Just checked the updated ScorePower (report + score), My Equifax Beacon has increased from 644 to 683! Remember the lower score figure (644) was generated only 7 weeks ago! This gives E-loan's score more credibility in my view. My score is now right where they anticipated, if I took their recommended steps (and I already have). Saar
Must be the reason why Macy's today was willing to break all the rules and give me a fourth increase in 5 months (and the third in 7 weeks), after pulling EFX. Saar
Macy's is great, isn't it? I love that store so much! Saar, what is your balance on this card? Don't they question why you want an increase? What do you do....just call and say that you want an increase? My small plan is to but something expensive (that's totally refundable of course) and then wait like almost thirty days then request another increase w/o pulling CR and see what they do. Either way, I'll return the merchandise. Makes no sence to ask for an increase when you have next to a zero balance. Asking for an increase when more than 50% of your limit is being used seems more realistic. What do you think???
I had no problem accepting my e-loan score (695) as long as I only have 2 negatives on my EX report not the 3 I thought I had. I should know any time now when I see my EX report.
Thought I'd chime in ... 34 or so days ago I had a 678. Tonight I have a 742! Yippee! I'm the king of the world! Well, 56th percentile at least. Yippee! I'm above average! I did have some lower balances -- I now have pretty much 0 revolving balance, or as close as I can get everyone to report. And a couple inquiries might have fallen off the 6 month mark. The big thing was a revolving MBNA account (not a card, a debt consolidation special thing) went from 5 to 6 months old. Since everything else is beautiful except for a 5/2000 30-day late I have to conclude that new tradelines are absolute killers. I already sort of thought so, but this is solid confirmation. My top reason code is now 14, length of history, which I can't do anything about except wait. My first credit was in 95. I also have too many revolving accounts for fico taste. For my taste too, come to think of it, but I don't think it's worth closing anything, do you?
Actually MP, I have found just the opposite to be true in my case. I have never received an increase when I had a high limit...always when I paid off the card and really didn't need it. I think they get nervous if you have a large balance and then ask for an increase. Kinda like you might just run the card all the way up and not be able to pay. I always figured they thought as long as I could pay off the total balance and keep it off, I was worthy and responsible enough to have MORE credit. Example...I just paid off my Nextcard and guess what e-mail came today?? Your LIMIT IS INCREASED to 7300.00! Go figure
Saar...I know you already have two Amex credit cards, a Capital One and Macys. Why are you waiting for to apply to Citibank,, chase or some other prime card ?? Why do you need Macy's increases??
I tried to use ScorePower for the first time and received this message: We're sorry! We are having difficulty verifying your identity. In order to complete your identity verification, we will need the following information: copy of your driver's license copy of your social security card copy of a lease agreement or utility bill showing your address User ID (at least six characters, consisting of at least one letter and at least one number) E-mail address Has this happened to anyone before? Where, on the site, do I establish a User ID? Thanks. CardKid
That happened to me too. Call the number on the site, they will do it over the phone. Have someinformation from your accounts handy - they asked things that would be on your report, what accounts you have, credit limits, etc. breeze
MP, Judy: that was the same way Sears always worked for me. I went from $500 - $2800 over five years by using the whole thing then paying it off. Not that I knew what I was doing at the time, that is. Providian and Discover, on the other hand, always give me more just as I maxed out the old limit. Or maybe it was if I maxed out and made one good payment to come down to 90%. Cap1 and MBNA follow their own schedules which seem like they never give anything, although I have slowly gone from 200-1400 and 500-2000 in three years on those cards.
Thanks everyone! My Capital One is ancient history. The Amex Blue & Sheraton are the only prime cards I have. Also got the Associates w/ 10.9% APR which is nice, but current limit is only $850 since its a Student Card, and they're very slow to increase limits for these. As we all know Amex isn't accepted everywhere, so I need at least 1 prime card from the Visa/MC family. Citibank seems to be the best issuer of those. I need the Macy's increases to allow a decent purchase limit and to keep good debt/limit ratios. Done that before, and I've no doubt this is part of what caused the huge increase in Beacon score within weeks. Learned a lot from this board and am happy to share whenever I can. Saar
Saar, I looked over my history w/Macys. The most I ever charged in a month was $44.00 and all charges were paid in full ever month. Right now , I'm sitting here in wonder. My brother is going to refinance his 15 yr mortgage that has 4 years left on and will get a new 15 yr. loan for 175k.(65% LTV) Notice I said Will and not ,will try to refinance ? They pulled his fico scores. 860 fico Now I know it's possible. VJ
If you apply for Citibank, they probably will approve you two cards from 6 to 9K limit so it doesn't matter what you retail card limit is. For example I already have two Citi at 9k each, a BofA at 6K( etc.) and a Target at $300 who cares? I don't waste my time asking target to increase my limit when i can apply to whatever credit card in the market and be granted probably more than 5K .
Don't underestimate your retail card limit. It may not look important per se, but it does affect your overall debt/limit ratio, which has a significant impact on bureau scores, as well as - I'm sure - Citibank's proprietary score. If you appear to be utilizing too much of your available credit, you'd either be denied or extended a lower limit, when you apply for a Citi. That is partly why I didn't get it so far. I know which bureau they pull in this area, and when I reapply in a couple of months, I should be able to get it. Saar
Saar, your right .Inhouse scoring takes into effect your average credit card limits.I f you have 2 cards with limits of 10k on one , $200.00 on another, they feel the average credit limit of $5100.00 is important and not as good as an average limit of 10k. VJ
