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Old 03-02-2015, 06:00 PM   #101
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If you ever do get the message that it isn't approved right away, just look up that card company's reconsideration line and call them. You can usually get approved over the phone. We've done that for business cards for DH's sole proprietorship fairly easily in the past.


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Old 03-02-2015, 06:04 PM   #102
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I got some big charges coming up so it would be convenient to get one of the promo offers.

But that damn Anthem hack meant freezing my credit so what a hassle to deal with that.
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Old 03-02-2015, 06:24 PM   #103
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Originally Posted by RonBoyd View Post
This is true of all cards that I am aware of. Well, let me take that back. We have a Visa (Credit) Card issued by our bank (Bank of the West) which the bank does not have an "automatic" payment system for. ...
I guess I need to re-check mine. It seemed to me the only auto option, was 'conveniently', to pay the minimum automatically. Nope, I want to pay it in full each month.

My band-aid was to have it set to autopay an amount that would typically exceed the regular monthly bill, and I go in and edit it before it is processed, but it will be paid in full if I miss it for some reason, or at least no late fee.

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Old 03-02-2015, 09:22 PM   #104
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Did you document "income" or your assets?

Or both?
Just income. I've never been asked for assets other than whether I own my home.

And for income - that's whatever the AGI was on my most recent 1040. If ever I have to show "proof" that is what is generally accepted. Never been an issue.

I once had a delay in being approved for a card I wanted to replace. I didn't have to do anything, I got a letter that too many credit inquiries had been pulled recently - I think I had just bought some PenFed CDs, and maybe I had gotten another card. It was simply a timing issue.

Anyway - the letter simply mentioned that my limit had been reduced on another card with the same issuer. But it was just a chuckle for me, because a couple of days before the letter, I had requested, and been approved, to raise the limit on that very card! Never was a problem.
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Old 03-03-2015, 02:28 AM   #105
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IMO, debt is simply a tool. You can use a hammer to stove in someone's head, or to build a house. Same deal with debt.

I am not planning on paying off my primary residence mortgage. It is callable 27.X year debt at a fixed 3.5% and tax deductible. It provides a valuable hedge against inflation. I have another 2 years to go on a car loan at 1.79% which I am pretty much ambivalent about paying off, as my lowest yielding safe money investment (a CD) earns a bit more than that after taxes.
I agree with Brewer, I have 1.79% 6 year car loan, debt I happily carry. My lowest CD at Penfed is 3% and most are at 5%. I also have about 60K on my HECO at 3.99%. It is moderately tempting to get 15 year 2.75% mortgage and invest the proceeds but I probably won't.

If I get a cash discount, I always pay cash, if not I use a credit card.
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Old 03-03-2015, 02:32 AM   #106
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Originally Posted by ERD50 View Post
I guess I need to re-check mine. It seemed to me the only auto option, was 'conveniently', to pay the minimum automatically. Nope, I want to pay it in full each month.

My band-aid was to have it set to autopay an amount that would typically exceed the regular monthly bill, and I go in and edit it before it is processed, but it will be paid in full if I miss it for some reason, or at least no late fee.

-ERD50
I've seen both, my BofA card (with better rewards has an autopay but only the minimum. So I have an autopay to avoid the late fee. I generally miss one every year. But my Costco Amex card has an automatic pay for the whole amount.
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Old 03-04-2015, 11:51 AM   #107
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If you ever do get the message that it isn't approved right away, just look up that card company's reconsideration line and call them. You can usually get approved over the phone. We've done that for business cards for DH's sole proprietorship fairly easily in the past.


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Thanks for the tip!

I've been waiting a few weeks to see if they'd approve me for a Marriott card. I called the number and it looks like it was approved, but it's good to know this option exists the next time I'm not approved right away.
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