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Thread: Any credit card guru's on here?

  1. #1
    paratrooper's Avatar
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    Any credit card guru's on here?

    Simple question.

    I only have two credit cards. Both currently have a 0 balance on them. My credit score has always been a little under or a little over 800. Highest was in Dec. of 2009. It was 811.

    My wife and her sister went to Hawaii for two weeks recently. Because one of my cards had a 0% interest rate until April 20 of this year, I put most of her travel charges on the card.

    I pretty much maxed out the credit limit on the card. Since doing that, my credit score dropped like 40 pts. It's still in the upper range of "good", but no longer in the excellent range.

    I paid off the balance on that card just today. 0 balance now. Not sure how long it will take for my score to rebound, but assume it will be a few months or so.

    Anyways......here's my question. I'm thinking about opening up about two more credit card accounts so that I have a higher combined credit limit. It's not that I'd go wild and spend more, but I would have more credit available to me, even if I never used it.

    I know there's a lot of smoke and mirrors involved when it comes to establishing a credit score, and some say it's just a bunch of horse manure.

    I use Credit Karma to check my scores and see what % of my spending goes where and how it's divided up.

    Anyone have any secret tips or advice on credit scores and how they are based and/or effected by opening up more accounts? Thought I'd get some feedback before I proceed any further.

    TIA!

  2. #2
    hud35500's Avatar
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    From my experience, applying for more credit, whether you are approved or not, will negatively effect your credit score. Unexpected changes in your usage seem to have a negative effect as well. I don't understand the logic behind it, but that seems to be the norm. Personally, I find the whole credit score system to be a huge scam, all about making money off consumers. I find it similar to gas prices. It took months for the price of gas to drop below $2.50 per gallon, but only a couple weeks to shoot back up over $3.50 per gallon!! I seems that no matter how well you manage your credit, you get hammered somehow. Then you get to spend untold hours talking with the score providers trying to figure out what happened. Personally, I'm going with as little credit as possible.

    Don't know if that helps any, but that's my opinion. Good luck.

  3. #3
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    Getting more credit cards to help credit scores

    A quick check of the above link may help answer your question. Initially your credit score may drop if you apply for more credit cards.

  4. #4
    RK3369 is offline Member
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    It's kind of a catch 22. If you have the cards and don't use them, your score is usually pretty good, but if you use one of them for a larger item, it drops your score. Not because you are a bigger risk, simply because you used the card. It's a mystery to me also but I have seen that same effect. My score has been over 800 for several years, but over the past year or so I've been buying a few items on credit then paying off the balances before 30 days, and that's been reducing my score. Damned if you do and Damned if you don't I guess. Don't know what the answer is other than maybe to get a bunch of cards, run them all up to the limit, then go file bankruptcy. That's what most of the responsible card users do nowadays, right?

  5. #5
    paratrooper's Avatar
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    Thanks for the replies.

    Maybe instead of applying for two new cards, I'll only apply for one. I like to get cards that have a "cash back" offer. I don't care about air miles at all.

    The last card I applied for and received, was a CHASE card. Their offer was to make a purchase of at least $500.00 within three months of receiving your card, and get $200.00 back. I did just that and it worked out great.

    No other card offers any bonus like that at the present time. Anyways, think I'll go credit card shopping and see what I can come up with.

  6. #6
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    Quote Originally Posted by paratrooper View Post
    Thanks for the replies.

    Maybe instead of applying for two new cards, I'll only apply for one. I like to get cards that have a "cash back" offer. I don't care about air miles at all.

    The last card I applied for and received, was a CHASE card. Their offer was to make a purchase of at least $500.00 within three months of receiving your card, and get $200.00 back. I did just that and it worked out great.

    No other card offers any bonus like that at the present time. Anyways, think I'll go credit card shopping and see what I can come up with.
    Check out BankAmericard Cash Rewards. It's one of the best I've found lately.

