I made a $500 payment on my Hooters Mastercard on Monday, and now it's Friday, and that available credit has not freed up. It still says I have my same limit, but my available credit doesn't reflect the $500 payment made 5 days ago. Is Hooters now waiting 7 days for payments to clear?

I recently got a CLI from Hooters, and have always paid on time, and never had a payment returned. I would call customer service, but I'll probably get too pissed off at them and end up cancelling the card, so I guess I'll just wait and see.

My FICOs went up by 30pts immediately after I got the car loan.

That's great news! Now all you have to do is make your payments on-time and you should see another nice jump in your scores. It's always nice to have mix of credit on your reports.

I have a question for everyone. how much different is the effect of having a card go on my credit report as a secured card, or unsecured? for example, i have a 200 limit unsecured card, paid off every month, and a 200 limit secured card paid every month also. would one or the other have a better effect on my scores?

also, i have one unsecured card, two secured cards, and one store account, all paid on time every time, scores only around 510 right now. how long would it take to get to around 590-600?

Don't underestimate the power of positive payment history. As long as you're making your payments on-time you will be fine. Payment history is worth 35% of your FICO scores. It doesn't really matter what it reports as because we all know that not everyone has good credit and has to start somewhere.

I would give it about 6 months to see scores in the 600 club. It all depends on how many baddies you have and when they fall off your reports.

Piggybacker

I don't know about that, I have about $30k in credit.

Also, I'm the reason that my mom has an AMEX card. She didn't want one but I applied for myself and told her to apply for herself too and that's why my account has been closed for 4 months and hers is still open.

What gave you a 30 pt gain?

My FICOs went up by 30pts immediately after I got the car loan.

I have a question for everyone. how much different is the effect of having a card go on my credit report as a secured card, or unsecured? for example, i have a 200 limit unsecured card, paid off every month, and a 200 limit secured card paid every month also. would one or the other have a better effect on my scores?

also, i have one unsecured card, two secured cards, and one store account, all paid on time every time, scores only around 510 right now. how long would it take to get to around 590-600?

smcc, I'm thinking of having mother add me as an AU on her AMEX Blue

Piggybacker

What gave you a 30 pt gain?

smcc, I'm thinking of having mother add me as an AU on her AMEX Blue because she has 20 years worth of credit history on the account. I will have to wait a year though so I'll have time to clean up my credit report because AMEX will pull my report in order for me to become an AU on the account. I don't know how it would look to a credit analyst during a manual review but it will definitely boost my FICO scores when I buy a car in two years.

When I bought my car last year it gave me a 30 pt gain.

smcc, I'm thinking of having mother add me as an AU on her AMEX Blue because she has 20 years worth of credit history on the account. I will have to wait a year though so I'll have time to clean up my credit report because AMEX will pull my report in order for me to become an AU on the account. I don't know how it would look to a credit analyst during a manual review but it will definitely boost my FICO scores when I buy a car in two years.

I appreciate it young man but more importantly it just shows everyone that whatever your goals are when it comes to your credit, you can accomplish them.

Like you have told many people here, its just a matter of being patient.

And like I have told YOU before, If I knew what you know now at your age, who knows where I would be !

You will be here light years before me if you so choose..............

Congrats smcc! That's great news! The reason why AMEX has listed you as a member since 1999 is because they backdate your membership. If you've opened an AMEX account in the past, they backdate and give you extra credit history. If you take a look at your credit report when the AMEX account appears, you will see the opening date from 1/1999. Not only did you accomplish a goal but you also raised your scores by adding 10 years of extra credit history.

It is done ! AMEX emailed me back and my Gold Card will be here within 2 billing cycles !

This just goes to show that what ever your credit situation, whatever your score, that goals can be accomplished within the Credit arena by paying your bills on time, going after CLI's when you can, keeping your utilization between 0 and 1% and being patient !

Now to position and prepare for the Platinum !

Sent an email to American Express to inquire about positioning for a AMEX Gold Card. Assuming that perfect payments and my score not dropping using my Experian Report everything would be kosher.

AMEX replies that I qualify for the Gold Card now and will upgrade my Green Card to Gold with the $125 Annual Fee.

There is one issue, my online account states that I have been a member since 1999, truth is I have been a member for just two weeks. Don't know what the analyst was looking at and maybe when all is said and done they (AMEX) will see this. Time will tell.......................

My AMEX green Meya is nice, don't get me wrong, but nothing better than my Visa Signatures, at this level the Signature Cards have more perks. The difference starts at the Gold Level. I must admit Prestige has bitten me hard but I have worked hard to get here and I want to be on track to at least be considered for the Gold.

Where you separate yourself is at the Platinum Level. Yes, its $450 a year and its steep but it unlocks all the doors that other cards don't with the exception of the Black Card.

You have already clarifired your story, and I hope that a lot of others read your previous post in regards to your experience with your card. I love the way they showed you love on your Prestige card, and I am for sure that the gold card you are targeting will be right there for you sooner than you think:cool: