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Thread: I want another CC

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    Default I want another CC

    Thats it I want another credit card. I can afford having another one right now and pretty financially stable to take on another one.

    Problem is Ive only had my last cc since last Feb 05. Im getting all these shitty card offers for like $500 limits or really high interest like 22% or more.
    How long does it take for others to see you have credit or enough credit to approve you for better cards or rates?
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    God/dess scarlett_vancouver's Avatar
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    Default Re: I want another CC

    Well, if you're ready for another card, then the rate shouldn't matter becuase you'll pay it off every month, right?

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    God/dess Emily's Avatar
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    Default Re: I want another CC

    true dat, scarlett!

    why don't you ask your current card to raise your limit? Mine does it automatically whenever they feel like it.

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    Default Re: I want another CC

    Tiger'sMilk, the secret is paying off the balance on your existing card entirely. This prompts the issuing bank to theorize that you just moved your balance to another bank's credit card, which probably gave you a better interest rate and a higher credit limit. Whether this is actually the case or not doesn't matter, because the 'program' is structured such that as soon as the issuing bank backing your existing cc sees that there isn't any outstanding balance thus no interest payments, they will respond by sweetening your interest rate and raising your credit limit to theoretically get your 'business' back.

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    Featured Member Lizette's Avatar
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    Default Re: I want another CC

    Also, ask your current cc company if they can lower your interest rate. They almost always do.

    If you shop ebay, amazon, etc., they have cc offers at 0% and they approve just about everyone. I applied for one through aol at 18 and got a $5000 limit at a fixed rate of 3.99%. I was right out of high school and unemployed. Like I said, just about everyone.

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    Default Re: I want another CC

    and just for the record, most of those offers of new credit cards with 0% interest for 6 months and less than 10% fixed interest rates do not get made to just anyone. Since the issuing bank won't be making a bundle on these 'gold' and 'platinum' cards, they can't afford to take much risk that their 'gold' and 'platinum' card holders are going to stick them with a bankruptcy loss. Accordingly, the FICO score of the cardholder plays a big role in being offered 'gold' and 'platinum' card deals. And as we all know, a lot more time history and a lot more financial history goes into building a high FICO score besides just being a 'good credit card customer'.

    It was indeed true that Capital One and other 'subprime' lenders did back low interest rate promotional credit cards in the past (with the risk covered by fine print allowing those interest rates and late fees to switch into hyperdrive after the first late payment LOL). However, with the recent change in bankruptcy laws, with the interest rate yield curve becoming inverted, and with bankruptcy filings at record high levels, the 'subprime' lenders are getting a lot more nervous than they used to be.

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    Featured Member Vamp's Avatar
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    Default Re: I want another CC

    I agree with everyone here.
    Check your credit report too. If you are not getting the offers you think you deserve there might be reasons you are not aware of. Even if you have paid down your debit, any late payments or collections on a report can effect what you are offered. I found a collection on mine even though i pay all my bills off. It was a mishap from a hospital that had told me i was paid in full but i wasnt. So they sent it to collections for fifty bucks.
    Also call local finicial institutions about their credit cards. Or check into a line of credit loan. It doesn't have a card with it but tranfers are easy and you dont have to worry about interest rate hikes with a fixed rate loan.
    Many card offers you get in the mail are fee crazy. Credit unions and local banks may be more willing to work with you.

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    Default Re: I want another CC

    Thank you for your advice everyone! This really helps me alot to know how to play the cc game. I thought I had to keep a balance and pay off little by little bit to make good gredit. Oh what a terrible credit game theyve made.

    Something odd...I had called capitol one earlier this month and there was an automated message saying they werent increasing credit limits this month for anyone. I guess I will pay off my super small balance off and ask again for another increase.
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    Default Re: I want another CC

    I had called capitol one earlier this month and there was an automated message saying they werent increasing credit limits this month for anyone.
    This is probably a direct result of the recent passage of new bankruptcy laws, as well as the record number of Americans going bankrupt during the 4th quarter of '05 ... with a disproportionately high share of these bankruptcy filings hitting Capital One and the other lenders who catered to the 'subprime' market i.e. people with no/shaky credit ratings. Limiting the size of credit limits effectively limits their potential losses if/when the cardholder goes bankrupt.

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    Default Re: I want another CC

    Well they really do offer waayyy too much credit to people who can't afford it. I used to have more credit card debt than I made in a year. It was in part due to school and yes, I've learned my lesson, but I was always surprised that they gave me that much credit!

