Got my Visa today!!

[piglet33]

got my card today!!! can't wait to start using it.

 

[tinkerbee]

I was turned down . I just got it in the mail today. So I called the number and it still said under review I too pay my bills on time and pay them off or make large payments. So I guess they think that they won't be getting much from me. Oh well.

 

[AnnaS]

I am sorry you got turned down. Even though our credit might be great, I have heard that if you have too many cards or just recently applied for a card - it might show too much activity on your credit report - again - only heard from tv special.

We just received (dh) ours today. I should be receiving mine in a few days.

 

[eeyore0062]

Yeah, I definitely think that the line "under review"
is their nice way of saying that you were declined and the letter is in the mail. I got my letter today, and it was declined because I had recently opened another credit card. I will try again after we sell the house and pay off and cancel many of our other cards. The only reason we have the ones we do is to pay for the things we need to get the house right before selling it, and they are NO WHERE near maxxed out, either!

 

[raidermatt]

Credit companies "score" you based on many risk factors, including income, income to debt ratio, debt to available credit ratio, number of recent inquiries, "negative" events, own or rent, etc....

If you are turned down, request a copy of the credit report(s) used by BankOne in making their decision. The decline letter they send you will include instructions on how to do this. I cannot stress how important this is. It will not cost you a thing, and they are required by law to provide it to you.

When you get the report, make sure there are no inaccuracies. Sometimes errors are made that negatively impact you, and in the worst cases, you can be the victim of identity theft.

If you find anything fraudulent, obviously you should contact the authorities and the creditor to try to resolve it.

If you do have negative events on your report, particularly if they are old, try writing a letter of apology to the creditor, and explain that you were late due to extenuating circumstances, and that you now pay all your bills on time (assuming you do, of course) and would appreciate it if they could remove the blemish from your credit record. Some will do this.

Also, when you pay off cards, its not always the best thing to close them.

He called and talked to someone else and was basicly told that credit card companies do not like customers that do this. They aren't making money off of you (interst/ possible late charges) therefore, some don't like to extend credit to these types of people.

Its extremely unlikely that they actually turned him down for this reason. Even if you pay off the balance each month, the credit card company still makes the transaction fee paid by the merchant. When he gets the letter, tell him to ask for the credit report. If nothing else, he can get the satisfaction of knowing he caused them some extra work!

 

[n2mm]

After reading this thread I couldn't stand the suspense anymore and had to call. I was approved and my DH was also approved. I applied the first day and DH didn't apply until a week later. I pay off all of my cc bills each month, especially my Disney charge. All I have is my house loan and a small personal loan through my credit union. So cc never make any money on me. My husband is a complete opposite from me, so thought maybe one of us wouldn't be approved, but we proved that both types are considered. (He has more credit cards than anyone I know, while I have one major and a couple of stores ones that I use and pay off monthly). So no logic here at all. I will use this card in the place of my disney charge, but since my husband is a CM we also have the disney Team card (cast member cc card owned and operated through the disney credit card) we have no idea if this card will be affected later.

 

[AnnaS]

What is all this talk of a disney credit card. Has there been a cc all along? Any thing special with this one. Is it through a bank also? Just curious. Thanks.

 

[n2mm]

AnnaS, yes there has always been a Disney Credit Card. More like a "department store" type of CC. Good at your local DS (if you still have one), the catalog and the theme parks. I have always used mine to pay that one night deposit for my rooms, especially back when they use to not take your Visa for that one night. Interest rates are very high, like most dept. store cards. No real perks, just some inserts about the parks and merchandise. Not sure if this card will stick around when the Disney Visa becomes well know. I did see my first TV commercial about the new card last night. I've had my Disney Credit Card since 1994, so will miss it if it goes away, but really don't see any use for it anymore.

 

[AnnaS]

Thanks n2mm. Disney Visa (Bank One) is good enough now.

 

[Minnie's Mate]

raidermatt
Our local syndicated consumer advocate, Clark Howard, says that someone who pays their card off each month is called a deadbeat by the credit card industry. He says the banks try to charge a higher rate or annual fees or deny credit for these customers.

