topic Re: Need Credit Line Suggestions in Credit Cards

Need Credit Line Suggestions

Kwao — Sun, 07 Oct 2012 17:26:09 GMT

I'm new to the credit thing. I've never really been concerned about it before now. I'm 33 yrs old and my credit history right now goes back to February of this year when I took 500 bucks and opened a secured credit card with Wells Fargo. This is my first credit card of any kind in my life. I had no credit score at that time. Currently, my credit scores are EQ-709, EX-717 and TU-734. My EQ was 725 until a couple weeks ago when Wells reported a high balance on my secured credit card. Nothing owed, just a high balance and that will be taken care of by the next time they report. I have no debts. My major problems are my short credit history and that I only have one line of credit.

As of right now, this is an update on matters. About a week ago, I co-signed on a vehicle. The monthly payments will relfect on my credit. So that will be my second line of credit. Yesterday, I went to lowes for the first time in my life and applied for their card and was approved with a $6,000.00 limit. Later in the evening yesterday I also went to Walmart and applied for their card and was approved with a $600.00 limit. So that's 4 lines of credit.

I'm looking for more lines of credit in general as I don't know how many are good or bad to have, but I'm also looking for at least 5 in particular because of a business loan I'm trying to get that requires at least 5 lines of credit.

I have no credit cards(unsecured). I've been getting offers recently, but I haven't applied. Which ones would you all suggest and what would you all suggest overall for someone with a credit profile such as mine? No debts, no delinquincies, 8-9 months of credit history, 700's credit scores across the board?

Re: Need Credit Line Suggestions

Shogun — Sun, 07 Oct 2012 17:41:03 GMT

That's quite a bit of new credit in a short amount of time. You have 3 new TLs and 1 less than a year old. You have no AAoA to speak of. You could try a CC and that would give you your 5th TL but keep in mind they will be looking at these facts.

Re: Need Credit Line Suggestions

nicholasyud — Sun, 07 Oct 2012 17:43:02 GMT

wow you had a nice start CL ever 12000 total for 2 new credit.........i bet everyone in here want your card.........Congrat again and maybe some Discover or Amex ? ....

Re: Need Credit Line Suggestions

Cadillac-XTS — Sun, 07 Oct 2012 17:48:49 GMT

Congrats

Re: Need Credit Line Suggestions

Revelate — Sun, 07 Oct 2012 17:49:44 GMT

Are you certain the 5 tradelines for the business loan aren't on one's business credit report, which is completely different than the personal credit report?

May not be, not certain on small business loans these days.

Anyway as far as credit cards go, you only need 2-3 for maximum FICO benefits; however, I'd do one of the following ifI needed another tradeline:

- Find a secured installment loan (USAA if you have access, various CU's, probably others too). May not even have to deposit money for some of them vis a vis DCU's credit builder loan (others offer this too).

- Apply for the entry credit card with whatever lender you happen to want that business loan from. Depends on lender though usually some will have a product you can obtain *or* go establish an account with traditional business credit card companies: Amex (charge card to start), Chase (Freedom, though this is a maybe approval), possibly others. Come to think of it I might go this last route just for future benefits when it comes to building your business.

Re: Need Credit Line Suggestions

Kwao — Sun, 07 Oct 2012 21:56:46 GMT

I don't know how to quote a post I want to reply to so Shogun, yes I'm concerned about that. Yet at the same time, I figure I've got to start at some point since the length of one's credit history also matters. I don't plan on going nuts. All these years I've never even thought about getting a lowes or walmart cart.

Re: Need Credit Line Suggestions

Kwao — Sun, 07 Oct 2012 22:00:12 GMT

Nicolasyud, I would say I wish it was 12 grand total, but since I don't really have a need for these cards beyond certain goals, I'll simply say that it's 6 grand on the lowes and 6 hundred on the walmart card. The walmart card is the discover card so I THINK I can use it anywhere?

Re: Need Credit Line Suggestions

Kwao — Sun, 07 Oct 2012 22:00:56 GMT

Credit314 wrote:
Congrats

Ahh, I learned how to quote now.

Thanks for the congrats.

Re: Need Credit Line Suggestions

nicholasyud — Sun, 07 Oct 2012 22:03:07 GMT

look...they offer my buddie and he simply call them and said.....look Lowes give me 6000 and give them some reason to give you a high limit........call the CSR or backdoor number list on the font page....i got my bump from 800 to 2000......if the first once deny ask to speak to their manager.........

Re: Need Credit Line Suggestions

Kwao — Sun, 07 Oct 2012 22:07:54 GMT

Revelate wrote:
Are you certain the 5 tradelines for the business loan aren't on one's business credit report, which is completely different than the personal credit report?

May not be, not certain on small business loans these days.

