about a year ago, i applied for one of those badass cards that give you 5% back on gas station and grocery store purchases but i was denied.

i didnt have bad credit, i just had no credit. i ahve never had my own credit card, i used a debit card. i always pay my rent on time and i have had power under my name for 2 yrs and always pay that on time. unfortunately, those things dont go on a credit report.

so i went to SECU and got my first ever CC to establish a credit line. since i have had it, i have kept about a $500 balance and always payed it off on time, sometimes even early b/c the credit limit was only $1000. i looked at my credit report a few weeks back and i only had that one account and it was, of course, in good standing.

i have had that card for almost a year, is it too early to reapply for the platinum and do i have the necessary credit yet?

anybody that knows let me know. i dont want to keep having my credit denied and have that end up on my report.

7/13/2006 3:49:25 PM

What was your score?

7/13/2006 3:55:37 PM

i aint payin for no sco'

but seriously you have to pay to see your score, i dont care that much

7/13/2006 3:56:15 PM

try that 30 day score watch trial with equifax and cancel it

7/13/2006 3:58:58 PM

Can't you get one free per year now?

7/13/2006 4:01:26 PM

yes you can. there is a website to get all 3 easily...

https://www.annualcreditreport.com/cra/index.jsp


this is the one i used

7/13/2006 4:03:58 PM

you can get a report that shows your credit history and open accounts. i think the score is extra.

i'm in the same boat. i'm no longer a student and had virtually no credit until a few months ago. i took a few actions at the bank to establish it, but i'm not sure when i'll be able to safely apply for a card.

7/13/2006 4:05:10 PM

yea i did the free report. one was slightly more informative than the other two, but none give the score

this card expires in august and i need a higher credit limit, so i will prob jsut end up talking to the bank and seeing if they can extend my limit and what else i can do to raise my score.

7/13/2006 4:07:07 PM

Set up overdraft protection at your bank. It's considered a line of credit. It's also nice to have.

[Edited on July 13, 2006 at 4:09 PM. Reason : ]

7/13/2006 4:08:31 PM

you should be able to get a good idea where you stand without it

but you are going to need more than one card... but not more than 7 or something like that, not sure on the numbers, they look down upon too many or too little, really weird

but i have like 4 major cards and thats it, never been late on payments or not in good standing and i have something like 750

[Edited on July 13, 2006 at 4:09 PM. Reason : ]

7/13/2006 4:09:13 PM

i have something like that on my checking b/c i used to go over all the time w/ my debit card and it would charge me $0.5 and move money from my MM account. it didnt show up positively or negatively on my report.

7/13/2006 4:10:03 PM

Is overdraft protection considered a line of credit if it draws from your own funds? The ability to transfer money from one account to another doesn't seem like it should help your credit score...

Do they notify you if you don't have enough credit to have a credit report? I ordered mine a month or so ago and haven't gotten it. That could be a postal service issue though. But I should definitely have some credit on my report, so I'm just assuming it's lost in the mail.

7/13/2006 4:24:03 PM

Quote :

"i have something like that on my checking b/c i used to go over all the time w/ my debit card and it would charge me $0.5 and move money from my MM account. it didnt show up positively or negatively on my report."

I know what you are talking about but I think hydro was referring to the type where you go over and the bank lends you money for a high %.

7/13/2006 4:32:53 PM

^^There is two forms of overdraft protection. The one that just transfers money does nothing for your score. The other form is a line of credit, which is basically an open-ended personal loan from your bank that you can use for anything simply by writing a check for more than you have in your account.

[Edited on July 13, 2006 at 4:34 PM. Reason : .]

[Edited on July 13, 2006 at 4:34 PM. Reason : ^ The rate is much much better than a credit card]

7/13/2006 4:33:37 PM

ah ok

i dont have that

but does that actually help your credit report if you dont use it?

b/c i havent overdrated my account in years

and i def wouldnt do it if i had to pay interest

7/13/2006 4:35:27 PM

Quote :

"^ The rate is much much better than a credit card"

Don't they usually charge a large NSF fee upfront?

