Hello. This is my first post in this forum, but I've been lurking around a bit trying to learn from the experience of others what I probably should and shouldn't be doing in regards to my credit.
My credit isn't very impressive at the moment, but I've been wanting/needing a new computer. I hesitantly decided to apply for the Amazon store card and was instantly approved for $1,400.
Here's an overview of my credit:
My EQ and TU scores are 650.
My total net income is $47,000 which is good for where I live.
I have one $50 medical collection on my account that's about 4 years old.
I have one $500 Capital One card with no balance and one $500 Capital One Best Buy card with a $400 balance.
I have a GE and a Wells Fargo furniture card which limits total $9,000.
My credit card utilization is 67% (I know this makes some of you queezy); mostly all of which come from the two furniture cards, and I have a car and student loans that total 54k.
So after paying my GE furniture bill ontime every month for 6 to 8 months, GE increased my limit with them automatically by about $2,000. Simultaneously, I received a pre-approval for a Wal-mart card backed by GE which I didn't apply/accept.
But now that I'm in the market for a new computer, I considered financing through Amazon backed by GE since GE seemed to be willing to extend more credit to me.
I was afraid of rejection due to the high util and I didn't want the hard pull bringing my score down for nothing, but in a couple of months after I pay off my Best Buy card and GE card, my score is going to pop up considerably anyway so I figured what the heck.
I applied and was instantly approved for $1400. I think that had my credit util been lower, especially on the GE card, I would have been approved for atleast $2500 but I'm good with this limit.
Once I get my util down and scores back above 700, I want to try for the Chase Amazon card.
So yeah, hope this helps anyone who has a credit profile similar to mine decide on whether or not they should apply for the Amazon Store card. My util is high right now but I think what helped me is my payment history.
Congrats! GE is a great company and Amazon store card has great financing! Mine went from $1400 to $5000 in less than a year
Congrata! It's a great card and will grow nicely. I use mine all the time.
Cool and congrats! I recently got mine as well so it will be interesting to see how well it grows.