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Established Contributor
jamie123
Posts: 715
Registered: ‎03-22-2012

Re: Credit card apps ?

You might also consider applying for a BoA SECURED credit card. They now offer one with 1-2-3 rewards. You can make your CL whatever you like. This card will unsecure in a year and they will send you your deposit back.

 

Just be aware, if you ever add to your deposit it will be another HP.

 

Just be aware, when the card unsecures they USUALLY drop the credit line down to $500 or $1000, but after a year you will have a PRIME credit card that will grow with you for life. After a few years of good credit behavior you might have a $5K to 10K CL on this card.



Starting Score: EQ 658 6/18/12
Current Score: EQ 680 9/23/13
Goal Score: EQ 720+
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Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Credit card apps ?


jamie123 wrote:

You might also consider applying for a BoA SECURED credit card. They now offer one with 1-2-3 rewards. You can make your CL whatever you like. This card will unsecure in a year and they will send you your deposit back.

 

Just be aware, if you ever add to your deposit it will be another HP.

 

Just be aware, when the card unsecures they USUALLY drop the credit line down to $500 or $1000, but after a year you will have a PRIME credit card that will grow with you for life. After a few years of good credit behavior you might have a $5K to 10K CL on this card.


thanks for the advice but i think i just need to add 1 or 2 more trade line on my credit file and i think going either for AMEx or Discover since i love their benefit and stuff......but i guess i gotta wait till my score went up a lil bit more for a better change and better limit .....i really dont wanna start from the bottom i wanna start from the top and maybe have 5 to 10k on my limit and that's it.....i guess thats all i can actually handle them well......

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Established Contributor
jamie123
Posts: 715
Registered: ‎03-22-2012

Re: Credit card apps ?


nicholasyud wrote:

jamie123 wrote:

You might also consider applying for a BoA SECURED credit card. They now offer one with 1-2-3 rewards. You can make your CL whatever you like. This card will unsecure in a year and they will send you your deposit back.

 

Just be aware, if you ever add to your deposit it will be another HP.

 

Just be aware, when the card unsecures they USUALLY drop the credit line down to $500 or $1000, but after a year you will have a PRIME credit card that will grow with you for life. After a few years of good credit behavior you might have a $5K to 10K CL on this card.


thanks for the advice but i think i just need to add 1 or 2 more trade line on my credit file and i think going either for AMEx or Discover since i love their benefit and stuff......but i guess i gotta wait till my score went up a lil bit more for a better change and better limit .....i really dont wanna start from the bottom i wanna start from the top and maybe have 5 to 10k on my limit and that's it.....i guess thats all i can actually handle them well......

 


Everyone WANTS to start with a $5K credit line but that's not how credit works.

 

I think you are a bit confused about how lenders determine who gets credit and how much credit they get. I'll try and explain this as best as I can.

 

Lenders use your scores and history to determine if you are credit worthy enough for their card. If your scores and history are good enough they will give you a card.

 

Now they need to determine just what your CL should be. They look at your score. They look at your history. In your history they look at your income and what size CLs you are used to managing. If your current CL are $300 to $700 they will USUALLY set their credit line somewhere between $300 and $700. They USUALLY will not give you a $5000 CL if your current highest CL is only $700.

 

Now, if you want a $5000 CL there are 2 ways you could go about it. If you stick with your current cards you will have to wait until your scores are well north of 720 to be granted a CL of $5K right at approval. That might be a long wait.

 

Another way to do this is to start working with the scores you have and speed up the process. With the scores and history you currently have you should be able to be approved for a GE card. It doesn't have to be a Walmart if you don't shop there. Find a GE card that you can use. GE is very generous with CLI so hopefully this card could have a CL of $3K in a year. Lenders will make a jump from $3K to $5K when they issue new cards but USUALLY they won't jump from $700 to $5000.

 

I hope I made it clear enough?

 

Scores and history are used for approval.

 

Scores, history (Current CLs) and income are used to determine initial CL for new cards.

 

Good luck!

 

 



Starting Score: EQ 658 6/18/12
Current Score: EQ 680 9/23/13
Goal Score: EQ 720+
Take the FICO Fitness Challenge
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Credit card apps ?


jamie123 wrote:

Another way to do this is to start working with the scores you have and speed up the process. With the scores and history you currently have you should be able to be approved for a GE card. It doesn't have to be a Walmart if you don't shop there. Find a GE card that you can use. GE is very generous with CLI so hopefully this card could have a CL of $3K in a year. Lenders will make a jump from $3K to $5K when they issue new cards but USUALLY they won't jump from $700 to $5000.

I hope I made it clear enough?

Scores and history are used for approval.

Scores, history (Current CLs) and income are used to determine initial CL for new cards.

Good luck!

 

I dont know if your stragety is right i dont wanna be rude but just want to discuss but i just help my dad to get a Discover credit card and they approved him with 1700 credit limit even thou he doesnt have any credit card under his name. 2 authority credit card which is 300 and 500 capital one . 1 paid off car loan and 1 current student loan joint. 1 charge off and 2 collection i dont know what his score it but they  offer him with 2k limit..........what do you think about the odd of this case ?




 

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Established Contributor
jamie123
Posts: 715
Registered: ‎03-22-2012

Re: Credit card apps ?

Okay, your dad was approved for a Discover with a $1700 CL. That is still far away from the $5000 you want to start with.

 

 I think you would also get approved for something in the $1000 to $2000 range if you applied for Discover right now. You said you wanted $5K to start.



Starting Score: EQ 658 6/18/12
Current Score: EQ 680 9/23/13
Goal Score: EQ 720+
Take the FICO Fitness Challenge
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Credit card apps ?

no i didnt mean that high......but if your score go above 700 your change getting approve for that limit is pretty high right ? just wonder....so happy now i dont know if i gonna apply anything anytime soon :smileyvery-happy: i got that 1700 cover for everything at the house so i guess im good :smileyvery-happy:


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k


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