Future credit card goals for 6 months to a year.....

For just about anything you want to get off your chest about credit cards.
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Joined: Thu Aug 02, 2012 1:18 am
Location: Nebraska

Postby shoptalk01 » Mon Oct 15, 2012 3:18 pm

Since I've had the 2 cards they've been paid off. The insane "toy" limits don't permit much of anything. When I first got my Capital One card, I filled my tank with gas and not thinking about the annual fee ended up with $196 charged on a $200 limit card. On someone's advice, I sent them an extra $600 deposit to bring my limit to $800 and lower my utilization. When I got my US Bank card it had a $300 limit, what a joke. I could max that out and pay it off 3 times a month! When I went to the website it appears they only want you to pay your bill once per month -- last month was the first time I set up an online banking account with them and sent them an accidental double payment. They acted a bit upset about it, but took forever to get back to me, so now I have about a $100 credit on the account. I should get that burned off soon but just don't feel like using the card.

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Joined: Wed Oct 24, 2012 12:06 pm
Location: New York

Postby pricelessinc07 » Sat Nov 17, 2012 4:16 pm

Hi shoptalk,

I have both a secured and unsecured Capital One account, both opened in June 2012. I started with a score of 523 and now I'm at 643. Not sure who stated that you can't have a secured and unsecured card with Captial One. Stay clear away from major banks such as BOA and Citibank until you deal with the baddies on your credit report. I am just allowing time to heal my scores since I am recovering from bankruptcy and waited a year to start rebuilding.

Utlization is VERY important. Keep it under 10%. I do 7% since myfico.com stated high achieves keep utilization at 7% and my score starting shooting up. The suggested 30% was not working for me. My score either would drop or not move, and paying in full would cause it to drop 5 points :(

I love my secured card, my plan is to use it for 11 months and cancel! It served its purpose and since it doesn't convert to unsecured, and If I continue on this path I will be over 700 in no time and would qualify for better cards.

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