@newhis wrote:
@bernhardtra wrote:
Most cards report once a month right after the statement closes.
My advice... First, don't spend more than can afford to pay off, use the card wisely. Second, try and use the card for everything you need one month, not for frivolities, get the account to report at or as near the CL as possible. (This will signal to Capone that the limit is low, their new scoring seems to like usage and payments. It will also then show on your report the high limit used, which could be a signal to other lenders.) Third, pay the account in full (PIF). Fourth, use the card for everything you normally buy and can afford. Take advantage of the cash rewards you will get. (Save the cash back up until Christmas or until an emergency. After all you are a student and having that extra money at Christmas will make you feel better when you can buy more gifts.) Fifth, link the account to your checking account and never let more than 10-20% report to the credit bureaus again, except when they give you a credit limit increase. (CLI) That then gives the signal again to both Capone and other creditors. Sixth, be careful and don't get yourself in a debt that you can't pay off quickly. Seventh; at the six month mark ask for a CLI and then ask every six months from that point. If they don't give you an increase try every month after your statement cuts until they do. The repeat every six months. Eighth; read up on Capone so you understand them as a credit card user. There is plentry of information posted here about them!
Are you recommending in this case because is an AU in other cards so the util will be low? I only have 2 cards, both $1000 limit, if I PIF 1 before cut date and the other near the limit my util will be almost 50%, so I don't know if you recommend that in my situation.
I have been using 3 Capone cards. One the one that I pay off every month, sometimes multiple times, I get nothing from them. I have used the card for at least twice it's limit in the last six months and I get no CLIs from them. One of the other accounts I let my niece use and she was only making the minimum payments on it and they would not give an increase on it either. When I transferred the balance to the third card through spending and paid it off, the next money they gave me a $2000 increase. When the third card had the balance on it for two months and it was getting larger payments they then gave it a $2000 increase just two days ago.
I was once speaking to someone in a credit department and they told me they consider the high limit used on accounts and actual limits on accounts. Certainly in a recon situation it could be used as a reason for a higher limit. You can easily tell an analyst one of the reasons why you would like a higher limit is because obviously the limits you have now don't work out too well. If you PIF and also note that then it can also be pointed out.
I am fairly forward thinking in what I am trying to accomplish with my credit. I want at some point to simply have the best rewards cards out there. I have no intention to close any cards, unless Capone really pisses me off, until I get higher limits on the better cards. I will admit that having the Signature card from them is a much different feeling than the other two cards. It is a great back up card in case I lose the 1.75% on my PNC Signature card. All I need now is a card for the three months of the year that Discover and Chase Freedom don't offer 5% cash back on restaurants and probably the Sallae Mae and Voice from Hunington. I think I have a year before I can get those cards. Hopefully I can resist the urge to even apply and stay in the garden. It is so tempting to try now, but I have to get rid of inqs first! Resist the dark side of apping.
It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
WTG