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80% Utilization on Credit Card Limit is Key
Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Post subject: 80% Utilization on Credit Card Limit is KeyPosted: Mon Jun 12, 2006 9:27 am Rethink that. Yes, if you meet the terms of the balance transfer your rate will not change--it's a contract between you and the bank. But that doesn't mean that your credit score won't drop--it will. That doesn't mean that other banks can't change your rates, limits, or terms--they can. That doesn't mean that your rate for purchases and cash advances on that card can't change--those rates can always change. And that doesn't mean you'll be offered similarly good terms on that card in the future. I'm not saying any of these adverse things will happen to you. But smiply because the bank must honor this particular deal doesn't mean that taking full advantage of it is a good idea, if you pay attention to the longterm consequences. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Jun 12, 2006 10:05 am Quote: "Brammy" I had not made the last BT to take me up to 80%. I was going to use one of their BT checks but after reading here decided to call and do it over the phone so that I could have my questions answered and recorded since they always record requests for BTs. I was told by my rep that as long as I did not go over my limit, made payments on time, that the rate would not change because of utilization on the one card. I was also told that THEY encourage cardholders to take FULL advantage of the BT offer while it lasts. In other words, they DO want you to transfer as much of your debt as possible to their card. Now to keep it at 25% across the board. That's going to be the hard part Having $100,000+ available at all times makes 25% a NON-ISSUE I personally shoot for <10%
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Guest: Board Monitor Board Monitor/ Administrator Posted: Mon Jun 12, 2006 4:02 pm Great thread! I have had 80+% utilization on several cards for several months. No rate jacking so far...knock on wood. _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Guest: hdporter Credit Expert (100+ Posts) Posted: Mon Jun 12, 2006 5:11 pm I expect that a 700+ FICO credit doesn't need to micromanaage their credit score and can absorb sporadic hits due to, for example, high utilization or credit inquiries, without fearing adverse consequences (assuming the score remains strong). However, I do think that someone in more marginal turf, say around 660-680, who may have just started becoming eligible for prime offers faces greater exposure to credit score hits. In such a case, I believe that it pays to be prudent and careful. - Harry
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Guest: ajulius Posted: Tue Jun 13, 2006 1:32 am In my situation I have perfect credit, but now have 90% utilization on 2 cards. One I was able to increase the limit so utilization went down a little, the other one I was able to reallocate with a new credit limit I received from a different CC with the same company so the utilization on the one with the big limit will go down to below 50%. I received an offer for 0% for 15 mths and Im not really sure the limit I will receive. It says subject to change but as reported here, it doesnt seem likely it will since my utilization will improve significantly when it hits the bureau. How do I determine in advance the limit I would get on a 0% for 15 mths offer so I can take full advantage and transfer the maximum I can?
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Guest: Brammy Posted: Tue Jun 13, 2006 8:33 am [quote="Polonius"]Rethink that. Yes, if you meet the terms of the balance transfer your rate will not change--it's a contract between you and the bank. But that doesn't mean that your credit score won't drop--it will. That doesn't mean that other banks can't change your rates, limits, or terms--they can. That doesn't mean that your rate for purchases and cash advances on that card can't change--those rates can always change. And that doesn't mean you'll be offered similarly good terms on that card in the future. I'm not saying any of these adverse things will happen to you. But smiply because the bank must honor this particular deal doesn't mean that taking full advantage of it is a good idea, if you pay attention to the longterm consequences.[/quote] Thanks P. According to my figures the transferred card will be below 50% with 3 mos history. The remaining cards are PIF monthly so I'm not sure if they factor in. Just keeping usage from normal household bills so that they will show activity. Seeing that this card will be 50% or less in three months bringing total util to around 17% whats your prediction?
