topic Re: Did i sell myself short? in Credit Cards

Did i sell myself short?

SoCalBound — Sat, 18 Aug 2012 05:53:42 GMT

So I got my Amex Experian fico score in the mail, 788. Add that to my 779 Transunion. I did not apply for any visa signature cards because my highest limit at the time was $2000, I didnt think I had a shot. But did I sell myself short on the cards I applied for? My income is rather low, which I thought would play another negative factor in a Signature card approval.

Re: Did i sell myself short?

Crashem — Sat, 18 Aug 2012 06:00:49 GMT

No you didn't. Remember high score doesn't mean high limit. There are people in high 600s with 30k limits. However given your scores, you should be actively trying to push your limits up. Pick carda issuers with cli friendly policies like Amex.

Re: Did i sell myself short?

SoCalBound — Sat, 18 Aug 2012 06:04:17 GMT

Okay, I thought I made decent decisions given my information/credit history. I plan on nurturing my Amex relationship best I can. Thanks.

Re: Did i sell myself short?

Crashem — Sat, 18 Aug 2012 06:08:20 GMT

When is your 61 day with Amex revolver? Of for the 3x cli. Also, consider getting gemb issued card from store you shop at or get visa/mc/discover version so you can do the 4 month cli request.

Re: Did i sell myself short?

SoCalBound — Sat, 18 Aug 2012 06:18:53 GMT

Amex still has a bit of time for the 61 days. I also got a Paypal Extras Mastercard to nurture the CL on.

Re: Did i sell myself short?

Crashem — Sat, 18 Aug 2012 06:54:57 GMT

SoCalBound wrote:
Amex still has a bit of time for the 61 days. I also got a Paypal Extras Mastercard to nurture the CL on.

from a credit perspective, your goal should be to build your cl's. Those two cards will help. Good luck.

Re: Did i sell myself short?

searchingfor67 — Sat, 18 Aug 2012 17:01:28 GMT

Not trying to hijack the thread, but, Crashem, is your account with JFCU a line of credit? I ask because there is another thread going on that is discussing Amex's alleged disdain for LOC accounts....

Re: Did i sell myself short?

Crashem — Sat, 18 Aug 2012 17:12:20 GMT

searchingfor67 wrote:
Not trying to hijack the thread, but, Crashem, is your account with JFCU a line of credit? I ask because there is another thread going on that is discussing Amex's alleged disdain for LOC accounts....

I'm not sure if I understand. I know many lenders do not like consumer finance loans. Not sure why they would care about loc. link to thread? As for my jloc, it is fairly unique. Basically it is a loc that reports as installment loan with 0 balance so helps my types of credit fico wise.

Re: Did i sell myself short?

searchingfor67 — Sat, 18 Aug 2012 17:15:37 GMT

Credit-Cards/NFCU-LOC-reporting/td-p/1545412

Re: Did i sell myself short?

searchingfor67 — Sat, 18 Aug 2012 17:16:57 GMT

http://ficoforums.myfico.com/t5/Credit-Cards/NFCU-LOC-reporting/td-p/1545412

Re: Did i sell myself short?

searchingfor67 — Sat, 18 Aug 2012 17:17:55 GMT

And NFCU LOCs report as a revolving account....

Re: Did i sell myself short?

Crashem — Sat, 18 Aug 2012 17:21:18 GMT

Pretty much all loc report as revolving. That is what makes jloc unique.

Re: Did i sell myself short?

Revelate — Sat, 18 Aug 2012 17:59:37 GMT

Crashem wrote:
Pretty much all loc report as revolving. That is what makes jloc unique.

I thought LOC's had a boundary around 30-35K where they report as installment rather than revolving? I recall illecs posting on that a while back explicitly, though I might be confusing the details with regards to balance vs. limit.

Re: Did i sell myself short?

MarineVietVet — Sat, 18 Aug 2012 18:14:05 GMT

Revelate wrote:
Crashem wrote:
Pretty much all loc report as revolving. That is what makes jloc unique.
I thought LOC's had a boundary around 30-35K where they report as installment rather than revolving? I recall illecs posting on that a while back explicitly, though I might be confusing the details with regards to balance vs. limit.

That's correct although the exact limits seem to fluctuate and not be exact.

Re: Did i sell myself short?

Crashem — Sat, 18 Aug 2012 19:23:35 GMT

I thought it doesn't so much report as installment when it surpasses the boundary. It still reports as revolving, but I thought fico ignores it in revolving util calculations. Basically was designed to compensate for helocs which were really messing with people's utilization.

Re: Did i sell myself short?

Crashem — Sat, 18 Aug 2012 19:24:09 GMT

Btw my jloc reports as installment no matter what the limit.