[Narcodran]

well it seems like I dont get approved for any credit cards or they dont seem to want to raise my limit. I tryed applying 2x for amex, once like 3 months ago and again today. Both times I got declined. I have a rewardzone master card from hsbc and a discover card, one has a $500 limit and the other a $400 limit, I called in the other day to try and get the limit raised for some holiday shopping, and get declined...I dont get it. I pay off my cards in full every month, have had them for about 7 months, and also its not like I'm in debt, I have a considerable amount of money in savings/investments....wtf ??? could it be my age ? I'm 18 ? a couple people I've talked to say thats it...but I dunno...I'm getting pissed...

[VardyCodarexyz]

age,income,lack of credit history..... Unless you have income in the 20K range, before you are 21 u are unlikely to get much credit. They do it based on risk, and since your are 18 you are high risk, thus little credit offered.

[Corryikilelet]

You're 18...what do you expect?

[ZesePreodaNed]

Everytime you apply for a new card or a credit limit increase that hits your credit and companies see that - other factors apply as well such as how long you've had the cards, how old you are - in your case, 18 - and how many cards you've had.

Often companies dont like young adults with many credit cards, and they definitely dont like it if you apply for credit cards and cancel old ones as this to them is a sign of Financial Instability - they also look at how much you make at your job or if you have school/personal loans and weigh that in with the factors of you being able to pay off a bill on time.

[HoqCBYMl]

Seven months is too early for your limit to be raised, and each time you ask it gets held against you. You should only apply for credit every six months, any sooner and they automatically refuse next time you ask. Also you're only 18, they won't want to give you more until they review your records after 12 months.
They can't send you to prison for maxing your cards and claiming you can't afford to pay., so it's best to wait it out watch how you use your credit cards.

[duribass]

have had them for about 7 months This the main reason you are getting declined...you must keep good standing of your 1st cards for at least a year or a year and half...and then creditors them self will send you offers in the mail

You don't have enough credit history now.

I stayed with my capital one $500 card for over a year and I only applied when I got a nice offer from chase in the mail...applied and got approved for $5000 card

I am getting offers now from AMEX but I don't need more CCs now

Just wait and offers will come to you as long as you keep good standing of your accounts for a reasonable time

[DenisMoor]

My first (and only) CC I got through my bank and it has a $2000 limit. Four hundred seems really low, even for your first card Mind you I never spend more than $150 a month on the card

[Narcodran]

My first (and only) CC I got through my bank and it has a $2000 limit. Four hundred seems really low, even for your first card Mind you I never spend more than $150 a month on the card

well, on my debit card if I use as credit the limit is 2200 but I dont keep over $600 in my checking account...anyhow my income for those who asked is about 30k a year.

[Anydayhybeall]

in the uk credit card companys almost beg you lol, when i was 19 barclaycard sent me an application form out of nowhere , i applied and got accepted even though i was only signing on the dole at the time :S
theyve upped my credit limit three times aswell and each time they doubled it, they just sent out a letter saying unless i contacted them they were going to up my credit limit to *****

[Gazeboss]

well it seems like I dont get approved for any credit cards or they dont seem to want to raise my limit. I tryed applying 2x for amex, once like 3 months ago and again today. Both times I got declined. I have a rewardzone master card from hsbc and a discover card, one has a $500 limit and the other a $400 limit, I called in the other day to try and get the limit raised for some holiday shopping, and get declined...I dont get it. I pay off my cards in full every month, have had them for about 7 months, and also its not like I'm in debt, I have a considerable amount of money in savings/investments....wtf ??? could it be my age ? I'm 18 ? a couple people I've talked to say thats it...but I dunno...I'm getting pissed...

For the love of geekdom, don't take this wrong, but I'll be flat honest with you: Discover is like the scavengers of credit cards and will damned near accept anyone. HSBC? Same with them. Those will almost hurt your credit as much as help, because they're generally known for giving credit to high-risk applicants. My wife used to work in the credit industry, and the more likely someone is to default on payment, the less likely the card is to be accepted anywhere; if you notice, Discover is getting accepted by fewer and fewer places. HSBC? Best Buy goes through them, so that says enough right there.