    $100 bonus signup. 1% on everything 2% on groceries 3% on gasoline Also has merchant discount offers.

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    We have one credit card thru our credit union. Better rates, no annual fee.
    Try not to use it often and pay off as soon as possible. Would rather deal in check/cash whenever possible.
    You can ask your current banks that issue the cards about raising the limits on the cards you have.

  8. #8
    paratrooper's Avatar
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    Quote Originally Posted by BackyardCowboy View Post
    We have one credit card thru our credit union. Better rates, no annual fee.
    Try not to use it often and pay off as soon as possible. Would rather deal in check/cash whenever possible.
    You can ask your current banks that issue the cards about raising the limits on the cards you have.

    I did that about a year ago. I was told that because I don't have a large enough balance due on my account, they would not raise the limit.

    In other words, I wasn't using the card often enough, and I was paying off any balance due each and every month.

  9. #9
    Steve M1911A1's Avatar
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    OK, but now you've maxed-out one card, and paid it off immediately.
    So this is a really good time to ask again that your limit be raised.

    Tell the card issuer that if they don't raise your limit now, you'll use your other card, not theirs.
    If that doesn't immediately work, ask to speak with "the customer-retention expert."
    Tell that person that you really want to stick with their card, but if they can't increase your limit, you won't do business with them: You'll go to the competition.
    That should do the trick.

    Let me know how it goes.

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    paratrooper's Avatar
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    Quote Originally Posted by Steve M1911A1 View Post
    OK, but now you've maxed-out one card, and paid it off immediately.
    So this is a really good time to ask again that your limit be raised.

    Tell the card issuer that if they don't raise your limit now, you'll use your other card, not theirs.
    If that doesn't immediately work, ask to speak with "the customer-retention expert."
    Tell that person that you really want to stick with their card, but if they can't increase your limit, you won't do business with them: You'll go to the competition.
    That should do the trick.

    Let me know how it goes.


    Okay, I'll give it a whirl.

    Went on-line and sent a secure message request. They said they respond to requests within 24 hrs.

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    Quote Originally Posted by Steve M1911A1 View Post
    OK, but now you've maxed-out one card, and paid it off immediately.
    So this is a really good time to ask again that your limit be raised.

    Tell the card issuer that if they don't raise your limit now, you'll use your other card, not theirs.
    If that doesn't immediately work, ask to speak with "the customer-retention expert."
    Tell that person that you really want to stick with their card, but if they can't increase your limit, you won't do business with them: You'll go to the competition.
    That should do the trick.

    Let me know how it goes.
    Just don't apply for a Comcast credit card. They'll never let you cancel it.
    Vee_Kay likes this.

  12. #12
    paratrooper's Avatar
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    I just checked my credit score and it has already recovered. I was thinking it might take a month or two.

    My new score is the highest it's ever been.....that I know of. I've only been monitoring it for about 3 yrs. now.

    Anyways, now that it's back to where I like it, I feel that I can apply for a new credit card w/o any problems.

  13. #13
    paratrooper's Avatar
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    Applied for and was approved for a new card with 0% interest on purchases for 15 months. Should have it within a week or so. Took like two minutes to be approved on-line.

    Double-checked my credit score and it has me curious. Unless credit reporting has changed and has become much more quick to reflect changes, I can't figure out why it went up so high, so fast.

    Credit Karma used to only have one reporting agency. They now have two that reflect individual scores.

  14. #14
    pic
    pic is online now Supporting Member
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    I had lost a credit card a while back. Whoever found it started to use the card.

    The person eventually was caught and arrested.

    I told the arresting officer not to press charges and give him back the card.

    He was using the card less then my wife .


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    Quote Originally Posted by pic View Post
    I had lost a credit card a while back. Whoever found it started to use the card.

    The person eventually was caught and arrested.

    I told the arresting officer not to press charges and give him back the card.

    He was using the card less then my wife .

    I find it hard to credit your post with any interest. (bah dum dum)
    pic likes this.

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