5 People Helped
Member Since: November 2012
Opened by BoA checking and secured credit cards in Nov'13....got my secured card approved for $500 but got it increased to $1000 by paying $500 more...this base credit line of $1000 helped me build my credit over the past year....got a letter from BoA in Aug'13 stating that my credit line has been increased to $2500 and also enclosed was a check for $1000 that I paid upfront....never had any issues with BoA be it at the bank or the customer care ...got my credit card converted to the cash rewards one in Aug'13 and have had no issues till now...only concern is that you cannot redeem the cash back unless it is at least $25 unlike Discover which you can claim at any amount level...but still I have no issues as I have a BoA card with $2500 CL and a Discover card with $1500 CL where I can get the cash back effectively !!
rajrshekhar's response was:
Its one of my first credit cards to apply for but later realised that it was store only card...initally got approved for a CL of $300 ...fits into my monthly OldNavy/Gap purchases ...after a 10 month use I requested for a CL increase and got it increased to $700..the CL increase request didn;t even take a second..it was so instant.....helped increase my overall CL and thus the usage too...am happy !
You said you have a credit limit of $1000. So imagine you spend $800 on purchases and repay it in full before the statement gets generated. So in this case there will be 0% utilisation and hence the credit score will have no gain from this card. Hence pay off the amount such that the statement shows atleast 10-15% utilisation and you will be set. Another danger with your scenario is that some credit card issuers declare the usage to the credit bureau immediately after the statement is generated or at the end of the month. If the your usage is reported at that time of the month when your utilisation is high then your credit score will take a big hit. So follow the 10-15% rule for 2-3 months and check on credit karma when the usage is reported and then plan your scenario.