05-06-2013 11:44 PM
So my boyfriend got a Discover card a little less than a year ago (will be a full year May 18th), which was a counteroffer for the card he originally applied for (not sure exactly what it was, could have been the More). Also not sure of the terms, but considering it was his first real credit card after having only a car loan and student loan report, him and I were both thrilled at the prospect of building his credit. They gave him a $1250 limit to start.
Unfortunately, he did use the card for some moderately big ticket items for his collection, and he makes the monthly minimum payments each month...and sometimes uses the card for going out to eat and such. So his balance is usually anywhere between $700-$900 every month, obviously lower when he's not charging additional purchases to the card. Though i can't remember the exact timing, he's gone from $1250-->$1500-->$1900 to just recently today $3000! That's over 2x increase within a year! Without even asking!
Discover sure likes people who revolve balances
That's great...but I would not advocate carrying balances on a card if it is not necessary, or just in the off chance that they will give you a CLI. I never carry any balances, so if that means I will not get a CLI, then so be it. I will of course request one...
Trust me, that's my theory, too my boyfriend isn't as credit savvy as much as I try to teach him...
And i'm certainly not advocating carrying a balance at all, unless under a 0% intro period on purchases/BT...merely stating an interesting observation
05-07-2013 01:16 PM
05-07-2013 07:27 PM
Interesting! Ive been carrying a bal on my IT(0% for 15 mos on bts and purchases-IT was a Motiva!)
Went from 4000-4750 at 6 months.
Get him to get BCE; it's a boooomb card!
And looks like you got 'im in checkhahha😳👍👍😄😏
HAHA! Well, in some respects I have him in check! And other instances, he has me in check
So overall it balances out to an even relationship there's some things I'm great a balancing, and others he's simply better at. Not to mention I'm a complete left brain and he's a complete right brain!
I honestly can't wait to see his score boost from paying down that card and a few of his loans!!
05-08-2013 08:12 AM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO