24 Looking to build Credit... What are some good tips on your first Credit Card

[bowflex]

I have a question a friend asked, that I didn't have an answer for, that maybe someone here does:

My friend has an AMEX and he has a good payment history (never late, doesn't let amounts build, etc). At the time he signed up the card, he was in college in LA, so he had no job, but they awarded him the card with a 10K limit based off his already established credit. He put his income at 30K which he told me was money he was getting from school & just other assets he calculated.

Now, he wants to raise his credit limit to improve his credit score since he will keep the same usage but the credit utilization will be where it should be since he has a higher limit, but in order to be successful at getting this he has to update his income with them, but due to the pandemic and other factors he still doesn't have a job, so he doesn't have a source of an income currently.

If he updates his income & puts something higher, will AMEX look into this? Are there ways to update credit limit without bringing up annual income with AMEX?

He doesn't want a higher limit to spend more, but just to improve his score. He's a very responsible person & not a crazy spender, but he was asking me what AMEX does when you update your income & I personally didn't know given his situation. I told him to just wait until he found a new job, but it's been about 2 years for him.

Thanks if anyone has any knowledge on how to approach this.

PO

It's not good to lie but I doubt that will cause any problems. Especially if he hasn't requested an increase in the last 6 months. Credit card companies may be a little stingy with credit increases due to Covid.

 

[eyanks]

I have a question a friend asked, that I didn't have an answer for, that maybe someone here does:

My friend has an AMEX and he has a good payment history (never late, doesn't let amounts build, etc). At the time he signed up the card, he was in college in LA, so he had no job, but they awarded him the card with a 10K limit based off his already established credit. He put his income at 30K which he told me was money he was getting from school & just other assets he calculated.

Now, he wants to raise his credit limit to improve his credit score since he will keep the same usage but the credit utilization will be where it should be since he has a higher limit, but in order to be successful at getting this he has to update his income with them, but due to the pandemic and other factors he still doesn't have a job, so he doesn't have a source of an income currently.

If he updates his income & puts something higher, will AMEX look into this? Are there ways to update credit limit without bringing up annual income with AMEX?

He doesn't want a higher limit to spend more, but just to improve his score. He's a very responsible person & not a crazy spender, but he was asking me what AMEX does when you update your income & I personally didn't know given his situation. I told him to just wait until he found a new job, but it's been about 2 years for him.

Thanks if anyone has any knowledge on how to approach this.

PO

I just got an credit line increase from AMEX, and have done so many times. They've never tried to verify any of my information, but then again I was honest (unlike most people ) and my income grew gradually. If you're gonna lie, don't do anything crazy to give them any reason to look into it further, and don't request too much of an increase if you can't legitimately back it up.

 

[alexody]

Why?

??

 

[アミーゴ]

??

???

 

[fluid hips]

I have a question a friend asked, that I didn't have an answer for, that maybe someone here does:

My friend has an AMEX and he has a good payment history (never late, doesn't let amounts build, etc). At the time he signed up the card, he was in college in LA, so he had no job, but they awarded him the card with a 10K limit based off his already established credit. He put his income at 30K which he told me was money he was getting from school & just other assets he calculated.

Now, he wants to raise his credit limit to improve his credit score since he will keep the same usage but the credit utilization will be where it should be since he has a higher limit, but in order to be successful at getting this he has to update his income with them, but due to the pandemic and other factors he still doesn't have a job, so he doesn't have a source of an income currently.

If he updates his income & puts something higher, will AMEX look into this? Are there ways to update credit limit without bringing up annual income with AMEX?

He doesn't want a higher limit to spend more, but just to improve his score. He's a very responsible person & not a crazy spender, but he was asking me what AMEX does when you update your income & I personally didn't know given his situation. I told him to just wait until he found a new job, but it's been about 2 years for him.

Thanks if anyone has any knowledge on how to approach this.

PO

The CC credit companies don't bother to verify because they don't care. They will gladly give you a credit increase as long as you have a good credit score and don't miss payments.

Their business model is hoping you rack up debt so they can collect these high interest rates. It's in their best interest to increase credit limits.

 

[Bert.]

are they even giving out increases anymore? with covid and people not making payments etc?

I got quite a few cards I wanna increase but not tryna get denied even though normally would be an instant increase, if not might just hold off til the new year and get a big increase across all

 

[turbospartan]

The CC credit companies don't bother to verify because they don't care. They will gladly give you a credit increase as long as you have a good credit score and don't miss payments.

Their business model is hoping you rack up debt so they can collect these high interest rates. It's in their best interest to increase credit limits.

