Anyone else have this card? I started out with a Capital One

>>1087057
>$200 limit

wut. I'm 19 right now, about to turn 20. When I turned 18 I applied for capital one and got $1000 limit instantly. Now It's like $1250 or something.

Also, credit/credit card thread?

>Capital One Journey Platinum Visa
>Bank of Americard Visa Platinum Plus
>American Express Everyday
>American Express Green

>Credit Score: 733

>>1087169
How'd you get a $1000 limit instantly? And the $200 limit was because it was a secured card. I'm not sure you know what I mean by that. You can only spend what you put on it.

>>1087169
Also, is it good to pay your cards off or just make the minimum payment?

>>1087172
Oh missed that "secured" part. IDK how I got the $1000 limit, I just filled out the application with my income and holdings and it just shot that out for me. Figured that was standard starting range for credit cards.

>>1087177
Well my income is only $883 a month. Hence why I have a low limit. But my Transunion credit score is apparently 644

>>1087174
Pay off your cards. Holding a balance isn't good for your credit score.

Even if you maxed out your card each month and paid it off in full, you wouldn't really benefit from that. Credit lenders look at responsible spending. Only spend no more than 20%-30% of your limit and just pay off in full each month if possible.

>>1087180
644 is good, that's around what I had about a year ago. Like I said, just spend 1%-25% of your limit each month, only spend what you know you can pay off in full. Be conservative with your credit spending and you'll be fine. Capital One increases your limit without you having to ask them too.

>>1087183
Well my score went from 580 to 644 in 1 month so I must be doing something right. And I wish I could pay off my card.

>>1087188
It's average. I'm going to pay like $100 down on it each month so I can get it down. And I plan on getting a new radio with my new card so that will use about $335 of it. But it's worth it since I have an 05 SUV with a basic ass radio.

>>1087191
whatever you buy, just make sure you can pay your balance off each statement, or the majority of it at least.

I just use my cellphone as my radio lol

>>1087197
Well I need something with bluetooth and something that I can hook my iPhone into. I might not even get it.

>>1087206
Do you have Auxiliary?

>>1087209
Nope. Just a basic AM/FM radio with CD and cassette

>>1087212
my friend got this one thing, you plug it into your phone and it produces a radio signal on a certain frequency, and your radio picks up on it. So you can play your music through the car radio. Can't remember what its called though.

>>1087215
>>1087212
it was something like this

http://www.eachbuyer.com/3-5mm-wireless-lcd-car-fm-radio-transmitter-for-mobile-iphone-samsung-black-p31734.html?currency=USD&from=pla&gclid=CjwKEAiA3Ou1BRDso5XyhduuwFASJABP3PEDvL-bXe6_Sf98ZlLJfGZ-WrO0a8RqE97zyYE_5IhH5BoCI1vw_wcB

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Okay so you need to max out the factors.
The statistical models hate blanks and to get a good score the first thing is to get a mark in all the slots.

A complete score history is 7 years long. you're 18 how do you get 7 years credit.
Become an Authorized user on a 7+ year old card from a parent/friend ideally, but there are people out their who rent their authorized user slots
Ultimately this is measured in average age of accounts.

Your payment history is 2 years long. 24 consecutive payments on all accounts don't ever miss a payment.

Amounts owed, the best is 1% on one card for Credit Cards with the rest at 0 balance.
For loans ideally reduce the balances as low as possible.
Remember The amount reported is the amount on the bill. Pay 4 days before the bill is due and don't use the card for 4 days.

Account mix
1 Charge Card, 1 Installment loan, 1 CC

and New Credit, best is Zero inquiries. Inquiries last 2 years.

The game is to wait till you have a premium score of 750+ and apply till they stop giving you accounts.
If you're a boss you repeat every 2 years when your inquiries drop off.
IMO best time of year to apply is Black Friday or Christmas.

