Question re Barely Used Visa Only Reporting to Experian

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Smerri
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Question re Barely Used Visa Only Reporting to Experian

Postby Smerri » Fri Oct 15, 2010 11:26 am

I am 22 years old, work a full time job (still live at home) and just to preface my credit report:

My scores range from 724 - 742 over the three Bureaus.

I currently have my Amex (Open since August 2010), my Discover (Open since May 2008), my BoA Visa (Open since October 2010), and my Student Loan (Open since Fall 2006) - These all report to all three agencies. I also have an auto loan (Open since June 2010) and a Visa through the Credit Union (Open since June 2010) which report to Experian only.

Basically I applied for that Visa through the CU because I had limited credit at the time. It comes with no points or anything, basically it was for another line item on my credit report. Since June, I have since cleared up a collection which is no longer on my credit report and basically set my foundation for my credit report. I have about 9 hard inquiries (three of which will be gone come April 2011).

My limit on the Discover is $3,000, the Boa Visa is $10,000, the AmEx is no pre-set limit, and the Visa which I am thinking of cancelling is a $3,000 limit.

Based on that credit history (seems like a long post for a simple question) is it worth it to keep the Visa open (since it is only reporting to one Agency) or would it not matter to close it since it has only been open a few months.

Just curious on this question and also to make the details of the post worth it, does it sound like I am on the right track and have a good foundation to my credit report or are there other steps I can take.

Thanks.


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Mogul of Pineapples
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Postby Mogul of Pineapples » Wed Oct 20, 2010 8:18 pm

So you are talking about the BofA Visa opened last month? That will show up on the other credit bureau reports eventually.

What happens is a line of credit may only be reported to one or two bureau and then the other two will pick it up in a few months when they see that.

I would not cancell that card because at $10,000 it is your best limit you have. BofA rewards are nothing thrilling so I wouldn't recommend using the card all the time, but I would say you should keep it and use it occasionally.
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Smerri
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Postby Smerri » Thu Oct 21, 2010 7:59 am

No, I am thinking of cancelling the Visa with the $3,000 limit open since June.

Also that's good to hear that the other reports will pick up my loan. Thanks for that info.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon Oct 25, 2010 9:39 pm

Which Discover is it? They are usually good with raising limits from my experience.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Smerri
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Postby Smerri » Tue Oct 26, 2010 7:13 am

Mogul of Pineapples wrote:Which Discover is it? They are usually good with raising limits from my experience.


It's the Discover More card but it has been nothing but a hassle trying to get them to raise my limit. As I previously stated for a while I had a collection on my account which I was basically fighting for over a year which is no longer there. After said fact I asked them to raise my limit without doing the inquiry and they said they were still declining me so I told them to go ahead and to the inquiry. Over the phone they raised it $1500 (to a total limit of $3,000) however I got a letter in the mail saying congratulations you're credit limit is $6,000. I called them to ask and they said it's a mistake and there is nothing they can do for another 6 months so I am sitting at $3,000 until about April.

I really don't plan on using my Discover with how much of a pain in the ass they have been when I earn the points and get all my protection on my AmEx and have my $10,000 limit on my Visa.

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Cucumber
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Postby Cucumber » Sat Oct 30, 2010 3:29 pm

Discover told me can't raise limit without doing a hard inquiry. Said it was the new regulations and reform. Anyone hear of this?
OBAMA
Stop talking crap about him!

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Nov 02, 2010 8:25 pm

I have had to do hard inquiries for credit limit increases in 2010 but I thought that was due to the economy and not the reform.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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Cucumber
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Postby Cucumber » Fri Nov 12, 2010 5:13 pm

Maybe but I was told it was the law now.

Anyone know for sure???

:confused:
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