What Should I Do? For New Credit?

[Equinox]

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@theNavigator wrote:

Now that I have everything good and rolling. I am 21. I have 3 cards currently.

Cap 1 - $500 limit. Now I had issues in the past where I was high in balance and finally paid everything off. How long would it take for them to increase the limit? I've never been late on anything, and I have only had one collection which I paid off. I didn't know about it, so I did take care of that. If I keep the limit below 30% and pay in full every month, will they automatically increase my limit?

Gap - $500 limit. Never really use it, and if I ever do I pay it off within a month.

Macys - Was $300 limit a few months ago now have found out it's at $1500 limit.

Other than that nothing else is currently going on. I want to get another regular credit card, but don't know which to shoot for in terms of most likely getting approved. I got a Transunion Advantage (FAKO) score recently with my free credit report that was 798... The last time I got my regular fico was last year this time and it was at around 600 and that was when my credit was not so hot. I have fixed everything since then and I am assuming my score is around 700 if not more. What is my next move. Other than going to BOA and opening up a bank account yada yada.. I want to try for an American Express card or a Discover card, but I'm skeptical and afraid of getting denied.. Or Wamu card. Idk how they are towards scores or what to think... I haven't had anything touch my credit since last June when I was denied for financing a laptop I wanted. So... I've been leaving it alone since then. My credit was still iffy back in June but I've done nothing but work my way up and fix it since then.

Should I try for a gas card? Should I try for another regular credit card like I'm thinking? What would you do? I plan on getting a newer car within a few months so I wanted to get the credit card before I went for that... Any advice and insight for me? I apprecite it. Thanks.

Message Edited by theNavigator on 12-30-2008 08:02 AM

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Capital One are very, very sketchy when it comes to CLI's. Did your card come with credit steps at all? They usually increase your card from 300->500 if you had credit steps available to you. Other than that, I would try calling a Capital One backdoor number and asking someone for a CLI, people seem to be having luck with that as of late, I however have not and they were my first credit cards from when i was 18.

I'm also 21 - 

I have an Amex Blue Cash (2k), BofA Amex (2k), Citi AAdvantage Amex (3k), Two Capital Ones (1 - 500 2 - 750)

and an Old Navy Store Card, which was reduced to 100 bucks three or so months ago.

I'd give the BofA Preselector a whirl and see when offers you have available to you. I got the above Amex cards recently with 710EX, i know my others are above 700 as well, but i cancelled SW and it took the scores with it.

Message Edited by Equinox on 12-31-2008 08:43 AM

[theNavigator]

I'm not sure if it came with credit steps. I'm kind of confused not sure which my next move should be. I guess I should get my fico scores from at least one of the three and then go from there.

[theNavigator]

Does BOA do $500 secured CC? If so how long does it take for them to graduate you to unsecured. My last secured card left a bad taste in my mouth, I gave them tons of business and they never made it unsecured and were full of BS i told them to take the money and pay it off and I closed the account they pissed me off so much. Also does BOA give the $500 back to you or what? How does that work...

[bamagirl1]

they have the 99/500 but never everyone gets that offer and they only offer that to you when you are denied for one of the other cards..but they also have the regular secured and you can deposit anywhere from $300 to $10000 and i think from others post it unsecures on average around 9 months

[theNavigator]

I want a mastercard this time though, since I already have a visa. Or an American Express. I'm scared of getting denied though lol... When is the best time to apply for a CC?? when you have slight balances or after you pay them in full and let it show that you have $0 balances on all?

Message Edited by theNavigator on 01-01-2009 08:44 AM

[theNavigator]

& when I do get my score through this website my inquiry does NOT affect my credit score or hit against me correct?? Also with the 3 scores we get the three reports as well? I think I'm going for the one experian or equifax score for around $10-$12 for now. I only need one of them to get an idea... I'll do more in depth research within a few months. Respond ASAP so I can do it tonight Thanks Guys!

[Scamp]

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theNavigator wrote:
& when I do get my score through this website my inquiry does NOT affect my credit score or hit against me correct?? Also with the 3 scores we get the three reports as well? I think I'm going for the one experian or equifax score for around $10-$12 for now. I only need one of them to get an idea... I'll do more in depth research within a few months. Respond ASAP so I can do it tonight Thanks Guys!

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Pulling your own scores does NOT affect your scores.  Go for it! 

[theNavigator]

Well with equifax i have a 668. Wanted to be a bit higher, but maybe with time. It's saying that my credit history length is "not good" as it's not long enough a little shy of 3 years. Everything else is "great" or "very good".. Not sure what my next move is. Other than waiting things out I guess.

[Anonymous]

from my own experience, i will tell you to try Discover.it is more likely that amex will deny your request and Discover will approve you. my credit history is only 1 year 2 months old.i applied for amex and i got denied.i applied for Discover more card and i was approved for $1300,...that is my highes credit limit.

[theNavigator]

I wouldn't mind trying for Discover. I will keep that in mind. Thanks for the advice.