Protip Student loans ruin your score. Getting them now and ugh avg age of accounts is ruined b/c every 4 months top up.

had a 765 when I applied
> Chase Freedom 15900
> Chase Slate 0% 8000
> Amex Green
> Amex Errday 0%15700
> Citi 2x Cash 0% 6900
>Cap1 Venture 9000
> Cap1 Platinum 5700
> NASA FCU low interest card 3000
> UPromise 6700 (shouldve gotten amazon)

Had
> Discover it Limit Increase 1900 to 5700
> Cap1 Journey Limit Increase 1500 to 6000
car loan 9.8% 6.8k of 9k left
put that shit on the 0 interest card asap.

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On filling out credit applications

YOUR JOB IS MANAGEMENT
PERIOD.
I don't care if you're a janitor, its Sanitation Management.
If you're a Cashier its Customer Management.
got it. Good. Moving on.
Unemployed, Self Management.
Student, Information Management.

Your salary for the coming year is always an estimate b/c the next 12 months haven't happened yet.
Income is therefore an idea.
The idea for a business proposition is legally binding up to 2 prior years.
Your grandma got sick. 1.5 years ago, she might die and give you an inheritance.
So you are legally allowed to inflate your income by that inheritance.
You promised yourself you're gonna start your killer website this year that makes 10k
well its a legit estimate.

The breaking points are different for each state but if you're within 2 std deviations the machine doesn't care.
You're gonna make 60k in new financing an aggressive accounting could say that you'd use this new financing to make money say 15% thats 9k new money. add it in.
so make your average Management salary quite high.
There is no penalty for inflating your salary, they didn't post any accounting guidelines on their credit app. If you go bankrupt Caveat emptor on them, they should've done better due diligence.
there is a penalty for being denied credit.

protip pay your bills no matter what and they'll bend over backwards to help.

If you don't go crazy you can debt cycle till the day you die.
Protip, Balance transfers and cash advances are ripoffs when compared to Manufactured Spending. BT/CA Fee = 3%+
MS Fees - earn you money or cost up to 1%

>>1087223
Actually I'm 24 in March.

>>1087223
You have too many goddamn credit cards. Holy fuck.

>>1087223
Also I don't have a car loan. Paid 10k cash for my SUV. Get fucked.

>>1087057
If you pay on time for five months straight they will give you an increase. Building credit takes time, don't expect to be at 800 until you're in your thirties.

>>1087482
Yeah I know. In time, it'll come. How many credit cards is a good amount to have?

>>1087489
There is no ideal number really, having 3-4 mature lines of credit usually boost a credit score over time. Some people recommend opening a new credit card every 6 months, but that is a risky short term gain for the account holders. When it comes to credit; time is on your side.

>>1087503
Right now, I have two. So it's best to wait to get another one?

>>1087057
I'm 18 and 6 months ago I got my first card with a 500 limit. Last week I got it raised to 1000 and I have a score of 730.

>>1087589
You probably make more than I do though. Salary factors into that as well.

>>1087508
Yes, I would wait at least 6-8 months before applying for a new line of credit.

>>1087597
I only make around 6-700/month

Had a secured card with Wells Fargo from 6 or 7 months ago when I had no credit.

Was finally upgraded to a $5,000 cc last month.

>>1087607
So you went from a secured Wells Fargo card to an unsecured credit card in 6-7 months? How?

>>1087657

Use the secured card as if it was a regular card, pay bills, have a credit score over 720.

income helped as well when switching over.

>>1087672
Everyone has better credit than me :(

>>1087265

Went into credit union a year ago looking for a secured card to establish my credit history. They just recommended I try for the regular card since I dont have "bad" credit. It worked and I got a $500 limit to start out. Payed on time every month and it just increased to $5000 automatically and my credit score is now 740. Not bad.

I quit my job a few months ago to finish up a training course. I have savings to afford paying my credit card bill, but no income. Can I still get more cards to boost my score without a job? I'm not going to be an idiot and spend what I don't have and miss payments. I just want to keep improving my score until I get my career going.