7/13/2006 4:38:33 PM

I used one for a few grand with monthly installments to repay it. It showed up as a loan on my report and said I was paying it according to the terms. I paid it off pretty fast and now it says paid. So i assume it has helped my score.

7/13/2006 4:38:55 PM

i dont really care if the rate is better than a credit card b/c i have no plan to ever use the interest rate on my cc.

7/13/2006 4:43:35 PM

I have one of those CitiCards Platinum Select Dividends cards. I don't know much about my credit, but I checked my score once and it was like 790 or something. I'd check out this card, for apparently I hear they are pretty easy to get.

It gives you 5% for gas, groceries, and drug stores, and 1% on all other purchases. There is some clause that the 1% will go up to 2 or 3% for some periods of time (im not sure why).

They keep increasing my limit, but it started out pretty small when I got the card (I think it initially was $2500, now it's over 4x that). Be sure to pay your bill every month if you can, because they have a pretty high interest rate (just checked, it was 18.something%).

7/13/2006 4:46:02 PM

Has your income increased some?

[Edited on July 13, 2006 at 4:50 PM. Reason : .]

7/13/2006 4:46:50 PM

I'd hope this is the sort of question you've already asked the bank.

7/13/2006 4:47:08 PM

^i'm trying to take the easy route first

Quote :

"Also your debt/credit ratio is hovering around 50% even if you pay your balance in full."

is this a question? i always have a balance on my card, but it is my understanding that is a good thing. besides, it would be impossible not to unless i just didnt use it.

7/13/2006 4:50:12 PM

Its a good thing to show your using the card and paying it, but 50% debt/credit is high and that portion counts in 30% of the score.

[Edited on July 13, 2006 at 4:55 PM. Reason : .]

This is why I never got a state employees cc because they are super conservative about credit limits.

[Edited on July 13, 2006 at 5:00 PM. Reason : secu is awesome though]

7/13/2006 4:53:49 PM

a great way to build credit are store cards.

Ie Old Navy, Victoria's Secret, Best Buy and a bunch of other stores offer cards that only work at their stores. This really builds credit and its a 'safe' way of doing it as you cannot rack up (ideally) too much going on a shopping spree.

Plus most stores offer some sort of incentive or rewards. Such as Old Navy sends out special savings and gift cards after X amount of use, and now VS is doing the same thing.

7/13/2006 4:58:09 PM

You're joking, right?

7/13/2006 4:59:01 PM

i basically only spend money at gas stations, grocery stores and occasionally restaraunts

so that doesnt work

7/13/2006 5:00:25 PM

get like a BP gas card then

7/13/2006 5:48:46 PM

i have a Capital One Visa Signature Platinum card (2 miles per dollar spent (can cash in as air miles, cash, merch, or charity), no blackout dates on the airmiles, and tons of upgrades - flights, hotels, etc - thru the visa signature program). i have had a BB&T credit card (credit limit $2000, paid it off every single month) for 2.5 years and have been paying bills (utilities, cable, etc) for about the same amt of time. i also have a mortgage. i graduated in dec 05 and applied for this card about a month ago. my fica score is 729 right now.

do not keep a balance on a credit card. always always pay it off in full each month. that's how you improve your credit. if you can't afford it, don't buy it.

[Edited on July 13, 2006 at 6:00 PM. Reason : ]

7/13/2006 5:57:35 PM

i have 2 major credit cards & 2 store credit cards (ex: gap)

paid in full and all that jazz-- got the first credit card ab my freshman year in college.. so almost 5 years ago

when i bought my car in may they told me i had an excellent credit score i think it was 760

now add on to my credit the car payments & student loan payments (all of which i'll make on time with automatic withdrawl)

and when i'm ready to buy a house in about 2 years i'll be sitting pretty with a bangin credit score



note: your credit takes small hits when there are inquiries made to it for things such as applying for a credit card, background/credit checks and also checking your own credit score-- it goes back up after a little while but if you want a better idea of your real credit score i'd recommend checking it a few months after inquires have been made

i've never paid for my credit report-- most credit card companies have some deal with the credit bureaus where you can get a free report and sign up for some 30 day thing and you can cancel before it starts charging-- but you do get your actual credit score

7/13/2006 6:15:54 PM

Quote :

"a great way to build credit are store cards. Ie Old Navy, Victoria's Secret, Best Buy and a bunch of other stores offer cards that only work at their stores. This really builds credit and its a 'safe' way of doing it as you cannot rack up (ideally) too much going on a shopping spree. Plus most stores offer some sort of incentive or rewards. Such as Old Navy sends out special savings and gift cards after X amount of use, and now VS is doing the same thing."