If you want to build up your credit, here's some suggestions:

1) Ditch the Discover card, and have them explicitly state on your account it was closed at your request.
2) Ditch the HSBC card. Again, have them explicitly state on your account it was closed at your request.
3) Get a secured credit card from some place reputable. Capital One used to be a reputable creditor (I've heard they're going downhill, though). If you're not sure, look at the creditors that prey on college campuses, and steer far clear of them.
4) Get a cell phone, or something with a regular, monthly bill that you have to pay.
5) Get a checking account linked with a credit card (ie, your card you carry is backed by Visa, and Visa charges your account).
6) Ask your parents if you can "share" a credit card with them. . .ie, be a card-holder and don't ever use their card [thumbup]

#6 works like a charm; when I got my AmEx One, I had my wifey placed as a secondary card holder; her credit score the next month shot up 80 points, and that was
with her paying off no more debt. [thumbup]

Also, keep in mind, applying for AmEx is almost pointless. When you've got the score to possibly get one, they'll send you the application. I've heard time and time again of people applying, and they don't get approved, or if they do get approved without being solicited, they're given a credit limit. AmEx is a known creditor that is really, really, REALLY tight with credit. And their cards can be a blessing and a curse; if you're lucky, you get a limitless credit amount (woot). On the flip side, when they report to a credit agency, the limit on the card is the highest balance you've ever carried. So if you only run it up to say, $1500 in a month and then pay it off, you "only" have a $1500 credit limit, and your credit score reflects as much. Hence why my credit score dropped when I first got the card, but when I started hitting $20,000 on it, my score started creeping back up (but let me tell you, moving expenses suck ass). That being said, they can "impose" a "limit" on your card; my latest was $34K being allowed to be kept on my card, but they've lifted that cap fast enough.

Those are my suggestions. I was lucky enough to have a credit score hovering around 765 before I bought my house and the wife's new car, and I can tell you from experience, when I closed my Discover card, my score did come up, even though I still had a god-awful debt-to-income ratio.

Also, while it sounds daft; sometimes keeping a small balance on your card is better than having nothing on your card. Why? It shows your creditor you can manage money. Paying everything off right away can hurt in the short term, because a creditor assumes you know you can't keep an eye on your credit. It's stupid, but hey. :-\

[Aafimoq]

I'll be perfectly honest, at your age, $900 worth of credit is MORE than enough. Credit cards should mainly be used in case of emergencies and to build credit, and not to buy things you cannot afford with cash. By the time I was 20, I was crafty enough to have over $70,000 worth of credit in credit cards, but after falling on hard times when I was living away from my home, I amassed upwards of $40,000 in debt. I'm currently paying out the ass to pay this all back with help from a debt settlement company, and it's entirely due to being too young and having so much credit, as well as making an assload of stupid buying decisions. I understand the temptation of having a dispensable income in credit, but trust me when I say I could be driving around in a turbo-charged Range Rover for what I pay monthly to get out of debt. Thankfully, I'll be payed off in a year [yes]

[Seisyvose]

Why on earth does an 18 year old need a large credit limit?!

Credit cards are evil. I havent ever used more than I could pay off in a month and they just up the limits needlessly if you stay within the lines. It's better to make mistakes with credit with a small limit than to make mistakes with a big one, hence the small limits imposed to the young. Certainly helped me to learn how to use my cards appropriately way back when.

[NeroASERCH]

well it seems like I dont get approved for any credit cards or they dont seem to want to raise my limit. I tryed applying 2x for amex, once like 3 months ago and again today. Both times I got declined. I have a rewardzone master card from hsbc and a discover card, one has a $500 limit and the other a $400 limit, I called in the other day to try and get the limit raised for some holiday shopping, and get declined...I dont get it. I pay off my cards in full every month, have had them for about 7 months, and also its not like I'm in debt, I have a considerable amount of money in savings/investments....wtf ??? could it be my age ? I'm 18 ? a couple people I've talked to say thats it...but I dunno...I'm getting pissed...

hey! Where in rockville do you live? I'm at the kentlands in Gaithersburg!
It's because you havent had your cards long enough and your 18. They start to "get" you credit cards around 20/21. I'm 23 now and I've had debt with my bank of america credit card for 2 years but I'm 600 dollars away from paying it off! So excited I never had a late payment.. I used to burn my money really fast just going out with friends to the clubs/bars. Oh since I've been with bank of america they started me at 7,500 credit limit.. im at 25,000 now. I don't understand why.


after I pay it off i'm going to cancell it ..... I just want a credit card with a 550-750 limit. I only need a credit card for emergency. I've learned my lesson and thank god I have not damaged my credit.