Anyway as far as credit cards go, you only need 2-3 for maximum FICO benefits; however, I'd do one of the following ifI needed another tradeline:

- Find a secured installment loan (USAA if you have access, various CU's, probably others too). May not even have to deposit money for some of them vis a vis DCU's credit builder loan (others offer this too).

- Apply for the entry credit card with whatever lender you happen to want that business loan from. Depends on lender though usually some will have a product you can obtain *or* go establish an account with traditional business credit card companies: Amex (charge card to start), Chase (Freedom, though this is a maybe approval), possibly others. Come to think of it I might go this last route just for future benefits when it comes to building your business.

I'm gonna have to double check on whether they'll be checking my business credit or my personal credit for the loan. Good catch. Didn't even think of that. Business credit would actually be easier too.

Thank you for the suggestions.

Is that Amex charge card fairly easy to get? I'm not terribly interested in cards of any high-profile status because I don't really plan on using them for anything besides a purchase here and there JUST so that they'll report it on my credit. So for that reason, I'm perfectly fine applying for cards that are the easiest to qualify for.

I was reading about Target's card on here and it doesn't seem like too many people like it. I applied last night also for the Amazon chase card, but was told they'd let me know in email or something. Seems like when you go to places in person, it gets done right on the spot in the moment.

Re: Need Credit Line Suggestions

Kwao — Sun, 07 Oct 2012 22:10:52 GMT

nicholasyud wrote:
look...they offer my buddie and he simply call them and said.....look Lowes give me 6000 and give them some reason to give you a high limit........call the CSR or backdoor number list on the font page....i got my bump from 800 to 2000......if the first once deny ask to speak to their manager.........

That brings to mind another question. I see a lot of threads where people are really happy about credit limit increases even though some of them admit that they don't necessarily use the card in question for anything more than just some small purchases in order to get the payments reported on their credit. So are credit limit increases seen as better on your credit reports?

Re: Need Credit Line Suggestions

nicholasyud — Sun, 07 Oct 2012 22:31:07 GMT

of course, i mean you should call them now before the card issue.......i told them i need to get some big TV and sofa at the store and i dont wanna max out the card......ask them for some specific amount you would like.....you can look at my other thread......about Walmart card....

And yes......use your card for something each months for transaction ........i mean nobody going to extend more credit to you if you wont used it ?

is it make sense ? keep reading on this forum im sure you would learn more......

Re: Need Credit Line Suggestions

Kwao — Mon, 08 Oct 2012 03:23:42 GMT

Ok, thanks Nicolas!

Re: Need Credit Line Suggestions

Creditaddict — Mon, 08 Oct 2012 03:34:14 GMT

If you got Lowes $6k and Walmart Discover for $600, you need to call Walmart Backdoor and ask for manual review of application for the Walmart Discover to be matched with Lowes of $6k.

That's crazy, I got $800 and didn't know think about Manual review CLI but I have just store card, I don't understand there computer system giving out Discover Card on lower limits! ugh

Re: Need Credit Line Suggestions

Dustink — Mon, 08 Oct 2012 04:46:52 GMT

I hate to recommend capital one, but I think their cards under the average credit section would be a place to look for a new card. That is only if you feel you desperately need another card.

Otherwise I would suggest you wait and garden your current cards. That means do not apply for anything new and just tend to what you currently have by paying them in full each month.

Re: Need Credit Line Suggestions

Kwao — Mon, 08 Oct 2012 22:29:50 GMT

Thanks Creditaddict and Dustink.

Re: Need Credit Line Suggestions

Dustink — Tue, 09 Oct 2012 06:28:01 GMT

Kwao wrote:
Thanks Creditaddict and Dustink.

What are your plans? Are you seeking more credit, or building what you have?

Re: Need Credit Line Suggestions

CruzImperial — Tue, 09 Oct 2012 07:43:18 GMT

When in doubt, call cap one lol

That's a very impressive start in the credit game. I don't know what to suggest though as you have virtually no aaoa XD but if anything, you must act before the new credit reports.

Re: Need Credit Line Suggestions

Kwao — Tue, 09 Oct 2012 13:26:42 GMT

Dustink wrote:
Kwao wrote:
Thanks Creditaddict and Dustink.
What are your plans? Are you seeking more credit, or building what you have?

Well, both really. All I had was just one credit line-my secured credit card that I started in February this year with 500 bucks. I thought it would be good to get a couple more lines of credit started too.

Re: Need Credit Line Suggestions

Kwao — Tue, 09 Oct 2012 13:27:26 GMT

CruzImperial wrote:
When in doubt, call cap one lol

That's a very impressive start in the credit game. I don't know what to suggest though as you have virtually no aaoa XD but if anything, you must act before the new credit reports.

Thanks for the suggestion!