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Can I get another credit card from the same company for balance transfer?
Guest: Alexis Rios Credit Expert (100+ Posts) Post subject: Can I get another credit card from the same company for balance transfer?Posted: Fri Apr 14, 2006 1:35 pm lowloan wrote: "Congrats lowloan , also consider to apply for a new Chase credit card in the future about 6-9 months after your credit limit increase ." Why do say that. Is there a specific reason. Can you tell me how can I take advantage of that. And also let me ask the group, if I get another card from Chase in the enxt year, can I do a balance transfer from my current CHase card to the second chase card. sometimes banks would grant you another credit limit increase or another credit card account between 6-9 months usually (to avoid any rejection from the issuer). However you can't use for BT's with accounts from the same issuer unless you're using your checking account to make BT's (thatis , sent a BT from card 1 to your checking account and then pay your card 2 using your checking account in the moment when appears the BT in your checking account)
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Guest: lowloan Posted: Fri Apr 14, 2006 1:53 pm Alexis, Thank you for the reply. As of now I have three cards 1. Amex - $19000/- Limit 2. Chase VISA - $20,000 Limit 3. Credit Union VISA - $2500/- Limit How will it affect my FICO if I apply for one more card int he 6 - 9 months as you suggest.
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Guest: Alexis Rios Credit Expert (100+ Posts) Posted: Fri Apr 14, 2006 2:38 pm lowloan wrote: Alexis, Thank you for the reply. As of now I have three cards 1. Amex - $19000/- Limit 2. Chase VISA - $20,000 Limit 3. Credit Union VISA - $2500/- Limit How will it affect my FICO if I apply for one more card int he 6 - 9 months as you suggest. It depends in which credit report agency will be reviewing(and hence a hard inquiry) , you could check this site: http://www.whogavemecredit.com/ to check your credit card choices and the CRA that will be reviewing. 6-9 months is sometimes that minimum time that you can request a credit limit increase or for a new credit application without the chances of being rejected and also to avoid a sudden decrease of your average credit history. Last edited by Alexis Rios on Fri Apr 14, 2006 2:43 pm; edited 1 time in total
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Guest: Alexis Rios Credit Expert (100+ Posts) Posted: Fri Apr 14, 2006 2:42 pm Generally there's a decrease of 2-3 points(of your credit score) in one of the CRA's which the credit card issuer are reviewing . But as soon ,the new account appears in your report you're likely to gain 2-3 points in your credit reports.
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Guest: lowloan Posted: Fri Apr 14, 2006 2:48 pm Thank you. Its a nice site.
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Chase Credit Card with 0% APR on Balance Transfers with $20,000 Limit
guessindigo Credit Expert (100+ Posts) Post subject: Chase Credit Card with 0% APR on Balance Transfers with $20,000 Limit Posted: Thu Apr 13, 2006 8:09 pm Wow! Congrats! I did not think you would get that much, but you proved me wrong.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Fri Apr 14, 2006 7:18 am Congrats lowloan! Nice increase. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
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Guest: Alexis Rios Credit Expert (100+ Posts) Posted: Fri Apr 14, 2006 12:49 pm lowloan wrote: Wow. I just got of the phoen with Chase. I had asked for an increase from $10,000/- to $25,000/- They came back and said they will increae it up to $20,000/- I have this card for last two weeks. Card is from Chase. 0% APR till next year June 1st. Wow. Congrats lowloan , also consider to apply for a new Chase credit card in the future about 6-9 months after your credit limit increase .
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Guest: lowloan Posted: Fri Apr 14, 2006 1:03 pm "Congrats lowloan , also consider to apply for a new Chase credit card in the future about 6-9 months after your credit limit increase ." Why do say that. Is there a specific reason. Can you tell me how can I take advantage of that. And also let me ask the group, if I get another card from Chase in the enxt year, can I do a balance transfer from my current CHase card to the second chase card.
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Want to Increase Credit Limit on Chase Credit Card
guessindigo Credit Expert (100+ Posts) Post subject: Want to Increase Credit Limit on Chase Credit CardPosted: Mon Apr 10, 2006 9:48 pm Having lots of experience with Chase, I should tell you that going from 10K to 25K is not likely to happen with your first Chase card. 6 months from now, it is very likely to happen. It will cost about 5-10 points for each hard inq. Why not just take the 10K and use it for now. 6 months later, that 0% will still be there. If not, Chase is excellent in offering 0% BT's.
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Guest: lowloan Posted: Mon Apr 10, 2006 10:45 pm I think that is an good idea.
