Still in rebuild process - stuck with bottom feeder cards

[DeeBee78]

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@alexl22 wrote:

Do you have any kind of Installment loan for your mix of credit? Go to amazons card account page, initiate a chat and ask for a credit limit increase asking for 5k and hopefuly they will give you the whole thing or counter.

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Yes, I have an auto loan out right now as well. 

I went to the Amazon chat, and before I even asked for a CLI, they told me I was denied, and I would receive a letter in 7-10 days stating why. Here is the whole transcript:: 

Richard Marx: Your request for a credit limit increase online, was denied.

Richard Marx: You will receive a letter in 7-10 business days explaining the reason for the decision.

Me: I don't understand why I didn't get an automatic credit line increase after 4 statements, like everyone else.

Me: I pay my bill on time, and always more than the minimum amount.

Richard Marx: We apologize for any inconvenience this may have caused and if you find we based the decision on incorrect information, please contact the credit bureau number indicated on the letter and calls us when the information has been corrected.

Me: My utilization is less than 30%

Richard Marx: I understand.

Richard Marx: I wish I had an option to increase the limit.

Me: How soon until I can request an increase again?

Richard Marx: You can check on a credit limit increase anytime.

Me: OK. Thank You.

[Anonymous]

You're paying a 12.4% APR on your credit limit even if you never charge a cent. Maybe it won't cover your medical bills but it could reduce them by $99 per year.

[gdale6]

Let us all remember to be respectful of one another. Thanks! 

http://ficoforums.myfico.com/t5/Credit-Cards/Friendly-Supportive-and-Respectful/td-p/2797115

[cartwrna]

I agree, I would close the Credit One as well. You state that it helps your overall utilization, but it is only doing that if your carrying large balances from statement to statement. What your wanting to do is carry between 1-9% on one card and a $0 balance on the others. Believe me you will get better cards without the Credit One card. I closed mine after one year and soon after got better cards. Most recently Barclays with a $1750 limit and DCU Platinum with a 5k limit. But, ultimately it is up to you. $8 from month to month really isn't that much, but I look at it as $8 I could be buying something with LOL. Have you tried contacting the Cap 1 EO and requesting a CLI? The only issue as you stated with any new credit is that collection account popping up so recently. It will be hard to get any new cards or CLI with that still around. Good luck on your journey

[Anonymous]

Keep disputing the T mobile acct. That will come off soon. They will say verified just ask how when who what where. I heard that they don't really verify anything

[alexl22]

I would try again with the chat on amazon, I think I may have had that richard guy once and he refused to do it for me and said to just use the online system. If the rep wont take your income and how much of a CLI you would like then just end the chat and start up a new one with a different rep.

If they ask you for income and amount you want increased and it still gets denied then try again next month.

[Anonymous]

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@DeeBee78 wrote:

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@Anonymous wrote:

Okay, so your subject is "stuck with bottom feeder cards" which to me seemed to indicate you 'dont' want them, I tell you to close the worst of the bottom feeders and work the Cap One cards to build them up because they are all you need and you tell you don't want to. OK, toss your money to the sharks if thats what you prefer to do.

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And you can't understand me not wanting to cut 29% of my credit limit? Why would a lender be more apt to lend to me if I had a higher utilization, If you are not carrying balances UTI% isn't an issue; less trade lines, Once you have 3 revolving tradelines, additional ones *really* don't help much at all; and overall lower limits? Most don't really care what your current individual limits are when apping, they just want to see perfect payment history accross multiple lines, smart balance utilization and a lack of any recent CO/Collections. 

I don't think your advice will help me obtain better cards. Ok, thats fine, but just note there is not one single person here advising you to keep the Credit One account - mine is one voice of several saying the same thing. Plus I'm already doing what you stated to do with the Capital One cards..  Keep it up and Cap One will keep raising your limits. How old are the Cap One accounts, and how long since the limits were last raised? I believe they require four months between increases if I'm not mistaken. How long have you been using them that way?

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[TRC_WA]

Credit One is one of the worst CC lenders out there.

I will go against the grain and advise OP to keep the card... just for the simple fact that the $8.25 a month annual fee and no grace period on purchases is a steal of a deal.  I chose to avoid Credit One when I started rebuilding in 2013... but that's because at the time the $8.25 a month was better spent on my Netflix subscription.

[Anonymous]

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@TRC_WA wrote:

Credit One is one of the worst CC lenders out there.

I will go against the grain and advise OP to keep the card... just for the simple fact that the $8.25 a month annual fee and no grace period on purchases is a steal of a deal.  I chose to avoid Credit One when I started rebuilding in 2013... but that's because at the time the $8.25 a month was better spent on my Netflix subscription.

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Who's doing the stealing?

[TRC_WA]

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@Anonymous wrote:

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@TRC_WA wrote:

Credit One is one of the worst CC lenders out there.

I will go against the grain and advise OP to keep the card... just for the simple fact that the $8.25 a month annual fee and no grace period on purchases is a steal of a deal.  I chose to avoid Credit One when I started rebuilding in 2013... but that's because at the time the $8.25 a month was better spent on my Netflix subscription.

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Who's doing the stealing?

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I think they are... which is why I chose Netflix.

BTW, CapOne claims to be 6 months between increases... that's what they've told me anyway.