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Established Member
Kwao
Posts: 21
Registered: ‎08-25-2012

Need Credit Line Suggestions

[ Edited ]

I'm new to the credit thing. I've never really been concerned about it before now. I'm 33 yrs old and my credit history right now goes back to February of this year when I took 500 bucks and opened a secured credit card with Wells Fargo. This is my first credit card of any kind in my life. I had no credit score at that time. Currently, my credit scores are EQ-709, EX-717 and TU-734. My EQ was 725 until a couple weeks ago when Wells reported a high balance on my secured credit card. Nothing owed, just a high balance and that will be taken care of by the next time they report. I have no debts. My major problems are my short credit history and that I only have one line of credit.

 

As of right now, this is an update on matters. About a week ago, I co-signed on a vehicle. The monthly payments will relfect on my credit. So that will be my second line of credit. Yesterday, I went to lowes for the first time in my life and applied for their card and was approved with a $6,000.00 limit. Later in the evening yesterday I also went to Walmart and applied for their card and was approved with a $600.00 limit. So that's 4 lines of credit.

 

I'm looking for more lines of credit in general as I don't know how many are good or bad to have, but I'm also looking for at least 5 in particular because of a business loan I'm trying to get that requires at least 5 lines of credit.

 

I have no credit cards(unsecured). I've been getting offers recently, but I haven't applied. Which ones would you all suggest and what would you all suggest overall for someone with a credit profile such as mine? No debts, no delinquincies, 8-9 months of credit history, 700's credit scores across the board?

Moderator
Shogun
Posts: 12,883
Registered: ‎04-15-2011

Re: Need Credit Line Suggestions

That's quite a bit of new credit in a short amount of time.  You have 3 new TLs and 1 less than a year old.  You have no AAoA to speak of.  You could try a CC and that would give you your 5th TL but keep in mind they will be looking at these facts. 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Need Credit Line Suggestions

wow you had a nice start CL ever 12000 total for 2 new credit.........i bet everyone in here want your card.........Congrat again and maybe some Discover or Amex ? ....


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
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012

Re: Need Credit Line Suggestions

Congrats

Moderator
Revelate
Posts: 8,318
Registered: ‎12-30-2011

Re: Need Credit Line Suggestions

Are you certain the 5 tradelines for the business loan aren't on one's business credit report, which is completely different than the personal credit report?

 

May not be, not certain on small business loans these days.

 

Anyway as far as credit cards go, you only need 2-3 for maximum FICO benefits; however, I'd do one of the following ifI needed another tradeline: 

 

- Find a secured installment loan (USAA if you have access, various CU's, probably others too).  May not even have to deposit money for some of them vis a vis DCU's credit builder loan (others offer this too).

 

- Apply for the entry credit card with whatever lender you happen to want that business loan from.  Depends on lender though usually some will have a product you can obtain *or* go establish an account with traditional business credit card companies: Amex (charge card to start), Chase (Freedom, though this is a maybe approval), possibly others.  Come to think of it I might go this last route just for future benefits when it comes to building your business.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Member
Kwao
Posts: 21
Registered: ‎08-25-2012

Re: Need Credit Line Suggestions

I don't know how to quote a post I want to reply to so Shogun, yes I'm concerned about that. Yet at the same time, I figure I've got to start at some point since the length of one's credit history also matters. I don't plan on going nuts. All these years I've never even thought about getting a lowes or walmart cart.

Established Member
Kwao
Posts: 21
Registered: ‎08-25-2012

Re: Need Credit Line Suggestions

Nicolasyud, I would say I wish it was 12 grand total, but since I don't really have a need for these cards beyond certain goals, I'll simply say that it's 6 grand on the lowes and 6 hundred on the walmart card. The walmart card is the discover card so I THINK I can use it anywhere?

Established Member
Kwao
Posts: 21
Registered: ‎08-25-2012

Re: Need Credit Line Suggestions


Credit314 wrote:

Congrats


Ahh, I learned how to quote now.

 

Thanks for the congrats.

 

Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Need Credit Line Suggestions

look...they offer my buddie and he simply call them and said.....look Lowes give me 6000 and give them some reason to give you a high limit........call the CSR or backdoor number list on the font page....i got my bump from 800 to 2000......if the first once deny ask to speak to their manager.........


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 Member
Kwao
Posts: 21
Registered: ‎08-25-2012

Re: Need Credit Line Suggestions


Revelate wrote:

Are you certain the 5 tradelines for the business loan aren't on one's business credit report, which is completely different than the personal credit report?

 

May not be, not certain on small business loans these days.

 

Anyway as far as credit cards go, you only need 2-3 for maximum FICO benefits; however, I'd do one of the following ifI needed another tradeline: 

 

- Find a secured installment loan (USAA if you have access, various CU's, probably others too).  May not even have to deposit money for some of them vis a vis DCU's credit builder loan (others offer this too).

 

- Apply for the entry credit card with whatever lender you happen to want that business loan from.  Depends on lender though usually some will have a product you can obtain *or* go establish an account with traditional business credit card companies: Amex (charge card to start), Chase (Freedom, though this is a maybe approval), possibly others.  Come to think of it I might go this last route just for future benefits when it comes to building your business.

 


I'm gonna have to double check on whether they'll be checking my business credit or my personal credit for the loan. Good catch. Didn't even think of that. Business credit would actually be easier too.

 

Thank you for the suggestions.

 

Is that Amex charge card fairly easy to get? I'm not terribly interested in cards of any high-profile status because I don't really plan on using them for anything besides a purchase here and there JUST so that they'll report it on my credit. So for that reason, I'm perfectly fine applying for cards that are the easiest to qualify for.

 

I was reading about Target's card on here and it doesn't seem like too many people like it. I applied last night also for the Amazon chase card, but was told they'd let me know in email or something. Seems like when you go to places in person, it gets done right on the spot in the moment.

 


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