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Guest: fenster Credit Expert (100+ Posts) Posted: Tue Apr 11, 2006 11:28 am lowloan wrote: She checked with the cerdit department and they said it is quite possible, but they still have to run my credit report again. I do nto wan tto do that since ther is a small possiblity that they will come back and say We will give you $20K which will not help me. Any one has any experice with chase. I have a good crdit history and my FICO is around 749. You’ve the moxy to ask for a 150% CLI and you’re woosing out on 1 hard inquiry? Nothing is free in life, no pain, no gain. Even with the hard inquiry, Chase will never ever grant you what you personally ask for, their analyst will extend you what Chase believes is appropriate. And the analyst may decide that even with 100 hard inquiries, he’ll extend a 0% increase on your account, that is until you grow some… _________________ beware of everything
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Guest: lowloan Posted: Thu Apr 13, 2006 4:18 pm Wow. I just got of the phoen with Chase. I had asked for an increase from $10,000/- to $25,000/- They came back and said they will increae it up to $20,000/- I have this card for last two weeks. Card is from Chase. 0% APR till next year June 1st. Wow.
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Want Credit Line Increase on 0% APR Credit Card for Balance Transfers
Guest: lowloan Post subject: Want Credit Line Increase on 0% APR Credit Card for Balance Transfers Posted: Mon Apr 10, 2006 6:13 pm Hi, I just got my 0% APR card from Chase. This is applicable for Balance Transfers until 15 months. Here is the question. They have given me a lmit of $10K. Now I am feeling I need more limt on this like up to $25K. I just called the bank and cheked with agent if they can incares my credit limti to atleasr $25K. She checked with the cerdit department and they said it is quite possible, but they still have to run my credit report again. I do nto wan tto do that since ther is a small possiblity that they will come back and say We will give you $20K which will not help me. Any one has any experice with chase. I have a good crdit history and my FICO is around 749.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Apr 10, 2006 6:19 pm lowloan wrote: Hi, I just got my 0% APR card from Chase. This is applicable for Balance Transfers until 15 months. Here is the question. They have given me a lmit of $10K. Now I am feeling I need more limt on this like up to $25K. I just called the bank and cheked with agent if they can incares my credit limti to atleasr $25K. She checked with the cerdit department and they said it is quite possible, but they still have to run my credit report again. I do nto wan tto do that since ther is a small possiblity that they will come back and say We will give you $20K which will not help me. Any one has any experice with chase. I have a good crdit history and my FICO is around 749. $10,000 to $25,000 is pushing it My CHASE UNITED VISA is my lowest credit limit at $10,000
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Guest: lowloan Posted: Mon Apr 10, 2006 6:39 pm The agent I spoke to cheked with the Credit department and hey said there isa good possibility that I get approved What are the draw backs if I get denied. Will it affect my FICO score
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Apr 10, 2006 7:40 pm Quote: ther is a small possiblity that they will come back and say We will give you $20K which will not help me. $25k will help you but $20K won't? That doesn't make sense to me. An inquiry will lower your score a bit whether you're approved for an increase or not. An increase will raise your score, all other things being equal. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: lowloan Posted: Mon Apr 10, 2006 7:47 pm Well I am trying to pay oen of loan and if they give me 20 K, i will short of 4 k that is one of the reasons.
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Searching for New Credit Card With Balance Transfer Offer
Guest: french toast Post subject: Searching for New Credit Card With Balance Transfer OfferPosted: Fri Apr 14, 2006 11:36 am I currently have high balances on the two credit cards I have (one Chase Platinum, one Citibank Platinum - I have had the Chase for 5 years and the Citi for 8 ). I have a $7500 limit on the Chase and $7000 is being used; I have a $4500 limit on the Citi and $4200 is being used. The APR on both cards has absolutely skyrocketed in the past year from 11% and 18% to 24% and 30% Both of these balances have come about in the last two or three years because of some "lifestyle changes". Recently I applied for a loan through my bank to pay off the CC debt, but it was denied. The reason? Limits on the cards were too high I have been trying to pay these stupid things down for a year now and they never seen to be going anywere. I am putting the small amount of extra cash left over at the end of the month towards the balances, but it doesn't seem to help. I am looking at transferring the balance(s) to a 0% intro APR card but I am petrified, because of the previous loan denial, that a) I will be denied for the card and b) it'll push my credit score down even more. Only other debts I have is a car loan - never had a late payment - and a student loan which I have made a few spotty late payments on. I have gone over the limit a few times in the past year on both CCs. Do you think I will have any issues in being approved for a card with a BT? Any hints on which company I should go with? Will the fact that I already have a Chase and Citi card be a deterrent or a help for applying for another card with either of those companies?
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Apr 14, 2006 12:11 pm You don't mention your income or any credit score. Certainly you're paying some outrageous interest right now, and you know why--the late payments, going over the limit, and maxing out your current lines. I don't know if any bank will give you new credit, but it won't hurt you significantly to try. So go ahead and apply for some cards. Don't be surprised if you're turned down, though. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: french toast Posted: Fri Apr 14, 2006 12:33 pm Thanks for the reply, Polonius. My salary is 72K/year. Not sure about the credit scores - I requested the scores but they have not been mailed to me yet. I'm quite anxious to get these cards paid down as I am looking to buy a house in the next 6 months to a year...
