Hello all, Well, this is my story and was curious if you all could help me out. I'm not sure if what i want, or how i am going about doing it is the right way so let me know that too. Ok, what i am trying to do is get a new credit card with a low APR and a 4000 dollar credit limit minimum. At first, with all the stories and the advice my co-workers were telling me, this didn't seem all that bad. But after doing a ton of research, and reading some of the threads here, i am second guessing that fact. My past: I would like to consider myself a pretty responsible, credit minded individual and try to always do what my mother told me... Growing up she drilled into my head "never ever ever be late on a payment.... if you have to cheat steal and beg... but never be late on a payment". And that's a true story. So i never did. (Or at least i am told i never did. I currently have a debit card, savings account and credit card with Wells Fargo Bank. Although, one time i was about 3 hours late on a payment and was charged a late fee. Though, from what good 'ole mommy says, that didn't matter as it was not 30 days.) After getting my credit card and planning this out for a few years previous, i went straight to the store and bought a nice new video camera i had my heart set on for some time. This and the accessories were about $600 on my new $700 CL card. (now i know this may not be the best idea.. but stick with me) I always told my self i would buy a large item and pay it off gradually to help my credit. So i did. I payed it off after so many months. Now not sure when but i got a letter in the mail that says they have increased my credit limit.... and again a few months later. I now have a credit limit of 1700. After this holiday though, and with the trip back home to see the parents, i have a total debt on the card of 1300. Present: Now, i am 21 and am 8 months away from having my bank account and credit card open for 3 years... which is one of the few things i found bad on my report. The reason for the report, and the story, and the 'wanting a great card' is because i am in the market for a new computer. I am a tech and am schooling for a career in the IT field. So when i found my dream computer, an apple macbook pro... they have a financing option that would allow me to pay monthly. Well this is there Juniper Visa Card. I said, ok and applied for it. To my dismay was denied. Now, i have come to the conclusion that the advertised "monthly payment" is only for the best of credit scores. None the less, this stressed me out for many reasons. If i was denied then i could not get this new dream of mine that was so close to reality, and whats worse and more down to earth, is that it must mean i have bad credit. So after some deliberation, i went to 'freecreditreport.com' and found that i have a credit score of 712, After the inquiry of the Juniper Visa Card! Now from what i understand, that is a fairly good score, maybe not excellent, but for my age! After reading the 'reasons you may not have as good of credit as you can'... there are three main points that i found. -My accounts are young (under 3 years) -I have a low credit limit (1700 max) -My credit ratio is all out of whack (1700:1300) So not wanting to apply for anymore cards and have all of these pulls on my report, i have come to you all. From how i see it if i am going to apply for one more card better sooner than later with the fact that both of the inquiries will be on my record for 6 months, after that they will both be off. Rather than waiting another 6 months. If that makes any sense... lol I have also went and asked Wells Fargo for a credit limit increase. It was odd i thought because he asked me what i would like for a limit. I said 5000, from things i have read this seemed normal. But now again, i am second guessing it. Specially, since there were a few options that could have happend. He said that he could get an immediate answer and tell me yes, and if not it would go in as a request and i would get a notice in the mail in 7-10 days. If i wanted an answer right away, i could stay on the line and they would pull my report and say yay or nay. This i didn't want to happen, and when he said that since he did not get an immediate answer it would go in as a request and i would get a response in a week or so.... this i passed of as: We are going to send you a letter in the mail saying no, so you don't flip out on us over the phone. Argg... now i am really frustrated and wondering if there is anything i can do without waiting almost 10 months for my account to mature and pay off the rest of my card. Although i did pay $200 on my card this month which dropped it to about 1100. And i do pay more than the minimum each month. Some times double, or more... and sometimes a few bucks more. Anywho... that's my life in a huge nut shell. Sorry if that was just too much information, but ah.... I guess a credit card reference, or something i could do quickly to remedy the situation would be fantastic. I know that credit and a short time frame are like water and vinegar, or oil depending on your background but all the same that's the situation. A little more: I moved a year ago and got a place about 7 months ago. So that may look bad when applying for a credit card. Also, along with that i have been working here for 9 months. Oh... and i make about 20k a year. Again, any advice would be greatly appreciated. Any card you know of with a 3000-5000 CL for a guy in my situation? Thanx -Eric-
Just my $.02 after reading this is you need to make more income to get that sort of credit line. You might try saving up a portion of the cost of a new computer while paying down your current card so you can have enough cash and credit for a new computer. If you are in a hurry, there are some high-interest rate options (which, IMO, border on loan sharking) but I wouldn't recommend them or your $2,500 computer will cost you $5,000 by the time it's paid off. Another option would be to find a co-signer with better credit than yours, but , from all you've posted, I'd say your income is the limiting factor more than your credit. Good luck!
thanks for the advice. So income is a big factor when it comes to getting a credit card? Again, my mom may not be a credit genius but she does seem to have a good handle on this stuff, she says that your income is really non of their business. I mean, she at least says that when they ask for how much she makes, she always puts down more that actual, mainly because some of her income is side jobs that don't show up on any receipt. But i also do side jobs, which is why i can afford something like this, just not all at once... if that makes sense.. Anywho, if i were to put down that i make more, would that change the fact? Oh, and i got a statement back from the Juniper Visa that says why they said no: -Low access to credit -Insufficient credit history -low secured debt obligation do you all know what the last one means? Thanks again!
Most cards don't ask for proof of income. They ask for your total income from all sources. If you have side jobs, include that income. I always included amounts my ex pay me, even though it wasn't part of any agreement, he just sent money sometimes to help with something. Be careful what card you're applying for, though. Some cards, especially American Express, will come back and ask for full financial statements. If you don't provide them, they will deny or cancel the account. Just make sure you can keep the payments up.
wow, thanks for that Hedwig. So i was thinking about one of the Capital One credit cards for fair or limited history credit. Any recommendations and what does the cash back rewards stuff do exactly. Is that something worth paying an annual fee for, or should i just look for a plain-jane card? Is Capital One even a good card to have?
what what what!?..... Why!? How they report? But those are the top cards listed as recommendations on this very site? What do you mean how they report?
When my friend had low 500's she was able to get a Providian card for 1K credit line. Now that Providian Is WAMU I am not so sure if it is as easy.
Capitol One uses your credit application as an invitation to market all sorts of financial trouble. If you're just starting out, you would have better luck just selling your soul to the devil (at least he doesn't put your name on a mailing list...so far as I know). Then, instead of reporting your credit limit, they leave that blank when they report your credit usage to the bureaus (they say they don't want to give away any personal information or some such). So, instead, the bureaus use your highest reported usage. The problem is that this lowers your credit score. (search this site to find out why). So... Capitol One = Just say no!
Of course if later you go BK and they request what you actually earned and they find out you put down a lot more, they could claim, you know, fraud.
Ok cool, thanks for all the info... you guys are great. ccbob: Just what i wanted to hear... but i didn't understand "this site"... was there a link, or did you mean the very site we are browsing? Ok, last ... well reiteration... question.. What would be the best credit card with the largest credit limit for a person with good credit (720ish) but short credit history (less than 3 years)... and only one card with a 1700 CL? Thanks again!!
