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#21
10-31-2007, 12:25 PM
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Re: How Do I Get \"Credit\" For All Our Monthly Charges?
AMEX turned you down? That's the easiest card to get 25k credit limit with. Even if they give you a $900 card, after 30 days just log in to their website and ask for a 25k limit and you will get it instantly. If you go above 25k, you are risking having a financial review where you will have to send them a bunch of junk.
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#23
10-31-2007, 01:04 PM
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Re: How Do I Get \"Credit\" For All Our Monthly Charges?
I'm going to try them again tomorrow morning and see if I can get a pathetic 1k limit if I send them a 10k credit balance or some crazy nonsense like that [img]/images/graemlins/blush.gif[/img]. Then we'll see if the fun limit increases come my way!
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#24
10-31-2007, 01:07 PM
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Re: How Do I Get \"Credit\" For All Our Monthly Charges?
[ QUOTE ]
The amount you go through each month on a credit card has very little to do with your credit score. eastbay [/ QUOTE ] Hi Eastbay, You basically taught me how to plan SnG's about three years ago via several hundred of your posts [img]/images/graemlins/cool.gif[/img]... so your word carries alot of weight in my household. You're pretty sure about what you said in your quote above? If yes, then I'll just drop this whole darned thing (other than the possibility of getting some cashback, miles, or reward points... as some OPs have suggested).
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#25
10-31-2007, 02:02 PM
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Re: How Do I Get \"Credit\" For All Our Monthly Charges?
[ QUOTE ]
[ QUOTE ] The amount you go through each month on a credit card has very little to do with your credit score. eastbay [/ QUOTE ] Hi Eastbay, You basically taught me how to plan SnG's about three years ago via several hundred of your posts [img]/images/graemlins/cool.gif[/img]... so your word carries alot of weight in my household. You're pretty sure about what you said in your quote above? If yes, then I'll just drop this whole darned thing (other than the possibility of getting some cashback, miles, or reward points... as some OPs have suggested). [/ QUOTE ] It has everything to do with the score. That's your available credit to limit ratio. If you max out a card every month even if you pay it off on time, it'll hurt your score.
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#26
10-31-2007, 04:15 PM
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Re: How Do I Get \"Credit\" For All Our Monthly Charges?
Your score is based on
Credit Age... no way to improve this other than to back in time and open up card a few years ago. That is, unless you have 1 card that's 12 years old and 1 card that's brand new... you can close the new card and you're average age will go from 6 years to 12 years. Credit History- NO late payments. Again, no way to fix this other than continue making payments on time. Credit to limit ratio- when you open up a card, they take a look at your current accounts. If they see that you are using 90% of your limit, they will turn you down for new cards. Just pay off everything and keep the total used % low. Inquiries- the amount of times someone has done a hard pull to look at your credit history. If they see a high amount, they will be weary. Inquiries usually disappear after 6-12months. There are techniques to bump off inquiries, if you have a lot I would suggest reading the fatwallet forums (actually, you should anyways) Probably missing a few minor things..
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#27
10-31-2007, 04:19 PM
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Re: How Do I Get \"Credit\" For All Our Monthly Charges?
ok, so this makes me think:
If Google, for example, gives me 100k in monthly credit, and I use/payoff 60k/month... then is the large available credit line (100k) helpful to a credit/FICO score, *provided that* I'm not maxing it out? Or, is a large amount of available credit irrelevant (as eastbay said). As an aside, I wrote GOOG for credit as OP suggested, and it looks as if it will be trivial to set it up (they wrote back quickly and we're in the process now). I've yet to know if they even report this activity (hence potentially helping my score)... so this all may be moot (especially since I'm now wondering if this may even *hurt* the score).
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#28
10-31-2007, 04:21 PM
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Re: How Do I Get \"Credit\" For All Our Monthly Charges?
[ QUOTE ]
Your score is based on Credit Age... no way to improve this other than to back in time and open up card a few years ago. That is, unless you have 1 card that's 12 years old and 1 card that's brand new... you can close the new card and you're average age will go from 6 years to 12 years. Credit History- NO late payments. Again, no way to fix this other than continue making payments on time. Credit to limit ratio- when you open up a card, they take a look at your current accounts. If they see that you are using 90% of your limit, they will turn you down for new cards. Just pay off everything and keep the total used % low. Inquiries- the amount of times someone has done a hard pull to look at your credit history. If they see a high amount, they will be weary. Inquiries usually disappear after 6-12months. There are techniques to bump off inquiries, if you have a lot I would suggest reading the fatwallet forums (actually, you should anyways) Probably missing a few minor things.. [/ QUOTE ] Thankyou for this - this was really great. Sadly, you're confirming what eastbay said (that having a large available credit line is irrelevant)... eh? Well, methinks the whole idea is pretty much squashed, then [img]/images/graemlins/frown.gif[/img]... Again, thankyou for this.
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#29
10-31-2007, 04:25 PM
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Re: How Do I Get \"Credit\" For All Our Monthly Charges?
[ QUOTE ]
Am a bit confused, and am unable to figure out why you think spending $60k per month in cash (on anything at all) would correlate to good credit or an ability to secure credit. I know several doctors that make $100K a month and can't get a car loan from anyone other than a special credit program. Jimbo [/ QUOTE ] Just off topic curious question. Which doctors earn 1.2 million dollars a year?
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#30
10-31-2007, 05:29 PM
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Re: How Do I Get \"Credit\" For All Our Monthly Charges?
[ QUOTE ]
[ QUOTE ] Am a bit confused, and am unable to figure out why you think spending $60k per month in cash (on anything at all) would correlate to good credit or an ability to secure credit. I know several doctors that make $100K a month and can't get a car loan from anyone other than a special credit program. Jimbo [/ QUOTE ] Just off topic curious question. Which doctors earn 1.2 million dollars a year? [/ QUOTE ] Did not to mean to imply this was commonplace but all the ones I know of personally (with the credit problems) are long established practicioners. Even at that I did exaggerate the income for the simple act of doctoring alone. Three personal friends of mine and one guy I just met in the car business. 1. Anesthesiologist (He made 500k last year) 2. Hand Surgeon (for sports celebrities) He does make $1 Mill plus 3. Cardiologist 4. I don't recall the speciality of the guy whose credit app I took but do remember both his income and that he got turned down [img]/images/graemlins/smile.gif[/img] He did make 1.2 mill a year but it was his practice and all additional income he showed on his app 5. Just remembered another one, he is a fertility specialist, for rich folk I guess lol cause he has a stable of polo horses. Jimbo PS: keep in mind that I was a car salesman before retiring and have made more than the average surgeon will this year.
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