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sat Apr 15, 2006 6:23 pm 72k/yr.... not a bad income. If your monthly minimun payments on everything arent crazy you should be ok before long. I would go after that 4200 blance hard and fast. Clip coupons...charge NOTHING and live for attacking that card. Sign up for online payments and pay that card everytime you have extra cash from a payday. Once you only have that...the 7000 card should be easier to handle....and the other card now paid off will likely send you some balamce transfer checks making it that much easier. _________________ Average FICO score: 709 56 Months of perfection! 3 Visa, 1 MC, Disc, Home Depot
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Guest: fenster Credit Expert (100+ Posts) Posted: Sat Apr 15, 2006 7:44 pm french toast wrote: Do you think I will have any issues in being approved for a card with a BT? Any hints on which company I should go with? Will the fact that I already have a Chase and Citi card be a deterrent or a help for applying for another card with either of those companies? Yes, you will have issues. What is very ambiguous about your post is you give no explanation whatsoever on why your rates jumped from 11 to 30%! With Universal default being toned down by even the most zealous banks like Providian, Citi and Chase for fear of imminent legislation and vast complaints, what reasons were given for the 30% shark APR? Surely you called and asked why the hike. If not, call and ask today. The rate you’re being charged is most certainly a so called “default rate”, for people max their balances out all the time and their rates barely move 1 point. Ask Polonius, he’s an expert at maxing out accounts and the king of super high utilization. I mean Polonius would commit genocide before accepting to pay 20% let alone 30. If rates went up to 30% solely because consumers maxed out their accounts, you’d have an economy in chaos and ruin. Now a combo of over limit charges and a few defaults will trigger the rates you mentioned, but 30% for strictly maxin’ out? Unlikely. Moreover, at some point in the life of your accounts, your bank/s must’ve mailed you a letter notifying you of the hike/s and offering you to opt out of the revised higher rate, pay in full and terminate. They could’ve done that at the $3000 balance level with Chase and $2000 balance level with Citi, for example. I smell burning toast frenchie, there’s somethin’ yet you’re not tellin’. If you did tell all, and Chase and Citi are doing this to you jut cuz of high utilization, I’d get on the phone with’ em again and have a civil, yet assertive enquiry. As for income, hardly any major card issuer checks income now days, you could make $20K, list $100K and no one would notice. It's all about a FICO of 750 and above with no defaults in past year for that 0% 12 months BT offer. Them 0% offers have made themselves quite scarce lately. _________________ beware of everything
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sat Apr 15, 2006 10:17 pm french toast wrote: I currently have high balances on the two credit cards I have (one Chase Platinum, one Citibank Platinum - I have had the Chase for 5 years and the Citi for 8 ). I have a $7500 limit on the Chase and $7000 is being used; I have a $4500 limit on the Citi and $4200 is being used. The APR on both cards has absolutely skyrocketed in the past year from 11% and 18% to 24% and 30% Both of these balances have come about in the last two or three years because of some "lifestyle changes". Recently I applied for a loan through my bank to pay off the CC debt, but it was denied. The reason? Limits on the cards were too high I have been trying to pay these stupid things down for a year now and they never seen to be going anywere. I am putting the small amount of extra cash left over at the end of the month towards the balances, but it doesn't seem to help. I am looking at transferring the balance(s) to a 0% intro APR card but I am petrified, because of the previous loan denial, that a) I will be denied for the card and b) it'll push my credit score down even more. Only other debts I have is a car loan - never had a late payment - and a student loan which I have made a few spotty late payments on. I have gone over the limit a few times in the past year on both CCs. Do you think I will have any issues in being approved for a card with a BT? Any hints on which company I should go with? Will the fact that I already have a Chase and Citi card be a deterrent or a help for applying for another card with either of those companies? 0.00% BT's ALL OVER THE PLACE Even in the SUNDAY NEWSPAPER (coupon section)
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Guest: french toast Posted: Mon Apr 17, 2006 12:05 pm Fenster, The 11% card is now at 24%; the 18% went to almost 30 (I double checked, it's 28.99%). I have had some overlimits, and a couple of late payments (and by late I mean less than 7 days late). Negligence on my part About 6 years ago, due to a misunderstanding between my parents and I while I was abroad, I missed 2 CC payments. That was when I only had one card. Other than the massive balances, that's it. I haven't called either Chase or Citi to ask about the interest rates. I have no explanation on why the rates doubled like that. I will call them this afternoon and see if I can get a lower rate! Oh, and I haven't used either card in about 4 months. I am paying not-quite-double the mininum payments but at these rates it's barely enough to cover interest. The balances are coming down, but slooooowly...
