Newbie. Advice needed.

[Objectivist]

I have a $200 credit limit on one credit card. I originally got approved for it 2 years ago with a cosigner. I've tried applying for other credit cards (they won't let me increase my limit) and I'm getting denied. I applied for the Capital One Cash card, for example. My transunion is 657. I have a perfect payment history with zero charge offs. I'm 22 years old. I currently make $25,000. What can I do to increase my credit?? I feel like a $200 limit is actually hurting me because it's hard to have a low credit/debt ratio with it. Also, I have $10,000 in gov't student loan debt. I'm still in school.

[jsucool76]

Are you sure you applied for the "Average" credit cap1 cash rewards?

The MC version you would probably be approved for, but the Visa version you most likely wouldn't be. 

[Objectivist]

It was the Visa one. Should I give it a shot?

[LS2982]

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@Objectivist wrote:

I have a $200 credit limit on one credit card. I originally got approved for it 2 years ago with a cosigner. I've tried applying for other credit cards (they won't let me increase my limit) and I'm getting denied. I applied for the Capital One Cash card, for example. My transunion is 657. I have a perfect payment history with zero charge offs. I'm 22 years old. I currently make $25,000. What can I do to increase my credit?? I feel like a $200 limit is actually hurting me because it's hard to have a low credit/debt ratio with it. Also, I have $10,000 in gov't student loan debt. I'm still in school.

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Welcome to the forums!!!

-Who is this $200 card with??

-is it secured??

-How many INQ's do you have with TU??'

[jsucool76]

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@Objectivist wrote:

It was the Visa one. Should I give it a shot?

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How long ago did you app for it?

If it was within the past like...week or two I would call up and tell them you applied for the wrong version of the card and see if they can just use the same HPs for the next app. Otherwise it is 3 more HPs for the application (since cap1 pulls EX,EQ, and TU for every app). 

Who do you have your $200 limit card with?

Also who do you bank with, and are you a member of any CUs or anything?

[Objectivist]

My $200 limit is on an unsecured BankAmericard. I've had a cosigner until this week.

EDIT: I just applied for the Mastercard and they said they would get back with me in a week...Bad sign?

[LS2982]

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@Objectivist wrote:

My $200 limit is on an unsecured BankAmericard. I've had a cosigner until this week.

EDIT: I just applied for the Mastercard and they said they would get back with me in a week...Bad sign?

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Cap1 MC??

You more than likely just took 6 HP's 2 on each file with apping for 2 Cap1 cards. Not good!!!!

If I were you i'd go into a BofA branch and try for a secured BofA card in your name.

[jsucool76]

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@Objectivist wrote:

My $200 limit is on an unsecured BankAmericard. I've had a cosigner until this week.

EDIT: I just applied for the Mastercard and they said they would get back with me in a week...Bad sign?

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I would say yeah, cap1 seems like one of those "instant" approval companies 

I would call in tomorrow, maybe they just need to verify some info or something, you might get lucky! 

Are you still in school (Either undergraduate or graduate school)? Because student cards could actually make a difference. 

Also if you happen to shop a lot at walmart I would try for the walmart card (or any store GE backs cards for).  They might give you $150 starting limit, but it will definitely grow with you and could make a huge difference in your building. 

And if you have some spare cash laying around, you could always open a secured card. 

[Objectivist]

6 HPS?

[jsucool76]

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@Objectivist wrote:

6 HPS?

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3 for the visa, 3 for the MC

When you apply for any cap1 product, they HP Experian, Equifax, and TransUnion. 

So now you'll have 2 on each report just from cap1.