As an owner of 14 different credit cards and 819 FICO , I do suggest you not "max out" and keep the spending to less than 30% of your limit by statement close. If this is hard, open a new card and report a high income for a higher limit. This helps overall utilization. After holding these cards for a few months you will have a better score. Try looking for a card that gives free credit scores monthly so you can track your progress. Always pay in full and on time. Get a free copy of your credit report online and dispute any past due accounts if there is only one occurrence.
If you are seriously in a hole, get a 0% balance transfer product.

>>1088149
Why so many cards?

I followed the exact same path as you, and the answer is that they'll just increase your credit limit after a few months as long as you pay off your bills reliably and in full every month.

I started out with a limit of 1.5k and six months later got it increased to 4k.

>>1087057
I have his card, started out with a $300 limit. I put about $100 worth of expenses on it every month and paid it off instantly. After about 8 months my credit went up to $3000

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>>1088149


So the more cards you have, the better?

I get how using only 30% on each card would do that.

Would it be smart to open up a card every week?

Never requested an increase before, what do I need to know before I request one on my Chase Freedom (currently $1500).

My credit score is currently 702 up from 557 when they issued me the card.

I currently have a $1000 balance sitting on it (taking advantage of 0% APR to put more money in my brokerage acct), should I clear that with tomorrow's paycheck before I ask for the limit increase?

How do I actually ask for a limit increase?

>>1087191
>And I plan on getting a new radio with my new card so that will use about $335 of it. But it's worth it since I have an 05 SUV with a basic ass radio.

What was that you said about being nigger rich?

>>1087223
>Pay 4 days before the bill is due and don't use the card for 4 days.

You do know you have a bill date and a payment date, right? You pay for all expenses up to the bill date. Anything between the bill date and the due date goes on the next bill.

Keep your utilization under 29%, preferably 9% and never miss a payment and your score will climb.

>>1088719
You get little dings each time you open a new card. Open many new cards in a short period time and those dings get larger.

These dings are temporary and go away after an undefined amount of time.

If you're willing to sacrifice short term credit score to hack your score higher in a year or so, you should apply for 5 different cards from 5 different issuers on the same day. This way each ding only counts as if it was the first one, rather than the exponential increase if you waited a week between.

>>1088719
No, you would want to wait 1-2 months at minimum between applications. Wait possibly longer if you have bad credit. Too many hard pulls on credit causes scores to drop. Average age of accounts is also something to consider.
>>1088659
I have many cards because I use them for signup offers such as 50k rewards points/miles after spending 3k in 3 months.

>>1088734
>
You typically call in or do it online. They make you state your current income, hopefully you put down a number higher than when you applied. It would be best to pay off the balance so you seem like a good customer who can be trusted with a higher limit.

Ok, i work in a very big bank in the credit card business. ask me anything. Im pretty sure they all work the same.

>>1087223
are u chinese

>>1088971
Are people with common names less likely to get approved? I work on the collection side and I know common names are a big problem with us. Also I have a common name and I had trouble getting any credit for a while.

>>1088971
What happens when you run up a card and leave the country?

>>1088986
Nope, no problem with the names that i noticed, no problem if ur a foreigner either.

>>1089003
That is a bit of a loophole because if u dont have any accounts in that country they cant really do anything to u. But the debt will stay there if u come back someday, the bank will most likely sell the debt to other company to go after u, but will not say to that company that u left the country if they have that info themseelves.

>>1087265
i love this thank you very much. I am walmart maintenance management and make $1200 a month after bills and taxes i save ~$820 of that. I do not have any credit or own a vehicle (i bike) and i rent apartment with others. How do i build credit guys?

>>1089003
>>1089013
Could that debt be unloaded onto family members?

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>>1087057
Rocking dat Quicksilver car too, OP. That 1.5% cash back triggers me sometimes, though.

Also: 769 reporting in

>>1087188
You in the states?

Capital One wanted ("preapproved") to increase my secured $2500 to a $3500 (1k unsecured) after having it for a year. I had to confirm and consent to the increase.

bumped for great justice