Originally posted by Michele
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Credit Card Question
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Thanks for all the advice. It was good motivation to take a look at what we have and whether or not it is what will work best for us. I'm closing one that we will never use and adding DH as a co-owner on the one I think we will use exclusively to get points now. I checked with Chase and they have a card with similar benefits to AMEX I might apply for later.
Actually, I have a corporate AMEX that I was told I could use for personal purchases as long as I paid them off, but I don't like to cross that line.Married to a newly minted Pediatric Rad, momma to a sweet girl and a bunch of (mostly) cute boy monsters.
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Apparently I slipped through the cracks with AMEX because they gave me a Gold card when I was 21 and had just graduated from college, I had no job, and up until then had only had a student credit card with a $300 limit....!!! I'm not sure how that happened. I still have it and have racked up a ton of points, we filter almost everything through it for that purpose. I have to say I love AMEX for their customer service, I always find it to be above par.
DH was recently turned down for a SWA Visa for an insufficient credit history/revolving accounts (he got his first credit card 2 years ago.) Does anyone know if it's a good/bad idea for me to try for one? I have a much more extensive credit history although I honestly have no idea how good my credit is and don't want to hurt it by being denied. Also, how can he build up more credit? All the utilities are primarily in my name because that way I can easily call customer service to deal with them. I'm so clueless about this crap. Any thoughts?
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Getting a credit card used to be MUCH easier, especially in college.
You could try adding your husband as an authorized user on your accounts so he can build some credit history. He can also try getting a credit card through a credit union or a bank he's been doing business with for a while. If at all possible, apply in person at a branch or try to talk to someone directly instead of just filling out an application.
Someone correct me if I'm wrong, but it's not the act of being denied that hurts your credit score (I'm not even sure the denial gets reported). It's the credit check that the issuer does when you apply that lowers your score a few points. It will bounce back up soon after it. Just don't go applying to a whole bunch of credit cards in a short period of time because your chances of being approved keep going down with each application.Cristina
IM PGY-2
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Thanks for the advice! He's on my AMEX and he's got WF credit card (his one and only ever) so hopefully that will help. I went to college quite awhile ago and remember being shocked even then when I was approved for my gold card, but let's face it I shell out a lot every year to have it and they constantly hound me to upgrade to platinum ($375 a year? No thank you!) I am just starting to worry that our credit won't be good enough to buy a house next year and I really have no idea how these things work. I don't think I have ever checked my credit score, is that something I should do?
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Everyone should check annually regardless of their financial situation. Use the site that Really is free, not the ones that are selling you protection. If someone doesn't beat me to it I'll post when I get to my computer.Wife to NSG out of training, mom to 2, 10 & 8, and a beagle with wings.
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http://www.annualcreditreport.com/
Sorry. And thanks for the reminder to check regularly. I've been slacking recently.Cristina
IM PGY-2
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Originally posted by MissCrabette View PostGetting a credit card used to be MUCH easier, especially in college.
http://abcnews.go.com/Business/credi...ory?id=8357735
ST, I applied for a bank-issued credit card late last year and I was turned down because I didn't have enough of a credit history, despite student loan payments and car loan payments over the last 7 years. My efforts probably were not helped by the fact that I don't have any income because I am a grad student. But you need to use your cards on a regular basis in order to have a varied credit history. I just need someone to take a chance on me and give me the card so I can create the varied credit history, lol.Event coordinator, wife and therapist to a peds attending
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When I was in college I got an email about making some money so I went to the meeting...I can't remember the details but I made several hundred dollars for getting friends to APPLY for credit cards. They also gave me gifts to give to the people who filled out the credit card applications. My friends were willing (didn't know that applying for credit cards can effect your credit at the time) and I made some money.... okay hijack over...
what about Discover? I love our card, we charge everything and rack up 1-5% cash back on all our purchases.Loving wife of neurosurgeon
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We use our Discover ten times more than any other card. We use our AMEX card for travel and Costco! Everything else is Discover! I love the customer service and the rewards (cash back)
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Definitely don't close the card you don't use! You can destroy it, but don't close it. Michele is right about it being a part of your credit use ratio. By closing the card, your score will drop because of lack of history & it doesn't help your ratio.
I'm sure it's a lack of proven history that's keeping you from getting approved.
I've never applied for an Amex before because I don't like paying annual fees. The only card I'll pay an annual fee on is my SWA Visa through Chase. It's only $49 & we pay DH's tuition with it & pay it off with the loan. The tuition alone gives us a couple of RT tickets so it makes it worth the $49. Most Visas have purchase protection plans already included, but I'm not sure how they compare with what AMEX offers. It would warrant looking into.
I got my first credit card at Macys when I was 16. I lied to cashier about my age because I wanted the discount & to my surprise got approved! Thank goodness I was smart enough at 16 to pay the bills diligently. By the time I was 18 I bought my first house. Crazy how easy it was to get credit back then!Charlene~Married to an attending Ophtho Mudphud and Mom to 2 daughters
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Originally posted by MDPhDWife View PostI've never applied for an Amex before because I don't like paying annual fees.
And please, PLEASE, don't close your oldest account. Michele and MDPhDWife are right. Your score will drop if you close it, and you'll be considered more of a credit risk because you'll have less credit history.Cristina
IM PGY-2
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