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Message
re: Just applied for my first credit card: got denied
Posted on 11/11/11 at 3:13 pm to LSUtoOmaha
Posted on 11/11/11 at 3:13 pm to LSUtoOmaha
quote:
Alright, well you and lynxcat just told me two different things.
I noticed that
quote:
So I'm going to assume both matter.
From everything I have ever heard/read, the percentage of your credit you use (and hold between payment cycles) will impact your score if the % is too high.
I am going to request a really high credit line next time I can for AMEX (can only increase line every 6 months). Partially for the reason mentioned above and partially for the reason below...
One of the best perks on the SPG card I have is when you transfer 20,000 points to an airline you get a 5,000 point bonus. I can hit 20,000 points quickly when I combine all of my business and personal expenses....but I currently don't have a credit limit that even remotely allows me to do it.
This post was edited on 11/11/11 at 3:14 pm
1
Posted on 11/11/11 at 3:51 pm to LSUtoOmaha
quote:
Alright, well you and lynxcat just told me two different things.
I took option A as being the usage of the card itself. For example, if you put $1000 on the card and the next day went and paid it off online, that $1000 will not necessarily be reported to the bureau. Only remaining balances are factors upon the time of reporting
Posted on 11/11/11 at 4:11 pm to lynxcat
I've been carrying a balance well damn near 100% for the past 3 months and my credit score hasn't changed at all. Just saying. Logically, I would think that's more impacted by scale, given that that balance is still low in absolute value (relatively speaking).
Posted on 11/13/11 at 5:12 pm to kfizzle85
quote:
I've been carrying a balance well damn near 100% for the past 3 months and my credit score hasn't changed at all.
Same here. I got two of those 0% for 18 months deals and paid for my kitchen renovation with that. When the 18 months are up I'll pay it off then. The real beauty of it though was that one of the cards offered 5% cash back on home improvement purchases.
Posted on 11/13/11 at 5:17 pm to HeadyMurphey
quote:
I took option A as being the usage of the card itself. For example, if you put $1000 on the card and the next day went and paid it off online, that $1000 will not necessarily be reported to the bureau. Only remaining balances are factors upon the time of reporting
Ah that makes sense. I guess I would just like to clarify the "not necessarily" phrase.
This post was edited on 11/13/11 at 5:18 pm
Posted on 11/14/11 at 11:03 pm to LSUtoOmaha
Try to get a Capitol One platnium card, it sounds prestigious, but its for people trying to build credit. I know someone with a 514 who got one.
Posted on 11/14/11 at 11:11 pm to Napoleon
I have that one
I have two credit cards now. The Capital One Platinum, and the AMEX Gold Delta Rewards
I only want one card, but got the second because AMEX had a $2,000 credit limit, and decent flight points. The $500, which the Capital One offers, is an absolute joke, but I don't want to cancel it because my credit score will go back down. I'll probably just request an increase on that one in a few months and then never use it.
I have two credit cards now. The Capital One Platinum, and the AMEX Gold Delta Rewards
I only want one card, but got the second because AMEX had a $2,000 credit limit, and decent flight points. The $500, which the Capital One offers, is an absolute joke, but I don't want to cancel it because my credit score will go back down. I'll probably just request an increase on that one in a few months and then never use it.
This post was edited on 11/14/11 at 11:12 pm
Posted on 11/15/11 at 3:45 am to LSUtoOmaha
probably for the best. I got my first card when I was a sophmore in college working fulltime at brookshires night stocking. I was paying off my car and the insurance on it. I believe my limit was like $500 dollars.
I still have the card because it is the one I have had the longest and now my limit is over $10,000. I occassionally use the card just to keep it active cause it helps my credit score.
I still have the card because it is the one I have had the longest and now my limit is over $10,000. I occassionally use the card just to keep it active cause it helps my credit score.
Posted on 11/15/11 at 7:41 am to bulldog95
quote:
I still have the card because it is the one I have had the longest and now my limit is over $10,000. I occassionally use the card just to keep it active cause it helps my credit score.
To get your limit increased do you just call the customer service of your card and ask for an increase?
Also, I've had the same CC since my
freshman year of college and just recently saw that my limit almost doubled over night, is that normal?
This post was edited on 11/15/11 at 7:43 am
Posted on 11/15/11 at 9:28 am to Napoleon
quote:
I know someone with a 514 who got one.
There's a reason why this person has a 514 credit score.
Posted on 11/15/11 at 10:16 am to hiltacular
quote:
To get your limit increased do you just call the customer service of your card and ask for an increase?
Also, I've had the same CC since my
freshman year of college and just recently saw that my limit almost doubled over night, is that normal?
Yes, typically you have to wait 6-7 billing cycles before requesting a limit increase.
And I'm pretty sure they'll just up your credit limit automatically sometimes, as in your case.
Posted on 11/15/11 at 10:44 am to LSUtoOmaha
Get a pre-paid card and use it responsibly for a few months....then you will have a credit history and a score
ETA: I now see you have other cards so nm
ETA: I now see you have other cards so nm
This post was edited on 11/15/11 at 10:46 am
Posted on 11/16/11 at 2:47 am to hiltacular
I've never requested a credit increase on any of my cards. They usually send me a notice in the mail saying they are increasing my credit.
I have had them decrease it before for lack of usage, but once I started to use the card a little more frequently they increased the credit.
I have had them decrease it before for lack of usage, but once I started to use the card a little more frequently they increased the credit.
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