I need to transition from the lower end cards...

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KimNY
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I need to transition from the lower end cards...

Postby KimNY » Fri Sep 27, 2013 9:29 pm

Hello all,

I am new to this forum and need all the help/advice I can get. Here is the good the bad and the ugly...

For starters I have a short credit history. Lenght of credit history is 5y11mo and average acct age is 2y10mo. The oldest acct was a car loan that I was never late with and paid off prior to obtaining a credit card in 2011. My first card was from Orchard bank (HSBC) now belonging to Capital One CL 300 I have never been late with a payment. I also have a Capital One MC again limit of 300, also never late. I obtained a Rewards card from best buy which changed hands 2 times and now belongs to Citibank, also limit of 300. It went from HSBC to Cap One then to Citibank.

I also have an Old Navy card (GEcredit) with a limit of 820, an AMEX green card which I PIF each month with an average bal of between 1500-1890 never missed a payment in 17months. Finally I have a Care Credit acct from GE capital with a limit of 9000, and a bal of 7200 and I make monthly payments and I have never been late on this acct either 14months. Needless to say I feel I have enough revolving credit I feel anyone should have.

am not interested in obtaining another card but want to work with what I have to increase my credit limits so I can decrease my utilization.? Did I say that correctly? I am also interested in upgrading the cards to a more premium cards within capital one and citibank if that is even possible. If I get one more subpar CC offer I will scream!

Looking at my credit reports, I have 2 derogetory entries that I am disputing, and a judgement that has been paid in 2011 which I am not disputing. One of the derogatory entries has an unknown ssn associated with it so I am hopeful this will be removed promptly. The hard inguries I have are from credit I have successfully obtained. EXP has one from amex due to fall off 4/14, TRU has one from GE due to fall off 7/14 and EQU has two, one from old navy(gecredit) and the other from the orchard card (now Cap One) both will fall off November 2013. There were additional issues ie) apparently I married my brother in law?! Uh I think not...and my income on TRU was listed as 910 per month. I fixed that my income is fine (over 100k). Not sure that even matters, but its worth entering the correct numbers right? I have not been a victim of identity theft to my knowledge, but each agency has been alerted to all improper information and they are investigating.

The balances on my 3 "300 club" cards are around 100 each. I need to break out of the 300 club.....

I am petrified to ask for credit increases, but honestly having these low limit cards defeats the purpose of having one. I truly though if I continued to pay on time I would get automatic increases but that has not happened. Is it because the cards changed hands a few times? I just don't know and I am besides myself and feel my faith in the system slipping. Are these cards destine for the sock drawer? I am also petrified to apply for any other credit, and if that is the advice I get I am telling you I will probably not do it, I have just about zero confidence in this area.

My scores are 610/610/633. I need to get my scores up and just dont know how. Can someone with some experience share your thoughts.

Thanks, Kim
EQ 9/2013 610; 5/2014 732
TU 9/2013 577; 5/2014 799
EX 9/2013 610; 5/2014 742

CURRENT CARDS:
Amex Green Card member since 4/2012
Cap One limit 300 starter card was orchard bank now Cap One (5/2011)
Cap One limit 1820 starter card (4/2011)
Best Buy limit 300 starter card was HSCB then Cap one, now Citi.(11/2011)
Banana Republic (GEMB) limit 1100 (5/2011)
Care Credit (GECRB) limit 8900 (7/2012)
Amex Delta Sky Miles limit 2500 (11/2013)
Chase Freedom 4500 (5/2014)


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Snowman
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Postby Snowman » Sat Sep 28, 2013 2:16 am

Kim, as far as I can see (and I maybe incorrect) is your Utilization is more on the higher end (7,200 on a 9,000 balance is about 80%. Not good at all.) And you also have 2 derogatory entries, which is affecting your scores. If I were you, have one card report a balance in the 1-9% range, and have the rest paid off, and your chances of getting a credit line increase will be better. Unfortunately, there is no automatic CLI as before, so it is best to keep your utilization low and get the derogatory entries removed if you can, perhaps that could be help you get your scores and CLI's up. Utilization also plays a big factor in the Fico scoring model as well.
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Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

Robrus1
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Postby Robrus1 » Sat Sep 28, 2013 9:01 am

