topic Re: Frustration in Credit Cards

Frustration

afbar1114 — Fri, 13 Apr 2012 12:47:14 GMT

I am frustrated because all my cards have low limits. I would like higher limits but I guess I need to wait for at least six months in order to get either a CLI or a new card ie freedom…. Or something else like discover… but I hate waiting. My FICO scores are EX: 671 EQ: 657 TU: 643. I guess I have good scores maybe a little low because of higher UTL but still confused because scores went up since bal’s posted on the cards that reported $0 last month and one went from $0 to $357 and score didn’t move… my UTL last month was around 20% this month its around 30%. O I guess try to get it down and then ask for a CLI on 123 card and then get a freedom or discover… is that my best move? But I am going to try to wait until 3/13 to app for new cards if I can.

Re: Frustration

Anonymous — Fri, 13 Apr 2012 12:49:18 GMT

Be patient. You're doing that thing again where you want to do something "NOW" but really can't.

Re: Frustration

afbar1114 — Fri, 13 Apr 2012 12:50:57 GMT

yes that is true.. i just wish i had better limits before i went on a vacation....

Re: Frustration

Anonymous — Fri, 13 Apr 2012 12:51:55 GMT

More cards or bigger limits won't really improve the aspect of your credit related to account age.

Re: Frustration

afbar1114 — Fri, 13 Apr 2012 12:54:42 GMT

i guess thats what ill need to wait for so maybe once all my cards hit a year ill be good? and maybe get bigger limits? im still trying to decide if i should just app for freedom or do a PC from slate and then app for CSP....

Re: Frustration

Anonymous — Fri, 13 Apr 2012 12:54:45 GMT

I would garden for a year with what you have and then try for CLIs/new cards. You should also try to get your Util down before that. If you need a higher CL for a vacation, try calling your favortie card for travel and ask if they could bump you up at all without a hard pull.

Re: Frustration

afbar1114 — Fri, 13 Apr 2012 12:55:35 GMT

the only one i would call would be BoA or Chase. so idk then...

Re: Frustration

Anonymous — Fri, 13 Apr 2012 13:00:22 GMT

Doesn't CSP start with limits in the $5K range?

Chase won't upgrade my Freedom to their signature version. I'll see what happens in August when it hits a year. If they're not more amenable, it'll sleep with the socks.

Re: Frustration

Anonymous — Fri, 13 Apr 2012 13:37:28 GMT

Would Cap One let you combine your two accounts into one?

Re: Frustration

Anonymous — Fri, 13 Apr 2012 13:49:10 GMT

where did you get your scores from?

Re: Frustration

Anonymous — Fri, 13 Apr 2012 14:01:09 GMT

@afbar1114 wrote:
I am frustrated because all my cards have low limits. I would like higher limits but I guess I need to wait for at least six months in order to get either a CLI or a new card ie freedom…. Or something else like discover… but I hate waiting. My FICO scores are EX: 671 EQ: 657 TU: 643. I guess I have good scores maybe a little low because of higher UTL but still confused because scores went up since bal’s posted on the cards that reported $0 last month and one went from $0 to $357 and score didn’t move… my UTL last month was around 20% this month its around 30%. O I guess try to get it down and then ask for a CLI on 123 card and then get a freedom or discover… is that my best move? But I am going to try to wait until 3/13 to app for new cards if I can.

I understand that you hate waiting, but the fact is that building credit takes time. It doesn't happen overnight. You've got some good cards between the Slate, BoA and Zync. If you keep racking up inqs and slashing your AAoA, you're likely to either face rejections or be approved for another small limit card. The very best thing that you can do for yourself is to use your current set of cards wisely and sit back and let them grow.

Re: Frustration

afbar1114 — Fri, 13 Apr 2012 14:16:18 GMT

Ex was a lender pull tu is walmart and eq was myfico

Re: Frustration

android01 — Fri, 13 Apr 2012 15:26:00 GMT

One definition of insanity is doing the same thing over and over again and expecting different results. This applies to the vicious circle many find themselves in with application after application, and either getting rejected outright or getting stuck with another small limit card that they'll likely not want or ever use, all the while damaging their credit scores for quite some time to come. Frankly, it's a pointless exercise, and does more harm than good. There is NO substitute for history - We MUST meet the lenders criteria for demonstrating good credit habits, which primarily consists of time managing various types of credit and good payment history.

So, Appbar, I suggest you try to put this in its proper perspective, and learn from the experience of others because it applies to you as well. I understand that the (probable majority) of people disregard a more cautious approach and need to learn for themselves instead of heeding the advice of others, but I hope you'll take a serious look at how you are approaching credit and listen to what people are telling you. Remember, your credit files and history follow you for a lifetime. Build it slowly and cautiously and you'll begin to see the results in due time. Probably sooner than you think!

Re: Frustration

Anonymous — Fri, 13 Apr 2012 15:41:43 GMT

LOL @ android01 trying to use logic!

Re: Frustration

Open123 — Fri, 13 Apr 2012 15:42:29 GMT

If I were you, I'd build my relationship with Amex, BofA, and Chase.

Use your cards, pay, and rinse and repeat. In about a year, I think Chase or BofA will give you CLIs. After 8 or 10 months minimum, you can try for an Amex revolver.

As to the rest of your cards, I'd plan on when to purge them.

Re: Frustration

cleanitup — Fri, 13 Apr 2012 15:57:45 GMT

Give it time. I have been where you are and many of my cards had the same limits for years. Patience.

Re: Frustration

Open123 — Fri, 13 Apr 2012 16:02:18 GMT

In my view, patience along with having the right cards matters more than just patience per se.

No amount of patience is going to matter if all you have are subprime cards, such CapOnes, BBRZs, and some store cards. 10 years from now, those cards will still have the low limits they do today.

Re: Frustration

cleanitup — Fri, 13 Apr 2012 16:04:27 GMT

point taken

Re: Frustration

Anonymous — Fri, 13 Apr 2012 16:17:56 GMT

@Open123 wrote:
In my view, patience along with having the right cards matters more than just patience per se.

No amount of patience is going to matter if all you have are subprime cards, such CapOnes, BBRZs, and some store cards. 10 years from now, those cards will still have the low limits they do today.

Some of the reasons people end up stuck with low limit cards is too many apps and short history.

"Prime" cards are cool but really may not reflect one's actual financial management.

I just feel true rebuilding takes time. What's the point of 20 (I'll say Amex) cards if your poop isn't together?

Re: Frustration

afbar1114 — Fri, 13 Apr 2012 16:23:43 GMT

I plan on only keeping one store card my kohls as i get 30% off alot and maybe bb store card