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Subject Author Date
Bank of America shouldn't mess with its customers credit report xcwork 10-07-2006
Posted by DP on October 10, 2006, 11:48 pm
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>
>>
>>> nospamxx@xyzddd.com says...
>>>
>>>
>>>> In fact, I thought I was going right to the heart of the matter of the
>>>> original post -- the fact that getting the extra credit, which you
>>>> didn't
>>>> want, might have an impact on your FICO.
>>>> But FICO is relevant only if you're seeking credit, which you're not.
>>>> So
>>>> why
>>>> do you care if your FICO was affected?
>>>
>>> Anyone who doesn't care what their credit score is doing when they
>>> *don't* want credit deserves whatever credit score they have when they
>>> *do* want credit.
>>>
>>> I'm not looking for any credit right now, but an unauthorized credit
>>> card opened in my name today would still reduce my credit score six
>>> months or a year from now if I decide to refinance my mortgage.
>>>
>>> Not to mention the potential to increase the cost of home and car
>>> insurance, and increasing costs in other industries that use credit-
>>> related scoring systems as a proxy for financial responsibility.
>>>
>>
>>
>>Excellent points. But as I recall the OP, the problem was not that an
>>unauthorized card was opened in his name, but that his existing credit
>>card
>>was "upgraded."
>>
>>
>>
> You recall incorrectly. What the original post said was this:
>
> :I logged on to my online Bank of America Account today and discovered I
> :had a Power Rewards Visa Acct today.


I think the relevant term here is "I logged on to my online Bank of America
Account today."
He's an existing customer. Whether he was an existing CC customer or some
other kind of customer is not known.
And I guess we'll never know, because it looks like the OP never responded
to this thread again.




Posted by Bob Ward on October 11, 2006, 1:16 am
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>
>>
>>>
>>>> nospamxx@xyzddd.com says...
>>>>
>>>>
>>>>> In fact, I thought I was going right to the heart of the matter of the
>>>>> original post -- the fact that getting the extra credit, which you
>>>>> didn't
>>>>> want, might have an impact on your FICO.
>>>>> But FICO is relevant only if you're seeking credit, which you're not.
>>>>> So
>>>>> why
>>>>> do you care if your FICO was affected?
>>>>
>>>> Anyone who doesn't care what their credit score is doing when they
>>>> *don't* want credit deserves whatever credit score they have when they
>>>> *do* want credit.
>>>>
>>>> I'm not looking for any credit right now, but an unauthorized credit
>>>> card opened in my name today would still reduce my credit score six
>>>> months or a year from now if I decide to refinance my mortgage.
>>>>
>>>> Not to mention the potential to increase the cost of home and car
>>>> insurance, and increasing costs in other industries that use credit-
>>>> related scoring systems as a proxy for financial responsibility.
>>>>
>>>
>>>
>>>Excellent points. But as I recall the OP, the problem was not that an
>>>unauthorized card was opened in his name, but that his existing credit
>>>card
>>>was "upgraded."
>>>
>>>
>>>
>> You recall incorrectly. What the original post said was this:
>>
>> :I logged on to my online Bank of America Account today and discovered I
>> :had a Power Rewards Visa Acct today.
>
>
>I think the relevant term here is "I logged on to my online Bank of America
>Account today."
>He's an existing customer. Whether he was an existing CC customer or some
>other kind of customer is not known.
>And I guess we'll never know, because it looks like the OP never responded
>to this thread again.
>
>
You certainly win the creative snipping award for your efforts, but
you are STILL misrepresenting the original post, which was as follows:


:I logged on to my online Bank of America Account today and discovered I
:had a Power Rewards Visa Acct today. I didn't apply for one and didn't
:ask for one. It showed a credit limit of $7500. This tells me my credit
:report has a new entry in it showing I applied for such credit. This
:upsets me! BofA should mess around with its customer credit report. It
:shouldn't create unwanted accounts for its customers.

Note the words "discovered I had a Power Rewards Visa Acct today. I
didn't apply for one and didn't :ask for one. It showed a credit limit
of $7500. This tells me my credit report has a new entry in it showing
I applied for such credit."


Posted by DP on October 11, 2006, 1:53 am
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>
>
> You certainly win the creative snipping award for your efforts, but
> you are STILL misrepresenting the original post, which was as follows:
>
>
> :I logged on to my online Bank of America Account today and discovered I
> :had a Power Rewards Visa Acct today. I didn't apply for one and didn't
> :ask for one. It showed a credit limit of $7500. This tells me my credit
> :report has a new entry in it showing I applied for such credit. This
> :upsets me! BofA should mess around with its customer credit report. It
> :shouldn't create unwanted accounts for its customers.
>

Yes, you are correct, I misremembered the OP.
I thought that since he said he was an existing BofA customer, I assumed he
already had a credit card with them. He might, but nothing in the OP says
that.
Where I live, there are no BofA banks that I know of.
To me, the company is more of a credit card company than a bank because I
don't know of any walk-in branches here with tellers etc (New Orleans-area).
We have Chase banks and even Capital One banks (they bought a regional
banking firm here), but no BofA banks. Hence my incorrect assumptions
regarding the OP.





Posted by Bob Wang on October 10, 2006, 12:19 pm
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Joshua:

I think you are getting too worked up about FICO scores.

One extra credit card MAY drop your score by 3 to 5 points for a couple of
months.

If your bank did a "soft" pull, which is likely for existing customers, your
FICO score was probably unaffected.

Nevertheless, whether your FICO score is 755 or 750 is immaterial.

804 vs. 799 MAY be material from an ego standpoint :-)

Bob

>>>
nospamxx@xyzddd.com says...


> In fact, I thought I was going right to the heart of the matter of the
> original post -- the fact that getting the extra credit, which you didn't
> want, might have an impact on your FICO.
> But FICO is relevant only if you're seeking credit, which you're not. So
> why
> do you care if your FICO was affected?

Anyone who doesn't care what their credit score is doing when they
*don't* want credit deserves whatever credit score they have when they
*do* want credit.

I'm not looking for any credit right now, but an unauthorized credit
card opened in my name today would still reduce my credit score six
months or a year from now if I decide to refinance my mortgage.

Not to mention the potential to increase the cost of home and car
insurance, and increasing costs in other industries that use credit-
related scoring systems as a proxy for financial responsibility.

--
josh@phred.org is Joshua Putnam
<http://www.phred.org/~josh/>
Braze your own bicycle frames. See
<http://www.phred.org/~josh/build/build.html>



Posted by Joshua Putnam on October 10, 2006, 1:57 pm
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bobby_wang@hotmail.com says...

> If your bank did a "soft" pull, which is likely for existing customers, your
> FICO score was probably unaffected.

There's more to a score than the number of inquiries.

For someone who does not have many credit accounts open, a brand new
card can significantly reduce the average *length* of accounts as well.
(To give an oversimplified example: you previously had two accounts, one
open four years, one open five years. Average length of accounts, 54
months. Open a brand new card, average length of the three accounts
together is now only 36 months.)

--
josh@phred.org is Joshua Putnam
<http://www.phred.org/~josh/>
Braze your own bicycle frames. See
<http://www.phred.org/~josh/build/build.html>

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