topic Re: Store Cards and Credit to Debt Ratio Help in Credit Cards

Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 15:59:13 GMT

I was wondering if any of you credit savvy individuals could help me with a question regarding increasing/decreasing the debt ratio. I have been all over these boards for the past six months and a lot of people have recommended increasing the amount of credit available to yourself while maintaining low usage as a way of increasing your credit score. When I applied for certain cards there would be a range of approvals anywhere from JC Penny $200 to Target, $300 to Amazon $700 along with Overstock 2500. My question is this with my current FICO scores at 650 which store cards offer the greatest amount of credit lines in order to increase my available credit. Adding $200 here and $300 there is not raising my ratios significantly. Does anyone know if there any other companies out there like Overstock that is generous in their credit lines for 650 FICO credit?

Thank you,

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:12:18 GMT

Padding only helps when you aren't maxing out individual cards.

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:14:45 GMT

I have 3 Comenity accts: VS 850, Eddie Bauer 1250 and J Crew 1650. I got them in this order starting last year: EB - 1250, JC- 1650, VS - 800. I also just got a Macy's card with 1000 CL. My advice (mine only) is to start with EB and Macy's and go from there.

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:17:00 GMT

Thank you for responding!

Greatly appreciated...

Re: Store Cards and Credit to Debt Ratio Help

jbsea — Fri, 10 Apr 2015 16:18:41 GMT

I would stop with the store cards and look for a visa, mc, amex, or discover. in the end the store cards are going to hurt you. use what you have and keep your utl low (below 9%) and let them age for awhile.

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:19:21 GMT

Overall utilization only matters to a point for score optimization. A very limited scope. Individual cards need to be managed as well for utilization purposes.

A 10K store card with 0 balance will NOT negate two 2K CCs with 60% utilization each.

Re: Store Cards and Credit to Debt Ratio Help

IncrsCredScore — Fri, 10 Apr 2015 16:20:03 GMT

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:27:20 GMT

I hear what you're saying there, however with my three FICO scores being 635, 640, and 652, I have yet to find a credit card like Visa, MC that will approve me. I just got denied last week from the Barclay Visa. That is why I was looking to obtain a few store cards that are easier to obtain to raise my score higher to qualify for a regular credit card. Does that make sense, your thoughts are greatly appreciated.

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:29:03 GMT

Go try Chase prequal. Its a long shot but give it a chance. You don't have to resort to quick easy and useless just to see the word "Approved" on your screen.

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:30:41 GMT

Thank you,

I just applies at EB and ...

CONGRATULATIONS, BRIAN. Your application has been approved.

Credit limit: $500

It's a start... thank you!

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:37:50 GMT

I would rather have one Visa or MasterCard with a $2500 limit, then to have six store cards. I will try the Chase prequel as suggested. I only have one secured MasterCard for $300. After a month I received a 26 point bump on Equifax, a 56 point bump on Experian, and are you ready for this I lost 38 points on Trans Union?? Thank you for your advice.

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:38:41 GMT

Do you qualify for NFCU?

Re: Store Cards and Credit to Debt Ratio Help

happypill — Fri, 10 Apr 2015 16:38:58 GMT

@Anonymous wrote:
I hear what you're saying there, however with my three FICO scores being 635, 640, and 652, I have yet to find a credit card like Visa, MC that will approve me. I just got denied last week from the Barclay Visa. That is why I was looking to obtain a few store cards that are easier to obtain to raise my score higher to qualify for a regular credit card. Does that make sense, your thoughts are greatly appreciated.

You scores look to be in range for Capital One cards. You should try the QS1 and if you take care of it you can get the AF removed within the first year.

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:39:46 GMT

Capital One Journey > Capital One QS1.

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:48:29 GMT

@Anonymous wrote:
I hear what you're saying there, however with my three FICO scores being 635, 640, and 652, I have yet to find a credit card like Visa, MC that will approve me. I just got denied last week from the Barclay Visa. That is why I was looking to obtain a few store cards that are easier to obtain to raise my score higher to qualify for a regular credit card. Does that make sense, your thoughts are greatly appreciated.

Cap One approves people with those scores all the time.

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:48:35 GMT

The Chase Pre Qual said I would qualify for the Chase Freedom Card... No Guarantee though... How is it that they can prequalify you without checking your credit?

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:49:59 GMT

@Anonymous wrote:
The Chase Pre Qual said I would qualify for the Chase Freedom Card... No Guarantee though... How is it that they can prequalify you without checking your credit?

Chase is golden. Jump on it.

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 16:59:55 GMT

You guys are the Best!

Congratulations! Your response for Chase Freedom Credit Card has been approved.

You'll receive your new card and Cardmember Agreement in 7-10 business days. When your card arrives, please confirm you received it by logging on to Chase.com or calling the toll-free number provided.

Your new account has a credit line of $3,000.

Wow - Thank You...!

I'm done now.

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 17:01:59 GMT

@Anonymous wrote:
You guys are the Best!

Congratulations! Your response for Chase Freedom Credit Card has been approved.
You'll receive your new card and Cardmember Agreement in 7-10 business days. When your card arrives, please confirm you received it by logging on to Chase.com or calling the toll-free number provided.
Your new account has a credit line of $3,000.
Wow - Thank You...!
I'm done now.

Rock on!!!!

Re: Store Cards and Credit to Debt Ratio Help

Anonymous — Fri, 10 Apr 2015 17:02:33 GMT

Toldja dude!