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Highest Balance on Your Credit Card Account Can be Used as Your Credit Limit
Guest: fotomaniak Post subject: Highest Balance on Your Credit Card Account Can be Used as Your Credit Limit Posted: Fri Feb 04, 2005 11:44 am Quote: Equifax uses highest balance as a credit limit if they don't know the actual credit limit. Confusing. If they use your highest balance as credit limit, they would compare you overall balance to that highest balance?[/quote] yes thats what they did. I have a discover with 10K credit limit. Have not used it for a while. Then charged around $300 in one month, and they've used that as a credit limit.
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Guest: Fess Posted: Thu Apr 13, 2006 4:21 pm As of 04/13/06 My mom's FICO credit score is 748 (roughly better than 59% of the U.S. populace) All my hard work has yielded superior results. Much thanks to all the informed folks of this forum for helping me reach this point.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Fri Apr 14, 2006 7:23 am Congrats Fess! Please keep us updated on her continued progress... _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
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Guest: NightStar Board Monitor/ Administrator Posted: Fri Apr 14, 2006 11:46 am That is wonderful news congrats. _________________ Best Regards, Pammila Phillis Board Monitor http://www.cardratings.com 501-663-0314 PH Sign up for our free monthly e-mail newsletter!
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sat Apr 15, 2006 10:28 pm I MAX-OUT 0.00% BT's ALL THE TIME!!! AND I AIN'T TALKIN' 49% EITHER...TRY 99% (but I have over $300,000 unused at all times)
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How can I use my credit card account credit limit to raise my credit score?
Guest: Fess Post subject: How can I use my credit card account credit limit to raise my credit score? Posted: Thu Feb 03, 2005 11:50 am Quote: 2) don't utilize more than 49% of your credit line on each card and don't utilize more than 49% of your total revolving credit limit. I've purchased the book YOUR CREDIT SCORE by Liz Pulliam Weston. Its an excellent read so far.... On P.42 it states: Quote: 'Your balances (the amount your carry plus the amount your charge) shouldn't exceed 30% of your total credit limit at any given time. The higher your score, the lower the percentage of your credit limits you would need to use to improve your numbers' is it 30% or 49% as fotomaniak suggested? Thanks Fess
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Feb 03, 2005 12:01 pm It's both! There are many scoring models and many different breakpoints. The models aren't sophisticated--they work in chunks and the breakpoints seem to be at the 30%/50%/70%/90% points. You'll get a pop in your credit scores in most models if you go from 51% to 49%; you'll get another pop if you go from 31% to 29%. The Credit PLUS score simulator at Experian figures 0%-29% as the same score, so you don't get any benefit if the number goes any lower than 30%. I don't know if that's true for other scoring models. (I'm pretty sure about the 30% and 50% breakpoints. Some models might be using 75% instead of 70%...) By the way, the Experian Credit PLUS report says it does not consider cards which have no specific credit limit on file. Other models I think take the highest balance on file as the credit limit in the calculation. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: fotomaniak Posted: Thu Feb 03, 2005 12:48 pm Polonius wrote: By the way, the Experian Credit PLUS report says it does not consider cards which have no specific credit limit on file. Other models I think take the highest balance on file as the credit limit in the calculation. Equifax uses highest balance as a credit limit if they don't know the actual credit limit.
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Guest: Fess Posted: Fri Feb 04, 2005 8:36 am Quote: There are many scoring models and many different breakpoints. Yes, the book mentioned the numerous scoring models out there. Wasn't aware of the 'chunks'/breakpoints. I'll keep that in mind, thanks. Quote: Equifax uses highest balance as a credit limit if they don't know the actual credit limit. Confusing. If they use your highest balance as credit limit, they would compare you overall balance to that highest balance?
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How much of my credit line should I use on my credit card account?
