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New cap 1 card


BTO429
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The score you can see (even from myFICO) is the "sucker" score. They want people who carry balances and pay them interest and occasional penalties (i.e., "utilization").

Yeah, this would make sense. It's a score for how much money they can get out of you. The next CC applied for would be less interested in extending credit if they know you are a diligent and will never pay interest and fees. Sadly, that is still the business model banks use.

I wonder if AE does this.

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  • 4 weeks later...

Disagree with the above posters. I think you are expecting too much too soon. Keep using and paying. Try to keep your utilization between 35% to 50% of your CL each month.

Open a US Bank account with direct deposit. Don't screw it up. Pay your credit cards electronically every time you get paid. Don't use your cc's to borrow with. Just charge a little here and there so you establish a payment history. Pay them twice a month electronically or whenever you get your check. Do this for a year or so, and you will likely qualify for a US Bank VISA, then you can dump the subprime cards. I had First Premier, Orchard, Credit One, Cap One, and paid them all dilligently. But they all had low CLs on them, although after 6 months Cap One did give me an automatic increase. Anyway I applied for a US Bank VISA and they promptly approved me for 6500 CL card and a 10k personal line of credit.

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...you will likely qualify for a US Bank VISA, then you can dump the subprime cards. I had First Premier, Orchard, Credit One, Cap One, and paid them all dilligently. But they all had low CLs on them, although after 6 months Cap One did give me an automatic increase. Anyway I applied for a US Bank VISA and they promptly approved me for 6500 CL card and a 10k personal line of credit.
This is why I call the FICO Consumer Score (the one you can see), the "sucker score". It tells the CC companies who they are likely to make money off of. Think about it...$16,500 at 50% utilization means you owe them $8,250. Even if you manage to get that at 10% interest (unlikely these days), you're handing them $825 a year for the privaledge of having their plastic in your pocket.
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well unfortunately i don't have the proper mix of credit to get a decent score. I really hate credit cards but it seems the only way to get in the mid to high 600's right now is to have a cc.

I am trying to raise some capital for my winery i plan to build this summer and need the credit score. I really hate to mortgage the farm and put it in jeopardy by mixing personal finance with business.

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