A few weeks ago I applied for the Amazon Rewards Visa card by Chase. I got the "7-10 days we'll contact you" response, so I pretty much forgot about it. I checked my mail yesterday to find a letter saying I needed to call so they can verify my identity. After answering a few questions, she said "Congratulations, you have been approved for $5,000." I almost dropped the phone! All I have are a couple toy cards, $300-$500 limits, and a $1,000 subprime card. No baddies and FICO 667. This Amazon Rewards card will be my highest limit.
I'm not the type to now run out and charge up $5,000 worth of stuff I don't need. But what's the best way to use this card so I receive regular increases and no credit limit decreases? Should I use it regularly for small purchases? Should I make a large purchase and pay the balance off quickly in a few months? Will they decrease the limit if I don't use it?
What's the best way to use this card to continue improving my credit?
Thanks!
-Rx-
I got my first REAL credit card!
Started by
RomeoX
, Jun 20 2012 06:50 AM
10 replies to this topic
#1
Posted 20 June 2012 - 06:50 AM
#2
Posted 20 June 2012 - 07:09 AM
A few weeks ago I applied for the Amazon Rewards Visa card by Chase. I got the "7-10 days we'll contact you" response, so I pretty much forgot about it. I checked my mail yesterday to find a letter saying I needed to call so they can verify my identity. After answering a few questions, she said "Congratulations, you have been approved for $5,000." I almost dropped the phone! All I have are a couple toy cards, $300-$500 limits, and a $1,000 subprime card. No baddies and FICO 667. This Amazon Rewards card will be my highest limit.
I'm not the type to now run out and charge up $5,000 worth of stuff I don't need. But what's the best way to use this card so I receive regular increases and no credit limit decreases? Should I use it regularly for small purchases? Should I make a large purchase and pay the balance off quickly in a few months? Will they decrease the limit if I don't use it?
What's the best way to use this card to continue improving my credit?
Thanks!
-Rx-
You really don't need to make big purchases to get CLI. Regular use is fine, and it sounds like you PIF each month which is perfect. I'm not sure what the impact is if you routinely make very large purchases and PIF on CLI but what I do know is that small purchases will keep the card active/open and result in a higher limit over time.
Some people say poo poo about debit cards on CB, but I think that could have alot to do with the card rewards programs.
#3
Posted 20 June 2012 - 08:28 AM
Awesome! congrats!
You don't need to charge large sums on the card to get increases. A lot of the GE retail cards will allow bumps every 4 months (with that said, $5000 is already outstanding).
I've never had a GE card limit reduced or an account closed for non-use. I haven't used my Walmart CC in 18 months and it's still intact.
You don't need to charge large sums on the card to get increases. A lot of the GE retail cards will allow bumps every 4 months (with that said, $5000 is already outstanding).
I've never had a GE card limit reduced or an account closed for non-use. I haven't used my Walmart CC in 18 months and it's still intact.
#4
Posted 20 June 2012 - 08:36 AM
I would get an iPad. That's just me though.
#5
Posted 20 June 2012 - 08:43 AM
I would get an iPad. That's just me though.
Hold out for a MS Surface!!! Have a feeling that there will be some big stuff with it that is not being discussed / anounced yet..
That said...I do love my iPad!!!
#6
Posted 20 June 2012 - 09:13 AM
This is a Chase card, not a GE card.
Make it your primary payment card for shopping on Amazon. Then you can use the rewards points you rack up to pay for purchases on Amazon. That part is great. Every month you get to use whatever points you have available, it's not like you have to wait until it hits $20 or something.
Have to say, I've had this card for a good 5 years, use it every month and have never received a CLI, even with scores over 800. But then again, my limit is over $10,000, I rarely spend more than a few hundred and always pay in full. I'm sure they see no need to raise my limit.
Make it your primary payment card for shopping on Amazon. Then you can use the rewards points you rack up to pay for purchases on Amazon. That part is great. Every month you get to use whatever points you have available, it's not like you have to wait until it hits $20 or something.
Have to say, I've had this card for a good 5 years, use it every month and have never received a CLI, even with scores over 800. But then again, my limit is over $10,000, I rarely spend more than a few hundred and always pay in full. I'm sure they see no need to raise my limit.
#7
Posted 20 June 2012 - 10:02 AM
Chase rarely gives out auto CLIs. They are typically customer initiated and almost always require a HP. That being said, congrats!
#8
Posted 20 June 2012 - 11:37 AM
I just received my chase Amazon card recently and I was told by a chatty rep that low Credit Limits like mine ($400) are frequently given CLI. But once you reach a certian point they are few and far between. Anyways congrats!
#9
TrevorHere
- Mod Squad
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- 26,572 posts
Bad Influence
Posted 20 June 2012 - 11:41 AM
Use and PIF. Absolutely no need to carry a balance (where you pay interest) to be granted increases...
#10
Posted 20 June 2012 - 01:47 PM
Thanks everyone, I really appreciate the responses! One more question - are there any types of things I should avoid paying for with the card? I mean, are there items, services, or places that would cause me to be flagged as a credit risk? Cash advance, vacations, doctors/dentist bill? I'd like to treat my girl to a spa day and just want to make sure there's nothing that would cause Chase to think I'm using my credit irresponsibly.
Thanks.
Thanks.
#11
Posted 20 June 2012 - 01:58 PM
Thanks everyone, I really appreciate the responses! One more question - are there any types of things I should avoid paying for with the card? I mean, are there items, services, or places that would cause me to be flagged as a credit risk? Cash advance, vacations, doctors/dentist bill? I'd like to treat my girl to a spa day and just want to make sure there's nothing that would cause Chase to think I'm using my credit irresponsibly.
Thanks.
Cash advances, casinos, bail bondsmen, escort services, massage parlors etc. never look good. A salon/spa is fine. And very nice of you.
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