Beginner for Credit Card

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zhyd1010
 
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Beginner for Credit Card

Postby zhyd1010 » Sun Sep 21, 2014 1:23 pm

I didn't have a credit card before. I recently applied for a Chase Freedom card and was approved, but they only give me $500 CL. I have owned a Chase debit card for more than 1 year, so can I ask for a CLI soon? Or it's better for me to apply for another credit card?


MemberSince99
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Postby MemberSince99 » Sun Sep 21, 2014 8:33 pm

If you never had any credit and got a Freedom, congrats, you're ahead of the game. I'm going to be totally blunt and honest and tell you just use it responsibly for 6 months and get 6 months reporting to the credit bureaus. They MAY give you an auto CLI (or they may not) - in any case do NOT ask for a CLI sooner than that they will likely decline you and it will cost you inquiries for nothing. After 6 months of good use, if you want an increase from them ask for it. Otherwise you should be able to apply for another card or two after that time.


Just don't get greedy here. Give it your 6 months to report to the bureaus and you'll be in good shape for more.


I started out with a Crap One card with no rewards, a 500 limit, and a 39 annual fee along with the worst customer "service" known to man. I would have loved to have started out with the Freedom instead.

stones
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Postby stones » Sun Sep 21, 2014 8:33 pm

Be happy you were approved for a card without any history.. this is a start. Use it an pay it off in full each month. Stop being greedy before you end up in a debt you cant afford to pay off. Maybe 6 months later try again and you'll most likely get an increase

popamode72
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Postby popamode72 » Sun Sep 21, 2014 8:53 pm

Not bad! Take Member's advice pretty much and if you want to apply for another card after, wait specifically until your FICO score generates to look at other options. You might also wanna look into getting your foot in the door with Amex as soon as you can after six months so you'll have backdating privileges too. I was able to get in with around 9 months of credit history on my belt.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

stones
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Postby stones » Sun Sep 21, 2014 9:24 pm

Also how does Amex back dating work exactly?

popamode72
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Postby popamode72 » Sun Sep 21, 2014 10:13 pm

stones wrote:Also how does Amex back dating work exactly?


Once you get in with Amex, if you apply for another card from them in the next year after you got your first Amex, it will be reported to credit bureaus as being opened the month you got the card but the year you got your first Amex basically. Can be a boost to your average age of accounts.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

Super100
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Postby Super100 » Fri Sep 26, 2014 5:48 am

Apply for another Card....

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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Sep 26, 2014 10:44 am

I started with a $600 Freedom. I requested a new limit of $3k about 8 months later and got $2k.

Having a checking account and debit card probably helped you get the Freedom. I had those, too. Freedom is arguably the best card you'll qualify for until you have 6 months of history, and Visa is widely accepted, so just be happy with your card for a while.

So the history with the debit card probably did help, but you've already gotten the full benefit of that 'boost'. From now on, getting new cards and CLIs will depend on being a responsible credit card user.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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sicasun
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Postby sicasun » Fri Sep 26, 2014 3:26 pm

My boyfriend started exactly just like you with a $500 CL Freedom. Congratulations btw! It's no easy feat to get a Freedom with no credit history :) Unfortunately, I don't think having a Chase debit card for any amount of time will help you get a CLI faster. Anyone can hold a debit card, since it's basically just cash.

Just use the credit card responsibly for about half a year or so, and you'll probably be rewarded with an auto CLI. I can't say its guaranteed, but my boyfriends was increased to $1,500 after 7-8 months without him even asking.

Chase Sapphire Preferred | 09/2014 | $10,300
Chase Sapphire | 05/2010 | $5,000
Chase Freedom | 01/2013 | $5,500
CapitalOne Quicksilver | 01/2013 | $2,500
American Express TrueEarnings | 08/2014 | $5,500
Victoria's Secret Angel Card | 04/2011 | $600

FICO | 09/2014 | Experian 738 | Equifax 706 | TransUnion 701

takeshi
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Postby takeshi » Sat Sep 27, 2014 12:38 am

zhyd1010 wrote:I have owned a Chase debit card for more than 1 year, so can I ask for a CLI soon?

Without established credit history it's a bit much to expect more than what they've already granted you. Responsibly manage this card and try for a CLI and/or try adding another card in the typically suggested 6 month timeframe.



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