Contributor
antredd67
Posts: 83
Registered: ‎03-22-2007
The WaMu $30,000 Visa Platinum Offer I applied for
   I found out that Wamu would run my Transunion report if I applied for their up to $30,000 visa platinum credit card  with 0% interest for 12 months offer. Since my Transunion's score is 666 (what a famous number),  I applied just to see what would they give me since BofA gave me a $22,500 line of credit with a 13.99% interest rate back in October 2005.  Wamu approved me, but with a smaller line of $3000. I was hoping to transfer my higher B of A account to the new Wamu.
   I told them to close this account because this new account being opened would hurt me, and I already have a Providian Visa card that Wamu just merged with a $12,000 credit limit. 
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
I do hope you're using these cards as a strategic tool to...
I do hope you're using these cards as a strategic tool to improve your FICO, and not for actual credit, especially given their four and five-digit limits. Please tell me you're not actually looking to CHARGE that amount...
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in a credit-scoring postnuclear Stone Age...
Member
Jessacctng
Posts: 15
Registered: ‎04-02-2007
Be careful
I know that the simulator states that you can increase your score by applying for credit. but I think what they are really trying to say that if all your credit cards limits vs how much you actually owe is I believe less than half of what your limits are than your score climbs.
If you open a new card don't use it or if you use it don't exceed half of the limit-this drops your score. Right now I opened an American express -I called them because their balance transfer program online did not allow me to put what I wanted to transfer***caution****. I paid off all the other cards ___****Leave them open but don't use them!!!******* I then am pouring all the money I can to pay off this other credit card to less than half so my score can grow. Pay more than the minimum! Hope this helps!
Contributor
antredd67
Posts: 83
Registered: ‎03-22-2007
The Wamu Offer
   I am not using the cards as credit, in fact  I  have been paying cash for everything since I fully understand how charging things on your credit card hurts your fico score when your UTI isn't below 30%.
   Since I was basically approved  for the Wamu Visa card, I guess I could asked them to combine the new card with my older Providian Visa, increasing my overall line of credit from $12,000 to $15,000.  I didn't want to chance it  fearing that Wamu would have wanted me to keep this new card open (which I don't need) for a few months.
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007
I do know that WaMu is current;y in the process of upgrad...
I do know that WaMu is current;y in the process of upgrading their brand cards.  MY WaMu was just upgraded to a cash back rewards.  It may be worth keeping the card for that perk if yu can use it for daily expenses and PIF each month.
Contributor
antredd67
Posts: 83
Registered: ‎03-22-2007
Thanks Brammy
   I really enjoy reading your posts.  I went on and closed this new WAMU account as soon as I found out what the limit was ($3,000 that wouldn't help me pay off my BofA balance in full).  My whole point for applying for this card was to save on the 13.99% interest rate on my BofA line of credit to get the 0% on the Wamu card for the first 12 months.
 
   Without thinking though, I probably should have merged this account with my existing PRovidian Visa card since they both carry the same Visa logo, and 9 times out of 10, I am sure they would have approved it, and I would have earned a $3000 line of credit increase.  But me not wanting a new credit file on my report, I told them to close it and send me a letter stating that the account was closed.
Contributor
antredd67
Posts: 83
Registered: ‎03-22-2007
The Wamu offer/running my TU report
After Wamu ran my TU report, I was dinged 4 points, I dropped from 666 down to 662.