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Transfer Credit Card Balance to Another Card After APR Hike
Guest: hdporter Credit Expert (100+ Posts) Post subject: Transfer Credit Card Balance to Another Card After APR HikePosted: Sun Jun 11, 2006 11:46 pm Quote: I just got a new intro rate of 0% on Bts for a year. Of course I transferred all my outstanding balances to the card. My question is this: Many banks rate jack you for high utilization, does anyone think this will come into play with 80% utilization on this card but 0% on all others with a 25% utilization across the board? Well, given that it's a done deal and that you're looking to pay the balance off before the 0% rate expires, I'd look to make level payments that would amortize the balance over that period -- meaning that you would be making payments signficantly higher than the minimums due. After 3 mo. I'd call, express concern about your high utilization, and request a limit increase. If they decline, ask when you'd be eligible. Other than that, assuming that your credit score is strong, I wouldn't sweat it. However, it's my guess that high utilization on an account can depress your score by as much as 20 pts. If you score is currently 680, that potentially could depress your score to the point where other creditors may become concerned. If your score is 700+, I wouldn't sweat it at all. If you have reason to fear this risk, consider looking around for another new card with an attractive promo rate to which you might off load part of this balance. As a rule, I try not to tap more than 40% of any new card's limit. However, I can see where it would be sufficiently attractive to push higher. - Harry[/quote]
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Jun 11, 2006 11:54 pm I have done many BT's over 90%
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Guest: Brammy Posted: Mon Jun 12, 2006 6:44 am [quote="hdporter"]Quote: I just got a new intro rate of 0% on Bts for a year. Of course I transferred all my outstanding balances to the card. My question is this: Many banks rate jack you for high utilization, does anyone think this will come into play with 80% utilization on this card but 0% on all others with a 25% utilization across the board? Well, given that it's a done deal and that you're looking to pay the balance off before the 0% rate expires, I'd look to make level payments that would amortize the balance over that period -- meaning that you would be making payments signficantly higher than the minimums due. After 3 mo. I'd call, express concern about your high utilization, and request a limit increase. If they decline, ask when you'd be eligible. Other than that, assuming that your credit score is strong, I wouldn't sweat it. However, it's my guess that high utilization on an account can depress your score by as much as 20 pts. If you score is currently 680, that potentially could depress your score to the point where other creditors may become concerned. If your score is 700+, I wouldn't sweat it at all. If you have reason to fear this risk, consider looking around for another new card with an attractive promo rate to which you might off load part of this balance. As a rule, I try not to tap more than 40% of any new card's limit. However, I can see where it would be sufficiently attractive to push higher. - Harry[/quote][/quote] I have the payments set up in MONEY to pay the card off by June as the BT offer expires in July. I guess I'd better give them a call about utilization since all of the use is on the BT offer.
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Guest: Brammy Posted: Mon Jun 12, 2006 7:30 am I had not made the last BT to take me up to 80%. I was going to use one of their BT checks but after reading here decided to call and do it over the phone so that I could have my questions answered and recorded since they always record requests for BTs. I was told by my rep that as long as I did not go over my limit, made payments on time, that the rate would not change because of utilization on the one card. I was also told that THEY encourage cardholders to take FULL advantage of the BT offer while it lasts. In other words, they DO want you to transfer as much of your debt as possible to their card. Now to keep it at 25% across the board. That's going to be the hard part
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Pay Off Credit Card Balance Before 0% APR Expires
Guest: Brammy Posted: Sun Jun 11, 2006 10:14 am Post subject: Pay Off Credit Card Balance Before 0% APR Expires I plan on paying it off before the BT intro rate expires (I hope). I can't use the card for anything else since purchases don't get that same 0 % and payments will be applied to the 0% first. Don't want to use it for purchases until either the BT offer expires or I pay off the current BTs.
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Guest: EasyRhino Posted: Sun Jun 11, 2006 6:29 pm Brammy, if you still have your CC agreement, you could check on what the universal default clause is. Ratejacking because of high utilization would seem strange (but they might lower your credit limit)
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sun Jun 11, 2006 7:03 pm [quote="EasyRhino"]Brammy, if you still have your CC agreement, you could check on what the universal default clause is. Ratejacking because of high utilization would seem strange (but they might lower your credit limit)[/quote] Universal default clauses, when included, will allow(in theory) the CCC to ratejack for ANYTHING. That ebing said, if you have good credit and abide by all rulesand keep your overall credit good then it is unlikely they will reatejack for high utilization. CCC's have to be careful in their use of the universal default or they may end up with congress invilved and they dont want that. _________________ Avg FICO 738 2 reports full of perfection 1 report with 1 derog.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Jun 11, 2006 11:31 pm I don't live my day to day life FEARING FICO and what FICO thinks
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Credit Card APR Hike After Balance Transfer
Guest: Brammy Post subject: Credit Card APR Hike After Balance Transfer Posted: Sun Jun 11, 2006 8:17 am I just got a new intro rate of 0% on Bts for a year. Of course I transferred all my outstanding balances to the card. My question is this: Many banks rate jack you for high utilization, does anyone think this will come into play with 80% utilization on this card but 0% on all others with a 25% utilization across the board?