That's typically true, and I don't think there is any negative in putting in a higher salary in their site as they aren't going to double-check it... but CC companies are definitely getting stingy regarding credit limit increases and new accounts. Its basically impossible to get a Chase business card right now - even with a legit business.. when it used to be a no-brainer instant approval.

 

[alexody]

Just wondering what part u was asking why on

 

[pdino]

are they even giving out increases anymore? with covid and people not making payments etc?

I got quite a few cards I wanna increase but not tryna get denied even though normally would be an instant increase, if not might just hold off til the new year and get a big increase across all

I did my every 6 month CLI requests.. got rejected for all but one. Maybe other people seeing different, but was my experience. I'd wait for the new year

 

[Bert.]

I did my every 6 month CLI requests.. got rejected for all but one. Maybe other people seeing different, but was my experience. I'd wait for the new year

I figured, appreciate it

 

[melo0115]

Plus most credit card companies are asking for updates on your income. They're trying to see who still has a job.

 

[cs02132]

Already know the answer is no but

Say if I buy something for $100, pay my balance down to 0, then I return the item, they credit me and now my balance is -100 is there any way to convert that to cash? They can’t write a check to me right? My dad said they can write checks like that after 90 days

card I’m talking about is discover

 

[cs02132]

Just hit 1 year the other day. This is the discovery IT miles. Miles = dollars

I’ve ran through pretty much every bonus the past few years . Have to wait for some to drop off my history then in a few months I’m gonna apply for the chase sapphire preferred. After that I’ll find my long term card

 

[water runs dry]

Already know the answer is no but

Say if I buy something for $100, pay my balance down to 0, then I return the item, they credit me and now my balance is -100 is there any way to convert that to cash? They can’t write a check to me right? My dad said they can write checks like that after 90 days

card I’m talking about is discover

I have a similar situation too. I used my Discover for a plane ticket and anyway, the flight got cancelled (COVID-19) and they refunded me my money. I know I can get it back via cash advance, but they'll charge me a fee right?

 

[flyerthandelta]

So my brother and gf got credit cards together (she's the AU) with Chase freedom but they never asked for his gf social or address is this normal with chase?!?

 

[ICE CITY CF]

Already know the answer is no but

Say if I buy something for $100, pay my balance down to 0, then I return the item, they credit me and now my balance is -100 is there any way to convert that to cash? They can’t write a check to me right? My dad said they can write checks like that after 90 days

card I’m talking about is discover

I have a similar situation too. I used my Discover for a plane ticket and anyway, the flight got cancelled (COVID-19) and they refunded me my money. I know I can get it back via cash advance, but they'll charge me a fee right?

You're entitled to a credit balance refund. Just call customer service they'll cut you a check or deposit the balance into your checking account.

 

[slaughterx]

Heh, it's looking like I am about to be in the same boat... pretty sure I am gonna have to end up cancelling my trip to Japan next month. Luckily I have a balance and use my AMEX pretty often so it will be back to 0 next month. Credit to debt ration under 10% including the car I just bought a few months ago... however I am gonna be closing on this house soon so...

 

[nawghtyhare]

So my brother and gf got credit cards together (she's the AU) with Chase freedom but they never asked for his gf social or address is this normal with chase?!?

does she have a chase checking account

 

[flyerthandelta]

does she have a chase checking account

Yes she has her own checking acct with chase

 

[melo0115]

Yes she has her own checking acct with chase

He's saying they already have her info.

 

[fluid hips]

That's typically true, and I don't think there is any negative in putting in a higher salary in their site as they aren't going to double-check it... but CC companies are definitely getting stingy regarding credit limit increases and new accounts. Its basically impossible to get a Chase business card right now - even with a legit business.. when it used to be a no-brainer instant approval.

YMMV

Chase, Capitol one and others have been spamming my email more than ever with pre-approval offers

I have a car loan with Capitol one and these fools keep emailing me every month to apply for a new car loan

 

[freshpairs]

I have a similar situation too. I used my Discover for a plane ticket and anyway, the flight got cancelled (COVID-19) and they refunded me my money. I know I can get it back via cash advance, but they'll charge me a fee right?

You were able to get refunded? They only offered me airline credit smh

 

[pogiwun]

Back in the 800’s...

 

[akademikgenius]

So my brother and gf got credit cards together (she's the AU) with Chase freedom but they never asked for his gf social or address is this normal with chase?!?

Don’t know why but yes, they don’t ask for anything but his/her name. Had this happen when An ex opened up the sapphire card. All they asked for was my name and it showed up on my report

 

[nawghtyhare]

Error

iforms.americanexpress.com

request invite for amex black card