rockets26

You guys got any ideas on how I can get more credit? I've applied for a credit line increase with my Amex blue card twice now, and have been declined both times (4 months apart). A recent app for a citibank card has been declined as well. I have a $3500 limit on my amex blue, and it gets paid in full every month. I'm big into entrepreneurship, so i'm do ALOT of buying/selling. Credit score is a 720+ . Spending 5k a month on my CC isn't unusual, but having to pay the bill 3 times a month because I'm close to my limit is a pain. I've currently got a small personal loan as well with my local CU and am paying 13% on, and I know I can get better with a balance xfer, but as I said my citibank app (with 0% balance xfer) was declined. I'm only 19 and have had credit cards for less than a year, I think that is the main reason, but if you guys could offer any insight, that'd be great.

Thesifer

Credit cards less than a year.. 19.. and a credit score of 720+??? are you sure?

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rockets26

Positive that it's 720+, checked last week. I checked b/c I was wondering why Amex declined my request for increase yet again.

MikeD

Age is a reason.
Credit consistently maxed out is certainly a reason.

There are other factors which I doubt you should share with us, such as income, that are being looked at too.

If you're maxing out, I don't think more credit is your answer. If you pay them down (on time), the increases will come.

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smeakim

Most likely it is age and length of credit history. It is going to take time. Try appling for one of those pre-qualified offers from the CC companies you get in the mail. I know it sucks to have mutliple cards but you have to build it up. If you have to constantly pay down the CC multiple times each month then pay 500 or so over each time which will give you a credit to work upon. Not much else you can do. Also you have to make sure you look at all three credit scores. Just becuase you checked one does not mean the others have something bad on them. I looked at mine and had 750+ on two of them and 737 on the other. You should just consider maybe one of the agencies have something wrong on their report.

Cubsfan

Do you pay off your bill in full every month? If so, then perhaps investigate American Express' offerings. I think with my Amex Gold card, I don't really have a credit limit (although if I spent $10k the first month, they'd probably call me). But, it is required to be paid off in full every month.

Kevster

As everyone else has said here, your age is a reason. Your relatively short credit history, no matter how much you've used it, is also a reason. You also know they do income verification and will check the amounts in your listed checking/savings accounts, right? There was no reason for you to get a regular AMEX card? As Cubsfan mentions, there is no limit on an Amex card (Green, Gold, Platinum or Titanium) but it must be paid every month.

If you are big into entrepreneurship, what is stopping you from setting up a business and getting a corporate account instead?

__________________
I think over again
My small adventures, my fears.
The small ones that seemed so big,
For all the vital things I had to get and to reach.

And yet there is only one great thing, the only thing:

To live to see the great day that dawns,
And the light that fills the world.

-old Inuit song

rockets26

The reason I did the Amex blue cash was because of rewards. 1.5 % on regular purchases after 6k, and 5 % at the pump as well. The blue card was also free, but the gold has an annual fee, if i'm not mistaken. Guess i'd just have to chalk that up to the cost of doing business.. Are you sure they can check on checking balances? All i'm ever asked for is household income, which where we are at, should not be a problem.

Jeffbx

Yes, the green card has a $65 annual fee, Gold card is $90 (or $150? can't remeber), Platinum is $395. Or, if you spend $150k or more per year on your current Amex, you might be invited to apply for the fabled Black card, with a $2500 annual fee.