[orillaVar]

If it makes you feel any better, a few years back they did a credit card check on Prince Phillip - the Queen's consort - and he wasn't even eligible for a card!

[18holesin]

if all you intend to do with a credit card is buy loads of computer related shite then I wouldn't bother matey credit is a good thing when your good with ur money but getting a card just to blow it all on crap and make the minimum payments after you maxed it out just isn't worth the hassle.

Also

"if you pay your card off" every month the banks normally see you as a good risk and normally will entertain your for a limit rise and more often than not they will make the offer to you not the other way round.

in other words you get a phone call from your card supplier making an offer to increase your limit or a letter through your door with an offer.



when I was 18~19 I had a credit card of 3 grand through barclays and I'm pretty sure that the credit system is the same everywhere you go because I started off at 1,000 but made well over the minimum payments every month and within a year my credit limit was increased 3 times.

I'm in my 30's now and I only have one credit card and I purposely have set a low limit on it because having too much credit can be a bad thing.

my cards only an 800 quid limit which is more than enough for my needs.

and if you got "considerable savings and Investments" why the heck would you want 2 credit cards for hmm.

If I had loads of money I wouldn't bother trying to get credit.

just a thought though perhaps your having more of a problem due to the "problems" in america with the lenders sub prime issue of a few months back

[unioneserry]

i have just the one card, applied last year and got this had a credit limit increase to £2800 and didn't even ask for it

then again my credit card is paid off by direct debit each month for the full balance total so i cannot spend it on stuff i don't need

[Poll Pitt]

Havign a credit history is more important than score. With a score of 625+ and a few years of credit history you'll get **** in the mail daily. Its annoying.

[soryalomop]

Credit cards are great tools...but you need to have responsibility. Regrettably most Americans should probably not even have them they are so irresponsible.

I have an AMEX that I get free with my Costco Membership. I use it on every purchase I possibly can, collecting 1-3% cash back, no fees...plus the protection against fraud, etc is very good.

The key is that I never spend more than I have, it really isn't a "credit card" for me in the sense I am spending outside my means, more like a "delayed debit" card with better protection and cash back.

Get a card, then never carry a balance. You might not raise the limit as fast as someone carrying a balance but this is the right way to go.

[TodeImmabbedo]

Credit cards are great tools...but you need to have responsibility. Regrettably most Americans should probably not even have them they are so irresponsible.

I have an AMEX that I get free with my Costco Membership. I use it on every purchase I possibly can, collecting 1-3% cash back, no fees...plus the protection against fraud, etc is very good.

The key is that I never spend more than I have, it really isn't a "credit card" for me in the sense I am spending outside my means, more like a "delayed debit" card with better protection and cash back.

Get a card, then never carry a balance. You might not raise the limit as fast as someone carrying a balance but this is the right way to go.

That's precisely how I use mine now.

Like a dumb 18-year old, I signed up for all the cards they offered on campus. Before I knew it, my monthly payments were out of control. It took me up until 2 years ago to settle all those old debts.

Today things are very very different.

I keep a Visa, Mastercard, and Amex now, but I don't keep a balance on any of them. "Delayed debit" is an accurate description. I flash the card(s) to collect reward points or airmiles and gain some added protection. A few hours later at home, I logon on and pay the whole bill. I think the only time I've strayed from this pattern was when I dropped $3000 for the new bed. It took me three monthly $1000 payments to bring that one down. Typically, I don't put anything on the card(s) that I can't afford to wipe from my chequing account the same day.

[duribass]

Credit cards are great tools...but you need to have responsibility. Regrettably most Americans should probably not even have them they are so irresponsible.

I have an AMEX that I get free with my Costco Membership. I use it on every purchase I possibly can, collecting 1-3% cash back, no fees...plus the protection against fraud, etc is very good.

The key is that I never spend more than I have, it really isn't a "credit card" for me in the sense I am spending outside my means, more like a "delayed debit" card with better protection and cash back.

Get a card, then never carry a balance. You might not raise the limit as fast as someone carrying a balance but this is the right way to go.

Exactly...it is a delayed debit [yes]