Store credit cards are typically around 20% APR.

Have fun with that, idiot.

7/13/2006 6:52:15 PM

I wouldn't call her an idiot just because the rates are high. Maybe she's not planning on carrying a balance, so she doesn't care about the rate.

Though getting store cards is a bad idea in itself.

7/13/2006 6:57:57 PM

Quote :

"Store credit cards are typically around 20% APR. Have fun with that, idiot."

b/c it's so hard to pay off that $30-50 you spent on a couple pair of pants or whatever

7/13/2006 7:23:32 PM

you do NOT have to pay to see your credit history.

freecreditreport.com

You are able to get it for free once per fiscal year (meaning when you first accessed it). You then need to go to myfico.com

You might have to purchase your fico. It is a score based on all three reporting agencies.

7/13/2006 7:36:58 PM

^ annualcreditreport.com is the only official free credit report website. This is on the front page of freecreditreport.com:

Quote :

"When you order your free report here, you will begin your free trial membership in Triple AdvantageSM Credit Monitoring. If you don't cancel your membership within the 30-day trial period, you will be billed $12.95 for each month that you continue your membership. ConsumerInfo.com and Freecreditreport.com are not affiliated with the annual free credit report program. Under a new Federal law, you have the right to receive a free copy of your credit report once every 12 months from each of the three nationwide consumer reporting companies. To request your free annual report under that law, you must go to http://www.annualcreditreport.com."

Stay away from that place.


oh, http://clarkhoward.com/

[Edited on July 13, 2006 at 7:53 PM. Reason : ]

7/13/2006 7:52:04 PM

This is a nice way to keep your credit safe, by the way:

The major consumer credit reporting agencies will solicit your information to third party banks that will offer you "firm lines of credit" AKA spam your mailboxes with credit card offers at old apartments or anywhere else not secured.

If you're tired of being solicited to open credit cads and worred about security, you can curtail some of it by having your name removed from the database distribution, although removing your name from individual banks who have already harvested your information will require individually contacting them.

The permanent removal from this list is possible by submission of a form that can be obtained by calling the department for opting out via Consumer Assistance at the Direct Marketing Association at 1-888-567-8688 .
Simply calling them will suspend this solicitation of information for five years. You can request permanent removal (which is reversible) and then submit a written request to process it that will come to you in the mail.

I received my form of permanent removal today, and I am submitting it. It reads as follows:

Your telephone request to remove your name from lists for firm offers of credit or insurance has been processed. Your name will be removed for five years from the lists the consumer credit reporting companies, Equifax, Experian, Innovis, and TransUnion, provide to businesses that send firm offers of credit or insurance.

If you would like to remove your name permanently from the firm offer lists that these consumer credit reporting companies provide to businesses, you must submit a written request. To do so, please sign and date this form and reutrn it to the address listed below. Removing your name from these lists does not affect your ability to apply for or obtain credit or insurance.

Opt-Out Department
P.O. Box 2033
Rock Island, IL
61204-2033


Maybe this will help some people control what information comes to them and prevent people from fraudulently activating cards.

7/13/2006 8:13:26 PM

i signed up for this awhile back when it first became avail (<1 year ago i think)

and i've noticed a definite DECREASE in credit card solicitations

i get a few but nothing like before

7/13/2006 8:25:16 PM

Quote :

" If you're tired of being solicited to open credit cads "

And yes, I do mean these open credit cads. These morally reprehensible dirty dogs of credit. The open credit cads are after us.

