topic Re: God help me in Credit Card Approvals

God help me

Anonymous — Tue, 19 Jul 2016 23:14:18 GMT

So I applied for a Barclays rewards MasterCard and was denied. Last week I got an email from transunion saying they deleted my collections. (Old medical bills) so knowing Barclays uses transunion I decided to go for recon. After answering a few questions I was placed on hold, 30 seconds later rep came back and I was approved for 1k! I know it's not much but the only other card I have is a Walmart card for 300 so it was a nice victory. Now I'm feeling froggy and decide to app for the marvel card. Instant approval 6k!!!! I super excited but at the same time I'm nervous to get myself into debt. Any advice for a rookie to keep me from getting overwhelmed and hurting my score for future endeavors.

Re: God help me

Anonymous — Tue, 19 Jul 2016 23:16:45 GMT

Congrats on the approvals! Just make sure you don't charge more than you can afford to pay off each month and you should be good to go!

Re: God help me

Anonymous — Tue, 19 Jul 2016 23:28:02 GMT

Stop and don't apply for another card. It feels like a drug to get approved for credit when nobody wanted to do business with you for years. Once you prove you can pay on time, say a year or so, then you'll be looking at $5,000 approved limits across the board. By this time a year from now you will have practiced enough restraint to not get yourself into debt you can't pay back.

Re: God help me

Chickenpotpie — Wed, 20 Jul 2016 00:54:24 GMT

Congrats! Just be careful to not spend more than you can afford. I know its been said but it bears repeating. Having gone through a bankrupcy its a lesson I keep in mind no matter how well I'm doing financially.

Re: God help me

Anonymous — Wed, 20 Jul 2016 00:58:05 GMT

Congrats!

Ditto on the advice of the other posters. Garden and use conservatively! Your scores and limits will grow!

Re: God help me

Anonymous — Wed, 20 Jul 2016 01:10:35 GMT

Congratulations on your successes. As others have said, do NOT charge more than you can pay monthly. If you don't have a budget, you should definitely make one. That can really help guide you.

Use your new credit well and good things will happen with your credit score! Good luck to you.

Re: God help me

NichelleN — Wed, 20 Jul 2016 01:52:25 GMT

Congratulations!

What works for me: While I am carrying a balance on 0% interest cards, I make it a point to pay everything else in full monthly. When I didn't have credit cards, I had to buy things with the money I had, not the credit I wanted. So, the rule stays in place now.

Good luck to you!

Re: God help me

thisladyz — Wed, 20 Jul 2016 02:21:26 GMT

Congrats! Yes, pace youeself and don't charge it up to where you can't pay in full each month. Good luck!

Re: God help me

Anonymous — Wed, 20 Jul 2016 02:25:41 GMT

OP, welcome to the forum. Please note that we arehere to help and give you advice when you ask, and even sometimes when you don't. Don't be afraid to create a posting asking about anything.

In regards to your post. Congratulations on the approvals. I can't tell you much about the Marvel Card as i don't see it fitting my personaly. I do have a Barclay Card though and have not had any issues with them. The biggest thing you want to remember, especially at the beginning of building your file is to not try to do too much to fast. The 2 cards you just got, I would keep it at that for a little bit. Put some charges on them, pay them off and then rinse and repeat for a few months. You want to let 1 of the cards report a balance, a small one maybe a few hundred each month. Don't put more on the card than you can afford to pay off each month. Letting the card report a balance does not mean that you will be paying interest. Pay one off before the statement cuts and the other by the due date.

Once you start getting these lenders reporting to your cr you will see an increase in your score. Also, don't go crazy with applications for a while. Some of us have thick files and a few applications and new cards will barely decrease our scores, and only for a short period of time. In the future when deciding what card to apply for, look at the rewards and your spending habits. Make the decision to apply based on your needs and how the card will fit those needs, not based on what the card of the month is. Just because a card works well for one doesn't mean it will work good for you.