Guest: jason2004 Post subject: How much of my credit line should I use on my credit card account? Posted: Thu Jan 13, 2005 4:45 pm fotomaniak wrote: Fess wrote: Quote: 2) don't utilize more than 49% of your credit line on each card and don't utilize more than 49% of your total revolving credit limit. thanks for responding, she has a secured mastercard with $500 limit. When you say don't utilize more than 49% of the credit line on the card, she should not exceed $245 or so? if her total credit limit is $500, then yes, $245 is 49% of the credit limit. you also should try not to exceed 49% utilization on the cards where your mom will be an authorized user. If you need to charge more than $245 per month then you can just make additional payments. keep in mind that: a) if you have negative balance(i.e. prepay) it will probably show up as positive balance on your credit report. I.e. if you have -$700 (a credit of 700) balance it'll show up at $700 which might look bad(and odd) considering you only have $500 credit line. b) if you purchased something with a credit card and paid the balance off, a credit card might consider that by paying of the balance you agree that the charges are legit and you may loose your right to dispute. so, I'd say, to avoid any complications, it's probably best to use the card to pay a couple of small recurring bills per month (i.e. phone and cable) so that the total amount will be less than 50% and there is no need to check the balance every day. To show more activity your mom can use the card for small purchases once in a while, but for the most part, card can be just kept in the drawer for now. Where did you found 49%. Recomennded is 15-20% Jason _________________ Mortgage Resource: Prime Rate Funding Group, INC. http://www.primerateinc.com
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Guest: Fess Posted: Thu Jan 13, 2005 4:49 pm fotomaniak I understand fairly what you're saying. I need to read up on FICO scoring to gain some confidence on this subject. Thanks for the input Regards Fess
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Guest: NightStar Board Monitor/ Administrator Posted: Thu Jan 13, 2005 9:49 pm I thnk step laddering down as need be is fine enough to set goals, like if you are on the hgih side, then worry first about getting ALL cards below 60% utilization, then once you have that down out of critical level, then shoot for below 40%, and go from there. If there are multiple cards, then you want to bring them all down as best you can instead of just one, then moving to the next. Least scoring wise that would be the best approach. _________________ Best Regards, Pammila Phillis Board Monitor http://www.cardratings.com 501-663-0314 PH Sign up for our free monthly e-mail newsletter!
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Guest: Fess Posted: Fri Jan 14, 2005 8:25 am Quote: I thnk step laddering down as need be is fine enough to set goals, like if you are on the hgih side, then worry first about getting ALL cards below 60% utilization, then once you have that down out of critical level, then shoot for below 40%, and go from there Well, I'm not over 60% on my card. But that just becasue I'm a careful spender. Wasn't aware that it wasn't good to 'utilize' the limit on the card. I've got some work to do in regards to getting some more cards and FICO research. Thank for the input Regards Fess
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Credit Card Accounts with Authorized Users
Guest: NightStar Board Monitor/ Administrator Post subject: Credit Card Accounts with Authorized UsersPosted: Wed Jan 12, 2005 2:55 am There is one primary reason to remove authorized users, and that is when it is time to apply for a mortgage loan. The consumer can be turned down if a lender thinks they have more debt then they really do, when I worked at the credit bureau editing credit reports, I would get requests from the loan officers to just remove these accounts off of the credit report. Not all lenders are going to have credit bureaus processing mortgage reports like we did, especially the ones going through fannie mae, they won't accept a bureau editing, in that case it has to be the credit reporting agency direct and then only the consumer can make the change, unless they put in request for rapid rescoring, then that is costly. It has to do with approal when debt to income ratios are being used, even though they know these are not the responsiblity of the consumer they don't want it on the credit report, and I know a good many of them don't even look at the ECOA codes to pay attention to what is not the responsibility of the consumer... so my opinion it is just better to loose the account when you are done with it. _________________ Best Regards, Pammila Phillis Board Monitor http://www.cardratings.com 501-663-0314 PH Sign up for our free monthly e-mail newsletter!
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Guest: Board Monitor Board Monitor/ Administrator Posted: Wed Jan 12, 2005 9:13 am Fess, Thanks for your post and welcome to the board! You can find a comprehensive list of credit related books here: http://www.cardratings.com/bookmain.html The one you referenced is a good one. Liz Pulliam Weston is a well respected personal finance author. Out of curiosity, how did you find out about our website? _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
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Guest: Fess Posted: Wed Jan 12, 2005 4:15 pm Quote: 2) don't utilize more than 49% of your credit line on each card and don't utilize more than 49% of your total revolving credit limit. thanks for responding, she has a secured mastercard with $500 limit. When you say don't utilize more than 49% of the credit line on the card, she should not exceed $245 or so? Quote: Just make sure your credit card companies have the policy to report AU Accounts, and that they report to all 3 of the major credit reporting agencies. Quote: Build up of inquiries will pull her score down, especially now when there is nothing else to outweight the inquiries. I wasn't aware of that. Thanks for the info. Quote: The one you referenced is a good one. Liz Pulliam Weston is a well respected personal finance author. Out of curiosity, how did you find out about our website? Thanks for the link, I'll browse the selections. Glad to hear the author is in good standing. I actually found your website through Google. I found several others but this site had the best graphical layout & phpbb is a good script. Thanks again everyone for your help Regards Fess
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Guest: fotomaniak Posted: Wed Jan 12, 2005 4:33 pm Fess wrote: Quote: 2) don't utilize more than 49% of your credit line on each card and don't utilize more than 49% of your total revolving credit limit. thanks for responding, she has a secured mastercard with $500 limit. When you say don't utilize more than 49% of the credit line on the card, she should not exceed $245 or so? if her total credit limit is $500, then yes, $245 is 49% of the credit limit. you also should try not to exceed 49% utilization on the cards where your mom will be an authorized user. If you need to charge more than $245 per month then you can just make additional payments. keep in mind that: a) if you have negative balance(i.e. prepay) it will probably show up as positive balance on your credit report. I.e. if you have -$700 (a credit of 700) balance it'll show up at $700 which might look bad(and odd) considering you only have $500 credit line. b) if you purchased something with a credit card and paid the balance off, a credit card might consider that by paying of the balance you agree that the charges are legit and you may loose your right to dispute. so, I'd say, to avoid any complications, it's probably best to use the card to pay a couple of small recurring bills per month (i.e. phone and cable) so that the total amount will be less than 50% and there is no need to check the balance every day. To show more activity your mom can use the card for small purchases once in a while, but for the most part, card can be just kept in the drawer for now.
