topic Re: Prime Card? in Credit Cards

Prime Card?

NiNoMArksLA — Mon, 01 Jul 2013 02:23:45 GMT

Hello forum I been seeing people's post they have alot of nice prime cards and nice limts I would like a prime card I think I am gonna apply around nov/dec time cause I wanna let some cards age and try to get my other cards higher limts

These are the banks I was thinking of getting what's the best in my opinion

Citi Bank
UsBank
Wells Fargo

My current cards
2 Cap One's $750 And $300 Limt
Credit One $300
Bofa Secured $300
Wal-Mart $400
Express $500
Macy's $300
Daniels Jewels $560

My UTL % is really high from balances but I cut all cards up not to use Intill paid off cause I keep useing them

By July R August Cards Will Get Paid

I am paying every 2 weeks to pay down

Experian 29 inqs Ex 20 inqs TU 19inqs

But some r from trying to get a car loan and some are from credit applying

Do u think I should just wait Intill inqs fall off in 1 year

Re: Prime Card?

NiNoMArksLA — Mon, 01 Jul 2013 02:25:13 GMT

Sorry for typing bad on iPhone 5

Re: Prime Card?

Anonymous — Mon, 01 Jul 2013 02:30:34 GMT

I would recommend you wait until those inquiries be >1 year old if you're patient enough. Waiting will definitely benefit you in many ways though.

Re: Prime Card?

NiNoMArksLA — Mon, 01 Jul 2013 02:35:12 GMT

What's a good bank you think I will get Appoved when times comes?

Re: Prime Card?

knoregs — Mon, 01 Jul 2013 02:38:00 GMT

Definitely hold off. After paying off most of your balances consider adding to your BOA card. Then seek SP CLI's on other cards. Try EO for CAP1 cards. Then try for Prime card.

~kn

Re: Prime Card?

Anonymous — Mon, 01 Jul 2013 02:40:03 GMT

@NiNoMArksLA wrote:
What's a good bank you think I will get Appoved when times comes?

it's hard to tell without knowing what your scores will be at that time.

do you have any collections / charge-off / BK or anything negative on file as well?

If you are able to wait a year, I would say your chances will be a lot higher than what it is right now.

What cards do you have in mind as well?

Re: Prime Card?

CEOriginal — Mon, 01 Jul 2013 02:43:17 GMT

I agree with everyone thus far..

PLUS,

You shouldn't be cutting up your cards to prevent usage. The main purpose of banks starting you off with toy limits is so you teach yourself how to manage credit. If you can't handle a $500 CL, what will you do with a $5,000 CL, or a $25,000 CL?

I don't mean to be blunt, but not only should you adhere to all advice above, you should also practice better spending habits. One thing that helped me was to take my current CL on my card, divide it by 3, and make THAT number my new CL. I would never ever ever ever go over that number, unless it was an emergency, and I made sure to pay much more than the minimum. Just an idea.

Re: Prime Card?

09Lexie — Mon, 01 Jul 2013 02:48:27 GMT

I like the idea of dividing it by 3. And I agree with others, it's hard to tell without knowing your profile. Low util, inqs will be best

Re: Prime Card?

NiNoMArksLA — Mon, 01 Jul 2013 02:59:24 GMT

No BK No Collections No Charge-off Clean profile 1 year and 8 months of AAOA

Re: Prime Card?

SnackTrader — Mon, 01 Jul 2013 03:17:13 GMT

+1 to CEOriginal.

Your spending habits are reckless and are costing you money. You need to budget and get that aspect of your life together. Your low limits are most likely a result of banks identifying your credit usage as less responsible than an average consumer. Until that changes, it is unlikely that you will be getting higher limits.

Re: Prime Card?

09Lexie — Mon, 01 Jul 2013 03:45:29 GMT

I believe OP has/had a plan to get from under accumulated debt.

Assuming OP takes care of the util by Aug (sticks to it) and delays apping until inqs are 1 yrs old; I think the OP will be better suited for his/her ideal cc's.

Re: Prime Card?

CEOriginal — Mon, 01 Jul 2013 04:02:18 GMT

@09Lexie wrote:
I like the idea of dividing it by 3. And I agree with others, it's hard to tell without knowing your profile. Low util, inqs will be best

I wish I could take credit but I learned that from a mentor. One of the better financial opinions I've heard lol

Re: Prime Card?

09Lexie — Mon, 01 Jul 2013 04:15:04 GMT

@CEOriginal

Duly noted. I think I'll pass it on too.

Re: Prime Card?

NiNoMArksLA — Mon, 01 Jul 2013 04:20:15 GMT

What dose that Mean?

Re: Prime Card?

RushXTC — Mon, 01 Jul 2013 11:40:37 GMT

I think you should work on making your BoA Un-Secured first...

Then work on THAT card, Instead of adding another one. I began with a $600 BoA Cash Rewards card and used it a LOT... I would load it up and use it for gas, food everything! then each check I'd pay $300 ($600 monthly) to avoid paying any interest. At some point I requested increase and it's now sitting at $3,000.... Has been for a year now, Thinking about requesting another one... However truth be told this is the card that helepd me expand my credit so I'd suggest working on it.

Edit: P.S. if it makes any difference, I'm 21 y.o. with $28,000 overall credit limit.

Re: Prime Card?

Revelate — Mon, 01 Jul 2013 14:34:02 GMT

@CEOriginal wrote:
@09Lexie wrote:
I like the idea of dividing it by 3. And I agree with others, it's hard to tell without knowing your profile. Low util, inqs will be best
I wish I could take credit but I learned that from a mentor. One of the better financial opinions I've heard lol

CEO: May I ask which issue you were facing where that advice was useful? Balance control, spending habits, or something else? What in particular about it made it work for you?

Re: Prime Card?

TiggerDat — Mon, 01 Jul 2013 14:58:19 GMT

Don't get too eager too quick. Think about every purchase you make and maybe consider something less expensive. Pay everything you can to the balances, even if you charge them up, try to get them paid off. Make that your goal and also make a goal of having no actual cash on hand except to pay rent and utilities. Buy Kroger corn instead of Del Monte, etc. After they have all been paid off, then start setting aside a set amount of money each week or two and then pay the rest to the cards, but continue to use them. At some point the companies will hopefully realize you don't have enough credit and have plenty of money and raise your limits. As you get higher limits it will help your score based on utlilization. Ask at the 6, 9, 12, 18, 21 month marks for credit limit increases. When you get a few with some nice limits and you have no or few inquiries in the past year, then apply. You should have at least one or two accounts with at least 2 years of history for best success.

I took and charged each card up to its limit and then paid it off at least once so that it reported that fact to the credit bureau. Any lender who did a manual review of my credit would see that fact and understand that I do use my cards and don't have an issue with paying them off.

Re: Prime Card?

TiggerDat — Mon, 01 Jul 2013 14:59:43 GMT

Also if you don't have it you should get Credit Karma. It is actually pretty helpful for monitoring your score and giving advice about your report.