Personal 1st app spree *Updated 8/22

[CruzImperial]

Give us an update on the Cap One card and if you try walmart, good luck!

[Cranski]

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@CruzImperial wrote:

Give us an update on the Cap One card and if you try walmart, good luck!

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I did get walmart, that was the instant approval for $150.00. I'll use it for gas for the 5% cash back. I'll update the cl increase request in 4 months. That will be exciting!

I will definantly update on the Cap1. I believe their the pinto of subprime so there is still a chance.

[CruzImperial]

Nice to hear! Congrats !!

[jamie123]

Check your mail, I sent you a PM.

[jsucool76]

You will probably end up getting lucky with Cap1. 

Best of luck  

[Cranski]

I've got the itch ...

I'm contemplating Amex since Experian is still so squeeky clean. Perhaps just the zync charge card. Do they benifit as a different type of account or the same as a CC?

[jsucool76]

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@Cranski wrote:

I've got the itch ...

I'm contemplating Amex since Experian is still so squeeky clean. Perhaps just the zync charge card. Do they benifit as a different type of account or the same as a CC?

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They report the same way as a credit card, however, unless you get the $200 CL or $500 with autopay, (I.E, If you get NPSL) the balances won't count towards your utilizaton. 

Edit: Bah, that was worded really poorly. They will report the same way as a normal CC(Revolving) However if you get NPSL, the balances won't count towards your utilization. If you get a set limit (I.E $200, or $500 w/ autopay) the balances will count towards utilization. 

That's how I've come to understand it at least. 

[Cranski]

So a charge card can have a limit. While I didn't understand it before I do now that it is a terrible idea. As it always appears maxed out.

[jsucool76]

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@Cranski wrote:

So a charge card can have a limit. While I didn't understand it before I do now that it is a terrible idea. As it always appears maxed out.

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No quite the opposite. Those with lower credit scores, or with "riskier" credit profiles will sometimes be given a fixed limit on their zync (or on other cards after a FR) but if you don't have a fixed limit, your card NEVER appears maxed out, as any money you spend on it is not counted in your utilization.

Example: 

1 CC with 1000 limit

1 CC with 3000 limit

1 amex NPSL Charge Card

you have 4000$ in available credit, however, if you spent all your money on your charge card, and none on your credit cards for one billing statement , your utilization would be zero, even if you spent 3000 on your amex. 

It will count in your fico score as one of the cards in the "Amount of Cards That Have a Balance" section, but your utilization % will not be affected by it. 

[Cranski]

Much better to understand that way. When I get the Walmart TU Fico

I'm going to do a little more Experian hunting. I realize I only have around 14 days and I don't want ice on EQ, so I'm trying to use the one thats squeeky clean. If only I had a summer house in CA....