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New Member
msmith127
Posts: 6
Registered: ‎09-04-2010
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Re: Help or hurt?

Whoa........!! Clearly a delusional slip there. $750

Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
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Re: Help or hurt?

 


msmith127 wrote:

Whoa........!! Clearly a delusional slip there. $750


Yes, but it was quite fun, imaging a $750K limit , especially with Capital One.

 

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Help or hurt?

 


haulingthescoreup wrote:

A lot of it depends on what you want from a credit card, and how and where you plan to use it. For instance, do you want rewards cards, and if so, in what area, and with points or with cash back, and on and on.

 

One of the simplest sources is your local credit union, or a local bank (as opposed to a local branch of a national bank.) Credit unions especially are geared to working with those who don't have a lot of credit history, who are often too scary to major lenders to take a chance on.

 

How long have you had credit, and do you have any negatives reporting (lates, collections, judgments, etc)? These factors affect which lenders will be interested in you.

 

If you've pulled a FICO score (as opposed to a FAKO from Experian, 3-in-1 credit monitoring services, and so forth), what was your score, and was it Equifax or TransUnion? You can't buy your Experian FICO any more. :smileymad: If you still can access the score report, click the second tab titled "Understanding Your Score," and look at the negative factors on the left. What are they, in order? These factors are what are affecting your scores. The positive ones on the right are more warm-fuzzies. Alas, it's the negatives that matter.


 

Bumping this post, now that we've recovered from the image of a $750K CL Cap One card. :smileyvery-happy:

 

I think it will help you in the long run to have 3 CC's, especially if two of them are revolving. I know you have an AmEx charge card as your second card.

 

If you can supply some of the above info, we could advise (or confuse) you as to whether now was the time to go for a third card, and if so, which ones might be good matches.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Member
msmith127
Posts: 6
Registered: ‎09-04-2010
0

Re: Help or hurt?

Both Equifax and Transunion indicate the length of credit history is excellent. Have had Cap 1 card several years and only once or twice exceeded half in limit in any given month. Gold AMEX card is new. Scores were 720 +. Have an ongoing payment with IRS that is reported negatively. Payments steady and always on time. Under 10K. Looking only for points from cards and to improve score.

New Member
msmith127
Posts: 6
Registered: ‎09-04-2010
0

Re: Help or hurt?

Please do.

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Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Help or hurt?

 


msmith127 wrote:

Both Equifax and Transunion indicate the length of credit history is excellent. Have had Cap 1 card several years and only once or twice exceeded half in limit in any given month. Gold AMEX card is new. Scores were 720 +. Have an ongoing payment with IRS that is reported negatively. Payments steady and always on time. Under 10K. Looking only for points from cards and to improve score.


 

First of all, timing: I'd let the AmEx card show up and have six month's worth of payments on it displaying on your reports. It helps to have a trail of history on more than one open card. If you have some sort of deadline coming up, maybe you might try for one sooner, but you probably won't get as good of a deal.

 

As to which type, it looks like you want a rewards card. Here's where I'm getting out of the way for others to reply! :smileyvery-happy: Again, some cards are better than others, because they are earned from specific categories (gas, restaurant, drugstores, groceries), or you apply the points to other categories (airline miles, hotel stays, etc.)

 

Does the IRS payment report as a judgment?

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
New Contributor
O-day
Posts: 73
Registered: ‎08-09-2010
0

Re: Help or hurt?

well my peers deff answered ur question. my advice is to use the heck out of this charge card and let ur highest balance report for now. it will hurt ur scores now but in the long run when u pay before the statement that highest balance will report as your credit limit. after 6 months- year of heavy usage you should apply for an amex credit card and then when they saw that u used it a lot they will bless u with a credit limit to accomodate your spending. best of luck my friend.


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