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Jun 11, 2006 8:34 am Those bank actions are infrequent as long as you stick to the terms of your transfer. Prudent people recommend staying below 50% utilization on every card, not just overall, but others say that isn't necessary. Without knowing what banks you're talking about and having some notion of your card limits and your credit scores, I can't say much more than that. But odds are you'll be OK, especially if you keep your scores above 700 by the standard models... _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: ALex Posted: Sun Jun 11, 2006 9:41 am [quote="Brammy"]I just got a new intro rate of 0% on Bts for a year. Of course I transferred all my outstanding balances to the card. My question is this: Many banks rate jack you for high utilization, does anyone think this will come into play with 80% utilization on this card but 0% on all others with a 25% utilization across the board?[/quote] You will be fine... Just make sure that your payment is never late or go over the limit..Hopefully, when your BT promo expires you will be able to transfer the balance to another Company.. The goal of the Credit Card Company when a transfer is done with a Customer is to get as much of their debt that it owed to them, so you could be 99% utilized on your present 0%promo rate and you will be fine..
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Jun 11, 2006 10:03 am Quote: you could be 99% utilized on your present 0%promo rate and you will be fine.. Nice theory. Hope it works for you. Others have posted they get the dreaded "financial review" call if they go over 90%--some if they go over 80%. I guess no one really knows for sure. My current thinking is to try to leave a lot on the table and TRY to keep utilization below 50%, to encourage better offers and higher limits in the future. I'll admit I don't always manage to control myself that much, especially on cards with over $40,000 in limits and a 0% offer. (That's a LOT of money to leave on the table!) But even then I keep it below 90%... _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Credit Card Offers of Reduced Monthly Payments or Payment Holidays
Guest: AJ Posted: Mon Jun 12, 2006 11:51 am Post subject: Credit Card Offers of Reduced Monthly payments or Payment Holidays Every month MBNA gives me the option of a reduced payment , a payment holiday, or paying the required min due. I always pay more than min due. Will that help me to continue to receive automatic increases? Does any other bank offer this service? Limit so far 19K bal 6k
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Guest: fire3000 Posted: Mon Jun 12, 2006 2:20 pm Last year I ran my balance up to over $67,000 on my MBNA card on a 0% BT. After paying the initial 2% fee I was amazed that the minium payment they wanted was only $15. I paid $1,000 each month (about 1.5% of the balance) and then paid it off in a lump sum, but still they did not increase my credit limit since then (I will be happy if they just not reduce it). Paying more than the minimum makes your report look better to a credit analyst when you later apply for more cards or ask MBNA for a limit increase. If you are paying a high interest rate, paying it off faster will save you money. They offered you a payment holiday and reduced payments to simply make more money off of you by stretching out paydown period. You are doing right by paying more than the minimum.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Jun 12, 2006 2:49 pm Quote: "AJ" Every month MBNA gives me the option of a reduced payment , a payment holiday, or paying the required min due. I always pay more than min due. Will that help me to continue to receive automatic increases? Does any other bank offer this service? Limit so far 19K bal 6k Pay no less than the interest charged on the previous month "IF" it is a 0.00% BT you "MAY" want to pay a lower amount AS FOR CLI's LARGE PAYMENTS or SMALL PAYMENTS DON'T MATTER IN MY CASE (no CLI for 10+ years)
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Guest: Brammy Posted: Tue Jun 13, 2006 8:42 am Anytime I pay my Visa, the next month I am given a 'payment holiday' because I never pay min. The payment holiday is designed to increase the amount of interest you pay on an account due to the fact that interest continues to accrue during your holiday on the amount you would have paid. I have never taken a 'payment holiday' so far and unless circumstances are dire, never will. Just hate giving people free money
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Credit Card Balance Transfers and Preapprovals
Guest: ajulius Posted: Tue Jun 13, 2006 1:25 am Post subject: Credit card balance transfers and preapprovals Hello. I just reallocated my credit limits so now my utilization is under 50% and I got a lower rate to boot. I just received in the mail (before I reallocated and was using 90% limit of 2 cards) a 0% for 15 mths offer. It says it can change at anytime though on this one though. I wonder if they will honor the 0% for 15 mths or will approve me for the card and jack me up. I also dont even know what balance transfer amount to put since my other card with them is a 20k limit with 15k used as per the credit report since the new transfer and reallocation wont show for a few months. I dont want to ask for a very high balance transfer only to be denied or giving fees and/or a high rate since its a 0% for 15 mths.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Tue Jun 13, 2006 1:29 am Quote: "ajulius" Hello. I just reallocated my credit limits so now my utilization is under 50% and I got a lower rate to boot. I just received in the mail (before I reallocated and was using 90% limit of 2 cards) a 0% for 15 mths offer. It says it can change at anytime though on this one though. I wonder if they will honor the 0% for 15 mths or will approve me for the card and jack me up. I also dont even know what balance transfer amount to put since my other card with them is a 20k limit with 15k used as per the credit report since the new transfer and reallocation wont show for a few months. I dont want to ask for a very high balance transfer only to be denied or giving fees and/or a high rate since its a 0% for 15 mths. You DON'T change the APR on a 0.00% BT mid deal (unless you are late or over-limit or bounce a payment check)
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Guest: ajulius Posted: Tue Jun 13, 2006 1:35 am You thought I was transferring from another 0% or are you saying the bank will honor it? If they wont jack me up, then the question is: How do I determine how much to transfer since I dont know my limit in advance. I want to take advantage of the maximum of it I can since its a great deal.