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Build Credit History with Gas Credit Cards
Guest: cabledude Post subject: Build Credit History with Gas Credit CardsPosted: Fri Nov 05, 2004 7:50 pm Plain ole gas cards are a good option to no/bad credit. Amoco, Exxon, Texaco have on line apps and usually approve with a low limit to start with no fee. After a few months of good payments you may qualify for a good Visa/MC. Adding her as an AU to your account is also sound advice so long as the account you add to her does not have negative information. Add the cards first then try to get her some in her own name. You can add her as an AU and you don't even have to give her the card so long as YOU have good activity.
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Guest: Fess Posted: Tue Jan 11, 2005 3:35 pm Hello, I've successfully initiated the credit building process for my mom finally. I went bright & early to Citibank and talked with the assistant manager about what I've read over here: http://www.kiplinger.com/basics/managing/cash/firstcc.htm She suggested a secured loan & secured credit card with options to upgrade. After setting everything up, I'm still concerned about and dangers out there. I'm thinking of purchasing a book to have the "edge": Looking at this one now: http://www.amazon.com/exec/obidos/tg/detail/-/0131486039/qid=1103635655/sr=1-1/ref=sr_1_1/002-0351460-2523208?v=glance&s=books If anyone has any books suggestions, it would be appreciated. Thanks Fess
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Guest: fotomaniak Posted: Tue Jan 11, 2005 4:02 pm IMO: it's best save your money and don't buy the book most of the info can be found on the www for free. to improve your score: 1) pay all bills on time 2) don't utilize more than 49% of your credit line on each card and don't utilize more than 49% of your total revolving credit limit. 3) have several credit cards in your name(once your mom get's her first unsecured card, it should be easier to get more unsecured cards) 4) some reported that it's good to have at least one store card in your name 5) add your mom as authorized users to the card with large CL and low utilization (<30%? defintely less than 50%)
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Guest: NightStar Board Monitor/ Administrator Posted: Tue Jan 11, 2005 7:44 pm Good plan of action to add her to your cards that are in good standing and with low utilization. Just make sure your credit card companies have the policy to report AU Accounts, and that they report to all 3 of the major credit reporting agencies. She don't have to use the account at all, just ride out the good reporting by your activity on the account. Then it will generate a credit score for her and help her establish her own credit quicker, even if she has to go with secured card at first. Once she has established her own credit for a period of time, then you can call your credit card company and remove her as an authorized user, the account will still show on her credit report, it will just show status T - terminated, that she is no longer on the account, but it will still have that history showing on the report prior to the cancelation. Don't have her applying for any more credit, until she is in a better position, and ask questions of the lenders letting them know before hand that she has no established credit and how they process these, if it is worth her time applying before they pull credit report. Build up of inquiries will pull her score down, especially now when there is nothing else to outweight the inquiries. _________________ Best Regards, Pammila Phillis Board Monitor http://www.cardratings.com 501-663-0314 PH Sign up for our free monthly e-mail newsletter!
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Guest: fotomaniak Posted: Wed Jan 12, 2005 12:11 am NightStar wrote: Once she has established her own credit for a period of time, then you can call your credit card company and remove her as an authorized user, the account will still show on her credit report, it will just show status T - terminated, that she is no longer on the account, but it will still have that history showing on the report prior to the cancelation. Unless there is some particular reson(i.e. you are going to start to carry a balance > 50%) there is no reason to remove her. Just keep your mom added to several of your cards. Include your oldest card if possible.
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No Credit History Searching for Credit Card Offer
Guest: Fess Post subject: No Credit History Searching for Credit Card Offer Posted: Wed Nov 03, 2004 3:50 pm Hello, I've been trying to get my mother a credit card for a couple of months now. She has no credit history at all. I tried to go through her bank, Astoria Federal Savings but she was denied. I then attempted to have her apply for Macy's & JCpenny department store card but it yielded no results. What are my options now to get her to start building credit. We'd like to start so we can purchase a house in the future. Please advise me on a direction to folllow.... Thank You Fess
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Guest: Kamperkatt Posted: Wed Nov 03, 2004 7:30 pm I would think a secured bank card would be the way to go. Be careful though, they have fees and annual charges.....but it is a way to get started. Since buying a home is asking for secured credit, it may prove easier than you would think.
