I Just Received my first Prime

Discussion in 'Credit Talk' started by roni, Sep 19, 2000.

  1. roni

    roni Well-Known Member

    Today I received a regular mastercard. At least I think it is regular. I bank at Chase and applied for a mastercard.I did a secured loan for $1,000 in April and paid it off in 3 months. My mastercard came today with a $2,000 limit. This is my 2nd $2,000 card this month. I hope this means my credit situation is looking up. Now I have providian -$1330 5/00
    firstpremier -$350 3/00
    orchard-$300 4/00
    FCNB -$450,secured 4/00
    Optima-secured- $200 5/00
    capital one visa -$400 11/99
    capital one visa -$2,000 8/00
    capital one mc -$200 8/00
    chase mc $2,000 9/00
    spiegel $400 (do they report to CBs?) 8/00
    Ethan Allen (MSNB) - $5,500 8/00
    Household car loan -18,000 9/00

    Of course all these inquiries have killed my score. To the experts do you think this has helped my credit. To those living in east coast, does PECO report positive credit to credit bureau. Any suggestions on closing these accounts. I was planning on keeping them for about 1 year before reducing my accounts.
  2. Cadillac408

    Cadillac408 Well-Known Member

    RE: I Just Received my first P

    Congrats! Your looking like a CHAMP! Don't do anything until after the 1 year mark. My personal opinion, after that....definately get rid of First Premier, Orchard, FCNB. Then apply for Am/Ex Optima Platinum and when you get that (which you probably will??? I think?? Ask Dogman the expert)get rid of the secured Optima. Then as you get approved for more prime cards...transfer the balances over to them. I am proud of you!
  3. Michael

    Michael Guest

    RE: I Just Received my first P

    Good for you!

    I was looking at your accounts and that's the first thing I would sujest is to close out all of the Smaller Accounts when they comeup for annual renewal, especially ones that have a fee.

    Your bigest problem for the next year is that new creditors will see all of your credit as recient. I personaly would sujest an application in about 6 months for a Discover, and 3 months later for an Amex optima.

    This will keep your inquiries down to a reasonable level and in about 1 more year you should be laughing!

    Remember to keep balances on the cards real low.
  4. Michael

    Michael Guest

    RE: I Just Received my first P

    MP$40 and myself just bumped into each other getting this reply posted, but you can see the advice was very similar.

    The reason I said wait 6 months for the Discover Account was to both get you over the 1 yr mark, and also as you pointed out the inquiries this will get them out of the picture.

    I personaly recomend the Discover Card first because they are liberal with credit limits.
    If you get the Discover Card then the limit will probably be 5-10K.

    Amex will usualy match your highest credit card so then you can get a good line from Discover and know Amex should match it. (If not request it and they will then!).
  5. Cadillac408

    Cadillac408 Well-Known Member

    Great Minds......

    Think alike? Nice bumping into you Michael...

    Who is that using your User Name anyway?

    That's why you have to be creative! ;-)
  6. dave

    dave Well-Known Member

    RE: I Just Received my first P

    Congrats. on your new card. I agree with Michael that you need to close out some of the smaller, expensive cards. Too many credit lines will hurt your credit.
  7. dogman

    dogman Well-Known Member

    Congratulations! :)

    Everybody here has the same message;
    take their advice - I myself, am closing out some smaller accounts.

    You have visa and m/c with good limits. Fine.
    Apply for Amex Green Charge Card.

    That way, your revolving credit lines will never experience "blocks on credit" when you secure a car or hotel.

    Also, CHASE is GREAT - don't opt for the revolving Optima Card. You don't need more $$$ limits! You need flexibility and no limits upon occasion.
    AMEX reports GREAT 30 days later after inquiry and Card issuance.

    FCNB offered me a new 400% od deposit Visa.
    They told me that the only new cards (Visa) were partially secured.

    MICK told me last night he got a preapproved offer for a regular VISA w/FCNB 2 weeks ago.
    Now I feel like the REP lied to me and "sold"

    Hey - I have AMEX! My credit has been great for 4 yrs! This Rep-of course I have her name-makes me want to not accept their offer!

    This Board is really great!
    Heartiest congrats on CHASE. Now you are prime.
  8. roni

    roni Well-Known Member

    RE: Congratulations! :)

    I really think the $1,000 secured loan did it for me. I also keep my account balances kind of high with chase for my savings and checking. I recommend the secured loan and then paying them off early technique to build credit. Its like killing 2 birds with 1 stone. You improve your score by adding paid installments accounts to your profile and you build a history with your banking institution. At least we know it works at Chase. Sad thing is I'm moving this Saturday to Pennsylvania and I just opened a First Union Account. Why first Union? Because I plan on doing the same thing again, and I think they are a great bank for future loans. Thank you all for your advise. In 12 months I plan to say so long to all my small limit credit cards.
  9. Michael

    Michael Guest

    RE: Great Minds......

    I'm not sure but imitation being the sincerest form of flatery comes to mind.

    Keep up the great postings, and advise we're all here to learn from each other!
  10. Michael

    Michael Guest


    One point I want to make, if you want a green card you certainly could get it and I feel at any time in the next 3-4 months.

    If you don't want the optima don't get it. But I sugest you consider how your credit would look with say a $10K line from Discover and another $10K from Optima as opposed to a $10K from Discover and a "Charge Card" reporting from AMEX.

    It is worth remembering that Green doesn't come with a credit limit so no credit limit is reported, and it is supposed to be paid off each month.

    Generaly anyone with an Optima Card would get the Green, and I myself have both. You would I think find it easier to get the optima first then the Green Card as opposed to green card then a line of credit (optima) especially with most of your credit being new.

    My advise would be to get the Optima, then the Green, but it is your call obviously.

    Remember though about the inquiries.
  11. RichGuy

    RichGuy Guest

    RE: I Just Received my first P

    First Premier can go right away, and then you should wait out a year to close others like the smaller Cap One cards, or perhaps Orchard. FCNB would be good to keep; I read some great comments about them and their annual fee is low.

    I hope you don't get your hopes too high while waiting for a high limit of 5K or 10K on a Discover card. A few people with meager but clean credit records can get them, but only because their incomes are high.
  12. FISH

    FISH Guest

    RE: Congratulations! :)

    I also have FCNB Master Card and Visa unsecured with min. limits of 2800 and was just recently sent a preapproved 1800 visa
    unsecured and an Eddie Bauer master card with 6.9 apr for the first six months..Don't know what the story is with you having to secure one
  13. dogman

    dogman Well-Known Member

    RE: Congratulations! :)

    thx so much for this information.
    ALSO- when the REP said the only new accounts opened were partially secured, does that mean that they stay that way forever?

    OR- is FCNB trying to get me back into another security deposit because they just cut the rate and increased and unsecured the MC?

    I had them apply the balance from the deposit directly to the unsecured balance. I now owe them about $200.

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