I agree with Snowman. Also, you should be patient and wait for your derogatory marks to fall off of your report. Your score should improve a lot at that point. I wouldn't bother wasting your time trying to get Capital One to give you a CLI, as they won't do that for people 99% of the time. Your late payments or charge offs or whatever they are is hurting you the most right now. Once those fall off and you have the disputed charge removed, it should pick up quickly from there. I would pay that GE card down ASAP, and with your income, hopefully you can pay it off quickly. You're not going to look safe to the credit card issuers letting that GE card report such a high balance/utilization percentage.
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Credit Union 10K
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KimNY
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Postby KimNY » Sat Sep 28, 2013 9:27 am

Hello Snowman, Yes you are correct my utilization is poor. Total utilization as of today is 67%. I should be able to get my utilization below 50% in the next 30-60 days and I am waiting to hear on the disputes. I am also appealing to the creditor that put them there, IMO it doesnt hurt to ask. Honestly I think I will not stop until they get sick of hearing from me... The dergogatory items are a 95 dollar lab bill and another medical bill $236.00 from the same office that the MD office did not process through my insurance properly at the time and ended up in collections over a year after the date of service. I am working on lowering the 7200 balance and will get that down asap as well. I already am on autoapy for everything so lateness will not be an issue. Unfortunately I did not realize when I got the Care credit acct that it was revolving credit. I didn't even know what that meant a year ago! SMH, embarrassing :-(

I have been reading posts on Orchard bank now cap one, and it seems they are pretty bad about CLI particularly on these accts. I am hoping to clean up my credit enough so I can shelve that particular card. In fact as of a minute ago it has a zero balance and would like to know if I should keep it that way? Or should I keep less than 50 on it and pay each month?

What is your or anyone's advice on my 3 low end cards. Should I maintain a very low balance (literally 50 dollars) and continue making payments or maintain zero balance? What is better? Also does my high balance on my AMEX factor into my Utilization? It appears as though it is added in on some of the agencies but not all. For example EXP says total credit is 12000 and one of the other ones not sure which says around 10000. The difference is clearly my high balance of 1900 from Amex. How wise is it to continue to keep my Amex total up around 2000 or more and PIF of course each month?
BTW I do not use a service, I went straight to each source to obtain my scores. What is the monitoring sevice that is the most reliable obtaining scores and alerts?

I know I have a ton of questions and I really appreciate your responses!
Thank you, Kim
EQ 9/2013 610; 5/2014 732
TU 9/2013 577; 5/2014 799
EX 9/2013 610; 5/2014 742

CURRENT CARDS:
Amex Green Card member since 4/2012
Cap One limit 300 starter card was orchard bank now Cap One (5/2011)
Cap One limit 1820 starter card (4/2011)
Best Buy limit 300 starter card was HSCB then Cap one, now Citi.(11/2011)
Banana Republic (GEMB) limit 1100 (5/2011)
Care Credit (GECRB) limit 8900 (7/2012)
Amex Delta Sky Miles limit 2500 (11/2013)
Chase Freedom 4500 (5/2014)

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djrez4
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Postby djrez4 » Sat Sep 28, 2013 11:24 am

For an immediate boost, pay off the $300-limit cards in full each month BEFORE the statement closes.
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KimNY
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Postby KimNY » Sat Sep 28, 2013 1:38 pm

All great advice thank you everyone. Keep the responses coming! I think that not getting the amts on the 300 club cards down prior to the statements closing is something I never did. At least that is something I can quickly remedy plus it gives me something to do immediately which makes me feel a little better. :-) Again being naive to this stuff, I though showing a robust balance despite the low limit was a good thing. How could I have been so uninformed is beyond words for me right now. I have had it with this stuff and I am more than determined to fix it. After reading the posts on this forum its all beginning to make sense to me now.. I want to be over 650 by November.

I went back to 4/2012 when I was offered a Citibank credit Card and AMEX in the mail. I chose AMEX at the time, not sure why, but in any event my score was 654 then.
EQ 9/2013 610; 5/2014 732
TU 9/2013 577; 5/2014 799
EX 9/2013 610; 5/2014 742

CURRENT CARDS:
Amex Green Card member since 4/2012
Cap One limit 300 starter card was orchard bank now Cap One (5/2011)
Cap One limit 1820 starter card (4/2011)
Best Buy limit 300 starter card was HSCB then Cap one, now Citi.(11/2011)
Banana Republic (GEMB) limit 1100 (5/2011)
Care Credit (GECRB) limit 8900 (7/2012)
Amex Delta Sky Miles limit 2500 (11/2013)
Chase Freedom 4500 (5/2014)

Malt
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Postby Malt » Sat Sep 28, 2013 4:27 pm

The utilization on your AMEX green card is not factored into your credit reports as it is a NPSL charge card so that is not affecting your score. What is hurting you is the utilization of your current accounts. You need to pay those $300 limit cards down to a zero balance each month before the accounts are reported to the CRA's. Your high utilization on your credit care account is way to high and it needs to get paid down ASAP.

