Does it help my score by just keeping cards open I don't use at all, or should I make purchases on them, and pay them off, I know debt ratio is a factor, so I would think less is better, but it's better to show history, payments, and using the card...

Yes, keeping accounts opened without using them all the time can help your utilization (the amount of your account balances vs. available credit). But many people starting to rebuild go overboard with opening too many accounts with dismal limits in the hopes of having higher utilization. This results in too many inquiries and too many new accounts which lowers your average age of accounts. Your best bet is to open a few bankcards (Visa/MC) and let them age. With constant usage and paying on time you will be given credit line increases. So by waiting, you get an older average age of credit and with the CLI's you have better utilization. Again as I have said before, there are no real quick fixes, only time will build your credit.

Each creditor has different criteria for a CLI. Most creditors like to see a lot of usage, no lates and a good credit score before they give a limit increase. Some creditors give auto CLI's every few months and others allow you to request one on your own online. Of course, this was before the economy tanked last year and the upcoming CARD Act. Things could be very different now and many creditors have frozen CLI's for the time being.

"Pre-Approved" means that something in your credit file made the creditor want to send you an application. It does not mean that you are garaunteed the card. Like Mizu said, if you do respond to a pre-approved offer then they will pull a bureau which causes an inquiry and (if approved) it will be a new trade line which will lower your average age of credit history.

When does a company actually consider a user to need a credit increase? Is it when they get more money working, there credit score improves, they get new lines of credits, a user gets close to the limit and pays it off very quickly within a few months?? Which one does it go by?

Individual companies are all different and will do different things depending on what is going on in the wide world of credit at that given moment. I think Wanderer put it best when he says that credit is a game and it is always constantly changing. There is really no set of rules that will apply to this, but this might help.

Do NOT]Do[/B]]only[/B] do auto reviews.

Does pre-approved cards hurt your credit if you get them?

Yes, it can. Pre-approval offers will still do a hard pull on your credit when you complete the application so if you are on the heavy side for inquiries, then I'd say stay away for now.

Does it help my score by just keeping cards open I don't use at all, or should I make purchases on them, and pay them off, I know debt ratio is a factor, so I would think less is better, but it's better to show history, payments, and using the card...

When does a company actually consider a user to need a credit increase? Is it when they get more money working, there credit score improves, they get new lines of credits, a user gets close to the limit and pays it off very quickly within a few months?? Which one does it go by?

Has anyone been able to get the Hooters mastercard annual fee waived, and what about the capital one?

I got my HSBC fee waived from $59 to half, which wasn't bad, considering it's only a $400 card, was $300 2 months ago!

Does pre-approved cards hurt your credit if you get them?

Welcome to FG! I will explain that a Chapter 7 BK will be on all of your credit bureau reports for ten years. Major banks don't like BK's on the record and may either turn you down or opt for a secured card to start you out (as soon as I say this a new exception will appear but, it is that for today). Going on, the major bank card issuer may choose to look the other way after seven years (strange). As to Ch 13 BK where you set up a bill repayment plan it will drop off after seven years IF you followed the plan!!! Credit is a game and what is happening today may change tomorrow for reasons only the people that write the rules know or don't know. Not trying to confuse you but the only thing that is forever is that credit is a game and it is related to the economics of the time. Even the major credit issuers not liking BK's may change as soon as I write this response. I have a Ch 7 BK from 09/2001 and still have huge challenges getting any credit from major banks. It has been tough. My record is spotless since the BK and I think it helps...?

Welcome.

Sounds like you have a lot of cards. Remember, every time you apply for a card; you'll be hit with a hard-hit on your report.


My card:

- Elan College Rewards VISA - $1,400 limit.


PS: Colo, I read your post after posting this. Nicely put.

Welcome to the forum. Sounds like you have a lot of questions....

#1 you have got to stop applying for new credit. At this point it will not help you and your score is really taking a hit. I believe 30% + of your FICO score is account history, so if you keep opening new credit you are lowering your average age of credit.

#2 if you have any hope of rebuilding your credit, making even one late payment is something you cannot afford to do (as you found out with Capital One). I realize things are tough and I know that medical bills are way too expensive. But I mean, a bankruptcy 6 years ago with recent collections and late payments?

#3 yes, you should close some of those new accounts: Pay Pal, Wards.com, Fingerhut and Venue. It will temporarily reduce your score but it will be worth it.

#4, again to repeat #1, STOP applying for new credit. You need to wait a good 2 years before you try anything else and when you do, make sure it is a for a major credit card from a prime bank or credit union (Citi, BofA, Chase, US Bank, American Express, Discover etc). No more store cards unless it will benefit you in terms of financing major appliances at 0% APR (Sears, Best Buy) or furniture (Furniture Row, Ethan Allen etc).

Remember; good, solid credit takes many years to build, there are not real quick fixes for instant score improvements. But it is not as hard as it may seem. Pay on time, only apply for credit when you need it and keep your utilization low and you will be surprised to find that in as little as two years you are golden.

I also was late one time on my capital one credit steps and never ever can get a cli since, and I've had the card for over 2 years, and it happen when I first got it, it sucks because I liked them it was my best APR, one with 12% and the other with 22% too bad the higher one has more $..


What are the worst cards you never can get??

I seem to never been able to get the following..

American Express, any cards..

Citi no mastercards or visas only 1 one store one..