I ususally make a couple of medium sized purchases on my credit card per year with the plan to pay them off over two to three months and pay off the other months in full just to prevent being labled this way. This way I have a good credit rating, low interest and no annual fee.

Yes, they make a fee off of the transaction, but they would rather have a customer that carries a balance than one who doesn't. Apparently the transaction fee isn't enough profit for them to justify the account, at least in their minds.

 

[raidermatt]

There maybe some banks who make decisions like that, but those decisions are mainly made on the front end, when they are deciding who to market to.

Its true that "Platinum" customers are not as profitable as those that carry a balance. However, they also carry a lower risk. Carrying only "middle market" and "sub-prime" customers can be more profitable, but it is a very risky strategy in today's environment, which often results in higher loss rates. Several of the top credit card issuers have been burned by this in the last year or so.

Once a bank decides to make a bona fide Platinum type offer, they know they will get true Platinum-type customers. They are willing to accept the low return in exchange for being able to add these low-risk receivables to their totals, making their loss rates look better. Further, many of these customers make a large number of transactions each month, using their card for gas, groceries, and even sandwiches at the deli, which does result in transaction revenue.

Given that this is a Platinum card, and that it would be foolish of Disney to hook up with a company that is going to turn away some of their best customers, I am highly skeptical that BankOne is turning away anyone for this card because they pay their bills.

However, that doesn't mean its impossible.

Regardless, the law requires a written explanation of the reasons for a credit denial. If anyone gets one that states the reason as something like "does not carry balances", I would be very interested in hearing about that. It would be interesting to hear Disney's response as well, given that they dumped AMEX and axed the DC for this product.

And I repeat, if the letter gives credit reasons for the denial, ask for a copy of the report(s) they used to make their decision. You could end up saving yourself a lot of trouble in the future.

 

[freediverdude]

Well, not doubting anybody, it's just that I've seen too many times with myself and others how picky bank one is compared to some of the other banks, and that's why I said "Oh no...not Bank One." when I looked at the offer. It's my opinion that they would have gotten a lot more cards if they had chosen Capital One or Citibank, but maybe they're looking for those "pay their bills in full every month customers" who knows. All I know is, that I'm one of the people who probably got denied, even though I pay all my bills on time, have an annual pass, and spent thousands of dollars at Disney last year, as I'm sure many other people on here did too, and are in the same boat. You'd think if I spent several thousand dollars at WDW in a year, they wouldn't blink an eye at giving me a card with at least a few measly hundred limit on it wouldn't you LOL. But since I know it's not Disney making the decision, I'm not holding it against them.

 

[JOC]

Bump.

 

[S. C.]

Mine also said under review. and I have had a platinum visa with bank one for many years, I too always pay off the balance of all cc every month.
It has only been 1 week since i applied and i read in the paper that their has been close to 100.000 applicants.
hopefully this is a standard recording when they haven't gotten to check you out yet. HMMMMM patiently waiting. I'll let everyone know.

 

[Terry S]

Just wanted to post this information in case others were unaware. If you have a Bank One or First USA Visa already you can change it to the Bank One Disney Visa if you wish. It is fairly simple to do this and you will receive your new card in 3 to 4 days.

 

[sarehm]

We're supposed to have a beautiful weekend here in Lancaster, 50's or even 60's! Have fun and watch out for the horse poop!

 

[helenk]

I finally got mine, I got the message that mine was under review, but I guess everything was okay.

 

[mommystieg]

Oh good there's still hope--I got the under review message too. I will keep my fingers crossed

 

[S. C.]

Got a call yesterday from bank one right after i got offline. they said they wanted to approve me for the cc and noticed that i wasn't utilizing the full credit limit on my First USA card, and did I want to put a percentage of the amount of credit from the First USA card on the new one. so now i will be watching my mail for the new card. Mine also had said under review, and i pay off balances each month.

 

[JOC]

Bump.