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I just checked my balance on my Capital One secured CC and they gave me the $100 CLI. Woo hoo!!
How long have you had the card?
@trix_r_4_kids wrote:How long have you had the card?
Congrats!! I'm interested to know how long you've had it as well!! I think mine is about 6 months old now with a $500 limit.
@JohnPTEX wrote:
@trix_r_4_kids wrote:How long have you had the card?
Congrats!! I'm interested to know how long you've had it as well!! I think mine is about 6 months old now with a $500 limit.
I have had my card for one year. Right at the one year mark they sent me a letter saying "Thank you for using your account and paying on time. Because of your responsible behavior, we'd like to review your account to see if it's eligible for a credit line increase. " I just had to call and answer some questions regarding my income and they said it would not require a credit inquiry.
Howdy, my suggestion is to add the deposit money just to increase your line of credit. this makes the utilization percentages easier to manage. Then use the card but pay it off as soon as the "charges" post to the account. Example: 08-07-2012 I charged $932 to the account. on 08-10-2012 I paid $800 via mobile banking. this way I keep a rolling utilization below 19%. if you use your card a lot and pay it quickly -- even if you have a low balance -- they will increase your unsecured line of credit approximately two (2) times per year. from my research, every 5-6 months they review an account. so when my account had only a $200 line of credit, i paid it 6 times that month in full .... my last months spending was in excess of $3,000 but except for this month, i've kept it below 9% utilization.
Anyway, just use it alot and pay it off minus a $50 balance ... so they have "something" to report to the credit bureau a minimum of one week before the statement date.
I pay Every month in full have a $600 CL (deposited myself) and have had it for 9 months now. I ask every month and am denied every month, this last time they stated because I had 2 cards with them they could not (other card has $200 CL) I mean they should nt have given me a second card if it were a problem right? My question to you Cap1 experts, should I close the 2nd card? Ill have 1 cap1 then and a 1st Premier only..do your think it will hurt me? I have managed to increase my TU score from 554 to 724 and EQ to 644 but EX is still at 597 bit hat is the one that still has 8 negatives on it...working on it though.
howdy, if I am reading correctly, you have 2 secured cards? One with $600 credit line and the other with $200 credit line. Step 1 - don't close either card. What you want is a "long" credit history. don't ding your credit by applying for another cards either. From my research, max inquiries should be 3 per year. I only use 1 inquiry per year (credit application) and save the other two (inquiries) for emergency needs. This keeps me from disciplined.
suggestion. if both cards are secured. the lower card $200 CLI - I would suggest you only charge up to $38/month (19% UTIL) and then pay it off every month. I would just use it for a tank of gas and then put it back in the safe. the $600 CLI card no more than $114/month and then pay it off (19% UTIL). Basically use it to go grocery shopping then put it back in the safe.
Note: anything over 20% UTIL starts lowering your score. I posted a chart from my research on UTIL % ... basically rule of thumb ... never never never go over 19% UTIL without making a payment on the account -- even if the payment isn't due yet.
If your scores have gone from 554 to 724 you are doing the right thing. Keep doing it and in time all the credit bureaus will catch up. the 8 negatives just take time to heal.
my suggestion is to start saving on just one card. i would start with the $600 CL card and save $100/month to increase the line of credit. I would also suggest sticking $50/month in a savings account for back up funds for the "unexpected" things in life that happen ... flat tire or bad battery, etc.
For myself, I have matching savings plan. whatever I put in the CD I must also put in the savings account. That way I have a rainy day fund. For myself, I have only had my card since Dec 2011. We are August 2012 now and I am at $2700 CLI. To date, I have acquired $450 unsecured credit and the rest is secured. I am getting ready to make the final $300 deposit next month to take it to $3,000; however, if I do this and it posts in September, before the October review date, i will get another $300 unsecured at my 12 month renewal date which is in December. If all goes well, I will have a $3,300 CLI in December.
the summary is charge and pay .... even before due. I charged over $3,000 last month and paid all of it but $621 before the closing date and just paid it off yesterday. they see volume usage which if I am correct, i will get one of the higher credit limits because i have demonstrated that I can handle the "volume" prior to having the credit limit.
** show them you can pay then they will give you credit increases ** // (just my theory)
I got my increase on Wednesday for 100 Unsecured as well. I have had the card for 6 months to the day of the increase. I never asked for one, I never got a letter. I did get a call on thursday for them to notify me it is there and to congratulate me on my continued responsibility of the card and for keeping the card in very good standing..
Now last month while I was playing with the FICO scoring trying to figure out the formula *Yeah ok*, I did not pay it in full. Right before the statement cut I did pay it in full this month and have -1.47 sitting there so it reported 0.00 yesterday to my CRA and my DH.
I have only give 50 in secured deposits after my initial 49.00.
I will agree usage is the deal breaker for them.
my DH is an AU and he uses the card more than I do. In the am for coffee, bagel soda, cigs. whatever.
I pay it when it post plus I always pay the extra 10% over since I know he will use it Monday , Wednesday, Friday.
We have charged meals on there for like 20.00 or a 32.00 grocery bill the other day but I always pay after the items come out of pending status.
YMMV
Thanks for the reply:
If I am understanding correctly KEEP the $200 CL secured CC with Cap1 and continue to put $100 a month towards my CL on my other Cap1 card ($600 CL currently)
I also have a CD (Credit Builder) that has a payment of $88, so put an additional $88 a month in savings for a Rainy day! $50 in a regular savings account also.
Never max out these cards, only use 19% of the CL a month and pay off in full every month..(before the cycle date) only use 3 Inquirys a year..
I must admit I max these cards out every month but I pay before the cycle date, does that caught up with you?
I think that wraps up most what I THINK I gathered, I hope..let me know