Friday, June 09, 2006

Discovering My Credit

I spoke with both Discover and Chase today to ascertain when I should be requesting a credit increased based on the updated information on my credit report. Discover won’t do anything about the rejection letter, the only recourse I have is to reapply later. Chase claims they just use automated formulas based on the information they get from the three credit bureaus (Equifax, TransUnion, and Experian). I’m relatively certain that this is the normal brush-off spouted whenever anyone calls in to ask about credit increases. I know I’m going to have to talk to someone a little further up the food-chain at Chase to get anything worthwhile accomplished.

Regardless of who I need to talk to at Chase, it seems I should wait for the good credit updates to hit my credit history before having any additional credit checks performed, as a credit check will be performed again upon asking. Also, delaying this process a bit may help as the credit inquiry frequency will go down and I won’t lose points for too many checks in too short a time, though, I’m not certain enough time will have passed to offset that negative aspect. I’ve had 3 credit inquiries over the last month: 1) to increase my limit on my existing Visa to $15k, 2) Chase Visa application, and 3) Discover application.

In order to know when the VW Credit report has made it to my history, I took up the nice folks at Chase on their offer of a free credit report from all 3 bureaus. It is 100% free for 30 days, but after that they want to set me up with a credit monitoring program for about $12/month. I’ll cancel before I get charged, but it should give me enough time to verify the VW report has hit my credit history.

It appears that there is nothing more I can do at this point in time to improve my credit. I’ll probably have to eat some of the interest on my original credit card, hopefully less than 2 months worth. It’s time I get back to studying so that I can start trading and making money to pay off this debt!


Anonymous said...

I was told by TMTT that you have unlimited credit inquiries during short period of time. I can't remember 15 days. That means you need to do all your credit inquiries within those days and it will only count as one inquiry! Check with the folks at TMTT.

Trader Taocode said...

Thanks for the suggestion. I'll talk to TMTT about it. I was contacted today by Chase and will post a blog entry when I know more.