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Glad you asked. I'm trying to fix my credit and establishing a line of revolving credit--while keeping my installment credit in good standing--appears to be the fastest way to get there. When I say "use" I mean increase the line at as low of a utilization rate as I can.
I went "off the grid" dredit wise a couple of years ago and didn't have any credit cards--I was 100% debit and cash. It taught me how to live very much within my means, of course. However, when i suddenly needed to do things last year, like get an appartment and furniture, I found myself getting turned down for financing offers tht I would have never had problems getting 2 years before.
From everything I've read, my credit had taken a dive because of my off-the-grid experimet.
Holy crap! They gave me a CL of $10k! I'm gonna have a sick CU now! I've been paying cash for everything for the past 2 years.
Wow. I swear to you guys, I'm not a troll, LOL!
@Anonymous wrote:Holy crap! They gave me a CL of $10k! I'm gonna have a sick CU now! I've been paying cash for everything for the past 2 years.
Wow. I swear to you guys, I'm not a troll, LOL!
Wow what an awesome CL, I guess they did really want you
@Anonymous wrote:Holy crap! They gave me a CL of $10k! I'm gonna have a sick CU now! I've been paying cash for everything for the past 2 years.
Wow. I swear to you guys, I'm not a troll, LOL!
Congrats Glen ! This is a really nice CL!
Yeah, to get an initial CL like that from Discover is AAAA-mazing!
I know they seem to have loosened their normally conservative selves up for the It card. But that's still a whomping big CL for them!
Congrats for sure.
Guess its safe to say you are officially on the grid now!!!!
Ha ha... very much ON.
Thanks everyone.
Had another follow-up question... I never thought of this before, but I saw someone else asking about your first purchase on a new card. I was thinking about buying an airline ticket to inaugurate this thing. I’m going to Europe this summer with some buddies so the ticket would be about $1,000 or 10% of the CL. Is this a good idea or a bad idea? Or, does it not make any difference. It’s not a cash flow issue. I could easily just dip into my savings account.
Or, might I also consider opening an airline card when I purchase the ticket. This would be my 5th or 6th hard inquiry in the past 2 years.