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    Default Re: I want another CC

    Quote Originally Posted by FrustratedBunny
    Well they really do offer waayyy too much credit to people who can't afford it. I used to have more credit card debt than I made in a year. It was in part due to school and yes, I've learned my lesson, but I was always surprised that they gave me that much credit!
    That's the whole point -- they want to give you more credit than you can pay off. That way they keep making money from the interest you're paying.
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    Star_bare_elegance
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    Default Re: I want another CC

    I HATE CHASE they NEVER EVER raise your credit limit cheap bastards...... I love clout they increase my credit limit every two months.

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    Default Re: I want another CC

    That's the whole point -- they want to give you more credit than you can pay off. That way they keep making money from the interest you're paying.
    This is especially true before the recent passage of new US bankruptcy laws. As discussed in other threads, under the new bankruptcy laws it is no longer possible for most bankrupt Americans to simply 'walk away' from bills they can't afford to pay. Instead, the court will order them to continue making small monthly payments on their delinquent bills for the next 5 years ! As such, creditors such as credit card companies now will get an ongoing trickle of cash from a bankrupt credit card holder, instead of getting nothing. But more importantly if you stop and think about it, there is NO WAY that a bankrupt person who is now required to keep making small monthly payments on delinquent bills for years and years is going to have enough left over disposable income for any credit card company to issue them a new card. Thus the credit card companies gain a few bucks under the new bankruptcy law from the ongoing payments, but lose tons of potential bucks by not being able to issue them a new card at 21%+ interest rates a year or two after the bankruptcy like they used to !

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    Default Re: I want another CC

    Check out www.creditboards.com to get advice on every cc company. They'll tell you which companies give the best percentage rates, the highest credit limit and, the easiest acceptance standards. You are so right, a low percentage rate is vital because illness, job loss, pregnancy, or divorce can happen anytime. No one has magical control of the unexpected. There are even companies that will suspend payments due to hardship. You're getting those offers because your credit reporting agencies are selling your informaition to sub-prime lenders, lenders who offer cards at abusive rates. Opt out at Trans Union, Equifax's, or Experian's website if you don't want anymore bullshit offers. The offers you find will always be sweeter than what those sharks offer. Happy Hunting.

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    Default Re: I want another CC

    If you have no credit, or are rebounding from "bad" credit, it is best to leave a small balance and pay on that for a few months. It hurts your credit score, BAD, if your lines of credit are maxed (or close to it). You should NEVER have more than 30-40% of your credit line used, and even then, it should be lower. When the credit is scored, they don't know how much you make, but if you have $10,000 of offered credit, and you've used up $8,000 and are making the minimum payment on that, then the CC companies look at that as "not making enough to pay your bills" and will not offer you additional credit...or the subprime ones will offer you credit, but at a high rate and low level.

    If you can pay off your cards...pay them all off. At this point, you've established a full 12 months of, hopefully, on-time and positive payment history with your CC company. Also, you've most likely have no collections or open, negative, accounts. Pay off your balance, from now on, every single month. Call your card company and ask them to up your limit and drop your rate. Capital One seems to not do this very often, though.

    When you have a chance (and after your current full payment of your clear credit cards cycles through the credit bureau) apply for a low interest American Express. Or go get a mileage card (from American, United, or whoever you like to fly). Do not apply, haphazardly, to credit companies. Too many inquiries (say more than 6-12 in a 90 day period) will result in a dropped score...that will not come off for at least 3-6 months. Pick your inquiries wisely. Pull your credit report from all three bureaus and make sure that there are no inquiries that you did not approve (they have to have an inquiry signed/in writing or else the CB HAS to remove it). It's even worth it to pay the small monthly fee to have the CB email you when something happens with your credit (either a collection appears...new activity happens, etc). In this day and age with the increase of identity theft and such, it's always good to keep proactive on the credit front.

    Oh, and all three bureaus report different activity. They may share some "like" activity, but usually, you'll find one account on TU, but not on EX or EQ. Just pulling a single report does not give you the whole picture...you need to pull all three.

    Hope that helps a bit.

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    Default Re: I want another CC

    Chase bought out bank One ( who Ive been with for 20yrs ) and just sent me an offer for their cc with cash back and it appears to pay more cash back then my Discover - Interest is fixed at 8% , I may switch to this one and as stated once Disc sees that I am not useing their card they will call me with some kind of sweet deal .Its just a big game for me I pay off the full balance every month and maybe once in a blue moon I lapse a month but that is very infrequent .

    Quote Originally Posted by Star_bare_elegance
    I HATE CHASE they NEVER EVER raise your credit limit cheap bastards...... I love clout they increase my credit limit every two months.

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    Default Re: I want another CC

    MBNA merging with Bank of America is going to cause some interesting things to happen..

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