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desiree15



Joined: 10 Nov 2007
desiree15's page
Posts: 40



951 Magic Points

Subject: Applying for New Credit Card?
 
Posted on Sat Nov 10, 2007 2:46 am  

I have a Capital One line with a credit limit thus far of 300 a small amount however a good start for someone wanting to repair their credit. I am planning on applying for a WAMU card ( I find it funny as soon as I applied for one card and made payments the others poured in) because the card was interest free until may of 08 and would probably give me a higher credit line to work with and they also have great perks like access to my credit score. I have heard lots of arguments the minimum amount of credit cards a consumer should have is at least two if you can support them to rebuild a better credit. I already have one and there are benefits to two different cards, and drawbacks. What is your input on applying for a Wamu card in additon to my Cap. One Card? Advice needed. Thanks
Desiree
debtstinker



Joined: 03 Nov 2007
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-11 Magic Points

 
Posted on Sat Nov 10, 2007 2:51 am  

Hi Desiree, welcome to the forums! glad you found this place. how long have you had your capital one card? i ask because $300 limit is small so i'm guessing you haven't had it long? I think it would be a good idea and here's why...
I went through consolidation, after my time with consolidation was through i felt relieved BUT had a horrible credit score as i had many accounts that were combined. so for a year i couldn't even get a card where you have to pay the lovely high fees! i mean i was hopeless...so then a year or so went by and like you i got a capital one card with a $500 limit and an annual fee. well i was thrilled the annual fee was only $20 so i thought why not. within a course of another year that limit went up to $3500 and they waived my fee. I also have a WAMU card too and I really like them better than capital one, they offer you cash back (not intially though) access to a fico score from transunion, and other nice things where capital doesn't do that.
at this point i only have those two cards and my credit has gone up because i managed them BOTH responsibly. as long as you can manage your credit responsibly i think you'll be ok. be advised though that applying for another line of credit will result in that credit agency making an inquiry on your credit and may lower your score. upt o you. I think having two cards is reasonable. good luck
Laura

Laura

Joined: 21 Jun 2007
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Posts: 1327



35772 Magic Points

 
Posted on Sat Nov 10, 2007 4:42 am  

A very warm welcome to the forum Desiree..

Debtstinker is right. If you are working on repairing your credit in that case its good to have more than one card but not too many. Too many applications can drop your score because of the hard inquiries that the companies make before sanctioning the application.

all you need to do is read the terms and conditions properly so that you are aware of any hidden clauses that might be a hitch in future functioning.
_________________
Regards,
Laura.
debtstinker



Joined: 03 Nov 2007
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Posts: 272



-11 Magic Points

 
Posted on Sat Nov 10, 2007 12:19 pm  

Laura, you bring up an excellent point that I didn't even think of! and that is reading all the paperwork that is even remotely associated with the card/s you're applying for desiree. so often we throw out all that stuff (well at least I did) but after going through financial hardships with consolidation and all, i learned that taking some time to read the information regarding your account is such a small investment of time. happy Saturday Smile
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



365 Magic Points

 
Posted on Sat Nov 10, 2007 5:35 pm  

Hi desiree and welcome, welcome to the forums, we look forward to having you here. Our little community is growing by the day. I really can't offer anything new, looks like Debtstinker and Laura has covered the topic fairly well. Again, Welcome, welcome, welcome!
desiree15



Joined: 10 Nov 2007
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Posts: 40



951 Magic Points

 
Posted on Sun Nov 11, 2007 2:52 am  

Hi everyone, thanks so much for the warm welcome. I appreciate it and am looking forward to seeing you guys/gals Wink much more often. I decided to go ahead and apply for the WAMU card, and if I get it then I'll reserve the capital one for smaller purchases that I can easily pay off that way i can build my credit. then when my anniversary date comes up i'll call to ask for a fee waiver or i'll cancel. thanks so much
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



365 Magic Points

 
Posted on Sun Nov 11, 2007 4:16 am  

There you go, they should wave the fee. I don't know much about WAMU, I see their commercials on TV, in fact just tonight, but I am not all familiar with them and having a hard time reading the full post, got that side bar in the way.
debtstinker



