Comments on: No Pre-Set Limit Credit Cards http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/ A personal finance blog where we share insights on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom! Wed, 17 Mar 2010 05:14:17 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Nonaii http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/comment-page-1/#comment-6573 Nonaii Fri, 09 May 2008 16:58:02 +0000 http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/#comment-6573 Courtney, hi. Credit Expert is right. Credit Expert was not trying to dismiss you, CE was just explaining that there must have been a change in policy because --in the past -- if you qualified for an opportunity checking account, then you were NOT going to get a gold debit card through wells fargo. my own personal experience is that i applied twice with wells fargo: once in 2002 (i got an outright denial); and once a couple years later (I was still in chexsystems, so I got the 'opportunity checking' spiel, but was also told I would not be eligible for the card.) i'm sorry about your cancer, and i hope it remains in remission. Courtney, hi. Credit Expert is right. Credit Expert was not trying to dismiss you, CE was just explaining that there must have been a change in policy because –in the past — if you qualified for an opportunity checking account, then you were NOT going to get a gold debit card through wells fargo.

my own personal experience is that i applied twice with wells fargo: once in 2002 (i got an outright denial); and once a couple years later (I was still in chexsystems, so I got the ‘opportunity checking’ spiel, but was also told I would not be eligible for the card.)

i’m sorry about your cancer, and i hope it remains in remission.

]]> By: CreditExpert http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/comment-page-1/#comment-6469 CreditExpert Tue, 06 May 2008 02:16:39 +0000 http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/#comment-6469 First of all, never in my messages to you explicitly or implicitly demonstrated I am passing any judgement on you, don't get too defensive. I was simply stating the facts as I know and presented a counter-example(the secured card example), how many credit cards you currently have and how you use them is really not my business. As of today, I have confirmed with Wells Fargo service rep that customers with Opportunity Checking relationship would have "Opportunity Check Card" that would in every way looks like a check card, but it is NOT the same thing. And yes, the OCC does not have ATM deposit feature. I do not know the explanation to your story as it was puzzling to the WF rep I spoke to. As for the medical BK u had, or chapter 13, you can still carry your credit cards that you got prior to all of these. It just means that the creditors have the right to increase your interest rate or even cancel the cards if they feel you are more risky to them than before. There are no laws against creditors extending credit to those with bankruptcy on record. First of all, never in my messages to you explicitly or implicitly demonstrated I am passing any judgement on you, don’t get too defensive. I was simply stating the facts as I know and presented a counter-example(the secured card example), how many credit cards you currently have and how you use them is really not my business.

As of today, I have confirmed with Wells Fargo service rep that customers with Opportunity Checking relationship would have “Opportunity Check Card” that would in every way looks like a check card, but it is NOT the same thing. And yes, the OCC does not have ATM deposit feature. I do not know the explanation to your story as it was puzzling to the WF rep I spoke to.

As for the medical BK u had, or chapter 13, you can still carry your credit cards that you got prior to all of these. It just means that the creditors have the right to increase your interest rate or even cancel the cards if they feel you are more risky to them than before. There are no laws against creditors extending credit to those with bankruptcy on record.

]]> By: Courtney http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/comment-page-1/#comment-6466 Courtney Tue, 06 May 2008 01:20:36 +0000 http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/#comment-6466 I can make deposits at the ATM for you information...matter of fact I did one today for $400...so before you pass judgement maybe you should check the facts. The only real difference between a regular free account and a oppurtunity account is we can take a non wells fargo check and just cash it...we have to deposit it. Then of course we have to pay fees unlike the normal accounts but there are ways around that also. This is completely off the topic of the original post and I just wanted to clarify things with the Oppurtunity Checking. And before you pass judgement on me...I have several credit cards including Visa, Discover, and an American Express all with credit limits over $10,000 and also own my own bookkeeping business. My credits have no balance and I dont use them unless I can pay the bill right away...the only reason I have this account is I had to file medical bankruptcy a year ago and cannot get past the credit check due to that. If it wasnt for having cancer at the age of 24 I wouldnt have filed the BK...my point dont judge a book by its cover as that seems to be what you are doing CreditExpert. I can make deposits at the ATM for you information…matter of fact I did one today for $400…so before you pass judgement maybe you should check the facts. The only real difference between a regular free account and a oppurtunity account is we can take a non wells fargo check and just cash it…we have to deposit it. Then of course we have to pay fees unlike the normal accounts but there are ways around that also. This is completely off the topic of the original post and I just wanted to clarify things with the Oppurtunity Checking.

And before you pass judgement on me…I have several credit cards including Visa, Discover, and an American Express all with credit limits over $10,000 and also own my own bookkeeping business. My credits have no balance and I dont use them unless I can pay the bill right away…the only reason I have this account is I had to file medical bankruptcy a year ago and cannot get past the credit check due to that. If it wasnt for having cancer at the age of 24 I wouldnt have filed the BK…my point dont judge a book by its cover as that seems to be what you are doing CreditExpert.

]]> By: CreditExpert http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/comment-page-1/#comment-6465 CreditExpert Tue, 06 May 2008 00:59:56 +0000 http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/#comment-6465 Yes, but it still has the same risk-control features as the ATM Card available with Opportunity Checking, no deposits at the ATM and no ATM payment transactions. Wells Fargo also issues Secured Credit Card for those who cannot be qualified for the normal credit cards, but they look exactly the same. Yes, but it still has the same risk-control features as the ATM Card available with Opportunity Checking, no deposits at the ATM and no ATM payment transactions. Wells Fargo also issues Secured Credit Card for those who cannot be qualified for the normal credit cards, but they look exactly the same.