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Guest: EasyRhino Posted: Tue Jun 13, 2006 7:49 am Some think that requesting a large BT at time of application will tend to increase the credit limit you're granted. I think they might be right, probably depends on the bank. The only way this would backfire is if there is a minimum fee on the BT, and they only approve you for a tiny tiny credit limit that would make the fee look ridiculous.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Tue Jun 13, 2006 10:06 am Quote: "EasyRhino" Some think that requesting a large BT at time of application will tend to increase the credit limit you're granted. I think they might be right, probably depends on the bank. The only way this would backfire is if there is a minimum fee on the BT, and they only approve you for a tiny tiny credit limit that would make the fee look ridiculous. We got a credit limit of exactly $100 over the BT amount requested on the application on a BofA card EXAMPLE $9,500 BT REQUESTED $9.600 CREDIT LIMIT Guess...had no BT been requested the credit limit may have been lower
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Credit Line Increase with Capital One Credit Cards
Guest: BigDog Posted: Mon Jun 12, 2006 9:13 pm Post subject: Credit Line Increase with Capital One Credit Cards I have Cap One Cards for over 10 years now. They just don't do increases. If you want your CL to go up. You gotta get a new card and then combine them into one.
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Guest: Evilbunny Posted: Mon Jun 12, 2006 10:50 pm Capitol One just increased my limit from $200 to $3000 after i got fed up and applied for a Chase card. though the interest rate still blows (14.9% variable) that account was my first credit card. and it was opened back in August of 2005.
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Guest: HJMo Posted: Tue Jun 13, 2006 12:48 am AJ wrote: I just wanted to hear from someone who has a capital one card. My card has grace period on balance transfer with no balance transfer fee. I think it applies to most Capital One cards if not all. And, I got $2000 credit line increase to $11000 a fews days after initiating a $8000 balance transfer. _________________ HJMo
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Guest: guessindigo Credit Expert (100+ Posts) Posted: Tue Jun 13, 2006 1:05 am I had a no hassle card. Only got 2K. I stuck with it for a year hoping heavy purchase volume would get an increase. Nope. Calls for a CLI were denied as my account was not eligble. Closed it after one year and won't ever carry a cap1 card again, ever.
