What should I do now?

For just about anything you want to get off your chest about credit cards.
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JeffM
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What should I do now?

Postby JeffM » Sat Oct 20, 2012 5:02 pm

Hi,

I've had a Wells Fargo credit card since March 2012 with a limit of $300. I have 1 hard pull on my account from a reject Bank of America card from around Feb/March 2012. I have no other utilities or cards associated with my account. My utilization is really high (~50%) because of the low credit limit.

My Credit Karma score is 719. Equifax for some reason can't pull up my credit information and FICO said they can't confirm my identity so I can't get a score from them. I think it's because I'm just establishing my credit right now...

I was wondering what my next move should be. Should I apply for another credit card - I'm thinking Bank of America since I have an account with them now (I didn't when I first applied). Should I ask Wells Fargo for a credit limit increase? On their website they say I should wait for a 1 year. Is this a hard and fast rule or do you think they'd be okay if I request them now?

I'm a student in the middle of a gap year and I make around ~$1000 a month but I'm headed back to school in January and won't be working then. I feel like I should take advantage of the fact that I have some income now and apply for a card.

Any ideas? I'm so lost :(


jlam572
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Postby jlam572 » Tue Oct 23, 2012 8:31 pm

Looks like you might qualify for a starter card from capital one. They have a lot of student cards with no annual fees...If you have some credit history and diversification you can try for Amex green. I first got into amex with around a 700 score and 1500 a month income during college.
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DavidNY
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Postby DavidNY » Tue Oct 23, 2012 8:34 pm

I'd recommend the BofA secured card. After a while of good history they should change it to an unsecured card.

JeffM
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Postby JeffM » Thu Oct 25, 2012 2:32 pm

Thank you! I dunno if I wanna get Capital One cards. I've read on this forum how they don't increase credit limits...I'll check out the BoA card. I just got my dad to add me as an Authorized User on his AmEx. Hopefully, that'll help a little bit!

TheLethargicAge
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Postby TheLethargicAge » Thu Oct 25, 2012 4:57 pm

DavidNY wrote:I'd recommend the BofA secured card. After a while of good history they should change it to an unsecured card.


I'll second this. Capital One won't graduate its secured card to unsecured; instead they tell you to apply for another card after you've had the secured card for a while, which makes it worthless, IMO.
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Robrus1
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Postby Robrus1 » Thu Oct 25, 2012 8:23 pm

I also agree with the BofA secured card. That's what I got right after high school, I opened an account there and had direct deposit with them too. I just made sure to never pay late or max it out and after a year or so they unsecured it. Shortly after, I called for a CLI and they tripled it. That was how I got my foot in the door to establish credit. I'm not with them anymore, but I'm thankful they gave me the opportunity back then.
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MemberSince99
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Postby MemberSince99 » Fri Oct 26, 2012 9:29 am

I disagree that Cap One is useless IF you are starting out OR rebuilding.

It is a good way to start. Once you have some history and good scores, you don't need Cap One anymore anyway. (Or want them most likely). So just get better cards, dump them, and go on with life. But they do serve a puprose.

JeffM
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Postby JeffM » Sat Oct 27, 2012 1:53 pm

Thanks for the feedback. I just don't think I wanna deal with closing the CapOne account and opening another card. I heard closing accounts could have an adverse effect on your report.

I want a card that will grow and since BoA offers the graduation option, that seems like a good plan. Thanks again :) This forum has been a revelation!



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