i ran 3 bureau report using equifax on feb 1st no negatives ever score 696 Wells Fargo $700 limit 503 balance EQ jan 04 - oct 02 EX jan 04 - oct 02 TU jan 04 - feb 03 so a 15 month history on eq/ex and 12 month on tu Banana Republic $800 limit 40 balance EX 2 month history TU 2 month history 3 inquiries in last year: EQ wells fargo 8/03 EX Pac sunwear 5/03 TU Banana Rupub 11/03 with equifax's calculator i determined this: if i pay the $543 balance off, i will have score 706 - 746 a new 500-2200 credit line will give me a score of 686 - 706 a new 2300-49,000 credit line will give me a score of 696 - 726 a new 50k-100k = score of 686-706 i paid off the wells fargo account on the 2nd, and then didn't charge anything since so my util will be like 2% if score is run again cause wells fargo updates about the 12th. in ~ month i need at least 2k additional credit, preferably 4 or 5k. i can pay it all off in 4 months so i don't really care about interest rates/fees. i'm 21 and i have 10 units at 2-year college this semester, but i don't know what kind of cl student cards give. i assume my score is over 700 now since i paid off, but i didn't get 3 scores and i don't know what the 1 score equifax gives means. also i assume the credit report will be an inquiry that hasn't shown up yet (on all 3 or just 1?). what credit card(s) should i apply for?
To start with, no inquiry when you pull your own credit. Can you get a credit limit increase with Wells Fargo? Most new lines are based upon present credit limits, so its going to be hard to get a high credit limit with such limited history, and low current credit limits even with good score.
The reason you should see about a cl increase is so you have a higher cl on your report when you apply for other cards. Most everyone has student cards, also not sure about Wells Fargo, but lots of time people apply for second credit card from same company and then combine both lines for a higher limit sooner. I applied for BofA in June got 4000. Applied again in late Oct got 11000, combined for 15000, then last month Amex approved biz card for 21200, I believe that happened because of 15000 line with BofA. Just read alot and you'll be up to speed in no time. Just remember to protect your credit rating and you will be in great shape.
Hi, How come you have so low CL on Wells Fargo account? What kind of card is this? I believe you should call them and ask for CL increase. 15 months is enough history for one tradeline. You're not going to lose anything. It looks that Banana Republic as department card is giving you more comparing to the PRIME Wells Fargo Bank?! Good luck, Denny
You have a great score for someone with only 15 months of history and so few credit lines. I think they say the ave. credit report age is like 30 years. So 15 months is short for FICO standards. You could use a few more credit lines. Get CL increase form Wells Fargo and wait for it to post on your CR's. If you would have kept your utilization lower you probably would have received an automatic increase by now. Your scores are good enough to get some nice cards, but your history may keep them out of your hands. I would recommend the household trio. I just got it with your same EQ score. Gm Card Union Plus Card Corvette Card If you apply for all 3 online one right after the other, it will count as one hard on your EQ report. Like 3 for the price of one. I got GM $1000, Corvette $2500, Union+ $2700. UnionPlus seems to be good about approving with a low history. With no negative information on your report you should avoid sub-prime cards. If the wells fargo CL increase gets you over 700, you will start getting some nice pre-approvals in the mail. Good Luck!
Can I assume that you have a Student Visa from Wells Fargo? Wells Fargo is EXTREMELY rigid on the terms on the student visa cards. If you currently have a $700 CL and apply for an increase, you will be LUCKY to get an extra $500. You MAY want to apply for another card with Wells Fargo - Platinum, Prime Rate or Cash Back cards. With your good payment history (I assume) and good scores, I think they would do a new account for you with better terms.
David, how about Wells Fargo secured card? Do you know what will be CL increase for $300 secured card once it becomes unsecured. Denny
Re: Re: what cards should i get? I honestly don't know. It will at least be equal to your secured card limit. With a $300 secured card, once it's unsecured, will be at least $500 (minimum CL). It can take from 12 to 18 months provided that you do the following 4 steps: 1) Develop a credit bureau score of at least 600 2) Pay all your obligations on time 3) Never go over-limit on your card 4) Pay your wells fargo card on time
Could you please share with us your experience with Banana Republic card? I see they pulled Transunion. In what state you are? CO? I see they did not report to EQ? Did you apply in the store or on the line? Thanks, Denny
Re: Re: what cards should i get? Their Orchard card is sub-prime. I have the GM, corvette, and Unionplus, no annual fee and 9.9% on all 3.
Re: Re: what cards should i get? I'm also interested in the Banana Republic card. Considering that I have only 2 secured card, I might want to try to get this one. Hope it is easy to get. Jason
Re: Re: what cards should i get? I'm in san diego, and i applied for b republic in the store. it looks like they only report to ex/tu and they pulled tu. it says the apr is 16.55%. i don't know what my score was in november, but i think it would have been below 696, especially since the TU score is the shortest history of the 3, and i only had a 10 month history on it in november. when i applied in the store, i didn't know they put my first purchase on the card, and i forgot that i had it. when i ran my credit report i saw i had the $40 balance on there and i called them up and made them remove the late they would have reported for february (there was no late on the report yet). they have some rewards thing like 1 point for every dollar you spend at BR or some crap that i'll never use cause i hardly ever shop there. 15% off next purchase wow. household trio looks good though i think i'll apply for all those next month after my thing updates.
