topic Re: Tips for getting new cards or increase limits for credit rebuilding. in Credit Cards

Tips for getting new cards or increase limits for credit rebuilding.

Anonymous — Mon, 11 Aug 2014 18:49:15 GMT

Trying to reuild credit to raise my score. We had a flood in our home. 108,000 in damage and had to move out. Insurance stuck us with huge bills that took months to get reimbursted. While trying to get repaid to get It ruined my credit. I could not pay bills for two homes while waiting for payments from insurance. I paid my mortagage and my car and I filed chapter 7 for credit cards because of the flood.

Then bank of america was not sending the statements each month and our mortgage was .38 off. Yes that is right for .38 cents. My mortagage was never late before or during the bankruptcy it was only for other bills. They had us locked out of the mortgage online because of the bankruptcy. So when they changed the payment .38 off they didn’t notify us and we had to get an attorney. Cost me another 3000. and he filed a chapter 11 before we went to court bank of america fixed the bills and the lawyer had them lower our payment and finance charges to 4 percent. Our mortgage went up from the homeowners going up over 1600. more. So the second bankruptcy was closed after 5 months of the lawyer getting them to fix things. This was almost three years ago. The mortgage was never really behind boa played a game. So it has been almost three years and all mortgage payments have been on time and car payments.

I make 130,000 a year plus if I do overtime more then. I just in feb. Open my first credit card to rebuild credit. capital one gave me a 3000. limit. I don’t want a ton of cards. I want to get an increase on capital one to 5000. or 7000. or a second card. I have been paying more than the 3000. limit on the card each month but in a few payments over the month not all at once. I even use it for utilities for free points and to make the balance high then pay it off to show I can make high monthly payments and pay it off. I asked at five months and they told me the account was not open long enough. I am at six months and almost seven.

Should I ask for an increase or another card? After I pay my mortgage and car payment I have plenty a month in extra income. I though about applying for blue nile and getting my wife a new ring since some of her stones have fallen out. I can pay cash But I am looking for ways to rebuild credit. We want to move in a year to a single. I don’t need furniture or anything else but rebuilding credit. I need to fix my credit score from 655 to a higher score to move. I applied for chase disney card in feb. they turned me down so I just paid 9500. cash for a disney trip for oct. I was going to use the points from chase for disney and rebuild credit. I travel to disney twice a year. Capital one gave me a chance so I am loyal to them.

Should I call and ask. I can provide documentation of everything that has happen. In the two years time since this has all happen I have done so much with out credit but to move the realtor and mortgage guy said get credit cards and get a higher score than 655. A mortgage and car will not raise it enough. All of this from a flood and boa. .

My question is should I be paying the card in one big payment each month? I also didn't pay it and leave it empty for a few days. Which I read today. I have had the card since feb. and this is what I paid each month. first month 2600. off on 3000. march the same. april I paid 3300 off on 3000. May I did 900. on 3000. june 3100. on 3000. july 4300. august I have done 1200. on 3000. so far I intent in athe next few days to do the balance and let it sit for a week to 10 days.

Would you ask for an increase or new card? Any tips for better sucess. I tried to buy a car and last year I have 21 inquiries I am waiting to drop off on credit karma. The dealer I am not happy with they hit my credit with a ton of finance. I didnt ask for. I have a 2013 subaru all payments on time. Capital one offered me a car loan for 35,000 with 3.25 but we are not ready to trade in until our warranty is up begining of next year. I will also have 100,000 miles I travel far for work. I need to get my score up I need tips. I don't have the time to sit and read through tons of blogs.

I have a great job and it is public health services. I have been there 22 years. So as far as all f that I am secure and since I had to do chapter 7 and chapter 11. I couldn't default. So I should look good to creditors. I have a ton money saved in case of any thing happens again. We have it in my wife's account though not our joint account. It is at the credit union. I cannot get an account there because of the bankruptcy. So when they pull my credit it will not show.

Re: Tips for getting new cards or increase limits for credit rebuilding.

Closingracer99 — Mon, 11 Aug 2014 18:43:22 GMT

I love reading Walls of Text ...

Re: Tips for getting new cards or increase limits for credit rebuilding.

Creditaddict — Mon, 11 Aug 2014 18:44:01 GMT

1. request Cap1, it's a sp... if you get nothing, send message to them on facebook and someone from EO will call you... ask for $10k, they will counter.

2. get blue nile.... use automated phone system after approval to request credit line increases... don't ask for specific amount and keep repeating process when it approves you until you get a no message.

3. check pre-aual for Discover, chase and barclay for sure.

4. I would apply for Barclay no matter pre-qual or not and discover and chase if you are pre-qual.

Re: Tips for getting new cards or increase limits for credit rebuilding.

Anonymous — Mon, 11 Aug 2014 19:07:26 GMT

Thanks for the advice and taking the time credit addict

I Prequalified for discover so far.

