shoots up to 800 level). Interestingly paying off the 350 to 0 gives me a waaaay higher score then adding $2500 to my balance. Shows you what having 0 balances does over high limit to balance ratios...when going for a mortgage I guess pay off all the cards to 0 before applying. Sign up and get it for a month, its a 30 day free trial if you cancel within 30 days you pay 0. -Dave (Thanks for the good vibes)
Nave, Your info was terrific and is verifying something I discovered a while back. Here it is... Feb 1999 - Discharge BK Mar. 1999 - Auto Loan 530 May 2000 - CU credit card 641 Feb 2001 - CU credit check 576 Apr. 2001 - E-loan score 695 All scores are Experian and that drop from 641 to 576 was when I was getting a bunch of inquiries and new credit. At the same time Junum removed a foreclosure and 3 discharged BK credit card accounts and I had no credit negatives since 1998. Moral of the story - 5 or 10 inquiries hurt like heck for 6 months. My next round of credit applications / line increases with a hard inquiry will be in October. Hey on another topic - isn't the board a quiet tame place these days - LOL - You know compared to the Credit Cnot days gone by. Maybe the new chat room will be available by Sunday. See ya.
I was thinking that same thing earlier...some were skeptical but the new board seems to have done wonders for the civility of the discussions here. Not to mention the Cnot miss-speller. Seizure soon. -Dave
HaHa!! Seizure soon to you too!! - LOL I had my doubts but I really like the new board. I planned to leave because basically I went prime this year but... There is simply to much good information on the board whether you are prime or subprime. Also, I really enjoy the threads about the credit restoration companies because while I just have a few negatives left on my reports; it would be nice to have none. And how would I have ever heard of Evercard unless I tuned in here daily.
