@Anonymous wrote:
I got pissed and flipped out on them saying why would I need a $500 card if I have a 1,000 one with them.
That's not how it works. Limits aren't set based solely on prior limits or what you think you need. Limits are set based on what your credit profile and income qualify for at time of consideration. If you're upset it's your credit profile that you should be upset with.
@Anonymous wrote:
I then relaized I made a mistake closing the 1,000 one cause its 5 months of work I put it and it went down the drain.
Also not how it works. Your Payment History for that card does not go away when you close it. AAoA is not immediately impacted either. Closed accounts typically remain on your reports for 10 years. What is immediately impacted is revolving utilization.
Calm down and think rationally before making decisions and taking action. Stop taking the decisions of creditors as personal insults. Don't let emotion drive your actions. They're making decisions based on their underwriting criteria and how your credit profile stacks up. It's all risk assessment. For more info on the impact of closing credit cards, read the Closing Credit Cards thread linked in the Helpful Threads sticky.
@Anonymous wrote:
Should I bother with the 500 card or is it going to f me up cause it will bring down the AA?
You've already done the damage. You might as well make use of the account. AAoA is dropped when you open a new account. Closing does not immediately impact AAoA. You will not increase AAoA by closing a new account.
AA is typically used to mean Adverse Action.
@Anonymous wrote:
I can still cancel it so it doesnt appear on my report.
It doesn't work that way. If you apply it will report. Cancelling does not prevent a new account from reporting. Opening an account and immediately closing isn't helping you.
With your profile you're going to be limited in the number of new accounts you can add. Take what you have and build with it. Stop opening new accounts. Make your decision on whether or not you keep an account before applying and not immediately after approval.
Again, limits you qualify for are based on your credit profile and income. The low limits indicate concerns with your credit profile. The actions you've taken so far are not helping your situation as you have quite a bit of new credit for your profile.
@Anonymous wrote:
Another reason I flipped out is because they told me they dont have credit analysts or underwritters I can speak to to get the $500 cards limit increased or have my app manually looked over. That really made me feel I was at a dead end with them.
Stop flipping out. Talking to an underwriter doesn't change your credit. If you want higher limits then carefully review your reports, idenitify deficiencies and work on addressing them.
Building credit is a long, slow process and you're still just in the very early starting stages so get yourself in the right mindset and prepare to be in this for the long haul.
@Anonymous wrote:
I dont need this $500 is what im trying to say.
That does not matter is what we are saying. You qualify for what you qualify for and you've already done the damage to your profile by apllying. You can't decide on need after approval. Yes, it can be difficult to make use of a low limit card but you already have it and might as well use it to build. You can always make mutltiple payments and pay the balance down prior to report date to keep its reported revolving utilization low.
@Anonymous wrote:
My scores are 650's and I know in a couple months when the inquiries come off, I wont have a prob getting a better card than that pitiful $500.
Don't assume that. Inquiries are a relatively small factor. If you're seeing a bigger impact from inquiries then you have bigger issues with your credit that you need to address. Your recent credit seeking activity is a risk factor and a consideration and it's part of the reason why you got a low limit. Inquiries falling off will not change that. You will have issues with other creditors as well. Don't act entitled as it's not helping you and you will just continue to drive your credit profile further into the ground.
@Anonymous wrote:
Also I have my new car lease which will be posting in 3 days for the first time and I heard since that is my 1st installment loan, it will rasise my score too. I can be wrong but this is what I heard.
Credit Mix is typically ~10%. It's a small factor.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
@Anonymous wrote:
If you just app'd and were approved for the Platinum card like you said then you need to go right back in and app the QS1 card (they will use the same HP as the Platinum so you'll get 2 cards for the dmaage of 1 HP).
OP does not need to apply for any new cards. It's not just HP's that matter. The low limits indicate that there are concerns with the OP's credit profile. OP says that a number of new accounts were already opened. Another new account will not help even if it doesn't incur an additional hard pull. Again, hard pulls are relatively small factors despite the obsession over them. The reason they're seen as a bigger deal around here is because there are lot builders and rebuilders. However, those people need to be aware of all factors -- not just HP's. Recent credit activity is also a factor and will have a bigger impact for those in such a situation.
@Anonymous wrote:
Im just very frustrated lately with rebuilding my credit. I worked hard geting all my baddies off and spent money on AU tradelines.
Understandable but don't let it get to you. Why did you spend money on AU TL's? Don't rely too much on being an AU to help. Such TL's are not always considered.
@Anonymous wrote:
How do I add my CC's to my profile. I see that u guys have all ur cards listed on the bottom of the posts
There's a sticky in Smorgasboard.
