@youngandcreditwrthy wrote:
@bern....
Idk if you've done this, but a lot of times I will wait for new limits to report before I request any add'l cli from other banks! Having a $20k limit reporting def'ly has an almost def'ly positive impact ime on initial lines and increases...meaning many lenders will grant higher cls if they see you handlin say, an $8000 limit...but you should let it report first!!!!:-) When I got my first $3000-4000 limit card, my FICO jumped like 50 pts!!
@youngandcreditwrthy wrote:
@bern....
Idk if you've done this, but a lot of times I will wait for new limits to report before I request any add'l cli from other banks! Having a $20k limit reporting def'ly has an almost def'ly positive impact ime on initial lines and increases...meaning many lenders will grant higher cls if they see you handlin say, an $8000 limit...but you should let it report first!!!!:-) When I got my first $3000-4000 limit card, my FICO jumped like 50 pts!!
Yeah, I understand that, just haven't asked for any CLI's recently, but thanks anyway. I used that aspect of things when I got my CLI from Capone. They put me right in the middle of my highest limit and other cards other than theirs! My score jumped too when I got a card higher than $2000, does it happen again at another point? Because if it does, I will then see a new jump here when the Compass Card reports! I keep checking to see if it is already reporting and showing, but as of yet nothing. However, the closing date for the statement is tomorrow, so it will be there in a few days for me to witness what happens! I can't any score improvement on my utilization rate, since it is already under 20% and this limit would make it under 10%.
One drawback to the Compass Card is that they don't do CLI's at all right now, or so they say. Meaning the limit you get is the limit you get. I think this is a bit backwards! You would think at least they would do so after a year and then every 6 months or so from that point on. Additionally, if you want a limit they do a hard pull. Basically, this card will be used for the rewards points and to transfer my sister's balance over and then put in the sock drawer. From what I can tell the rewards are at least half that of the Chase or the Discover cards, with no extra bonus categories or what not. So maybe not applying for the preapproval is good, unless you want to claim the points and sock drawer it too! How I feel right now is that anyone who wants to give me rewards for doing so, can. I will use them to my advantage and build up to an Amex card one day or the best of the best in rewards cards. Other than that, I don't really need any other credit!
It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
