+1


I've only had one doubt about my credit union Visa; in order to request a credit limit increase I must submit a new application over again (thus using a hard inquiry). I don't know yet if they give automatic increases...

Yeah... my credit union only does credit line increases with an updated credit line application request similar to the original application and a hard inquiry.

So from another post, this is your current credit situation

+1


I've only had one doubt about my credit union Visa; in order to request a credit limit increase I must submit a new application over again (thus using a hard inquiry). I don't know yet if they give automatic increases...

Hi guys! Here I am again...

So from another post, this is your current credit situation:
Current Credit Situation:
Bank of America Student Visa (Opened July 2008) = $2,000 limit
JC Penney Card by GEMB (Opened December 2009) = $1,500 limit
Walmart Card by GEMB (Opened December 2009) = $1,200 limit
Capital One Platinum Mastercard (Opened January 2010) = $1,500 limit
Chase Freedom Exclusive Visa (Opened January 2010) = $2,000 limit
Car Loan = approx. $16,000 balance

My question to you is this: how do you use your credit cards? I usually buy groceries, pay utilities, buy gas and other normal items on either my Citibank Dividend (not using as much because Citi made me mad) or my Discover Card because I like cash back (it is how I pay my ridiculous Colorado license plate fees every year). If you are like me, then do you feel that your Chase Freedom is not a good reward card? With reward cards, it really only makes sense to have one.

You already have a BofA card that will likely grow with you over time and is now over 2 years old and you have a Chase Freedom card that in January will be 1 year old and as the countless offers they have sent me for the Freedom card suggest, it is a good reward card. So do you really need a Citibank card with rewards?

Despite the doom and glood, Citibank isn't going anywhere. So I suggest that you show some restraint and shred the offer. If you really feel you want a Citibank card in the future, you can always apply at that time.

If you are going to open another major card, I suggest a credit union and look for a basic, no frills card with a low APR just in case you ever need to use it to carry a balance.

As far as Citbank, they are an overall decent bank. I have three accounts with them ranging from 12-10 years. Up until recently I loved Citibank because their service is pretty near the top. But after a huge APR jump (18.99%) and a CLD ($10,800 to $8,100) on my most used card (and keep in mind my FICO scores range from 780-790, one inquiry on Experian and a 3% debt to credit ratio) they have lost my business for the time being. I switched back to Discover. Oh and they tried to upgrade the account to a World MasterCard and it took 4 phone calls to make sure that the upgrade was stopped. But everybody has different experiences. I LOVE Capital One but a lot of people don't. I have had no real problems with BofA but others here will tell you horror stories. As far as credit line increases from Citibank, I never really gave them a chance, because prior to CARD Act, you could go online and request them every 5-6 months without a hard inquiry. You can still request them online, but aparently you have to do a follow up call to customer service to inform them of your income and get disclosures. But Citibank always has and still has the easiest credit line increases.

So to sum up the novel that I just wrote: hold off on the Citibank card unless you plan on replacing the Chase Freedom with it. My best advice is to only apply for credit when you need it.

Yes, HSBC's shareholders have been pretty upset about the performance in the US for a while now. I don't know what they expected when they acquired Household-with the exception of some Union Planters and GM card accounts, Household was pretty much on the low end of the totem pole. HSBC has not done a good job at trying to reach the prime customers. They may be big in other parts of the world but here not so much. I make no effort to hide my disdain for HSBC (even though I have never had any dealings with them hehehe). HSBC is named Hong Kong Shanghai Banking Corporation but it was chartered by a Scotsman-so I think it should stay in the UK. But with China becoming so huge in the world economy, it could make sense. But moving headquarters won't change the situation in the US. It is their own fault; they focus too much on the sub prime borrower. And when they give that sub prime borrower only a $300 limit, that borrower cannot really provide much income to the bank. And when that subprime borrower becomes prime, HSBC does little to grow the account with the borrowers new status.

Usually the ding to the credit score is short term if someone closes an account. And I think it is worth it. You don't want to end up with sub prime cards when your credit becomes prime. Hanging on to an account that will not grow with you will only hurt more when you decide to close it in the future. For instance, lets say you opened an HSBC MasterCard in 2002 and they still only have you at a $1500 limit and refuse to budge. If you close that now, 8 years later, that is going to zing you. If you had closed it in 2005 it wouldnt be a big deal in 2010.

If you truly have an HSBC branded card then it could possibly get better. But if it says Household or Orchard on it, get rid of it after it serves its purpose of increasing your scores because it just will not grow with you.

Today you nailed it on the head. HSBC share holders recently reviewed the sub-prime performance of the bank in the US. Not happy is the phrase. They are only offering for issue Orchard Bank and Household Bank Cards. To obtain their non-subprime HSBC Cards it is by invitation. HSBC is considering with the recent change in the CEO and many other upper managers of moving their headfquarters from the United Kingdom back to Hong Kong and Shanghai where they first started the Bank. What to do with the United States remains a thorn in their side. They offer very high level banking and credit cards services elsewhere in the world but NOT the US. Their hope is to see a new beginning as early as November/December 2010. As was already stated, they issue cards to get you started but after a couple of years it is time to seek out the better brands and take the minor credit bureau hit early and move on. The hit is minor in the early days. I will confirm from personal experience that you will not find a significant credit bureau score reduction in the first couple of years.

Hi guys! Here I am again... I need your advice. I trust the members here. I know you're gonna give me a sound advice.

I got a situation here...

I got an offer in the mail for Citi Diamond Preferred Rewards Card.

I know I promised to stop applying for credit cards, but this one seems to have a good offer.

