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Hi all. I've been lurking around the myFICO Forums and CreditCardForum for about six months now and I just wanted to thank you all for the world of insight you've provided. Last January, I had no credit cards and four student loans. I didn't need it, but I got a $300 Wells Fargo Secured Visa just so I could "build credit". After I found these forums and learned the best techniques for building credit, I was inspired to pay my student loans aggressively and pump up my credit limit as much as possible. So I threw a ton of money into the secured visa card (an additional $9700), and payed one of my loans off in full. It took me a while to get here, but my credit score is now pretty decent and my utilization is always 1% at statement time.
Just today, about one year and ten days after my getting my first secured card with an annual fee, terrible rates, and just 1% cash back on all purchases, I applied for a US Bank Cash+ card in the branch (which I had been building a relationship with for two months through a checking account, as was suggested to me on these forums) and was accepted! With an $8000 limit!
I am ecstatic. Thank you all for your awesomeness.
To everybody just starting off or struggling to make it back, just stay in there and pay off as much as you can as quickly as you can.
Ah, thanks for the info. Maybe I'm jumping the gun a bit! Still, for me any limit is good as long as it's Cash+. Did you ever consider calling for some kind of reconsideration or increase of the limit?
congrats!! Now if I can just settle in until may rolls around .
TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!
Just confirm it was the cash+ Auricom. I would assume you're pretty sure since you applied in branch, but they DO hand out the 1% cash rewards downgrade with credit lines over 5K now.
@YahComb wrote:Just confirm it was the cash+ Auricom. I would assume you're pretty sure since you applied in branch, but they DO hand out the 1% cash rewards downgrade with credit lines over 5K now.
Yes, it's the Cash+. The banker told me that if I was denied the Cash+, I'd probably qualify for a lower card; however, when everything went through he said "yep! You got the Cash+!" and pointed at the card on the brochure.
As for the high credit limit as a newbie, here's my lesson learned: If you can stow away $10k in a year, do it and put it into a Wells Fargo Secured Visa! Banks try to match CL ranges made by other banks, so if I have $10k in one, the other bank will want to compete. Now, hopefully I'll get that $10k back soon so I can throw it at my student loans...
Congrats!