Re: Tips for getting new cards or increase limits for credit rebuilding.

Closingracer99 — Mon, 11 Aug 2014 18:50:58 GMT

Reading though that finally and Came up with some points ... First off I would always let a balance between $1 and $300 since $300 is 10% of your Credit limit post onto your Credit report which is usually whenever your statement is cut. Then I would just pay it off in full to avoid interest. You probably have a better chance with a CLI with Capital one and it should be a SP so you can still apply for a new CC without any issues. I would suggest calling or emailing their EO or on facebook for capital one. You could also try applying for an Amex or discover card or another capital one card as well but Cap takes a HP on each CRA.

Re: Tips for getting new cards or increase limits for credit rebuilding.

Anonymous — Mon, 11 Aug 2014 19:02:07 GMT

TL;DR!

Re: Tips for getting new cards or increase limits for credit rebuilding.

Anonymous — Mon, 11 Aug 2014 19:27:56 GMT

preqalified for barclay. Going to ask for the increase first. going to pay the card off and then ask in a few days.

Re: Tips for getting new cards or increase limits for credit rebuilding.

Creditaddict — Mon, 11 Aug 2014 19:53:21 GMT

No need to wait on that Barclay, I'd apply now... Which one they offer you?

Re: Tips for getting new cards or increase limits for credit rebuilding.

Anonymous — Mon, 11 Aug 2014 20:21:54 GMT

I picked rewards when they asked on the preqaulify. Is there a better one to pick. I didn't apply yet. I thought if I applied for discover or barclay the may not in crease my limit with capital one or is that not as issue?

Re: Tips for getting new cards or increase limits for credit rebuilding.

Closingracer99 — Mon, 11 Aug 2014 20:30:28 GMT

@Anonymous wrote:
I picked rewards when they asked on the preqaulify. Is there a better one to pick. I didn't apply yet. I thought if I applied for discover or barclay the may not in crease my limit with capital one or is that not as issue?

All they will see is the inq not that you have new accounts

Re: Tips for getting new cards or increase limits for credit rebuilding.

newhis — Mon, 11 Aug 2014 20:48:23 GMT

Be carefull when you to to pre approval sites. With Chase I get a honest answer, 'We are unable to locate any offers for you at this time', also Amex always say 'Hello newhis, We're sorry we couldn't find a special offer for you. But based on your interests, we think you might like the following Cards:'.

All other sites offer something and they say things like 'based on your information...', 'you can be interested...' and so on.

Re: Tips for getting new cards or increase limits for credit rebuilding.

H14 — Mon, 11 Aug 2014 21:08:24 GMT

Discover from what I've read around here would probably need a higher score than 655. And their online prequals are often generic and don't mean anything.

I'd suggest you try Citi, Amex, and Chase online prequals and see what they come back with. Citi even tells you the APR you'd get if approved which can be useful.

Re: Tips for getting new cards or increase limits for credit rebuilding.

j_casteel — Mon, 11 Aug 2014 21:14:47 GMT

Instead of being careful, just use common sense.

Of course common sense isn't so common anymore.

Re: Tips for getting new cards or increase limits for credit rebuilding.

Anonymous — Mon, 11 Aug 2014 21:33:12 GMT

I tried amex preapproval and they gave me a we have no special offers at this time. Now I am thinking I should even try. Same as since this happen no one but capital one was willing to help. Only reason I am even trying is to get the score up to buy a new home in a year and a half. I have no problem living on cash and paying cash. There is nothing that we want and even if there was paying cash has a great feeling to it. I ony opened capital one because the mortgage guy said I needed to. Same with citi. I guess I will ask for the increase and if not just wait another six months. You cannot rebuild credit if they don't give you any to rebuid. One card proves nothing to show you can use it wisely. I paid over the balances a month. Still nothing.

Re: Tips for getting new cards or increase limits for credit rebuilding.

Creditaddict — Mon, 11 Aug 2014 21:34:56 GMT

@Anonymous wrote:
I tried amex preapproval and they gave me a we have no special offers at this time. Now I am thinking I should even try. Same as since this happen no one but capital one was willing to help. Only reason I am even trying is to get the score up to buy a new home in a year and a half. I have no problem living on cash and paying cash. There is nothing that we want and even if there was paying cash has a great feeling to it. I ony opened capital one because the mortgage guy said I needed to. Same with citi. I guess I will ask for the increase and if not just wait another six months. You cannot rebuild credit if they don't give you any to rebuid. One card proves nothing to show you can use it wisely. I paid over the balances a month. Still nothing.

id have 3 credit accounts for mortgage.

I would take the offer for the Barclay (if you are traveling then the Arrival is best, Sallie mae is great for just 5% stuff, they back a hotel one that I have my eye on)

discover pre-qual has been pretty good in my experience

chase pre-quals are gold in all my experience and from reading others.

