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Discussion in 'Credit Talk' started by -->ME&l, Jun 17, 2000.
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Three Visas will not stop must creditors from issuing you another card. It all depends on how you handle your credit. I have 48 accounts in good standing as of my last Experian report.
Profit from the experience.
Are all 48 bankcards or a mix of installment/mortgage/student loans?
It is a mix. I have a lot of Visas and MasterCards. Close to 20.
Profit from the experience.
Please let me know in what order you got the cards. as institutions have different criteria it would be helpfull to know where to apply at for maximum building potential!
Mine is an old credit history. It takes patience and discipline to build a portfolio of credit cards. Going back, I would say the easiest cards to get were oil and department store cards. American Express was an easy one to get and build on. Your limit is usually based on your spending pattern. You make full payments every month and establish a good relationship with an excellent company. I now have multiple accounts both personal and business with Amex.
Visa, Mastercard and Discover came by later.
I have multiple cards from Chase and First USA. I also have cards from Providian, First Union, Bank of New York, First Bankcard, Capital One and Bank of America.
Profit from the experience.
In 1997 and early 1998 the big MC and Visa issuers like First USA, Chase, Citibank, Cap 1, Providian and MBNA were giving out cards like candy. They really didn't care how many other cards you had, they wanted you to have THEIR cards. They wanted market share. People actually got accounts in their 3 year old toddler's name or their pet's name.
At the end of 1998, I had around 20 MCs and Visas as well. I've since cancelled many of them. It was just getting ridiculous. Every day my PO Box was stuffed full of promo rate convenience checks and other ways of running up a big balance.
Now that interest rates have gone up and their margins have gotten thin, the issuers are tightening up on underwriting criteria and actually looking at how much other credit someone has. If however, you have a really good FICO score (720+) and otherwise pristine credit, you will likely get issued an account if you don't already have one with that issuer.
One of the main reasons that you may have had difficulty with getting them (or any other issuer) to give you a credit line amount before you applied is the fact that normally CRAs do not have information on file regarding your income. This type of information can change very rapidly, so they just don't keep track of it.
Income is the major factor in determining a credit line, whereas credit history is the main factor is determining whether to issue an account in the first place.
Even "pre-approved" applications require you to state your income. (Note: You can include as "other income" items such as reimbursements from your employer for expenses, such as travel expenses. The issuer is interested in how much money you have available to spend, even if it's your employer's money. They certainly want a piece of the action if you frequently charge airline tickets, hotels, rental cars, and meals on credit cards.)
In fact, if the number you state as income is not inconsistant with your credit history, it's unlikely that the issuer will even bother to go to the effort and expense to verify it, particularly since most larger employers will only verify the fact that someone is or is not an employee and will not discuss specific salary information. That's why you have to provide copies of W-2s and paystubs with a mortgage application.
I have recently become aware of the FICO score in relation to a car loan I took out. My score was 550 and I didn't get a great rate (10%). I would like to find out EXACTLY (if possible) how this score is calculated, since my credit union uses formulas based on this number alone, and I can refinance down to as low as 6.5% if I can drive my score up.
Is this information available anywhere?
Thanks in advance!
RE: FICO score
Take a look at:
Look in the section that explains credit scoring. Fair Isaac has responded to growing public pressure to be more forthcoming about what factors go into a credit score.
This site does not have very specific information about how to raise your score, but it will give you a good idea of what to look at. The first step is to get copies of your credit reports from all 3 major CRAs and see if there are any major mistakes on them, like collection and charge off accounts that aren't yours, accounts that aren't yours with late payments on them, etc.
The key to raising your score is paying your bills on time and keeping your balances low in relation to the amount of available credit you have.
I have to say that Providian is an excellent
source for me and that they great customer service.