@Anonymous wrote:
Here we go. As the title may suggest I am looking for some credit advise. I just graduated college and started my first job with a very high base salary. Unfortunately that is where the good news ends, in school, like many others, I was very irresponsible and uninformed when it came to using credit cards. To make a long story short I ended up with a deragatory mark on my credit history (which has since been completely paid off) and a history of poor payments. The two cards I had while in school have been closed and paid off. As you can imagine it did some damage to my limited credit history. In an effort to rebuild my credit I applied for the cap1 quicksilver MasterCard after I paid off the closed accounts and got accepted for a 300 CL. I have had the card 4 months and been using it as much as possible and then completely paying it off a week before it is due and carrying no balance. My credit score has climbed from 590 to 620. I am now being transferred in my job pretty far away and because of that I was hoping to get another card with a much better CL that would allow me to make larger purchases (like furniture and plane tickets) also the larger amount of "available" credit should help my score too. I first requested a CL increase from cap1 and was denied because the account was too new, even if accepted I feel they may only move the CL to like 500. So I then started looking around for an additional card. My goal was to find a Visa card because I already had MasterCard and wanted to diversify. I ended up applying for the cap1 quicksilver visa card and the chase freedom card, to be denied to both... I did a little research and called the Chase back door number to try and politely explain my situation but was blindsided when she read off a long list of reasons I was denied basically was dismissed before I could even talk. I think I "reached" for too good of cards for the current situation I am in. Needless to say I just got two quick hard pulls on my account from the denials, to bring the total for recent inquiries up to 5 (my job, my first cap1 card, and my apartment complex account for the other 3 pulls). This is where the needed advice comes in, I am in a predicament. I would feel much more comfortable having a larger amount of available credit to help with the moving costs or unforeseen expenses but I know every hard pull on my account is a step in the negative direction so I do not want to just keep applying. Any advice would be appreciated; luckily I am only 22 and have plenty of time to fix my mistakes in the past!
-Mike
Good morning and welcom to the boards SillyStudent,
If you spend time here getting your education from the best who've actually "Been there, done that" you will be back on track in no time. Believe me it can happen.
It seems that your scores do best with at least 3 CC's reporting and you will get a little bump with each up to that amount. Seeing you need a higher limit card to buy stuff and pay expenses you need to explore some of the better Secured cards available (and there are many). You need to take a bit of time and do your research. If you look at my siggy you'll see that my 2 highest CL's are secured but I got them before I found this forum. Of the 2 my favorite is the FNBO and you can deposit up to $5000 with your CL being the amount of your deposit. This card comes with auto CLI's and will convert to unsecured wtih a return of deposit around the 1 year mark (the website says 11mths and a CLI of unsecred amount after 7mths but I'm in my 8th billing cycle and no LUV yet wtih the CLI). I would NOT go with the US Bank as they are not CLI or conversion friendly.
I would say that there are some better ones than this one available and someone here can direct you to it.
Keep plugging away and you can overcome your bad past but only if you stay intouch with these boards as the best info available at any cost can only be found here!!!
