Question
I've been searching through a bunch of threads, but I couldn't find anything about applying for credit cards after one full year of credit history.
Here's my story.
12 months ago, I applied for student credit cards, and got two (AMEX and Visa). One has a $1,300 limit, the other $500. I've made all my payments on time. I've tried calling to increase my limits recently for both credit cards, and they both want to pull a credit inquiry before increasing the limits. I told them not to because I wanted to keep my record clean.
I want to get a higher credit limit to build my credit score and lower my % utilization. So, rather than trying to get a $500 increase on my card and a credit inquiry, I was thinking about just applying for a new card and get a credit inquiry.
My question is, what card should I apply for? I have a 1 yr. credit history, and I'm not sure how good of a credit card I can get. I was thinking about getting a United Mileage Plus Signature Visa (15k miles bonus sign-up). Am I likely not to get a Visa signature card like this, due to my short credit history? I also heard the MBNA cards are good with CL increases. Should I apply for a Quantum or Merrill Lynch?
What do you recommend? My priority is to get the highest credit limit, next is rewards (I do fly a little, and cash back would be another great option). Thanks for the advice!
Answer
The folks over on www.creditboards.com can help you with that question.
Answer
You sound a little like me. I have always wanted the United Mileage Plus Signature Visa. I started my freshman year in college. United kept turning me down, so I wised up, started with the MBNA rewards card, but its pretty much crap. After about ten months I moved to the United Mileage Plus Student Visa, and dumped that soon after for the regular non signature card. Spent the next year and a half increasing my limit to 5K in three installemnts. The minimum requirement for the signature visa is 5K, but for the non signature visa, there is no minimum limit. It took me near 3 years to get what I wanted but last thursday I got it. I doubt BankOne will jump your credit from 1,300 + 500 to 5K. What airline do you fly regularly? and also the hit to your FICO score is minimal, if you want them to raise the credit limit dont be afraid that they will check you score, often it may not even show. The only other thing is to be patient, and you can get exactly what you want.
Answer
Even though this is the Mastercard/Visa forum I thought I'ld throw in my $.02. I have just over 6 months of credit history and got a 10k credit line with my Amex Starwood. A card who people say is notoriously tought to get a good credit line with. I had been a member of American Express back in Sweden for a couple of years prior to moving to the US, but i doubt Amex put that into consideration when granting me credit. They sure didn't when I got my first credit limit, a measly 2k. I have a feeling that Amex puts more weight on your income than the length of your credit history when determining your credit line. At least that's the impression I've got.
I've been searching through a bunch of threads, but I couldn't find anything about applying for credit cards after one full year of credit history.
Here's my story.
12 months ago, I applied for student credit cards, and got two (AMEX and Visa). One has a $1,300 limit, the other $500. I've made all my payments on time. I've tried calling to increase my limits recently for both credit cards, and they both want to pull a credit inquiry before increasing the limits. I told them not to because I wanted to keep my record clean.
I want to get a higher credit limit to build my credit score and lower my % utilization. So, rather than trying to get a $500 increase on my card and a credit inquiry, I was thinking about just applying for a new card and get a credit inquiry.
My question is, what card should I apply for? I have a 1 yr. credit history, and I'm not sure how good of a credit card I can get. I was thinking about getting a United Mileage Plus Signature Visa (15k miles bonus sign-up). Am I likely not to get a Visa signature card like this, due to my short credit history? I also heard the MBNA cards are good with CL increases. Should I apply for a Quantum or Merrill Lynch?
What do you recommend? My priority is to get the highest credit limit, next is rewards (I do fly a little, and cash back would be another great option). Thanks for the advice!
Answer
I have a feeling that Amex puts more weight on your income than the length of your credit history when determining your credit line. At least that's the impression I've got.
AMEX is willing to give credit cards out to students like crazy.... something I noticed when I was once a student, what is now becoming a long, long time ago.
aloha
Answer
If you want an easy way to earn miles towards your MP account, get an AMTRAK guest rewards Mastercard from MBNA. Its the greatest thing I ever did... I love it. :-) No annual fee with only a 9.9% APR. and you can transfer the points to Midwest Airlines, United Airlines, or Continental. Provides you a nice way to hedge your bets if UA goes under. Plus, you can use your points on Amtrak to get a nice luxurious sleeper car award or an Acela ticket. ^
Answer
Yes - Amtrak is a good plan for students. If you United miles will help you (or Amtrak tickets) - it is the way to go.
Another consideration might be the Ebay MBNA card. See my post in the Ebay CC thread.