Since your card is relatively new you don't have a huge track record to go by although it is good that you cleared out your student loans. Did you say you tried applying for another card? I'd try for another card and would negotiate with them. Tell them how much you're looking for, what you're willing to go for on the rate etc. Then take that and hold it over your credit card companies head and tell them you're pretty much ready to bail. They are hurting right now and can't afford to lose customers.
fuck! I thought I was building my credit for the past 3 years, but I wasn't!
- Thread starter Joft
- Start date
Since your card is relatively new you don't have a huge track record to go by although it is good that you cleared out your student loans. Did you say you tried applying for another card? I'd try for another card and would negotiate with them. Tell them how much you're looking for, what you're willing to go for on the rate etc. Then take that and hold it over your credit card companies head and tell them you're pretty much ready to bail. They are hurting right now and can't afford to lose customers.
That sounds like a good plan. This card is really only for emergencies, hence why I wish it had a higher limit. I use it for daily purchases like gas and groceries and sometimes going out to eat, but I go right home and pay it off within a few days. I have not tried to apply for another card anywhere else, but I figure it couldn't hurt.
Someone said earlier in this thread about how you shouldn't worry about your FICO score unless you are planning on buying a house or something. Well, I will be in the market for a house within a year or so, so I do keep track of the score and have been since I got the card in preparation for home ownership. In these credit squeeze days, you need all the score you can get.
Uh, do you want to link to a source for that? I had heard that from some random person and then later read it was total bullshit. I pay my cards off every month and every one of them shows up on my credit history. They also always show up on the credit history with a balance as its showing you a snapshot of some random point in time, not necessarily for the day or so that it is totally paid off.
I don't know what is worse
The fact that MaxxCarnage was wrong and is spreading bad information
or the fact that he became enraged over his bad information being challenged
I picture him in his room full of hitler posters shouting in german while typing furiously on his keyboard as his mom yells for him that his peanut butter and jelly sandwich is ready
The fact that MaxxCarnage was wrong and is spreading bad information
or the fact that he became enraged over his bad information being challenged
I picture him in his room full of hitler posters shouting in german while typing furiously on his keyboard as his mom yells for him that his peanut butter and jelly sandwich is ready
Artemis Pockels
Veteran X
if you constantly pay off your account the card issuer will report $0 to the credit bureaus
carrying a balance monthly makes sure that when that one day every month comes you will have a balance reported
it seems pretty simple to me but morons cant seem to comprehend this for some reason
and really, if youre carrying 25% of your limit (which comes out to probably less than $400 per year on a $8000 card) and breaking the bank youre probably too poor to have a credit card anyways
carrying a balance monthly makes sure that when that one day every month comes you will have a balance reported
it seems pretty simple to me but morons cant seem to comprehend this for some reason
and really, if youre carrying 25% of your limit (which comes out to probably less than $400 per year on a $8000 card) and breaking the bank youre probably too poor to have a credit card anyways
They really do need to update FICO to be honest. Yes, I realize that these companies are in the business of making money off of interest and people that pay off their cards monthly aren't providing the card issuers any revenue. However, those that are responsible and can pay off their cards monthly should be looked at in a much better light especially when it comes to higher ticket items like a car or home loan. You'd think the bank would LOVE to have responsible people with a 6 figure loan out. Make money and have it be less risky? Unpossible!
MaxxCarnage
Veteran XX
None of those sources really said anything against what I said, they said it's still possible to do so without a balance, but a balance doesn't hurt and especially not if you're looking to get a loan (it DOES help). As Artemis says, having SOME balance reported will reflect good on the report itself. No, it's not the end all be all for your score, but your score isn't everything. An unestablished 700 is no better than a 630 with a ton of history.
Erm a lot of what the financial industry is completely based on FICO so regardless of how you got your score a 700 is better than a 630. Hell people were taking out home loans completely based on their FICO scores. Just saying.
Btw I do realize that according to FICO you can improve your score by having a balance but what I'm saying is that it's still stupid and can ultimately be negated anyway. Punishing people who can pay off their debts by giving them higher rates is silly really especially if you're a bank who's about to lend someone 500k towards a home loan for instance.
Actually Maxx is right, since he was responding to Payback about his limit not being increased.
Carrying a balance qualifies you as a better credit 'customer' to the CC company. So when it comes time to increase your balance, if you NEVER pay interest, then you are meaningless to them and they won't increase it.
My limit started at 800 and now it's 15,000 - and my credit is fucking terrible (545) or something. They continue to increase it, because I pay interest every month and have been doing that for 7 years.
Carrying a balance qualifies you as a better credit 'customer' to the CC company. So when it comes time to increase your balance, if you NEVER pay interest, then you are meaningless to them and they won't increase it.
My limit started at 800 and now it's 15,000 - and my credit is fucking terrible (545) or something. They continue to increase it, because I pay interest every month and have been doing that for 7 years.
Artemis Pockels
Veteran X
see but the thing is is that the banks dont care what saintdude from tw thinks
Artemis Pockels
Veteran X
i understand that your reply is supposed to be pithy sarcasm
but the fact of the matter is that the banks have pulled off one of the better scams in the history of the united states when you stop and think about it
sure, a few big boys had to go down (lehman bros) but, in the end, the rest of the financial institutes are getting big fat checks from uncle sam
so if you look where it got them then not listening to saintdude from tw was probably a good idea
but the fact of the matter is that the banks have pulled off one of the better scams in the history of the united states when you stop and think about it
sure, a few big boys had to go down (lehman bros) but, in the end, the rest of the financial institutes are getting big fat checks from uncle sam
so if you look where it got them then not listening to saintdude from tw was probably a good idea
this wasn't through your bank? This is EXACTLY how I'm building my own kids credit, based on advice from other parents.
Won't help them much when no one can even think about going for a home, auto or any other loan though due to the economy now. This trillion dollar band aid better work otherwise we're still fucked and deeper in debt than we are now. Ugh .. don't get me started on the scumbag asshole banking industry or the dummies who picked up subprimes that had no business getting one in the first place.