Upping my credit score
#46
Re: Upping my credit score
Interesting article about capitalone and credit scores. It appears that not all credit cards are the same
Components of Your FICO Credit Score
Components of Your FICO Credit Score
#47
Re: Upping my credit score
[QUOTE=mrken30;11872824]Interesting article about capitalone and credit scores. It appears that not all credit cards are the same. .....
No $4!t Sherlock!
No $4!t Sherlock!
#48
Re: Upping my credit score
[QUOTE=Pulaski;11872831]
This makes it really tough for people trying to get up the credit ladder. Normally one would just look at the rewards and benefits, not do they report my available credit correctly. Where do you even find out this information before taking out a card?
#49
BE Forum Addict
Joined: Aug 2013
Location: Athens GA
Posts: 2,132
Re: Upping my credit score
[QUOTE=mrken30;11872849]
This information is readily available. Creditkarma is one good place.
#50
Re: Upping my credit score
Credit is like a drug. The effects can be pleasant in moderation, but it can become addictive, and very hard to ween yourself off if you get hooked.
#51
Re: Upping my credit score
Update from Capital One
Why is Capital One using a new scoring model?
Your old score was calculated using the TransUnion New Account model, which is an educational score designed to help people learn about credit. Your new CreditWise score is calculated using the TransUnion Vantage 3.0 model and is a score commonly used by other lenders, so the number you see on CreditWise could be similar to the credit score you get from other places. And, while Capital One doesn’t use this model today for making credit decisions, some other lenders do.
Why is Capital One using a new scoring model?
Your old score was calculated using the TransUnion New Account model, which is an educational score designed to help people learn about credit. Your new CreditWise score is calculated using the TransUnion Vantage 3.0 model and is a score commonly used by other lenders, so the number you see on CreditWise could be similar to the credit score you get from other places. And, while Capital One doesn’t use this model today for making credit decisions, some other lenders do.
#52
Re: Upping my credit score
Really do agree, its important to have a high credit card, but just dont use it. Its easy to spend someone elses money and a lot harder to pay it back.
#53
Re: Upping my credit score
It's even easier to spend someone elses money when you don't have to pay it back such as using the NHS for trivial things
#54
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Joined: Apr 2011
Location: Ohio
Posts: 1,834
Re: Upping my credit score
Another anecdote...
Hubby has just taken out a new credit card for point churning for a forthcoming trip, the Chase Marriott one. I have a second card.
The Marriott one doesn't appear in my Chase online banking logon list of accounts, yet hubby's Chase Sapphire one does. I was in the branch yesterday, and asked the banker about this.
He explained that when we took out the Sapphire card, in 2013, I was set up as a secondary member rather than a mere authorized user. That means I can transact on the account rather than just charge to it, and it is reported to the credit agencies in my name.
Apparently this is no longer possible with Chase issued cards; I've been grandfathered in under the old scheme for the Sapphire card, but there's no way to become a secondary member on the new Marriott card and have it form part of my credit reporting.
So it sounds like Chase cards are no longer any use for building a piggyback credit history.
Hubby has just taken out a new credit card for point churning for a forthcoming trip, the Chase Marriott one. I have a second card.
The Marriott one doesn't appear in my Chase online banking logon list of accounts, yet hubby's Chase Sapphire one does. I was in the branch yesterday, and asked the banker about this.
He explained that when we took out the Sapphire card, in 2013, I was set up as a secondary member rather than a mere authorized user. That means I can transact on the account rather than just charge to it, and it is reported to the credit agencies in my name.
Apparently this is no longer possible with Chase issued cards; I've been grandfathered in under the old scheme for the Sapphire card, but there's no way to become a secondary member on the new Marriott card and have it form part of my credit reporting.
So it sounds like Chase cards are no longer any use for building a piggyback credit history.
#55
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Joined: Feb 2015
Location: New Jersey, USA
Posts: 564
Re: Upping my credit score
Authorized user cards generally do still report to your credit file, give it a month or two and it'll probably appear.
#56
BE Forum Addict
Joined: Apr 2011
Location: Ohio
Posts: 1,834
Re: Upping my credit score
Interesting - I asked the Chase guy specifically about credit reporting and he said that as an authorized user, it wouldn't (one of their private bankers and seemed knowledgable; I often find others don't even understand my questions, let alone know the answers). But I shall see... I'll try and remember to report back, if the 'I'm just an authorized user' card shows up in my Credit Sesame like the others do.
#57
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Joined: Feb 2015
Location: New Jersey, USA
Posts: 564
Re: Upping my credit score
That's my partner's Chase Freedom reporting on my credit file - I fully expect you'll see the same in a month or two.
#58
Re: Upping my credit score
http://i.imgur.com/kY2jwEe.png
That's my partner's Chase Freedom reporting on my credit file - I fully expect you'll see the same in a month or two.
That's my partner's Chase Freedom reporting on my credit file - I fully expect you'll see the same in a month or two.
#59
BE Enthusiast
Joined: Aug 2012
Posts: 302
Re: Upping my credit score
Hello, wise and wonderful expats. Having moved to Ca, married my US citizen husband, I'm now looking to start building my credit score. From reading the forums, looks like applying for my own credit/store cards will result in immediate rejection, thus damaging my already piteous credit score. Would it be better for building credit to a) get a secured card or b) ask my husband to cosign a card for me or c) do both? I have a current account with BoA, and we have a joint account with them too, for what it's worth.
Thanks all!
Thanks all!
Do the same at a different credit union for 12 months. Then you will have 2 installment tradelines from two different banks.
After a year, apply for a Target, HSN, or Hooters card.
#60
Re: Upping my credit score
Go to a credit union, open an account, and take out a 36 month secured loan on $1,000 or the minimum they offer.
Do the same at a different credit union for 12 months. Then you will have 2 installment tradelines from two different banks.
After a year, apply for a Target, HSN, or Hooters card.
Do the same at a different credit union for 12 months. Then you will have 2 installment tradelines from two different banks.
After a year, apply for a Target, HSN, or Hooters card.