"Instant Approval"

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Written by: kforbes86 on 2011-01-22

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kforbes86's review: Callout Comment I have been just gardening the cards I have now for a while, because I had opened a lot of accounts in a short time, but decided to apply for this card to help with utilization, and just to use for small items now and then. I applied and was instantly approved for a $400 limit. Not as much as I was expecting, because I havea wal-mart card through the same bank for $1,000 and a couple other cards that are around $900 to $1500.

my interest rate is 17.24%, which doesn't seem to bad in this day and age, and it is the lowest rate they offer for this card.

my scores are all around 660 to 670 last time I checked.


Comment 1 by wanderer
Re: Instant Approval User Icon on 2011-01-23

Remarks Hey hey hey... Congrats on the approval. Now I see you have opened six credit cards since October 2010. Too many inquiries will slowly sink the ship. You need to take a time out and let everything age (average account age for the high FICO Scorers is over six years). Inquiries will then age too and/or drop off. Note, I speak with recent direct experience! Also. You need to let some time pass (patience) so you can grow credit lines. Higher lines of credit build on higher lines of credit. Again, speaking from experience.
Comment 2 by ari
Re: Instant Approval User Icon on 2011-01-24

Remarks I have to agree with "wanderer". Opening a new account to improve your utilization may seem like a good idea, but that will probably only work if you haven't had too many recent inquiries or new accounts. You may want to focus on paying down your debt and or asking your present credit cards for CLI's.
Comment 3 by mrrob
Re: Instant Approval User Icon on 2011-01-25

Remarks Contests on your new card. Wanderer gives good sound advice
Comment 4 by kiejon9
Re: Instant Approval User Icon on 2011-01-27

Remarks Congrats on your approval
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