Well I called Aspire Visa today re: the reduction of my credit line. The reason they did that was because due to the type of purchases I made, it looked to them like I was using my card as an addition to my income. It looked like I was using it for every day expenses. I told them I was using it for gas, food etc. so as to build up a balance and then pay it so as to establish some credit. Her answer was don't use it like that. She reinstated my original line of credit and told me to make large purchases and then pay it on time. Unlikely with the interest they charge. She told me paying it in full every month is doing nothing to help my credit. What a crock! As I said last night, as soon as my new card comes in - they are history.
Credit is: "Reputation for entitling a person to be trusted in buying or borrowing." If you pay your bill on time, every time, you have met the qualifications for the word credit. So they are lying when they say that paying in full doesn't help build your credit. If you charge (borrow) then repay AT LEAST the minimum per the CC agreement, then you have established the term "credit." Now, they may have internal standards that assign lower points to those who pay in full. But that is besides the point. Also, their reason for lowering the limit seems contradictory to many cards' goals: tracking of monthly expenses/budget tool. If you charge all your groceries, gas, and restaurant tabs on the card, you could look month to month to see where the bulk of your money's going. When you pay cash, that's hard to do! Aspire better just worry about lowering those interest rates. I get offers in the mail from them for their gold and plat. cards all the time, and I won't even give them a second glance...
I do pay in full every month, have never been late. What they want me to do is charge is a high priced item and make monthly payments on it so they can gouge me. I told the rep I didn't see anywhere in my account agreement that said I couldn't use the card on a daily basis for necessities. The answer was it appears as if I'm using the card to supplement my income. This is after 18 months of using this card. My suggestion to everyone who is trying to re-establish credit is to stay away from Aspire.
I USE DISCOVERCARD FOR EVERYDAY EXPENSES. I USE THE CARD FOR EVERYTHING I BUY...$1.89 OR $9,000.00!!! I PAY IN FULL EVERY MONTH WITH ONE CHECK. If I used DISCOVERCARD only for "large" purchases...what ever that means and pay interest, my cashback bonus >$300.00 would not exist. IF I HAD ASPIRE AND THEY DID THAT TO ME (REDUCE CREDIT LINE)...I WOULD HAVE DUMPED THE CARD LAST NIGHT!!!
Really. I use credit cards for the ability of cash management (ie one safer way to pay for all expenses) and then pay off one chunk out of my checking. Screw them, they suck. i've never ever heard of such baloney. the only card i know of that will do something like that is the cobaltcard, they claim to be able to ban purchase of items like cigs and booze for kids
It doesn't make a damn how you pay off the Aspire card-whether it be paying off the balance or the minimum payment each month-IT DOES NOT HELP OR HARM YOUR CREDIT. Aspire does not report ANY positive activity to the credit bureaus whatsoever. You're MUCH better off paying off your balances with Aspire each month. The interest will eat you alive if you carry a balance. Don't pay any attention to that silly wench you spoke with. Aspire is totally useless when it comes to building or rebuilding credit. Its only good uses are for emergencies and convenience--NOTHING ELSE.
I agree with Doris and company, they DO NOT report any postive information therefore that won't help your credit. A while back a someone posted that you could request them to report, but who knows. But since when can credit card companies tell us what to buy, how much to spend and how much we should pay back(aside form min payments etc.) that is horrible. I would dump them as soon as you could.
When I had my American Express Green card I used it for every day household needs. We bought groceries, gas, and paid for dinners at nice restaurants, even video store purchases. I gave a card to about 5 of my family members and before we knew it we were spending $10,000 monthly between my whole family. American Express loved me and after one year they upgraded me to the Platinum Card (And I didn't mind the $350 annual fee!) I loved that card! Charging little things and paying off in full builds excellent credit. It should not matter to a bank what you charge. As long as you pay your payments each month and don't go over your guideline is all that should matter to any bank.
I agree with everything everyone has had to say about this, except for the fact that they are reporting my card to the bureaus. I requested in Sept. that they do so and of November it is being reported. This is the 1st card I got and that is why I kept it. But the b.s. that rep fed me yesterday confirmed to me that it will be closed after the 1st of the year when my new card comes in. The whole issue just pisses me off. I charge a lot on it. Maybe not large purchases by I use from 50 - 80 % monthly. When I first got the card I paid more than the minimum, but not in full. After 3-4 months of this I figured I should start paying in full monthly and that is what I have done. Never been late, often paying 10-14 days before the due date. The whole thing bugs me as to what the real reason for this was.
They returned my credit limit to what it was after I called. But, you are absolutely right, I should dump this card and I will as soon as a card I was just approved for comes in.
Good! Dump them! They failed in doing their job, which is to make you happy. Regardless of your credit history or status or anything else, YOU are their customer, and when they do stupid things that diminishes your satisfaction with them, they don't deserve your business. To make a long story short, PISS ON THEM! There are other businesses out there that will make you happy.
Ya know, all of this discussion makes me glad that they DIDN'T approve me for a card. LOL! Cheers, Cindy