Discover I've never ever had one of these nor doubt I will.. maybe one day..

What are annual fees you are paying on each of your cards too I'm curious what everyone is paying...

After A BK the reports on your credit report, do they go off 7 years after the BK, or after the account was updated, or how does that work??

What are some good cards you think I can get that I should get? I don't want anymore store cards, I'm looking for one more mastercard or visa with a limit of about $1000, I don't want to apply for at least 6 months becuase of all the inquires I have..

Why don't I get Visa cards only mastercard are they harder to get or something??

Has anyone been able to get the hooters annual fee waived, removed? I just got this card a few days ago and I would like to get some of it waived if not completly, but if not I will just keep it, but I think I have 30 days to cancel the card and get it credited... Is this a good card or not??


I also applied for the paypal mastercard and only got the Buyer Credit, I have a debit card through paypal can I use that and link it to my buyer account and use it anywhere, or can I only use the buyer credit at certain places, I don't understand it because all these sent me is a paper pos card with my account number...

Does adding a person to my credit card report to there credit report or what does it do? I'm trying to help my girlfriends credit by adding her to mine

Alright everyone It's been a great month for me, for credit wise..

I went BK in 2003. took about 3 years later to get any credit.

Capital one, $300 limit and a $750 limit. (one has a $39 annual fee)

Householdbank $300 limit, one year later $100 increase $400 limit ($59 annual fee but they waived half of it this year by request)

Firestone $750 limit, (doesn't report balance though)

Fingerhut(citi) $150 limit (reports to credit)

last month I got pre-approved for the following..

Venue $1650 limit. (like a fingerhut but reports too all credit companies)

Jcpenny $400 limit

Wards.com $400 limit

So I said aw my score went from 540 to 671 in the past year, I am going to apply for some cards.. I think I went a lil too happy but o well.. hurt my score just a little.. I know store cards aren't the best but they are easier to get and I know will sooner or later improve my score..

Gap $400 limit

Home depot $500 limit

Paypal Buyer Credit (not the mastercard but reports) $900 limit

Kay Jewelers $3000 limit I was surprised by this one

Macy's $400 limit

Carecredit (dental work) $1000 limit

Hooters (mastercard) $500 limit ($36 annual fee)

Marathon $150 limit

Walmart (not the mastercard) $800 limit

Meijer $300 limit

I went from like $1500 in credit to almost $13,000... but I know firestone don't show limits only high balances so I doubt it will help, do you think I'm better off closings it or not? I've had the account for 2 years..

I owe like $1000 between 2 capital one, hsbc's... I think my debt ration should be at like 5% or so depending upon which ones get reported..

How often, or how much does it get improved ? Do I have to charge things on the cards to actually help my score alot? I like charging say $100 and paying it off by the next month..

I've only hurt my score by about 30 points by applying for them..

I got denied for the following cards..

American express, Citi mastercard, Target(because I screwed them on BK so they didnt't even check my report)

I have a total of 20 inquires including all of the above..

I have a 12 records on my report from the BK and 2 recent medical collections, which are being paid..

Do you know if this will improve my score if I don't use them hardly, or what?

Have a $10K limit on my Visa Signature Card

Capital One - $6,300
Chase - $1700
Bank of America AMEX - $5000
Bank of America Visa Signature - $6500
Statefarm - $6500
Wachovia - $2600
Best Buy - $1500
Express - $1080

Use 2 or 3 a month then alternate 2 or 3 new cards the following month.

Love my BOA Amex card because of the points and BOA signature card because I feel special when I use it!!

You always give information later LOL!

No, I couldn't list all of them off the top of my head so I had to check my credit report.

AMEX Delta Skymiles $1k CL (Closed)
BOA AMEX $1.5k CL
BOA Visa $2k CL
Capital One No Hassle Cash-$500 CL
Capital One Platinum-$3,550 CL
Citi Secured Card-$200 CL
Discover-$3k CL (AU)
Lowe's-$550 CL
HSBC Weekender-$2,400 CL (AU)
Best Buy Store Card-$2,300 CL
Guitar Center Store Card-$1,200 CL
Macy's-$2,300 CL
ChaMu/ESPN Visa-$2k CL

1st Premier $450 balance $0
1st Premier $350 balance $0
Target $500 balance $150
Tribute $760 balance $350
Salute $0 balance $350 (CL closed from $600)
Orchard $500 balance $0
Orchard $700 balance $0
Hooters $500 balance $0
Cap 1 A/U $1100 balance $950
Cap 1 $1000 balance $409
Fingerhut $550 balance $100
Juniper/BarClay $500 New as of 11/08 balance $0

TOTAL CARDS
12

TOTAL CREDIT LINE
$6910

FICO'S SCORES
TU 646
EX 656
EQ 617

I only use the Cap1 cards..I think I'm next going to pay off Tribute..Not worried about Salute and Fingerhut at this time. My Cap 1 A/U has a 0% apr till 5/09 so i'll pay that card off by then....I think use Target once every two months....

My total available credit is $22,500. I guess that's pretty good for a 19 year old

I'll say. When I was 19 mine was $950!

I am at $120,500 now on EX and TU and $118,500 on EQ-they don't report my line of credit at the bank.

My total available credit is $22,500. I guess that's pretty good for a 19 year old.

Believe me, it is not so much.