First post here,
Been lurking a bit will continue to do so for a few more hours. I recently applied for my first credit card from discover(Line:1250) card about 6 months ago. since than I have
got a capital one card(Line:250, increased to 500) and a few days ago a bestbuy card(Line:1000).
I need to increase my credit limit and my credit score, currently im 669 with myfico updated on my discover page, thanks to discover i found this fourm. I'm aware that applying to many times to get a credit card or applying to fast can decrease your credit score. I want to apply and get accepted for new cards but i don't want to over do it and get a ding on my report.
How can I go about knowing when to apply for a credit extension and when to apply for another card? as of now I just been applying about every 2 months or so. I only got denied twice, figured i wouldn't let it get to a third time. I have been making payments on time, and only this last two months have had a balance on one of my cards a little over 30% which im aware is also a negative thing. I have been keeping my credit utilization rate fairly low usually around 20-0%. I'm hopeing my jump to 30+ wont harm me too much. I think if anything its slowed my expansion a bit.
anyway I just signed up for the free credit monitoring protect my id a service from experian and indorsed by target seems pretty good. Will be doing a lot more research.
The last week I just felt annoyed that i had no way to really know what to do and to percisely know how to advance. I'm really surpirsed and really happy theres a fourm on here for just that.
I know most of you experinced folk are going to tell me to just make my payments ontime and to not exceed my utilization ratios passed a certain limit. I just wish I knew when and how often to apply for credit extensions and new cards.
I'm currenlty writing a business plan and I would also like to buy a house some day so I know I need my credit to be good. its a life long goal. Thanks guys any help, helps!
peace.
Starting Score: 651
Thanks, I just wish I knew how to speed things up so I could get there faster. seems like its more of a waiting game. like can I resist the temptation.
also how fast do creditscores update? I have a balance right now that i could pay off right away, which is 35%+ credit utilization I'm currently in 669, and once I'm in 670 I'm considered good? I guess I should focus on bringing it down. I should of never surpassed 30% big mistake. I probably could of been 680 by now!
I'll decrease it to 10 just to be in the safe side! thanks for your help.
Putt in some time managing current credit lines. There aren't a lot of magic fixes. 
Starting Score: 675
@drkaje wrote:Putt in some time managing current credit lines. There aren't a lot of magic fixes.
+1, it just takes time and manage them right
@RED_Knives wrote:First post here,
Been lurking a bit will continue to do so for a few more hours. I recently applied for my first credit card from discover(Line:1250) card about 6 months ago. since than I have
got a capital one card(Line:250, increased to 500) and a few days ago a bestbuy card(Line:1000).
I need to increase my credit limit and my credit score, currently im 669 with myfico updated on my discover page, thanks to discover i found this fourm. I'm aware that applying to many times to get a credit card or applying to fast can decrease your credit score. I want to apply and get accepted for new cards but i don't want to over do it and get a ding on my report.
How can I go about knowing when to apply for a credit extension and when to apply for another card? as of now I just been applying about every 2 months or so. I only got denied twice, figured i wouldn't let it get to a third time. I have been making payments on time, and only this last two months have had a balance on one of my cards a little over 30% which im aware is also a negative thing. I have been keeping my credit utilization rate fairly low usually around 20-0%. I'm hopeing my jump to 30+ wont harm me too much. I think if anything its slowed my expansion a bit.
anyway I just signed up for the free credit monitoring protect my id a service from experian and indorsed by target seems pretty good. Will be doing a lot more research.
The last week I just felt annoyed that i had no way to really know what to do and to percisely know how to advance. I'm really surpirsed and really happy theres a fourm on here for just that.
I know most of you experinced folk are going to tell me to just make my payments ontime and to not exceed my utilization ratios passed a certain limit. I just wish I knew when and how often to apply for credit extensions and new cards.
I'm currenlty writing a business plan and I would also like to buy a house some day so I know I need my credit to be good. its a life long goal. Thanks guys any help, helps!
peace.
Also welocme to myFico forums
Thanks for the warm welcome. I have been talking to people at work about it all day. and im surprised at how little people know about there credit reports, credit scores and even what a credit line is for. a couple people that I asked, where like why would I even need another card I don't use the one I have had for 5 years now and i don't care about credit.
I'm perplexed how some people just know so little about it. at age 22 I'm embrassed for waiting this long to build my credit. I have done almost no research on the subject and in a few days have been educating customers about it during check out(work in sales and operate cash registers). I always ask people well what about you getting a house? do you care about that? and it seems like most of the time they will say yeah except they can't seem to think ahead and understand the underlying concept behind building credit worthyness.
@RED_Knives wrote:
Thanks, I just wish I knew how to speed things up so I could get there faster. seems like its more of a waiting game. like can I resist the temptation.
I'm in a similar boat... I just got approved for a 3k limit MC from Cap One. Most of the advice I've seen on here is the same. Single digit balance on the statement date of you card; this is the balance reported to the CAs, 99.9% of the time (I just read that some bank like BofA report mid-statement on occasion, but pretty rare).
The other side of it is what do the CC issuers like to see? Obviously PIF every month, but do they want to see using most/half/some/a % of your credit limit, and PIF? I.E. Putting all your everyday purchases on their card, and just making sure you have a single digit balance come statement time. If you get points or miles or rewards, I can understand doing this for your own benefit, but will this behavior increase your opportunity of a bigger CLI than say, someone who only charges one, single digit purchase each month and PIF? I just don't know, and would really like to.
I'm sure each lender is different, and YMMV, as is commonly said here in the forums.
I'm in an excellent situation to use my card and PIF a couple times a month because I travel for work, and am reimbursed as soon as I return from my week long trips. I use my card for my hotel, car rental, plane tickets and food. As soon as I get home, I fill out my expense report, and my company cuts me a check. I immediately PIF my card, then repeat for the next trip. I've just started traveling, so I will see how well it works.
Hover over card to see limits