Ideally you'll have around 1% of your available credit reporting as used on your reports for maximum scores.

As for the negatives on your reports, you can get those pretty easily removed using the HIPAA process when disputing. Read up about that here. http://whychat.5u.com/hipltr.html

Get those removed and your balances paid down then start asking for CLI's. It shouldn't freak you out to much to do so since the worst they can say is no ;) If you want a new card with a higher limit you should consider joining a local credit union or Penfed, USAA, PSECU if eligible. They all are relatively generous with the limits with people with less than stellar scores.

KimNY
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Postby KimNY » Fri Nov 01, 2013 1:15 pm

Hey there everyone, I wianted to give you all an update. Remember I said I wanted to be over 650 by November? Well I did it with the help of your advice. As of today Exp 709 and tu 752!! Equifax is 670. I am so excited. I was able to get the dergoatory information removed and I work on keeping almost a zero balance on the cards I have with 300.00 limits. Soon 2 hard inquiries will drop off in December I believe and I hope to see an increase from that as well.

Now my question is, what card if any should I apply for. I want to expand my credit line which will also help boost my score. I want to stay away from the low end cards and am thinking of the delta sky miles card from AMEX. Any thoughts on this?
EQ 9/2013 610; 5/2014 732
TU 9/2013 577; 5/2014 799
EX 9/2013 610; 5/2014 742

CURRENT CARDS:
Amex Green Card member since 4/2012
Cap One limit 300 starter card was orchard bank now Cap One (5/2011)
Cap One limit 1820 starter card (4/2011)
Best Buy limit 300 starter card was HSCB then Cap one, now Citi.(11/2011)
Banana Republic (GEMB) limit 1100 (5/2011)
Care Credit (GECRB) limit 8900 (7/2012)
Amex Delta Sky Miles limit 2500 (11/2013)
Chase Freedom 4500 (5/2014)

Robrus1
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Postby Robrus1 » Fri Nov 01, 2013 1:30 pm

KimNY wrote:Hey there everyone, I wianted to give you all an update. Remember I said I wanted to be over 650 by November? Well I did it with the help of your advice. As of today Exp 709 and tu 752!! Equifax is 670. I am so excited. I was able to get the dergoatory information removed and I work on keeping almost a zero balance on the cards I have with 300.00 limits. Soon 2 hard inquiries will drop off in December I believe and I hope to see an increase from that as well.

Now my question is, what card if any should I apply for. I want to expand my credit line which will also help boost my score. I want to stay away from the low end cards and am thinking of the delta sky miles card from AMEX. Any thoughts on this?


Congratulations on your progress!

What are your biggest expenses? Do you travel on Delta frequently? I have different cards for different things. For example, I spend quite a bit of money on gas and groceries per month, so the AmEx Blue Cash Preferred benefits me quite well, while some others may not spend much at all on those things, and in turn wouldn't benefit from that card as much as I do. If there's nothing specific you spend on, what kind of rewards would you want? ie points, cash back, etc.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

KimNY
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Postby KimNY » Fri Nov 01, 2013 1:40 pm

I am interested in the points as well as travel. I actually fly United alot lately. I have no true loyalty to any one airline but this would change given the additional miles I could achieve using a preferred card/airline. I live in the vicinity of 3 international airports Laguardia, JFK (NY), and Newark in NJ.
Another friend uses Cap one Venture signature card and she loves it for the points. I am still quite gun shy and hear the delta sky miles cards is easier to get than say the visa signature from Capital One.
Thoughts?
EQ 9/2013 610; 5/2014 732
TU 9/2013 577; 5/2014 799
EX 9/2013 610; 5/2014 742

CURRENT CARDS:
Amex Green Card member since 4/2012
Cap One limit 300 starter card was orchard bank now Cap One (5/2011)
Cap One limit 1820 starter card (4/2011)
Best Buy limit 300 starter card was HSCB then Cap one, now Citi.(11/2011)
Banana Republic (GEMB) limit 1100 (5/2011)
Care Credit (GECRB) limit 8900 (7/2012)
Amex Delta Sky Miles limit 2500 (11/2013)
Chase Freedom 4500 (5/2014)



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