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Hello,
I'm new to credit. I started to build my credit 5 months ago from scatch
At the moment i have
1) Wells Fargo $300 secured (opened in May 2012)
2) Walmart $400 (August 2012)
3) Capital One platinum $500 (August 2012)
All those account i PIF every month and i'm never above 9% UTI
Next month when i hit my 6 month history and i finally will have a score, i plan to apply for a charge card with AMEX to get a 2012 member year
Should i try to apply for a revolver if i get approved for a charge card? or better to wait because i might get again a poor CL
My main goal now is to work on increasing my limits, so that i won't get stuck with those small limits
i know walmart is probably my best card to get increases every 4 months.
How much will it increase every 4 months? (from personal experiences)
But besides that i really want to know what else i can do
Some people tell me i could increase my secured card CL, but how much ? is it necessary to make the jump to higher CL ?
Is there any Credit card i should apply for in the near future who are known for being more generous with starting CL ?
It's my first year in the credit industry so right now I have like 6 HP, but somehow on my reports some of them don't show up. I have like 4 the most in any of my reports i saw.
I would definitely recommend an Amex charge card, but not a revolver. If you're approved for a charge card, you could apply for a revolver as well and likely only incur one hard pull, but honestly, you will be denied anyway with only 6 months history. You might as well wait, the card will be backdated anyway. While a charge card isn't good for increasing hard credit limits, it is great for increasing spending power. Amex may give you much more spending power with your charge card depending on your usage then you could get with a credit card. There was awhile when I only had an Amex Gold card with a roughly $15K internal limit and two $750 Cap Ones. If you just want higher hard credit limits, you need to grow the Amex charge and what you currently have. Nobody is going to start you out with a high limit right now.
I had the best luck with the bank I have a checking account with. They were the most generous. I would look into that, maybe your bank can help you out.
let's say i raise my secured to $2000
i heard barclays usually match your highest limit
is that true ?
do i need to have the $2000 for a certain amount of months before to apply ? or they don't know how long i had this limit ?
@pat0812 wrote:let's say i raise my secured to $2000
i heard barclays usually match your highest limit
is that true ?
do i need to have the $2000 for a certain amount of months before to apply ? or they don't know how long i had this limit ?
I've heard that rumor about almost every lender at some point, it's certainly not a hard and fast rule. Plus, Barclays will see that is a secured card, not a regular credit card. I can't see it helping that much at this point, your limited history is going to hold you back.
some of the secured card on the market show up in your report as a regular card
maybe with that it should be good ?