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Dear netpanther, I just read your info.
Recently I applied to Discover More Card because of 0% intro APR for a year on purchase and balance transfer. I got approved right a way over the phone for $2000 credit line of limit. Is this poor? fair? good? The Discover said they cannot give me more than this limit at this moment, because I never had a history with them. I have to build a history with them within next 6 months and then I can request to increase the limit. Is this normal with any credit card company?
I also applied to Citi Driver's Edge few days later and approved for $3000 credit line of limit. Why I got more than Discover on this? Because of I have one card with Citi for a little over 2 years?
My score was close to mid 700's when I applied to these cards.
I began to using the credit card in 2004 (I only had one with my bank), and I had four other credit cards at the time of applied to Discover More and Citi Driver's Edge. The reason of I applied to the new card are transfer the balance from other card with 0% intro APR before it expires. The limit on my cards are begin with $3000 and now it is $5000 ~ $5500 except $8000 on Amex Blue (it was $4000 and they doubled it automatically). I took the offers came in the mail … 0% APR on purchase and balance transfer for 12 months, and zero transfer fee.
Chase Starbucks Duetto 08/05' ~ Amex Blue 12/05' ~ Citi Dividend Platinum Select 11/05' ~ Chase Flexible 09/06' ~
Anyway, I need to transfer the amount of $4500 from Chase Flexible to new one next month to avoid 8.99% APR interest kick off. It was only $2000 to transfer in 12/07', but I had to charge another $3000 (limit is $5500) for emergency situation.
This time, I could not find zero transfer fee deal in the mail offer neither at online. So, I have to pay for 3% transfer fee. Ouch!
I am not sure I did well or not about having this many credit card in three years.
Help me please! I want to increase the score to over 750, and my goal is to reach 800 one day!
Decreasing the limit will help to increase the FICO score? Is it better to keep the line of limit lower? or higher? even use it or not. Is it better to close the CC account which does not use it all the time?
Thank you!!