Re: Tips for getting new cards or increase limits for credit rebuilding.

Anonymous — Mon, 11 Aug 2014 23:04:26 GMT

Thanks I tried the chase preapproval no offers. I will ask for the increase after my payment for the enitre balance shows. Maybe I will ask barclay. Not hopeful of anything and this is why I waited three years to even try. Getting our car was easy. When you can walk in and they came see income and job stabilty and you have a bank statement it's all easy. I find credit cards alwaysto be hard. When I was young and just trying to get credit to my wife who runs her own sewing business not able to get any. She can get two brand new cars 30,000 cars in her name and she paided them off all on time and early. She cannot get a credit card. Only secured ones and she has no interest in them. She has a mortagage when I met her and had it all paid for nine years on time. Still no unsecured credit. .

Re: Tips for getting new cards or increase limits for credit rebuilding.

Creditaddict — Mon, 11 Aug 2014 22:55:08 GMT

@Anonymous wrote:
Thanks I tried the chase preapproval no offers. I will ask for the increase after my payment for the enitre balance shows. Maybe I will ask barclay. Not hopeful of anything and this is why I waited three years to even try. Getting our car was easy and when you can walk in and they came see income and job stabilty and you have a bank statement it's all easy. I find credit cards alwaysto be hard. from when I was young and just trying to get credit to my wife who runs her own sewing business not able to get any. She can get two brand new cars 30,000 cars in her name and she paided them off all on time and early. She cannot get a credit card. Only secured ones and she has no interest in them. She has a mortagage when I met her and had it all paid for nine years on time. Still no unsecured credit. It is crazy.

well I can't speak to that... on paper that makes zero sense.

but you are making it harder than it needs to be and unfortunetly while capital one is great at forgiving, and "can" be great with limits" they are a disaster for most to try to build and work with like right now... you probably will get nothing from your CLI request online without going through Exec office and I can tell by what you are typing that you are doing all right and just keep thinking/knowing that is going to be the answer with your capital one card when "payment posts" that you will get that CLI and I'm hear to say I would be SHOCKED if it was the case and you need to start building a relationship with other banks that are easier to work with in your credit journey.

Barclay gave you the rope with a pre-approved offer - you just have to grab it and apply.

check discover too.

chase will take more time, maybe you won't get an offer... I didn't but got approved for Marriott just 2 weeks ago (still shocked) rebuilding is tough and I know who to call at all the banks and it's still tough!

since you are over 12 months out on buying a house, now is the time to do the INQ's and get the new accounts because the mortgage companies won't even count the INQ's or the accounts as new when you apply for mortgage.

Re: Tips for getting new cards or increase limits for credit rebuilding.

newhis — Mon, 11 Aug 2014 23:11:45 GMT

@Creditaddict wrote:
id have 3 credit accounts for mortgage.

I would take the offer for the Barclay (if you are traveling then the Arrival is best, Sallie mae is great for just 5% stuff, they back a hotel one that I have my eye on)
discover pre-qual has been pretty good in my experience
chase pre-quals are gold in all my experience and from reading others.

I think they changed the pre-qual page, now it say 'Here is the card we found for you' even if you put fake information. I think the key is to see if they offer an APR and not a range. My DW just got a letter from Discover with invitation with 18.99 APR, he put the information on pre-qual page ant it say 'Here is the card we found for you' and say 10.99 - 22.99 APR, I expected the page to show 'Congratulations' or 'We have this offer with 18.99 APR for you', anything personal.

Re: Tips for getting new cards or increase limits for credit rebuilding.

Anonymous — Thu, 14 Aug 2014 04:01:50 GMT

Thanks for all the advice.

Capital one without asking gave us 500.00 increase. I was hoping for a 2000. We only wanted to keep two cards total.

So we applied for barclay and I was approved for 500. and discover which I don't know how much yet. They said it would come in the mail how much. I stopped at that.

The money I pay capital one off with I will let the card sit and then maybe ask for more. When the new cards come I will use them and pay them off after a few days then.

I plan to rotate cards and just rebuild credit. I really just don't want any more cards than this unless I can do a second capital one and eventually just combine it into one. That would be what I prefer to do. My end goad is two cards with high limits. One for traveling and everyday for points and one for if there is ever something I want that I don't pay off that same month.

I am at least on my way to rebuilding for moving. I am very happy with that. We go on vacation soon and they will all be empty and I have plenty of cash saved to use them and pay them off the week after I come back. just more credit building. Since all the food and travel is paid for it is only any extra's I would use them for.

Thanks for the advice at some point I may ask for a second capital one or a bigger increase.

Re: Tips for getting new cards or increase limits for credit rebuilding.

red259 — Thu, 14 Aug 2014 04:10:57 GMT

@Closingracer99 wrote:
I love reading Walls of Text ...

Honestly I saw the post, my eyes glazed over and I decided to respond to yours instead!