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Guest: hesiden Credit Expert (100+ Posts) Posted: Tue Jun 13, 2006 10:56 am [quote="AJ"] Oh, and by the way, they keep sending me transfer checks at 2.9 fixed for the life of the loan.[/quote] 2.9% fixed for life of loan is good. Pay off your mortgage or something
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Want Opinions on Capital One Credit Cards
Guest: AJ Posted: Mon Jun 12, 2006 4:37 pm Post subject: Want Opinions on Capital One Credit Cards Should I be grateful of having fixed rates of 12.9 on both Mc & V? My limits are 5300 & 4900. The accounts were open in 2001 . They just recently switched the cards to the no hassle cards, but they didn't change the limits, but I still have the same fixed rates. When I ask for an increase in my limits, they say they are not taking requests , when I qualify, it will show on my next statement. How do you qualify? I just wanted to hear from someone who has a capital one card. Oh, and by the way, they keep sending me transfer checks at 2.9 fixed for the life of the loan.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Jun 12, 2006 4:42 pm Quote: "AJ" Should I be grateful of having fixed rates of 12.9 on both Mc & V? My limits are 5300 & 4900. The accounts were open in 2001 . They just recently switched the cards to the no hassle cards, but they didn't change the limits, but I still have the same fixed rates. When I ask for an increase in my limits, they say they are not taking requests , when I qualify, it will show on my next statement. How do you qualify? I just wanted to hear from someone who has a capital one card. Oh, and by the way, they keep sending me transfer checks at 2.9 fixed for the life of the loan. NO CLI's BY REQUEST THEY DON'T GIVE THEM AT THEIR REQUEST EITHER 12.90% IS HIGH I HAVE 5.90% (TOO HIGH FOR ME) UNLESS YOU REALLY NEED BOTH CARDS I WOULD COMBINE THEM INTO 1 (if they let you) I DID IT LIKE 5 TIMES (years ago) But many people have been told NO
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Mon Jun 12, 2006 5:37 pm We dont have any of their cards. I really dont like them doing 3 CRA inquiries to see what is on all of your reports.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Jun 12, 2006 8:19 pm Quote: "maddybeagle" We dont have any of their cards. I really dont like them doing 3 CRA inquiries to see what is on all of your reports. 2 or 3
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For which of these credit cards should I apply?
Guest: BigDog Posted: Tue Jun 13, 2006 1:22 am Post subject: For which of these credit cards should I apply? HI, I am in search of a business credit card and here is what I came up with. Looking to do a 2500 balance transfer from a Cap oNE card and use some credit for working capital. 1 - Advanta - great 0% BT offer until sep 2007 and a 7.99% puchases - a 5% rebate with a $300.00 cap per year and a $25 cap per month max. 2 - Chase - 12 months 0% BT and purchase. ( I already have 3 personal chase accounts) 3 - Citibank - the same as chase 4 - Discover Card - 0% for 9 months my scores are arounf 750 across the board
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Guest: fire3000 Posted: Tue Jun 13, 2006 7:49 am I have the Chase business card (#2 on your list). They approved me with a 12K limit even though I had three other Chase cards open. My score is upper 600's. They pay 3% cash back at home improvement stores, office supply, Gas, and restaurants and 1% on everything else. $40 cap per month. 0% on BT and purchases for 12 months. No annual fee. I do not even have a business.
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Guest: hesiden Credit Expert (100+ Posts) Posted: Tue Jun 13, 2006 10:50 am All 4.
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Tue Jun 13, 2006 1:04 pm Citi Advanta : Nice but limited flexibility on CL's Chase : You already have alot with them - diversify Discover card: now letting merchants upcharge you for using the dicover card _________________ Avg FICO 738 2 reports full of perfection 1 report with 1 derog.
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Is Discover credit card difficult to get?
Guest: TomfromCT Credit Expert (100+ Posts) Post subject: Is Discover credit card difficult to get?Posted: Tue Jun 13, 2006 1:05 pm [quote="jojo"]i am thinking to apply a discover card now.i have AE(11000),BOA(20000),CHASE,(6000). credit score around 730,will discover approve my application and give me a good limit? PS:i heard discover is not that easy to apply,not sure if that ture or not. thx guys![/quote] Discy can be a bit unpredictable in the approvals. You should be ok tho. I picked up their gas card. It will be good for using here and there. Not an every day card. _________________ Avg FICO 738 2 reports full of perfection 1 report with 1 derog.
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Tue Jun 13, 2006 1:06 pm [quote="hesiden"][quote="jojo"]i am thinking to apply a discover card now.i have AE(11000),BOA(20000),CHASE,(6000). credit score around 730,will discover approve my application and give me a good limit? PS:i heard discover is not that easy to apply,not sure if that ture or not. thx guys![/quote] What, no Citi card?[/quote] Citi is my fav card issuer. I have a MC and amex through them. _________________ Avg FICO 738 2 reports full of perfection 1 report with 1 derog.
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Want to Apply for Discover Credit Card
Guest: spjoink Credit Expert (100+ Posts) Post subject: Want to Apply for Discover Credit CardPosted: Mon Jun 12, 2006 8:29 pm discover turned me down fico 713 at time of application...but soon i try again..