Re: God help me

Vegas4Play — Wed, 20 Jul 2016 06:28:22 GMT

Congrats to you !!!

Re: God help me

Anonymous — Wed, 20 Jul 2016 09:08:24 GMT

Welcome to the Marvel family, the 3% cashback on fast food/enertainment was what got me when it was sugggested to me!

This may not work for you, but I use my cards like a debit card, I only spend what I know is in my bank account and what I know I can pay off. I pay my cards off atleast once a week if not 2-3 times.

Congratulations, and always remember we are here no matter how silly you may think your question is; we will help you answer it!

Re: God help me

Anonymous — Wed, 20 Jul 2016 10:42:01 GMT

@Anonymous wrote:
So I applied for a Barclays rewards MasterCard and was denied. Last week I got an email from transunion saying they deleted my collections. (Old medical bills) so knowing Barclays uses transunion I decided to go for recon. After answering a few questions I was placed on hold, 30 seconds later rep came back and I was approved for 1k! I know it's not much but the only other card I have is a Walmart card for 300 so it was a nice victory. Now I'm feeling froggy and decide to app for the marvel card. Instant approval 6k!!!! I super excited but at the same time I'm nervous to get myself into debt. Any advice for a rookie to keep me from getting overwhelmed and hurting my score for future endeavors.

Congratulations!...Thanks For Sharing.

Re: God help me

Grafton88 — Thu, 21 Jul 2016 01:55:01 GMT

Congrats on your success. Three cards is a good way to go. I would look to use them responsibly for 6 months and then look for credit limit increases. This will also build up your AAoA(Average Age of Accounts).

I like to take the slow approach and focus on my future desires. My big wish is to build my credit so I can buy a house next year. That focus keeps me from spending too much on my cards. I will app for one more card this year and then go back to the garden.

You are off to a good start. Keep up the good work.

Re: God help me

Anonymous — Thu, 21 Jul 2016 03:59:36 GMT

@Anonymous wrote:
Stop and don't apply for another card. It feels like a drug to get approved for credit when nobody wanted to do business with you for years. Once you prove you can pay on time, say a year or so, then you'll be looking at $5,000 approved limits across the board. By this time a year from now you will have practiced enough restraint to not get yourself into debt you can't pay back.

Very good advice...

Re: God help me

Anonymous — Thu, 21 Jul 2016 04:03:06 GMT

@Anonymous wrote:
Welcome to the Marvel family, the 3% cashback on fast food/enertainment was what got me when it was sugggested to me!

This may not work for you, but I use my cards like a debit card, I only spend what I know is in my bank account and what I know I can pay off. I pay my cards off atleast once a week if not 2-3 times.

Congratulations, and always remember we are here no matter how silly you may think your question is; we will help you answer it!

Same here.... I only use what I can afford to pay back. YNAB is my new best friend along with MyFico

Re: God help me

Anonymous — Thu, 21 Jul 2016 05:39:14 GMT

Congrats!

Re: God help me

RonM21 — Thu, 21 Jul 2016 09:27:26 GMT

Congrats on the approvals!

Re: God help me

Anonymous — Thu, 21 Jul 2016 12:38:30 GMT

Thank you everyone for the advice, it will definitely be a test of willpower. I just have to keep the bigger picture in mind.

Re: God help me

Anonymous — Thu, 21 Jul 2016 14:29:01 GMT

@Anonymous wrote:
Stop and don't apply for another card. It feels like a drug to get approved for credit when nobody wanted to do business with you for years. Once you prove you can pay on time, say a year or so, then you'll be looking at $5,000 approved limits across the board. By this time a year from now you will have practiced enough restraint to not get yourself into debt you can't pay back.

OMG it's like you know me or something. I was 100% guilty of just that before I slowed down and now have restraint.

Re: God help me

Anonymous — Fri, 22 Jul 2016 06:36:15 GMT

Congratulations!