Revolving Credit History

[matt6974]

This is like my second or third post but in the three months since I have joined I was able to really help my credit. I have had 5 late payments removed from my credit report thanks to a goodwill letter sent to chase student loans. I obtained my first credit card which is a capital one platinum card  with a $300 limit. I have watched my credit scores go from EQ 649 and EX 694 to EQ 743 and EX 758. I am at the 3 month mark with my first credit card and I am looking forward to the 6-12 month mark because I would like to apply for another card with a higher limit than the one I have. I am in the credit steps program with capital one but I have no idea how much my limit will increase when that program takes effect. I am starting to travel more for my job and need a credit card to help me out with this.

Length of Credit History: 6 years

AAoA: 4.3 years

4 student loan accounts

1 car loan account

1 credit card $300 limit and 3 months old

Utilization: 1%

Income $40,000

100% on time payments

No negatives whatsoever anymore!

Inquires: TU 3, EQ 1, EX 1 

Any other inquires are beyond a year and will soon fall off.

I was curious if there are some credit cards that I should not bother to apply for or a particular company to avoid if I do not have a whole lot of revolving credit history. I am looking to add two more cards and then garden for a while to let them grow with me. Travel wise I am not going to fly much but eat out, gas, and hotels will be up my alley. I was just curious if more weight was put into the amount of revolving credit history as opposed to the entire credit report. Thank you for your help.

[Kenny]

Do you shop at Amazon frequently? If so, maybe Sallie Mae. If not , then maybe BCE or BCP depending on how much you spend on groceries.

[matt6974]

I shop amazon from time to time and more than normal around christmas. I was thinking about trying my luck with BCE but i was unsure with my limited revolving credit history. I guess I will not know until i try.

[takeshi74]

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@matt6974 wrote:

I was just curious if more weight was put into the amount of revolving credit history as opposed to the entire credit report. 

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Underwriting criteria varies by creditor and can even vary by product.  It's up to you if you want to stick with the creditors typically suggested for rebuilding and credit unions for now.  If you do apply with a prime lender such as AmEx or Chase then you might want to consider cards that are generally regarded as easier on approvals such as AmEx's charge & Delta cards, the Freedom, etc.

[matt6974]

Thanks for the advice.

[-Wade-]

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@matt6974 wrote:

This is like my second or third post but in the three months since I have joined I was able to really help my credit. I have had 5 late payments removed from my credit report thanks to a goodwill letter sent to chase student loans. I obtained my first credit card which is a capital one platinum card  with a $300 limit. I have watched my credit scores go from EQ 649 and EX 694 to EQ 743 and EX 758. I am at the 3 month mark with my first credit card and I am looking forward to the 6-12 month mark because I would like to apply for another card with a higher limit than the one I have. I am in the credit steps program with capital one but I have no idea how much my limit will increase when that program takes effect. I am starting to travel more for my job and need a credit card to help me out with this.

Length of Credit History: 6 years

AAoA: 4.3 years

4 student loan accounts

1 car loan account

1 credit card $300 limit and 3 months old

Utilization: 1%

Income $40,000

100% on time payments

No negatives whatsoever anymore!

Inquires: TU 3, EQ 1, EX 1 

Any other inquires are beyond a year and will soon fall off.

I was curious if there are some credit cards that I should not bother to apply for or a particular company to avoid if I do not have a whole lot of revolving credit history. I am looking to add two more cards and then garden for a while to let them grow with me. Travel wise I am not going to fly much but eat out, gas, and hotels will be up my alley. I was just curious if more weight was put into the amount of revolving credit history as opposed to the entire credit report. Thank you for your help.

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If i was you i would join a CU they have some great cards and rates... I like the 5% cash back on gas that penfed has

[dta]

If you've banked with the same bank for a while, and they offer cards, maybe give them a shot for a solid no annual fee card. Your revolving history is limited but your bank may take into account your history with them and give you a decent limit. If not, I agree with others on joining a credit union. After some good history with a higher limit you may be able add a few other cards on in 6-12 months.

[Weights]

Congratulations on the late removals!  I concur with most of the other posters here in that your probably best off seeking a card from either a local credit union or bank with whom you may have a banking relationship.  I know some banks take that into consideration if you have limited history when applying for one of their cards.  Credit unions are generally more generous with credit limits.  If your currently not a member of one, do some searching and see if there's any that your elgiable to join.  Your definitely on the right path, and I have little doubt that if the good practice is continued, you'll be able to get just about any card you want in time.  I think your history is a bit too limited right now for some of the more prime cards like AMEX blue. 

[matt6974]

Thanks for the advice. I am not planing on applying for a new card until july or august. I wanted my capital one card to go beyond 6 months and let the credit line increase happen from the credit steps program. I have recently changed banks to us bank abot 5 months ago so maybe i try with them.