Applying for Credit Card

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AceH
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Applying for Credit Card

Postby AceH » Sat Mar 20, 2010 9:48 am

Another local bank, that I do NOT have an account with, has better deals on major credit cards. Could I still apply for one of their cards even though I don't have an account with them?

I applied with my bank but since I don't have much of a credit history (NOT BAD CREDIT, just NOT ENOUGH CREDIT) was offered a Secured Card BUT they want to "freeze/ hold" twice as much as the card limit you specify. Example: if I wanted a $1000 limit, they would "freeze/hold" $2000. I think that's a bit extreme. Don't you?

Final question: Am I doing harm to the little credit history I have by having these different institutions check my credit?


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phanio
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Postby phanio » Thu Mar 25, 2010 1:51 pm

Regarding if you can get that credit card from the other bank - ask them. Some banks will use low rate cards to entice in new customers. Thus, they will try to sell you other products. But, read the fine print - i would not think that you would have to have other accounts with them - but each bank is different.

Having your credit pulled can hurt your credit score. But, the credit agencies know that people shop. Thus, if you do several in a short period - like 3 pulls in a ten day period - they usually look at all three pulls as a single pull knowing that people shop. But, if you do one this month and two next month and one the following month - they will think that you are up to something and hurt your credit.

Other way you can build your credit is this: You should have at least three trade lines. One term loan (like a car loan or home loan), one revolving loan (like a credit card) and one other - usually like a cell phone contract. But, know that a term loan is one of the hardest to get. But, you can always take a small amount of money, put it into a savings or CD - then take a loan against that (it would be a secured loan). Wait one month and don't spend the loan money. Then, pay it back with the loan money - pay a little interest out of your account - then walk away. Now, you have a term loan on your credit in good standing - paid as agreed that will sit there for at least 7 years. Just make sure the loan you take does not have pre-payment fees.
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