I would like to build credit. Which card/s should i apply for?

[erlc]

I'm a new on this forum and would appreciate some advice...
I have 2 cc's at the moment
Hsbc platinum (member since 2008) and only $1500 credit limit
Amex Starwood (member since 2009) and only $2000 credit limit.
I have tried to get a credit increase several times but have always been denied... (Last time i checked my credit score was high 600's)
I do get offers to open citi cards and chase cards. Please advise what would be the best way for me to increase my credit and which cards should i apply for.
Thanks

[elikay]

What is your payment history like? Do you usually carry a balance? What percentage of your available credit to you use?

[AsherO]

I'm a new on this forum and would appreciate some advice...
I have 2 cc's at the moment
Hsbc platinum (member since 2008) and only $1500 credit limit
Amex Starwood (member since 2009) and only $2000 credit limit.
I have tried to get a credit increase several times but have always been denied... (Last time i checked my credit score was high 600's)
I do get offers to open citi cards and chase cards. Please advise what would be the best way for me to increase my credit and which cards should i apply for.
Thanks

Welcome to the forums!

It's hard to answer your questions without knowing what your credit report looks like. You need to get your credit lines up. You might want to call Amex and ask for a credit line increase. Make sure to report all household income so they'll give you a decent credit line.

Id you're using one/both of your cards regularly, your utilization is probably too high, and it's choking your score.

Also, when did you last pull your reports? Are both your cards reported at all bureaus?

[AJK]

Id you're using one/both of your cards regularly, your utilization is probably too high, and it's choking your score.

OP - to avoid this, just pay your balance before your statement ends. That way the utilization problem mentioned wont negatively affect your score.

[Avid Reader]

OP - to avoid this, just pay your balance before your statement ends. That way the utilization problem mentioned wont negatively affect your score.

It seems the credit agencies pick up credit utilization even before the statements closes, probably whenever the bank sends over their info to the agencies every month.

[Nitantnel]

It seems the credit agencies pick up credit utilization even before the statements closes, probably whenever the bank sends over their info to the agencies every month.

this is contrary to what is written elsewhere on the forums, do you know it for a fact?

[AsherO]

this is contrary to what is written elsewhere on the forums, do you know it for a fact?

It's been mentioned elsewhere on DDF recently. It seems the balance is reported monthly, on a specific date. That date isn't always the bill date.

[Avid Reader]

this is contrary to what is written elsewhere on the forums, do you know it for a fact?

Yes. I've seen others reporting this as well. I for example have Score Watch from MyFICO and I see every time something changes on my Equifax report.

Where have you seen people writing to the contrary?

[Avid Reader]

this is contrary to what is written elsewhere on the forums, do you know it for a fact?

See for example Dan's FICO score report here:

My score was 774.  Mostly due to the fact that I have $16K outstanding, although it says that's just 12% of my total credit, so it's not too big of a hit.
Of course the $16K is just purchases made to reach signup bonuses and the like...
Seems so unfair that it counts amounts charged against you before the bill is due, but that's the way it is.

[Nitantnel]

It's been mentioned elsewhere on DDF recently. It seems the balance is reported monthly, on a specific date. That date isn't always the bill date.

In that case, what do you suggest to A. build your credit by carrying over a balance, and B. Refrain from having a hundred percent utilization on your report? The only thing I can think of this:
-Make on small purchase every month.
-pay it at least 7 days after the due date.
-pay ALL OTHER purchases instantly.

[Avid Reader]

In that case, what do you suggest to A. build your credit by carrying over a balance, and B. Refrain from having a hundred percent utilization on your report? The only thing I can think of this:
-Make on small purchase every month.
-pay it at least 7 days after the due date.
-pay ALL OTHER purchases instantly.

Sounds just right.

[AJK]

Yes. I've seen others reporting this as well. I for example have Score Watch from MyFICO and I see every time something changes on my Equifax report.

Where have you seen people writing to the contrary?

...and do you notice a pattern as to when your util. % is reported every month?

[ChMo]

See for example Dan's FICO score report here:

"Before the due date" is not the same as "Before the statement date".  It seems that my accounts report my balance as of the statement closing date for that card, not just some random date.

[Avid Reader]

...and do you notice a pattern as to when your util. % is reported every month?

I haven't really paid attention to that. Though it's clear it get reported even before the statement closes on some cards (don't remember which).

"Before the due date" is not the same as "Before the statement date".

You're right, I confused the two.

[erlc]

Welcome to the forums!

It's hard to answer your questions without knowing what your credit report looks like. You need to get your credit lines up. You might want to call Amex and ask for a credit line increase. Make sure to report all household income so they'll give you a decent credit line.

Id you're using one/both of your cards regularly, your utilization is probably too high, and it's choking your score.

Also, when did you last pull your reports? Are both your cards reported at all bureaus?

Thanks for your advice! I got a credit increase on my amex card. and opened 2 new cards.
Chase saphire and waiting for approval on my Citi Thank you prefferd .

[shmebeble]

I have been approved for my first 5 credit cards over the last 9 months.
I have 2 AMex, 1 citi, 1 discover and chase freedom.
My last hard pull was over 3 months ago.
At this point can I try Barclays for a 2-3BM?
Do I have other options for a 2-3BM?
I was denied 4 months ago for the sapphire because it was only 2 months after my freedom- could I go back to Chase now?
 

[Marco Polo]

I have been approved for my first 5 credit cards over the last 9 months.
I have 2 AMex, 1 citi, 1 discover and chase freedom.
My last hard pull was over 3 months ago.
At this point can I try Barclays for a 2-3BM?
Do I have other options for a 2-3BM?
I was denied 4 months ago for the sapphire because it was only 2 months after my freedom- could I go back to Chase now?

IME, you can only really get one Barclay card if you have never had a card with them before. YMMV

[shmebeble]

IME, you can only really get one Barclay card if you have never had a card with them before. YMMV

IYE - If I apply for two, it would only be one hard pull, even if I get rejected from one... correct?

[Marco Polo]

IYE - If I apply for two, it would only be one hard pull, even if I get rejected from one... correct?

Don't really have much to lose, aside from time spent with recon.

[smaxber]

I did Barclay 2BM got 2 pulls.