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Guest: Fess Posted: Thu Nov 04, 2004 9:27 am Kamperkatt, Thanks for the input. I've read about the "secured bank card". I don't like the fees and such the come with that option. Maybe I'll just have her switch to citibank becaue Astoria Federal sucks. Fess
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Guest: fotomaniak Posted: Thu Nov 04, 2004 10:14 am Adding your mother as an authorized user to your cards may help. No guarantee that it will, but it won't hurt(unless your credit history is not good) PS My wife has been in US only for less than 3 years, I've added her to most of my CCs and she have gotten about 5 CC in her name already(3 from Citi, 1 from Chase, 1 from Discover) + one store card. I don't know if adding her as authorized user was the only factor, but it certanly helped in our case. When we pulled her report most of my CCs shown up. Last edited by fotomaniak on Thu Nov 04, 2004 3:26 pm; edited 1 time in total
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Guest: Board Monitor Board Monitor/ Administrator Posted: Thu Nov 04, 2004 3:09 pm Fess, Thanks for your post and welcome to the board! Secured cards will probably be a much cheaper option than a regular/ unsecured option for your mother since she has no credit history. You can learn more about secured cards here: http://www.cardratings.com/freepersonalfinancecontent.html Please let us know how things turn out! _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
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Guest: Fess Posted: Fri Nov 05, 2004 8:27 am Curtis, fotomaniak Great advice! I'll carefully explore both your suggestions and see which is more plausible to my situation. Thank You Fess
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Platinum Rewards Visa Credit Card Offer
Guest: Alexis Rios Credit Expert (100+ Posts) Post subject: Platinum Rewards Visa Credit Card OfferPosted: Mon Apr 10, 2006 1:19 pm bullwinkle29 wrote: i wouldn't do business w/that company. why do you want credit from them? you live in ca right? best credit card in the business is the golden 1 credit union., just plain and simple terms www.golden1.com Thanks bullwrinkle29 , i applied for Platinum Rewards Visa right now.
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Guest: Alexis Rios Credit Expert (100+ Posts) Posted: Fri Apr 14, 2006 2:50 pm spjoink wrote: Which one is best and which one offer the biggest cl?? Anyone here knows which agency they pull from? Thanks Spjoink check the apr's from each credit card , then apply. They pulled Experian in my MBNA Visa Signature. If you think if both cards have similar offers , you can apply for both.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sat Apr 15, 2006 10:31 pm bullwinkle29 wrote: i do think so. there platinum card tops at a max line of $50k. WHAT CREDIT CARD COMPANY HAS A TOP END OF ONLY $50,000????
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Guest: Alexis Rios Credit Expert (100+ Posts) Posted: Sun Apr 16, 2006 7:51 am MBNA , AMEX(USA) & CHASE are some credit cards issuers which have a credit limit cap of $100K.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Apr 16, 2006 1:31 pm Alexis Rios wrote: MBNA , AMEX(USA) & CHASE are some credit cards issuers which have a credit limit cap of $100K. My MBNA QUANTUM advertises $250,000
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Guest: Alexis Rios Credit Expert (100+ Posts) Posted: Sun Apr 16, 2006 7:54 pm mouse wrote: Alexis Rios wrote: MBNA , AMEX(USA) & CHASE are some credit cards issuers which have a credit limit cap of $100K. My MBNA QUANTUM advertises $250,000 MBNA Quantum is the only exception.
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Information on Golden1 Credit Union Credit Card
Guest: spjoink Post subject: Information on Golden1 Credit Union Credit CardPosted: Mon Apr 10, 2006 10:07 am thats sounds good , i have 713 with experian , BUT they dont accept members from los angeles? i believe, how do i get around that ?
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Guest: bullwinkle29 Credit Expert (100+ Posts) Posted: Mon Apr 10, 2006 10:12 am just contact them. there 800# is on there web page www.golden1.com
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Guest: spjoink Posted: Mon Apr 10, 2006 10:18 am so you telling me this is really a great card? Why is it better than the mbna world points ? spjoink again thank you for your info...
