Over the limit question- Hooters Mastercard

[Bella1980]

I know,she also went to Macys the day she got her card.

I was shocked and then she ran out of $$ on her $100 macys card and used the $130 she had available on her Tribute.

I kinda went off on her a bit.  She says she is shopping and using her cards to help rebuild her credit.

Also, she hasn't even pulled her FICOS or gotten a credit monitor, both of which I think are important. There are too expensive but $200 dresses at Macys for her friends friends wedding is not.

Ridiculous, haha.

[Anonymous]

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@Bella1980 wrote:

She says she is shopping and using her cards to help rebuild her credit.

Also, she hasn't even pulled her FICOS or gotten a credit monitor, both of which I think are important. There are too expensive but $200 dresses at Macys for her friends friends wedding is not.

Ridiculous, haha.

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Errrr, yeah, if she is justifying shopping sprees she can't afford to herself as 'helping to rebuild her credit' (and her credit is in the kind of mess you say it is), then it sounds like the girl has a problem. Maybe point her in the direction of this forum, although if learning about credit-rebuilding (and how spending lots of cash isn't generally the way it's done - except in the case of spending lots of cash to pay down your debts, of course) isn't really her thing, I guess she might not take you up on the suggestion!

I'm sure you've explained to her, but... GETTING the cards can help rebuild her credit, yes. Using them like she currently is will just trash it even more. If she needs loans for grad school... she needs to get a reality check, and soon.

Message Edited by fevmlo on 08-05-2008 10:12 PM

[KingAdrock]

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@Bella1980 wrote:

My friend asked me this and I'm not quite sure. Is the 10% or less util rate for each card or a total for all cards combined?

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Both. Optimally you want a >10% utilization on each individual account AND overall.

[Anonymous]

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KingAdrock wrote:

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Bella1980 wrote:

My friend asked me this and I'm not quite sure. Is the 10% or less util rate for each card or a total for all cards combined?

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Both. Optimally you want a >10% utilization on each individual account AND overall.

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Err...of course you meant you want less than 10% (which means 1-9%) overall.

You also want 1-9% on fewer than half your individual accounts, and $0 on the rest.

[Anonymous]

I think Hooters is a Merrick Bank card.  They are very sub prime and very tough on ratejacking or late payments, etc.  Although I have an old Merrick and use it every couple of months I did get all my clis from them when I was almost maxed out.  .......strange................. now that PIF..........I get nothing.

Tribute card make my heart quiver.  They are the worst.  What kind of fees is she paying.

[Anonymous]

Get her to call them and ask for a refund. I've found that most companies refund these fees quite easily, even multiple fees, like late payment and then over the limit caused by late payment. She may want to make a decent payment on the card first.