topic Re: Question... in Credit Cards

Question...

Anonymous — Mon, 02 May 2011 17:47:59 GMT

I have had a cap one unsecured master card since last July. Started at 300 CL and went up to 500 in about two months but has not gone up since. I'm a little frustrated as I pay it off completely every month and have asked twice for an increase and been denied.

Would it help my score to apply for an orchard unsecured or should I wait for the cap one to increase?

My ex fico is a 624 and tu is about a 600....both were well below 600 when i got the cap one card...like in the 550 range

Re: Question...

Anonymous — Mon, 02 May 2011 17:53:37 GMT

HAHAHAHAH

I mean, if you want a higher CL, waiting for Capital One to give it to you will result in dying of old age with that low limit. I've had my Capital One card for 9 years and I've gotten ONE CLI, and that was in probably 2003. I went from 200 to 500. Honestly, if it were me, I'd work on my report and then apply for something better than an Orchard once your scores are higher.

ryan3650 wrote:
I have had a cap one unsecured master card since last July. Started at 300 CL and went up to 500 in about two months but has not gone up since. I'm a little frustrated as I pay it off completely every month and have asked twice for an increase and been denied.

Would it help my score to apply for an orchard unsecured or should I wait for the cap one to increase?

My ex fico is a 624 and tu is about a 600....both were well below 600 when i got the cap one card...like in the 550 range

Re: Question...

Anonymous — Mon, 02 May 2011 17:55:22 GMT

Thanks Mauve, I kind of figured as much now that I am reading around and seeing that no one gets increases with them. I thought maybe having an additional card would help but I'll just keep waiting.

Re: Question...

Anonymous — Mon, 02 May 2011 17:57:12 GMT

It's likely having another card will help boost your scores, actually - keep one at $0 and the other at a low %.

Re: Question...

Anonymous — Mon, 02 May 2011 17:58:05 GMT

I would personally recommend, though, to choose something you'll want to keep when your scores are up, and I'm not sure what's available that would fit that category. I doubt Orchard does.

Re: Question...

Anonymous — Mon, 02 May 2011 18:01:10 GMT

yea im not sure I'd want to keep it. Just trying to think what else I can do to boost my score. I have no debts or collections left and the cap one is my only open card.

Re: Question...

Anonymous — Mon, 02 May 2011 18:03:03 GMT

Collections are paid, or collections deleted? Do you have any lates or public records or anything like that?

Re: Question...

MarineVietVet — Mon, 02 May 2011 18:06:43 GMT

@Anonymous wrote:
yea im not sure I'd want to keep it. Just trying to think what else I can do to boost my score. I have no debts or collections left and the cap one is my only open card.

If you're not planning on any applications for awhile just let what you have age and not think about a score. Keep doing all the boring (but proven effective) tactics that improve a score:

Always paying on time

Keeping utilization low

Don't apply for credit you don't need

Do this for about a year and while waiting do research on which cards can help you and grow with you. Don't apply for a card just because you can.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Question...

Anonymous — Mon, 02 May 2011 18:08:00 GMT

collections are paid, but two of them still appear on my report....with zero balance.

i have some negative indicators on my accounts but all of them are at least several years old. no public records.

Re: Question...

Anonymous — Mon, 02 May 2011 18:10:19 GMT

Not planning any applications for a while. I was thinking of trying to get a mortgage back in February but I decided to rent and work on my credit for a while. I can definitely keep doing what I am doing, if you think the score will rise over time. Thanks marinevet

Re: Question...

MarineVietVet — Mon, 02 May 2011 18:13:09 GMT

@Anonymous wrote:
Not planning any applications for a while. I was thinking of trying to get a mortgage back in February but I decided to rent and work on my credit for a while. I can definitely keep doing what I am doing, if you think the score will rise over time. Thanks marinevet

But also work on getting those negatives removed. I think that's definitely worth the time and effort.

Re: Question...

Anonymous — Mon, 02 May 2011 18:18:05 GMT

Ryan, check out the BK boards - they have a guide to cards that you can get with lower credit scores called "BK friendly cards". What I recommend is avoiding cards with annual fees - there's probably some that will take you with your current scores. Another good resource is whogavemecredit.com, but try to look for the most recent info.