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The three major credit bureaus 👈
In the United States, there are three major credit bureaus: Equifax, Experian, and TransUnion. Each bureau has its own way of scoring, which can be a bit confusing but is important to manage correctly. Here's a brief history of each bureau: 1. Equifax: It is the oldest of the three and was started in 1899 in Atlanta, Georgia. Initially, it provided credit reports to businesses. 2. Experian: It began in California and went through several mergers. Initially known as CCN Systems, it later became Experian in 1992. 3. TransUnion: Founded in 1968, TransUnion initially served the transportation industry. Over time, it expanded its services to include general consumer credit reporting. While all three bureaus consider similar factors like credit utilization and payment history, they weigh these factors differently. This can lead to variations in your credit scores across the bureaus. It is important to care about these differences because overlooking them can have real consequences. For example, if you never check your Experian report and it contains an error that drops your score by 50 points, a lender who checks only this score might offer you high interest rates or even deny you a loan. So, it's crucial to stay on top of your credit reports from all three bureaus.
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New comment 3d ago
Regional banks explained
Let me explain regional banks and how to find out which banks are in your area. You know how there are big banks like Chase, Bank of America (BOA), Citibank, and Wells Fargo that have branches all over the country? Well, those are called major banks because they serve people from all different regions. They offer a wide range of banking services to customers all across the country. But then there are these other banks called mid-tier regional banks. These banks are a bit different because they are only available in specific regions. They don't have branches everywhere like the major banks do. They focus on serving the people who live in their particular region. These regional banks often have some really good lending products, which means they can offer loans and other financial services that are tailored to the needs of the people in that specific area. Finding out which banks are in your area is actually pretty easy! You can use a website called ibanknet.com/bankmap to see a list of banks and credit unions that have branches in your state. The list will show you the biggest banks first, and then the smaller ones. It's important to remember that some banks can still serve a state even if they don't have branches in that state. So, it's always a good idea to check online or visit the bank's website to see what services they offer. Now, there are some people who like to maximize their banking options. They want to have relationships with different banks, including these mid-tier regional banks. Sometimes, if you want to open an account with a bank that is not available in your region, you might need to create what's called a foreign entity. This means you create a special type of business or organization in a different state that qualifies for banking with that specific bank. It's like having a passport instead of just a driver's license when showing your identification documents. So, regional banks are banks that are limited to specific regions, and you can find out which banks are in your area by using a website like ibanknet.com/bankmap. If you want to have accounts with banks outside your region, you might need to create a special business entity and use a passport for identification.
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New comment 3d ago
Welcome to the credit connector community!
Hi everyone! If you're new to the skool community, please leave your name, where you're from, and what specific topic you're here for!
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New comment 3d ago
Chase rules 🚀🚀
- Native Currency: UR Points (Ultimate Rewards Points) - Best Use Cases: Hyatt Hotels! Only one besides BILT that can do it. 2/30 RULE - Chase will only give you 2 personal cards in a 30-day period, or 1 BUSINESS card in the same 30-day period. - At most, you could get 1 business card + 1 personal card in that 30-day period. - You cannot try to do 2 personal + 1 biz, you will get denied. - It is recommended to wait 90 days between Chase card applications. NOTORIOUS... 5/24 RULE - You will get denied for any Chase cards if you have 5 or more personal revolving accounts in a 24-month period. - However, the 5/24 rule may be relaxed on cobranded cards like Amazon, United, and Southwest cards. ONE SAPPHIRE RULE - You cannot hold more than 1 Sapphire card at a time. - You would need to downgrade your CURRENT Sapphire card to a Freedom card in order to apply again. 48 MONTH RULE - If you've earned a welcome bonus from a Sapphire card in the past 48 months, you are ineligible for a new Sapphire card. 24 MONTH RULE - This is the sign-up bonus offer "cooldown period" for any Chase Freedom cards. APPROVALS - Chase will match higher sign-up bonuses if you notify them within 90 days of applying. - Chase will expedite your card approvals with 1-2 day shipping for free, just ask them. - There's a minimum credit limit of $500 on all Chase cards. ANNUAL FEES REFUNDED ON YEAR 2 IF YOU DOWNGRADE/CANCEL - On cards with annual fees, if your annual fee posts and you accidentally forgot to cancel the card, you can usually get it refunded as long as you're within the first 30 days of the new billing year. - Chase may offer a retention offer to try to keep you as a customer. CAN YOU HOLD MULTIPLE OF THE SAME CARDS? - You can technically hold multiple Freedom cards of the same exact type. - However, you cannot simply apply for the same card multiple times. It must be achieved via downgrade. MULTIPLE EIN RULE - You can have multiple lineups of the same credit cards as long as they are separated by different entities.
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Dealing with denial reasons continues 👈
- If you have been denied multiple times on reconsideration calls immediately after applying and a few days later, it is advisable to wait until you receive the denial letter by mail. Then, try again with a well-prepared case explaining your response to the denial reasons. - It is essential to work on improving those denial reasons as well. Information on Reconsideration Lines: - Reconsideration agents are primarily concerned with your credit file, derogatory marks, and recent inquiries. They do not take into account your past card applications unless specifically requested. - Systematic declines are real and different from declines based on factors that can be overturned. Some applications are automatically rejected if they do not comply with the bank's rules. - Only bankers, often with the presentation of documents, can override these bank rules. A reconsideration agent may not be able to help you overturn a systematic decline. Thus, it is best to consider using a banker and opting for a more personalized application process. - These application systems are often poorly designed, which is why it is crucial to input all information correctly and precisely. During the Reconsideration Call: - Take the lead during the call and avoid being bounced around by the agent. Address the denial reasons and articulate your arguments politely. - "The Credit Card Accountability Responsibility and Disclosures Act (CARD Act) of 2009 requires issuers to explain in writing the reason your application was rejected. It is crucial to have this information before calling the reconsideration line so that you can explain politely to the agent why the bank's concerns are not relevant and how you would make an excellent customer." - Remember, the purpose of this call is to counter the reasons for denial. Stay focused on addressing those concerns since the only way to turn a denial into an approval is by alleviating the bank's concerns that led to the denial. Ensure you have a sound argument and avoid simply expressing your desire for the card.
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New comment 7d ago
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