7/13/2006 8:35:22 PM

Quote :

"do not keep a balance on a credit card. always always pay it off in full each month."

those statements arent mutually exclusive. i def pay what i owe in full every month, i.e. i never have interest. but i use my card almost daily so i am always going to have a balance.

7/13/2006 8:41:34 PM

store-specific cards are a very good way to build your credit. the APR is higher than your typical credit card, but it limits you to fairly small purchases rather than using your card everywhere, which is typical of a college student with their first card.

i got one through meineke to fix my car a few years ago. the interest rate DID suck, but i wasn't tempted to use the card on anything else. made my payments on time, and because of that i now have a platinum visa from chase with a credit line bigger than i will ever need. i'm locked in at 8.9% until 9/2007, and if i still have a remaning balance i'll just transfer it to a new one since i'm pre-approved for almost any card you can think of.

7/13/2006 8:58:02 PM

Here is the FatWallet archived thread that thoroughly covers all the cash-back/rewards cards out there.
http://www.fatwallet.com/forums/arcmessageview.php?catid=52&threadid=409166

If I am not mistaken the consensus was that the Chase Cash Plus Rewards Visa is the best overall of them.

If you can get it, the USAA PLatinum Mastercard is phenominal. When I was just out of college they gave me 1 year of 0%, 5.75% APR thereafter, and a $20,000 limit. The only other card I had was a SECU Visa at the time.

7/13/2006 10:18:20 PM

USAA Platinum I've had since I was 16, they are the heat.

^ Do they send you those hugh blank checks to get a new car

[Edited on July 14, 2006 at 3:30 AM. Reason : .]

7/14/2006 3:01:28 AM

Quote :

"store-specific cards are a very good way to build your credit"

Quote :

"You're joking, right?"

7/14/2006 7:31:04 AM

Store cards are pretty much disregarded when it comes to figuring out your credit score.
They will give a store card to just about anyone.


also, regarding the myth that too many cards will hurt your credit:

I've got probably close to 18 active CCs, last time I checked my score was 780.

7/14/2006 8:51:15 AM

^^no, i'm not joking. yes, they will give it to just about anyone. that's the whole point, for somebody with NO credit, it is a way to build credit. maybe you should read more than the first line of my previous post.

7/14/2006 9:21:02 AM

Quote :

"USAA Platinum I've had since I was 16, they are the heat. "

I totally agree. I've had three banks, and USAA is the best by far. It sucks having to send everything to Texas, but if you get DD, not so bad. I just got a Platinum card a few months ago, and it couldn't be easier to pay off. Love it.

7/14/2006 9:24:26 AM

Bren, if you sign up for multiple store credit cards it will hurt your credit score.

7/14/2006 9:25:10 AM

all i said was to get one card. make a few purchases with it and pay it off. it (somewhat) establishes credit if the person had none before, while showing creditors that this person can pay their bills on time. i couldn't get a real card or even a cell phone contract in my name until i did this on the advice of several financial planners. obviously this is just a stepping stone to getting a better card in the future, not the way to achieve a perfect credit score. that's all i'm trying to point out.

7/14/2006 9:56:08 AM

What kind of world do we live in where teenages with little or no income can not receive credit cards to allow them to make ten of thousands of dollars in purchases?

7/14/2006 9:57:36 AM

Quote :

"Store cards are pretty much disregarded when it comes to figuring out your credit score. They will give a store card to just about anyone. also, regarding the myth that too many cards will hurt your credit: I've got probably close to 18 active CCs, last time I checked my score was 780."

Incorrect. Store cards arent disregarded, they are actually frowned upon by lenders because they are so easy to get. Those are poor mans credit cards.

And having 18 open lines of revolving credit (cards) is just a bad idea. It may not hurt your score, but your chances of someone obtaining at least one of your credit card numbers is significantly higher.

[Edited on July 14, 2006 at 9:59 AM. Reason : .]

7/14/2006 9:57:49 AM

Quote :

"oh, http://clarkhoward.com/"

Yes, I listen to him every day at work to make my boring day go by....

"He is the Guide to my life"

7/14/2006 10:51:18 AM