]]> By: Courtney http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/comment-page-1/#comment-6463 Courtney Tue, 06 May 2008 00:20:27 +0000 http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/#comment-6463 My gold card is gold and has a visa logo on it. My gold card is gold and has a visa logo on it.

]]> By: CreditExpert http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/comment-page-1/#comment-6461 CreditExpert Mon, 05 May 2008 23:51:17 +0000 http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/#comment-6461 The "gold card" you are referring to, Courtney, is an "opportunity check card". It is probably something they started to offer in the last 2 years, because in the past you would be only to have an ATM card. The “gold card” you are referring to, Courtney, is an “opportunity check card”. It is probably something they started to offer in the last 2 years, because in the past you would be only to have an ATM card.

]]> By: Courtney http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/comment-page-1/#comment-6453 Courtney Mon, 05 May 2008 19:02:38 +0000 http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/#comment-6453 Just wanted to clarify a few things on the Wells Fargo Oppurtunity Checking as this is the account that I have. It DOES come with a gold card even though I have a terrible history with chexsystems not to mention a recent BK on my credit report. It doesnt matter. Also when I use this card at say Wal-Mart unlike a prior post it does come off my balance immediatly...not three days later. For example: If I have $40 available and purchase a $30 item at Wal-Mart I cannot go and purchase $20 at the grocery store...it will decline as my balance is only $10. Hope this clears up some info on that part. Just wanted to clarify a few things on the Wells Fargo Oppurtunity Checking as this is the account that I have. It DOES come with a gold card even though I have a terrible history with chexsystems not to mention a recent BK on my credit report. It doesnt matter. Also when I use this card at say Wal-Mart unlike a prior post it does come off my balance immediatly…not three days later. For example: If I have $40 available and purchase a $30 item at Wal-Mart I cannot go and purchase $20 at the grocery store…it will decline as my balance is only $10.

Hope this clears up some info on that part.

]]> By: JM http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/comment-page-1/#comment-6160 JM Wed, 23 Apr 2008 04:12:37 +0000 http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/#comment-6160 I just got approved for an American Express Clear Card with a 6k limit and no fees ever... in theory the card is a limitless credit line because the company will never charge an over the limit fee. Scary. I just got approved for an American Express Clear Card with a 6k limit and no fees ever… in theory the card is a limitless credit line because the company will never charge an over the limit fee. Scary.

]]> By: Anonymous http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/comment-page-1/#comment-5671 Anonymous Wed, 02 Apr 2008 20:46:43 +0000 http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/#comment-5671 A couple of points to add here. With the electronic check laws that were passed recently, all checks (including check cards and the like) will be authenticated against the bank they were issued from and the money will be held until the transaction has fully posted (usually within less than 24 hours). This means that the check will be rejected if you do not have sufficient funds. Basically, they have changed the operation of writing a check and having it "float" into an (almost) instantaneous one similar to swiping your debit card. Now this does only apply to facilities that are equipped with the electronic check verification systems (Wal-Mart, etc). At most of these places, they will even just hand the check back to you. It's of no use to them anymore once the electronic verification has taken place. As for the set spending limit vs credit limit. A spending limit is more of an annoyance and is only in place for the safety of the credit company. It means that you can only run up to $xxxx in one transaction or within a given period. Your actual credit limit is the one that is important to you as your debt-to-limit ratio is calculated from this. Your "soft" credit limit on the no-limit cards will be whatever the limit was on it before. Since credit limits MUST be reported to calculate a FICO score, they have to use something. Now you are kinda screwed if you spend anything over that but since they won't allow you to revolve it beyond the end of the current billing cycle, you can see that you'll just max out your credit limit which would be just as bad if you did it on a card with a "hard" credit limit. My $0.02. Keep the change. A couple of points to add here. With the electronic check laws that were passed recently, all checks (including check cards and the like) will be authenticated against the bank they were issued from and the money will be held until the transaction has fully posted (usually within less than 24 hours). This means that the check will be rejected if you do not have sufficient funds. Basically, they have changed the operation of writing a check and having it “float” into an (almost) instantaneous one similar to swiping your debit card. Now this does only apply to facilities that are equipped with the electronic check verification systems (Wal-Mart, etc). At most of these places, they will even just hand the check back to you. It’s of no use to them anymore once the electronic verification has taken place.
As for the set spending limit vs credit limit. A spending limit is more of an annoyance and is only in place for the safety of the credit company. It means that you can only run up to $xxxx in one transaction or within a given period. Your actual credit limit is the one that is important to you as your debt-to-limit ratio is calculated from this. Your “soft” credit limit on the no-limit cards will be whatever the limit was on it before. Since credit limits MUST be reported to calculate a FICO score, they have to use something. Now you are kinda screwed if you spend anything over that but since they won’t allow you to revolve it beyond the end of the current billing cycle, you can see that you’ll just max out your credit limit which would be just as bad if you did it on a card with a “hard” credit limit.
My $0.02. Keep the change.

]]> By: CreditExpert http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/comment-page-1/#comment-4602 CreditExpert Fri, 15 Feb 2008 21:13:33 +0000 http://moneyning.com/credit-cards/no-pre-set-limit-credit-cards/#comment-4602 Thanks, visaguy, for verifying the facts from another source. Thanks, visaguy, for verifying the facts from another source.

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