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Guest: bullwinkle29 Credit Expert (100+ Posts) Posted: Mon Apr 10, 2006 10:32 am first of all they dont play games, interest rates are FIXED. there fee's are very simple. cash advance cap 50 bucks, bt cap 50 bucks, late fee 15.00. pay on-online on the due date, no problem it's posted, that's all they care about. my wif and i went to cancun mexico, they nver charged us the foriegn trans fee's. it showed that they were charged by visa, but to me it said 0.00. you do have to become a memeber of the credit union. no big deal. open a savings account. cost you 1 dollar. checking is free as long as you have direct deposit. if not, it's 3 dollars p/month. you also earn interest on all accounts. USE ANY CREDIT UNION MACHINE FOR FREE AS LONG AS IT DISPLAYS CO-OP NETWORK. ALSO MAKE DEPOSITS AT OTHER CREDIT UNIONS. if you use another maching the golden 1 charges you 1 dollar. 6.30 for a box of plain 150 checks. should i go on? they're the best credit union out there. been a member since 2003. we also have an auto loan through them
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Guest: spjoink Posted: Mon Apr 10, 2006 10:43 am Bullwinkle , i am convinced , thanks ...i agree totally. i make about $140000.00 a year so i should be getting a decent cl. one last question ....i only had credit for two years is that a problem , i am from europe...i have all the great cards amex platium citi aadvantage ...and so on....sometimes smaal credit unions have weird rules...
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Guest: bullwinkle29 Credit Expert (100+ Posts) Posted: Mon Apr 10, 2006 11:49 am i do think so. there platinum card tops at a max line of $50k.
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MBNA Visa Signature Credit Card vs. MBNA World MasterCard
Guest: spjoink Post subject: MBNA Visa Signature Credit Card vs. MBNA World MasterCardPosted: Sun Apr 09, 2006 6:35 pm Which one is best and which one offer the biggest cl?? Anyone here knows which agency they pull from? Thanks Spjoink
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Guest: guessindigo Credit Expert (100+ Posts) Posted: Mon Apr 10, 2006 12:58 am They will pull EX or TU or both. No real diff between the two.
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Guest: bullwinkle29 Credit Expert (100+ Posts) Posted: Mon Apr 10, 2006 9:04 am i wouldn't do business w/that company. why do you want credit from them? you live in ca right? best credit card in the business is the golden 1 credit union., just plain and simple terms www.golden1.com
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Guest: spjoink Posted: Mon Apr 10, 2006 9:37 am Thanks Bullwinkle... I never even heard of them , do they give you big credit limits , most my cards have $12-15000 limits...also i live in los angeles , therefor no membership i think?! spjoink
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Guest: bullwinkle29 Credit Expert (100+ Posts) Posted: Mon Apr 10, 2006 9:45 am spjoink wrote: Thanks Bullwinkle... I never even heard of them , do they give you big credit limits , most my cards have $12-15000 limits...also i live in los angeles , therefor no membership i think?! spjoink here's how they give limits, my wife and i got a card from them $30k. they take your monthly income and multiply it by 3.5 times. one last thing, they always pull experian reports, but report to all 3.
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Which is the best credit card with cash back on gas?
Guest: TomfromCT Credit Expert (100+ Posts) Post subject: Which is the best credit card with cash back on gas?Posted: Sun Apr 16, 2006 4:15 pm What do all of ya'll think are the best gas cards. I have the discover card...but the 5% back ends at $1200 in gas purchases. For me..thats about 3.5 months.' So I picked up the CitiBank Dividends Platinum Card. But I have yet to receive it so I can't coment on it yet. What other ones are out there and how are they? squeak _________________ Average FICO score: 709 56 Months of perfection! 3 Visa, 1 MC, Disc, Home Depot
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Guest: quiznut1 Posted: Mon Apr 17, 2006 12:20 am Chase Cash Plus Card, 5 points per dollar, gas, grocery, and drugstore, 1 point per dollar on everything else, Cash out at 5,000 points for a $50 check Limit $300 per calendar year Chase Rewards Plus Card 5 points per dollar, gas, grocery, and drugstore, 1 point per dollar on everything else, Cash out at 10,000 points for a $100 check Limit 75,000 points per calendar year, 60,000 can be redeemed for cash ($600), the other 15,000 can be used for gift cards, etc...
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Citi Professional Cash Back Credit Card Offer
Guest: beyond platinum Credit Expert (100+ Posts) Post subject: Citi Professional Cash Back Credit Card OfferPosted: Mon Apr 17, 2006 12:57 am Citibank has now dressed up their Professional card and added a reward program to it. Here are the important details: • Earn 3% cash back on purchases for auto rentals, at restaurants, gas stations and certain office supply merchants. • Earn 1% cash back on other purchases. There is also a $500 cash back limit and the APR is 5.99% over prime. Citi Professional Cash Card _________________ "The most incomprehensible thing about the world is that it is comprehensible." --Einstein
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Guest: rapjunkie Credit Expert (100+ Posts) Posted: Mon Apr 17, 2006 2:20 am I like the way Citi now has the short application for existing cardholders just like Amex does.
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