Pick a card.....

[Anonymous]

Well, decided that I didn't have much credit, so I thought I would apply for a charge card, so as to see how it would go.  

I went to bankrate.com and clicked on a link and called the operator.   She takes my application and I get approved for a HSC something card that has a 750 limit.  

When I get the card, they tell me to call to activate it.   After thinking about it, I don't think I want to activate it, because I was hoping for a bigger limit than 750.   Therefore, I have decided to wait and get a card, once I reach the 700 club.

Thus, if I don't ever call and activate the card, is there a chance that it would hurt my credit scores????   If there is, then I will call and activate it.  

Thanks

[Anonymous]

The only way it SHOULD be able to hurt your scores is to have an inquiry with no account associated with it. What are your scores like? It may be that you will not get larger Cl's at first and this one would be a good start, especially if it doesn't have a bunch of exorbitant fees. Just my 2 cents.

[ngerasimatos]

How many active accounts do you have currently? Can you please explain a basic "snap shot" of your credit.

[Anonymous]

ws...........what made you decide you don't have much credit?  Have you been denied a card previously with the reason being a lack of a credit history?

If so, I would call and activate that card. Many CCC are tightening their limits in the current credit crunch. For someone with little credit history, an HSBC card with an initial CL of 750 is not bad. Those HSBC folks are good with CLI after you show them a couple (or a few) months of responsible card management.

[Anonymous]

My current credit scores are 667, 669 and 679.

Here are my active accounts:

I only have a mortgage
I have one school loan
One second mortgage
One car payment

Now here's the part I don't understand.

70% is in mortage
30% is in installment
Nothing in revolving
Nothing in "other"

I don't have the information handy, but I think it said my DTI was 90%....that seems really high. Maybe it was 70%, but I do know it was high. Just sounded bad.

The fees on the card are like seven above prime, and she said, something like 14%...and then there is an annual fee of 39 dollars. I just don't really know what to do. A 750 credit limit sounds awful.

Message Edited by wordslayer on 02-29-2008 03:34 PM

[Anonymous]

visit you local CU and get a card, or two, or maybe three with them. A 750 CL is not awful......I realize you want more. Again, for someone with a very light revolving history, 750 is nothing to sneeze at.

[Anonymous]

word, you have to start somewhere, I say keep the card, let it report for 6 months (charge little items every month and PIF)...then ask for a cli..You need more cards, it looks like you don't have any....I have a macy's card with a dingy 600 limit, but it reports to cra every month and helps my fico scores!

[ngerasimatos]

How old is your oldest account? I don't see any reason why a CU wouldn't give you at least a 4000.00 card.

If my GF can get a 4000.00 CC through Circuit City with a 620 score and a BK thats 9 years old, I surely think they should be able to offer you the same.

[Anonymous]

My credit union doesn't offer credit cards.  

I thought that I would surely get more than a 750 limit, and I am going to refinace my house in approximately two months, and I'm afraid that the lenders will see this sub-prime card and be spooked by it.  

Oh, my oldest account is pretty old.   I'm not sure how old.   I'm no longer a young buck any more.  

I don't think anyone on these boards edits posts like I do...LOL.

Message Edited by wordslayer on 02-29-2008 04:20 PM

[Anonymous]

The account is opened when you are "approved".  Activating the card doesn't have anything to do with them reporting or not reporting you to the credit bureau.    

Your account is already opened, it's just up to you if you make the card "live" or just leave it alone so if someone picked it up and tried to use it, it wouldn't work.