8 Months and counting

For just about anything you want to get off your chest about credit cards.
3 posts
creditOnTheRox
 
Posts: 2
Joined: Mon Jan 26, 2015 6:44 pm
Location: Somewhere East of PA and West of NY

8 Months and counting

Postby creditOnTheRox » Mon Jan 26, 2015 7:28 pm

Hi, Guys.

I've been reading for a while, now. I wanted to say hello. I first found myFico, and noticed the crazy. Then I found this forum.

I was approved today for my 3rd card after resolving some issues from when I was 19.

Back in 2007/2008(MSD 06), I left amex with a $4,300 tab, after what I felt was unfair treatment("If thats how you're going to be, I just won't pay.") My first CC was that amex. The issue was settled in March 2014. I can still remember that last words from the CSR, "you will never be able to have another amex." - I'll get back to this.

I was feeling great about settling my old debt. In anticipation of needing credit for real purchases, I opened up a Discover it chrome & barclaycard Rewards in June with modest limits(500, 1300). I love barclays because they gave me a chance. I'll be loyal to them as long as they remain in business. I put basically all of my spend on these cards.

Today I was approved for a Visa Signature from capital one. Although I vowed to never to business with them, it was the right move for my needs and options.

I'm 4 months away from graduating with a degree in mathematical finance. I have some good connections, and I'm optimistic about getting a job in a field related to wall street. It feels great to see the academic finish line. I've been getting into gear, switching back to business from doing math for the past 4 years. I'm excited to start earning

I spoke to an amex csr a few months ago and asked about my old account - if I was blacklisted. He told me that there are no issues on my account, and referred me to the new accounts department. Although, the prequal is always instant in saying no. I wanted to apply today, but decided to wait until I'm solidly on a career path.

I don't need, nor want 100k's in credit. Nor do I care to maximize rewards. The difference between 1 & 2 percent for the amount I spend isn't very important to me. I am happy to have access to 3 payment networks, and aim to improve the quality of card on each network. I'd love to get back in with amex. I wish I knew how great they were before I stuck it to them. A charge card is more in line with how I use credit. I don't use credit finance unaffordable expenses.

Anyhow. I was happy to be approved for a card with a useable limit. And, I thought it was time to say hello.

Green Charge Card is in my sights.

Oh yeah. My name is like a drink. One Credit On the Rocks, Please. :D


takeshi
Centurion Member
Centurion Member
 
Posts: 1741
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Tue Jan 27, 2015 9:31 am

creditOnTheRox wrote:I've been reading for a while, now. I wanted to say hello. I first found myFico, and noticed the crazy. Then I found this forum.

Every site has its crazy. If you want the opposite of myFICO then give CreditBoards a shot. IMO this one is a good middle ground with bouts of crazy when MemberSince99 surfaces.

creditOnTheRox wrote:I am happy to have access to 3 payment networks, and aim to improve the quality of card on each network.

If it was just the payment network that mattered you could have pursued AmEx cards from creditors other than Centurion Bank. That said, many find backdating and the 3x CLI from Centurion to be beneficial and you don't get that from the other AmEx issuers.

creditOnTheRox wrote:I don't need, nor want 100k's in credit.

How you manage your credit is up to you but don't just assume that you should based the credit you need/want on your spend. You might want to keep utilization in mind. The general advice is to not exceed 30% but ideal is generally much lower -- under 10%. I don't need my limits from the standpoint that I will never spend that much. However, my spend and limits place my utilization at ~13%.

There's always the option to reduce report utilization by paying down balances prior to the date that the account reports but I personally care for micromanaging my accounts like that. Of course, YMMV.

creditOnTheRox wrote:A charge card is more in line with how I use credit. I don't use credit finance unaffordable expenses.

You can always pay credit cards in full as well. That said, some find charge cards beneficial in keeping them in line.

creditOnTheRox wrote:Anyhow. I was happy to be approved for a card with a useable limit. And, I thought it was time to say hello.

Green Charge Card is in my sights.

So you did get an AmEx card?

creditOnTheRox
 
Posts: 2
Joined: Mon Jan 26, 2015 6:44 pm
Location: Somewhere East of PA and West of NY

Postby creditOnTheRox » Tue Jan 27, 2015 11:06 am

Thanks for taking the time to respond. I understand your points; they make sense.

What I meant to say is that, for consumer spending, I live without financial leverage. And, I don't spend very much so it's hard for me to grasp the need for such large revolving lines. I understand the point of utilization, and the preference to avoid micromanaging credit lines. That is part of the motivation for the new card - a useable line. Ultimately, if a large amount of credit is commensurate with my useage patterns, so be it. But, I don't generally think of myself as a person who desires to grow available credit, or collect credit cards without reason. I just assumed the 100K+ lines are without reason.

You make a good point about having cards that are issued from a different bank which use the amex network. I hadn't considered this idea. Looking back, amex gave me many chance to make good on the account, and I would like to rebuild a relationship with them. Superficially, I don't want to be the only banker without a platinum card :oooo . Nevertheless, I see value in their offerings, and hope there is a way to get back in with them.

I was reluctant to apply for capital one. I wanted a visa that wasn't issued by chase, and was unsure if I would be approved by BoA(my bank). I interviewed at JPMC and decided I didn't like the company. So, I choose to deny them business. You'll notice that without amex or chase(or CUs), the selection is limited.

How do you look for cards that aren't marketed on CC sites?



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