Credit Cards for the application process

[wolfram241]

Someone (I forget who) brought up the fact that one should use the application process to one's advantage by using their credit cards smartly and building good credit.

I currently have two credit cards with modest limits of $750 and $250. Obviously, unless they go up soon, I won't be able to use them to pay AMCAS for their application. So does anyone know of any good cards to get that have no annual fees and offer a high credit limit? The card could have terrible interest rates but I'd pay my balance in full every month anyway.

---

Members don't see this ad.

 

[VandyXGirl]

I got an AAdvantage credit card, which had no annual fee for the first year of use (I plan on canceling it before they charge me a fee). I got 20,000 bonus miles for opening the card and by the end of all my app fees, plane tickets, and earned frequent flyer miles, I had earned a free air ticket to South America (which I am using in March!) It has worked out pretty well for me so far!

 

[45408]

I currently have two credit cards with modest limits of $750 and $250.

Stop. You don't need any more credit cards. Seriously, $250? Did you just get it? Visit the website and see if you can get an immediate increase on it. My wife just got hers increased to $10,000 automatically (from $7K), but we use it pretty much daily.

 

[sendwich]

if you're going to pay them off every month anyway, you don't really need another card.~$1000 should be able to take you through primaries-->pay off-->secondarues-->pay off-->interview trips etc etc. you're fine. don't "tempt" yourself to get into debt before accruing more (ie medschool). i'm killing myself trying to pay for mine befoer school starts.

 

[kovalchuk]

if you're going to pay them off every month anyway, you don't really need another card.~$1000 should be able to take you through primaries-->pay off-->secondarues-->pay off-->interview trips etc etc. you're fine. don't "tempt" yourself to get into debt before accruing more (ie medschool). i'm killing myself trying to pay for mine befoer school starts.

Yeah but can you use two different cards to cover the primary?

 

[bbabul01]

Call the credit card company and ask for an increase. They do it automatically every once in a while, but if you call and say you're applying for med school they'll be happy to do it.

 

[guoj]

.

 

[ssquared]

My card had a limit of $750 until I asked for an increase a few days ago. They then promptly raised it to $2500. If you've got a good history and decent grades (hey, my company keeps track of where I go to school) they'll probably raise it. I've got a pretty low APR as well (but given that I pay in full each month it doesn't much affect me).

Ask the bank you use right now what they offer. It helps if you have a history established with them. I use USAA but they're only open to military folks so that option isn't available to everybody.

 

[Kuba]

i thougt 500 was the lowest limit companies give..

 

[wolfram241]

i thougt 500 was the lowest limit companies give..

Well I'm a student with no job. And it's a new card. My other one started at $250 as well but jumped to $500 and then $750 within the last few months. I've only had it since September and it was my first one so I have little credit.

I suppose I'll ask for an increase. I didn't know you could do that. Thanks...

 

[Kuba]

Well I'm a student with no job. And it's a new card. My other one started at $250 as well but jumped to $500 and then $750 within the last few months. I've only had it since September and it was my first one so I have little credit.

I suppose I'll ask for an increase. I didn't know you could do that. Thanks...

Didn't mean to be a jerk about it. Reason I thought it was 500 was because that is the limit I got when I was 16. However, Since I was under 18 I did have parents as guarantors.

 

[wolfram241]

Didn't mean to be a jerk about it. Reason I thought it was 500 was because that is the limit I got when I was 16. However, Since I was under 18 I did have parents as guarantors.

Nor did I mean to imply you were trying to be a jerk. It's coo...

 

[MattD]

Using your cards for the app process isn't going to be any sort of "magic bullet" that will boost your credit. If you really have that goal, you are better off using your cards consistantly, buying things like groceries with them, and yes, paying them off every month. This will only encourage that particular card provider to give you limit increases though. Make sure you pay your utilities on time! Having a good payment history on your accounts is the most important thing you can do. When it comes to your credit score, the calculations look at the number of accounts, the total credit available vs. the total credit being used, and the number of late payments reported, among other things. Frequent use of your revolving credit does nothing to boost the score, although late payments or carrying high balances will knock it right down.

 

[Cirrus83]

Someone (I forget who) brought up the fact that one should use the application process to one's advantage by using their credit cards smartly and building good credit.

I currently have two credit cards with modest limits of $750 and $250. Obviously, unless they go up soon, I won't be able to use them to pay AMCAS for their application. So does anyone know of any good cards to get that have no annual fees and offer a high credit limit? The card could have terrible interest rates but I'd pay my balance in full every month anyway.

First I'd ask your credit card company if they can increase your lines without a hard pull. Many times they'll increase your limit without rechecking your credit (which dings your credit a teensy weensy bit so long as it's not a habit). If that's not an option I'd probably apply for another card IF I hadn't just gotten those 2 cards recently. If they're already really new cards you might not really be able to get another card very easily, which can turn into a ton of rejections (which would ding your credit more seriously since it's several credit checks). In which case I'd ask for a limit increase even if it means a hard pull.

If you have an american express card you can request an increase on their website and if it automatically offers you one (without you having to fill in financial data) that means they're not checking your credit again.

So yeah my advice is basically the same thing except if your company wouldn't offer you an increase without a hard pull I'd consider applying for another card that has nice perks/points especially if your current card has no such benefits.

lol, my Amex blue for students card has a limit of 30K now, hehe. Of course now I'm scared that Amex will put me down for a financial review (american express makes a habit of checking up on it's higher limit people to make sure they can actually pay, since they're paranoid that someone will charge up 30K and run), since it'd be a pain in the butt if they did that.

 

[TMP-SMX]

What company are the cards with? Online, it is possible with a single click of the mouse to increase your credit limit by 1000 or more depending on your limit. Especially if it's a card you have had for a while and are a good customer. It's automatic and there is no wait. (At least for Citibank).

 

[etf]

lol, my Amex blue for students card has a limit of 30K now, hehe. Of course now I'm scared that Amex will put me down for a financial review (american express makes a habit of checking up on it's higher limit people to make sure they can actually pay, since they're paranoid that someone will charge up 30K and run), since it'd be a pain in the butt if they did that.

the easiest way to get a high limit with amex is lie about your income. i told them i make a lot of money. when they ask for the source, i say something creative like timber interests.

 

[OrangeTide]

to the previous poster, the only thing i would warn you about lieing is the fact that it may or may not get back to the IRS. I used to work in financial services and I know the odds are literally a billion to one, but let's put it this way, the fewer questions the IRS asks, the better. it's one of those things you'll never know about.