Question
Credit questions...need advice?
Hi, I have had established credit for a year now through my bank (Wells Fargo). They started my out with 6 months 0% APR, $1000 credit limit. I spend between $400-$600 a month on the card, and pay off my entire balance weekly, since I recieve a weekly pay check. I don't just send the $15 monthly minimum, I pay off whatever I use for the week when I get paid. I'm wondering why I haven't recieved a better offer or an increase in my credit limit? Also, I have recently recieved offfers from Capital One and Orchard Bank. Capital One is offering, 6 months 0% APR, and 14.9% after that. Credit limit, $500-$3000 Orchard is offer 12 months 0% APR, and 12.9% after the intro APR. Credit limit of atleast $200. Should I entertain any of these offers. Does the APR even matter if I'm just going to pay off what I use weekly? I'm trying to build a strong FICO score, so I can purchase a house in the next 5-7 years, any advice you can give me? I'm 23, if you're wondering. Thanks for reading and any help you provide, appreciate it.
2 years ago - 4 answers
Best Answer
Chosen by Asker
You should be ablt to get a better deal, than what you are being offered from Capital One and Orchard Bank. Do you know what your credit score is? If you decide to take one of the offers, choose the Orchard Bank. As long as you manage your account responsibly, you will get good credit limit increases regularly. Avoid Capital One. They do not report your credit limit and that damages your credit score. Example, they give you a $500 limit and you use $250, they will report your limit as $250. This will damage your credit score because instead of using 50% of your credit limit, it looks like you are using 100% of your credit limit. Good luck
Source(s)
by Matt
2 years ago
Asker's Rating: 
Other Answers
I agree with Matt about staying away from Cap One. As for your Wells Fargo card, have you ever asked them for a credit limit increase? Sometimes you have to give them a nudge in getting an increase. If you contact them and ask, be sure to request that they do not pull a hard inquiry. If they deny the increase, ask them what they would like to see from you (credit report wise) to qualify for a credit increase. As for the Orchard, an offer is just that - an offer. If you apply and they approve you, they may honor that particular offer or they may change it. Sometimes the change may be for the better (lower interest, lower yearly fee, etc.) some times it may be for the worst (higher interest etc) Depending on your credit and scores - if your scores are low and you have baddies on your report, the Orchard might not be that bad of a deal for a starter type card. If your scores are better, you might go with a prime company and get a secured card. If your scores are very good, you might apply with a prime card for a non secured card. You might also open an account with a credit union and see what they have to offer for credit cards.
by echo- 2 years ago
Small steps like paying your bills on time and using only part of the credit available to you. Also use your credit cards for making small payments regularly, so that it is reflected in your credit record. More tips available at www ...
by harish- 2 years ago
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by farran abat- 2 years ago