ImportantInfo

2 Contributions 94 People Helped

Member Since: May 2018

Most Helpful Contribution

Deserve® Edu Mastercard

Jul 31, 2018
Good Starter; Terrible for Use
Helpful to 51 out of 52 people

Alright, so this card is great if you have no credit history. I applied with $39k reported income, and a Discover It Student (2 months old) card and Amazon Store (1 month old) card. They gave me a $500 limit, and it has now been 9 months and I still haven't seen a credit limit increase.

Connecting my bank was an incredibly difficult process. The first time I tried, they didn't even have it listed as an option in search. I tried again later, and they had the bank. I tried connecting my account and they kept encountering difficulties. Took a month to connect my bank account, which is just insane when you have to have it connected for credit limit increases.

They sent me a chip card last month. After I activated it, they needed a password reset. Here goes another hassle. Kept trying and trying, but they never sent an email link to password reset. Had to email customer service, told I would likely get a response within 24 hours. 1 week later I got a response saying it is my email that is the problem, so I change emails. Finally got it fixed. But a new problem: THEY LOST MY REWARDS POINTS. Hundreds in purchases over 9 months and they just deleted all of the rewards.

If you have no other choice, this can get your credit started. They only report to Experian and TransUnion, not Equifax.

Activity (2 Total Contributions)

American Express Cash Magnet® Card

Jul 31, 2018
Helpful to 43 out of 43 people

Your credit score isn't the problem. Your credit/debt to income ratio is probably too high for Amex. If you have $30k in CC debt and make $60k a year, your DTI is 50%. Creditors prefer to see 40% or less to even extend new credit. Now if your credit available is $180k and your income is $60k, then you have a CTI of 300%. Even if you used your credit responsibly, you could easily hit the max DTI.

Cancel a couple of low level cards that aren't very old. That'll reduce your CTI. Also, make sure your information in your credit report matches what they received. It is possible that you accidentally reported an income of $30k when you meant to report $130k or something like that. It is also possible that your address isn't the same as your report, so they might be concerned you aren't who you say you are.

Deserve® Edu Mastercard

Jul 31, 2018
Good Starter; Terrible for Use
Helpful to 51 out of 52 people

Alright, so this card is great if you have no credit history. I applied with $39k reported income, and a Discover It Student (2 months old) card and Amazon Store (1 month old) card. They gave me a $500 limit, and it has now been 9 months and I still haven't seen a credit limit increase.

Connecting my bank was an incredibly difficult process. The first time I tried, they didn't even have it listed as an option in search. I tried again later, and they had the bank. I tried connecting my account and they kept encountering difficulties. Took a month to connect my bank account, which is just insane when you have to have it connected for credit limit increases.

They sent me a chip card last month. After I activated it, they needed a password reset. Here goes another hassle. Kept trying and trying, but they never sent an email link to password reset. Had to email customer service, told I would likely get a response within 24 hours. 1 week later I got a response saying it is my email that is the problem, so I change emails. Finally got it fixed. But a new problem: THEY LOST MY REWARDS POINTS. Hundreds in purchases over 9 months and they just deleted all of the rewards.

If you have no other choice, this can get your credit started. They only report to Experian and TransUnion, not Equifax.