Joined: 03 Nov 2007
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Posts: 272



-11 Magic Points

 
Posted on Sun Nov 11, 2007 4:39 pm  

Hi all. I have a WAMU card and never had a problem wtih them THOUGH i will not become a banking client as i've heard terrible stories about them. but the card is nice, no annual fee. when i first got it it was $1500 credit limit, and for me just coming out of a consolidation program, that was like hitting the jackpot. then 5 months later they doubled that limit because i have been very responsible and continue to be. i think that's the key no matter what card you choose desiree. see if CO will waive that fee should you be approved for WAMU or any other card. CO has been very accommodating to me, even though i don't use their card that much Smile ONe word of advice desiree15...be sure if you do call CO to negotiate your annual fee or whatever, try to have a $0 balance as they are more adapt to working with you. that's just been my experience anyway. keep us posted
goodnatured



Joined: 03 Nov 2007
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365 Magic Points

 
Posted on Sun Nov 11, 2007 5:35 pm  

So is it a credit card, when I seen the commercial it seemed like a bank account to me, what is it???????????
debtstinker



Joined: 03 Nov 2007
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Posted on Mon Nov 12, 2007 2:43 am  

they are very versatile and offer both. in fact they offer other services as well but without their site up and am very sleep deprived i can't remember everything they offer right now. but like i said the banking has very poor reviews. things like putting holds on accounts for major purchases,etc. i don't think i would ever bank with a major credit card company...just after reading some things online i don't want to take a chance. but really the main reason is we don't have a wamu or citibank branch near me and i like being in close proximity to where i bank that way i can sit face to face with a representative. WAMU is very prolific lots of people use them. i'm glad they gave me a chance with their card big time or we couldn't have afforded the things we needed desperately i.e. major car repair
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



365 Magic Points

 
Posted on Mon Nov 12, 2007 12:54 pm  

So you have it as a credit card? You mention citibank in there, are they two connected?

Why are you not sleeping? Baby keeping you up? LOL.
debtstinker



Joined: 03 Nov 2007
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Posts: 272



-11 Magic Points

 
Posted on Tue Nov 13, 2007 3:29 pm  

Oh sleep what that is? baby, furries, and hubby snores all combined plus i'm like my dad a light light sleeper and have interrupted sleep when id o sleep. i need to talk to a doc, not for a prescription just to see if there are some natural ways to sleep. took a sleep aid once NEVER do it again. i slept the WHOLE next day and when i was up i could barely find the energy to eat. i'm a light weight though half a glass of wine gets me more than tipsy.

Yeah it's a credit card for me, I don't think that citibank is connected as the two are mutually exclusive companies. i could be wrong on that but i think so.
desiree15



Joined: 10 Nov 2007
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Posts: 40



951 Magic Points

 
Posted on Wed Nov 14, 2007 12:41 am  

debt, glad to hear that you haven't had a problem with your wamu account. I just read somewhere on the debt forums that someone had to deal with wamu lowering their credit limit which caused them to go over their limit Sad that's pretty crappy...but i have heard of other cards doing that. i think they have the right to do that. in fact, i heard on television that what you do with one card will affect what your other cards do to you. so say you go over your credit limit on one card, all your other cards have the right to raise your interest or even revoke your credit privledges! it's like they're connected on one major network and talk to each other, ugh
debtstinker



Joined: 03 Nov 2007
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Posts: 272



-11 Magic Points

 
Posted on Wed Nov 14, 2007 2:31 am  

Yes D15, I am as sure as I can be they are connected pretty heavily and what you do with one account will surely influence your other cards. now we're thinking negative right now, that goes for positive activity as well i'm sure.
Laura

Laura

Joined: 21 Jun 2007
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Posts: 1327



35772 Magic Points

 
Posted on Wed Nov 14, 2007 5:11 am  

Hey Desiree,

There will always remain good and bad experience with any card. Frankly speaking most cards have the some policies just differs on few terms and conditions. Once you know all the pros and cons you will be geared enough to tackle an account easily. So go ahead and take a rational step. Utilize the cards well, credit reports wont be harmed in anyway. Just stick to your responsibility.

Smile
_________________
Regards,
Laura.

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