Question
Hey guys,
I have a very limited US credit history (moved here in August and got my first AMEX at the end of December) and was wondering what the best way to build it up would be.
My current card has a ridiculously low limit of 1300, which will usually result in a low FICO score since any sort of mid-month balance would result in a high used/available credit ratio. I was wondering if applying for a limit raise after making only 1 payment would be too hasty and a bad move for my credit rating.
I was also interested in getting another credit card or two (with the intention of getting the maximum possible AA miles, so Citibank), but with the potential purchase of a condo next fall, wasn't sure if that's a good credit choice either...
Any ideas?
Thank you,
Misha
Answer
Go to the American Express website and login to your account. Select "See All Account Services" from the menu on the right side of the screen. Select the card (you might not have to do this since you only have one card), then select "Credit Management" then "Increase Your Line of Credit". The website credit line increase function will typically not make a hard inquiry on your credit report, and I've read reports on other internet boards recently that the function is very generous. In your case, go ahead and ask for a credit limit of $10,000-$20,000, even if they don't give you what you ask for they will likely to give you an increase to some other amount. Let us know how it works.
Answer
...got my first AMEX at the end of December...I was also interested in getting another credit card or two (with the intention of getting the maximum possible AA miles, so Citibank)
Which American Express card do you have now? Did you have an American Express card in another country?
While Citibank's AAdvantage Mastercard offers more generous initial bonuses, the Starwood Preferred Guest Credit Card from American Express is actually better for earning AA miles because SPG adds a 5,000 mile bonus when you transfer 20,000 points, $20,000 = 25,000 miles.
Answer
Beckes: Thank you, I will try that.
mia: I've got an SPG card thanks to the suggestions on this board. The AA cards would be strictly to get the bonus miles.