Re: Utilization % Lori, a 660 isn't a bad score - you should be able to qualify for at least a Target card... have you applied for anything recently?? Ozzy.
Re: CC You have just summarized the exact reason they DONT report your limits. "You can check out any time you like, but you can never leave..." Radi8
Re: Utilization % HAH!!! Target gave me a guest card for $200.00...won't help me! Best Buy turned down..but did get a crappy card from Household..$800.00 limit, $69.00 annual fee and 17% APR..I called and said thanks but no thanks...I can't get a decent card to save my life..my balances are too high...soo I was trying to get a decent card and transfer my high interest cards ie cap1 to a decent card..can't seem to get a decent card!!
Re: CC You might consider MBNA World Mastercard, they do report your "revolving" limit so that could solve your problem.
Re: CC Lori, I've gone through this length of credit history business for years. What I've found is that one old account doesn't really establish a credit history in their eyes, but two or three would. I have one account that's 109 months old now, but my second oldest (Cap One!!!!) is only 37 months old. So they think I'm a relative newcomer until some of my newer accounts reach a respectable age. For that and other reasons, don't minimize the value of your Target card. You need multiple accounts not only to transfer balances, but also to establish a history that gets you accepted for better cards than Cap One.
Re: CC I have 3 Cap 1 cards(used to be 4 but I combined the newer one to an older one) I HAD getsmart, but they cancelled me like alot of others before all my derogs were removed. I have had 3 sep. car loans over the past 10 years..all in good standing..I have established my credit...for the most part..my beef is not necessarily the age thing..I can't control that..my issue is the utilization part, my 3 open cards are all with cap1..they don't report limits so how do the CRA's know that I am or am not maxed out on my cards when my limits are not reported??
Re: CC Someone else posted, and I agree, that they take your current balance as a percentage of your high balance, rather than current balance as a percentage of your credit limit. If you've ever maxed out the card, it wouldn't be a significant problem, because your high balance would be very close to your credit limit. On the other hand, if your current balance, high balance, and credit limit are all very close, then the problem isn't the standard of measurement, but simply the high current balances. That's my own problem, by the way. About the other issue: I'm sure you've had a lot of credit, but how many accounts are still open, and for how long, and are they all positive? If you ever get rejection codes for reasons other than utilization, then small, easy, positive accounts could eventually help. In other words, Target could help. The wording of your original post makes me wonder if you're actually getting turned down a lot for credit, or simply assuming you will get turned down based on comments that came with a credit report or credit score. Am I onto something here? I hope this helps.
Re: CC Try Bank of America? If you get turned down, explain the situation to Robin Bricklin (via PFB), you would probalbly get approved. And right now, b/c of the catch-22 Cap1 put you in, I wouldn't discount HH completely. I know it's not your fault but as LB keeps stating the FICO game is what's screwing a lot of people. Trina
Re: Utilization % If you do a search for the Target card, you'll find that many people get increased cl's on the Target card... sure $200 is low... but it'll get higher. Every little increase you get helps your utilization! Regarding Household - I can see the APR and the annual fee suck, but sometimes I think you've gotta take a step backwards in order to take 2 forward... you've already taken the hit from the inquiry. If I was in your shoes, I would have kept it. Sometimes even when you don't accept the card, it shows up on your report.. opened and closed in the same month which hurts your average age of accounts. This is obviously hindsight, I know. Ozzy.
Re: Utilization % On your Best Buy denial, what exactly were the reasons? Did it actually say anything about utilization?? Ozzy.
Re: Utilization % On my BEst Buy denial it said nothing except that I needed to obtain specific information I needed to either call or write to them to obtain the reasons. According to Experian creditwatch(or expert whatever it is!) my credit limits are substaintially lower than others in my percentile. My EXP score as of yesterday was 683. I also tried CITI and was denied but the reasons were the same as Best Buy..write to them to get a reason, which I am going to do. Also, with both EXP and EQ there are no longer ANY negatives at all, no lates nothing.(thanks to reading this board by the way!!) I did want to try for BOFA but I have a collection from 6/96 on my TU report which I am in the process of trying to have removed because it was a debt that was incurred 10/95, so it should not still be there. The TU FAKO is now at 673. I was also thinking of trying for something with my credit union, but they run EQ and that would add yet another inq, I have had 3 now recently(CITI, BEST BUY and Household) I just wish that I could get somethign decent and get rid of CAP 1!!!
Re: CC Utilization % This is like buying a car and getting penalized by the dealer for collecting on what what you paid for. LB 59
Re: CC Utilization % It is just frustrating..I am not by any means knocking the Target guest card, I just really want something that I can transfer balances to, and with no other reason than balances vs. credit limits, it is frustrating not to be able to do that!