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Guest: jojo Posted: Tue Jun 13, 2006 1:40 am thx for all tips! guess i should try for it
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Guest: hesiden Credit Expert (100+ Posts) Posted: Tue Jun 13, 2006 10:53 am [quote="jojo"]i am thinking to apply a discover card now.i have AE(11000),BOA(20000),CHASE,(6000). credit score around 730,will discover approve my application and give me a good limit? PS:i heard discover is not that easy to apply,not sure if that ture or not. thx guys![/quote] What, no Citi card?
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Guest: db619196 Posted: Tue Jun 13, 2006 12:05 pm My credit score was in the 720s when I applied for and got a Discover Card with a 3,000 dollar limit last November, which included a 12 month intro 0% rate on purchases and transfers. Now that the restaurant rewards are being phased out the card is a lot less useful in my opinion. David
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Use FICO Score to Determine for Which Credit Card to Apply
Guest: nessaness Post subject: Use FICO Score to Determine for Which Credit Card to ApplyPosted: Mon Jun 12, 2006 2:56 pm JoJo, Might want to check out this website: financeglobe.com/Finance/index.php?p=getdb&db_id=33 You can click on Discover cards and then choose a card. Under Credit Record Needed it will say the FICO score necessary to qualify for acceptance. Pretty handy site to see what you qualify for. You can also choose Cards by FICO Score and see all the cards you will qualify for. Good Luck !!
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Guest: quiznut1 Credit Expert (100+ Posts) Posted: Mon Jun 12, 2006 3:05 pm Yeah, jojo, my relationship with Discover has been one of love and hate. I had their 5% cash back restaurant card for about a year until they decided to cancel the program, and now I got converted to the standard platinum cashback card, which I must admit, stinks. On every other purchase outside of the get-more categories, here are the cashback tiers: Annual purchases: $0-$1500 - .25% cash back $1500-$3000 - .50% cash back $3000 and higher - 1% cash back You can see what I mean. I get better with Citi Dividend's straight 1%! Anyway, the only thing good with Discover is they will give you the 5% cash back on get-more purchases in specific categories throughout the year (they alternate the categories once every 3 months, or 4 times a year). It just depends if you will purchase things in those categories. At the conclusion of last year it was internet purchases, from January to March it was "Health and Wellness" purchases, from April-June it is gas and automotive, and from July-September it will be education expenses. I'll be taking advantage of the 5% cash back on education expenses in August, when I have to pay for my college. I'll be getting about $90 back as my tuition is around $1,800. So I'm excited about that. I can pay my bill, I just want the $90! Anyway, I would just recommend if you use a Discover cash back card, only use it for 5% purchases, which can be few and far between I know. Even their gas card is 5% only up to the first $1,200 in yearly purchases, then it is back to the standard rate of .25%!! Go figure.
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Guest: fire3000 Posted: Mon Jun 12, 2006 4:30 pm I say go for it since your score is very good and you already have high credit limits. They occasionally call me at home and offer me low rate BT deals on my two discover cards. They also offered me special bonuses such as a $20 cash reward for transferring a recurring utility bill to the card. When I did not use one of the cards for six months, they sent me an offer to pay me a dollar for every charge up to 20 during the next 45 days. I also earn 5% on gas purchases. Their cashback rewards are not as good as Citi, but overall I am very pleased.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Jun 12, 2006 8:29 pm WALMART/SAMS 0.25% MAX (NEVER 1.00%) (even if you spend $50,000 at those stores)
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Should I apply for a Discover Credit Card?
Guest: jojo Posted: Mon Jun 12, 2006 11:42 am Post subject: Should I apply for a Discover Credit Card? i am thinking to apply a discover card now.i have AE(11000),BOA(20000),CHASE,(6000). credit score around 730,will discover approve my application and give me a good limit? PS:i heard discover is not that easy to apply,not sure if that ture or not. thx guys!
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Guest: bullwinkle29 Credit Expert (100+ Posts) Posted: Mon Jun 12, 2006 12:26 pm check out the customer reviews about discover card. from there reviews, they're not great
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Guest: Board Monitor Board Monitor/ Administrator Posted: Mon Jun 12, 2006 1:21 pm Good tip! You can check consumer reviews here: http://www.cardratings.com/cardreviewfr.html Good luck and let us know how things turn out... _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: jlrdc909 Credit Expert (100+ Posts) Posted: Mon Jun 12, 2006 1:27 pm Discover has been funky on who and why the approve certain people. Its a great card (my favorite), but I really suggest getting a preapproval, it might increase your chances over applying cold
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