* no annual fee
* 0% APR on purchases until 05/01/2011, 14.99% thereafter
* 0% APR on balance transfers until 01/01/2012, 14.99% thereafter
* 6,000 Bonus Thank You Points (equivalent to $50 gift card) if you spend $300 in the first 3 months.

Has anyone here received the offer in the mail? Did you respond to it? Were you approved or denied?

What's your experience with Citi Credit Cards?

Is it worth the "inquiry"?

How much initial credit limit do they approve?
How often do they give CLIs?
Do they give auto CLIs or a request is needed?

Any input would be truly appreciated.

Thanks in advance!

Actually Joeyman, I agree and somewhat disagree. You are right when you mention a possibility of not managing credit cards correctly, or in that nature, but I closed a few cards myself because I had no use for them and they were not appreciative of my hard work. I would like to be rewarded for my honesty and loyalty, if they ignore me, I will look for the next best thing smoking or focus on the cards that rewards me for my hard work. If someone closes a card, it does not have a significant impact on your credit report and is a smart thing to do. Having too many credit cards (however someone label's too many) can impact our scores and automatically put a red flag over our heads as having too much available credit. This is just my opinion and I am free and open to any one's advice

Usually the ding to the credit score is short term if someone closes an account. And I think it is worth it. You don't want to end up with sub prime cards when your credit becomes prime. Hanging on to an account that will not grow with you will only hurt more when you decide to close it in the future. For instance, lets say you opened an HSBC MasterCard in 2002 and they still only have you at a $1500 limit and refuse to budge. If you close that now, 8 years later, that is going to zing you. If you had closed it in 2005 it wouldnt be a big deal in 2010.

If you truly have an HSBC branded card then it could possibly get better. But if it says Household or Orchard on it, get rid of it after it serves its purpose of increasing your scores because it just will not grow with you.

Actually Joeyman, I agree and somewhat disagree. You are right when you mention a possibility of not managing credit cards correctly, or in that nature, but I closed a few cards myself because I had no use for them and they were not appreciative of my hard work. I would like to be rewarded for my honesty and loyalty, if they ignore me, I will look for the next best thing smoking or focus on the cards that rewards me for my hard work. If someone closes a card, it does not have a significant impact on your credit report and is a smart thing to do. Having too many credit cards (however someone label's too many) can impact our scores and automatically put a red flag over our heads as having too much available credit. This is just my opinion and I am free and open to any one's advice.

Hi everyone. I'm looking for some advice from those of you with more credit experience than me. for the last approximatley 2 years, i have been re-building my credit from several years of irresponsibly. right now i have more credit cards than i would like to have and i would like to weed them down to about 3 or possibly 4 accounts, to just grow and garden for the next couple years to really get scores to take off now. Here is what i have right now

Unless you're having trouble managing multiple cards, I don't see why you should close anything. Having more breathing room for utilization is good; if you start closing cards you could lose about 50%, from the recommendations you'll get here. I certainly understand if you need to close them for accuracy reasons, because sometimes I get nervous managing just my three cards.

Good luck in your decision!

Colonative, i'm with you on not applying any more. i decided i just want to get it down to 3 or maybe 4 accounts that i can grow over the next couple years without opening any new ones.
all the cards i have acquired in my re-building journey over the last couple years.

Jcb does report to all credit bureaus. it is just a standard 1% cash back card. just an account i wanted though.

Hi everyone. I'm looking for some advice from those of you with more credit experience than me. for the last approximatley 2 years, i have been re-building my credit from several years of irresponsibly. right now i have more credit cards than i would like to have and i would like to weed them down to about 3 or possibly 4 accounts, to just grow and garden for the next couple years to really get scores to take off now. Here is what i have right now

You may want to stop applying. I am having a hard time understanding the need for a JCB card unless you travel to Asia. I suppose if you can use it wherever Discover is accepted than it isn't completely out of the question...but are the rewards that good? Does it report to the bureaus?

I'd keep Capital One, Wells Fargo, The Buckle (only because it is your oldest) and maybe GEMB. Drop the HSBC and Hooters cards. They will likely never become prime.

Give it some time and in a year or two (when you have very few inquiries) apply for a prime card like BofA, Citi or Chase or better yet, see what your local credit union is offering.

Hi everyone. I'm looking for some advice from those of you with more credit experience than me. for the last approximatley 2 years, i have been re-building my credit from several years of irresponsibly. right now i have more credit cards than i would like to have and i would like to weed them down to about 3 or possibly 4 accounts, to just grow and garden for the next couple years to really get scores to take off now. Here is what i have right now:

jcb credit card, $1,500 limit, just opened for the rewards
wells fargo platinum, just finally increased to $1,250 limit
capital one standard platinum, just auto-increased to $750 limit
Hooters mastercard, still stuck at $300 after 1 year
wfnnb store card $600 limit my oldest open account now.
hsbc mastercard, $750 limit still after over a year
ge money mastercard, stuck at $750 after a year also

As the one commercial used to go..., "...baby you've come along way...". WOW! Great job.

Thanks Wanderer! I wouldn't get this far without the support and advices of all the finance globe members!

A big thanks to everybody!

Though I bet it feels good to have an AMEX in my wallet...

But not right now... I'll have patience... (fingers crossed )

Nice $2k limits!

Thanks Joeyman!

Citibank offered me a few months ago on my platinum select 1% cashback on all purchases until June of next year(I took it) and for my DIvidend card I was offered 20% bonus on all cashback I earn until May of next year(took that too) obvious to keep my attention on using the cards.

Hey... hey... hey... you moved up to "Finance Leader"...