I have 3 credit cards. Two are Visa Classic cards and one is a Best Buy card. I%26#039;ve had them since I was about 18. I%26#039;m 23 now and making a lot more money than I was then, but I also have a mortgage. Last time I ran a credit check, a negative was that I didn%26#039;t have enough premium cards. How do I go about getting more premium cards? Should I close my 2 Classic Visas and then apply for different credit cards or is there a way to %26quot;upgrade%26quot; my current cards? TIA
Is it time to %26quot;upgrade%26quot; my credit cards???
First of all, whoever told you you didnt have enough premium cards is on crack. There%26#039;s no such thing-- the credit bureaus only know that your car is a %26quot;Washington Mutual Visa%26quot;, not whether or not is is a %26quot;platinum%26quot;.
Not to mention, many cards these days call their lowest cards platinum or preferred cards.
It may have told you that you dont have enough revolving debt or something like that, but it didn%26#039;t mean you needed %26quot;fancier%26quot; cards.
Closing your cards and opening new ones will actually ding you-- you want long term history.
Keep doing what you%26#039;re doing. Once you have a full 7 years history (and assuming you keep those balances low and payments on time) you%26#039;ll have top notch credit!
Is it time to %26quot;upgrade%26quot; my credit cards???
Amanda is correct. What you most likely saw was something along the lines of %26quot;Not enough revolving accounts%26quot; Pay no attention to this stuff. I look at credit all day long and you see this kind of verbiage on people that have perfect credit.
OK just read your comments. I don%26#039;t know what you read but in over 7-years of looking at credit reports I have never seen anything like what you describe. Like Amanda said the credit buresus have no way of knowing what type of card you have only how you have used it.
Is it time to %26quot;upgrade%26quot; my credit cards???
Call the two companies that you have your credit cards with and ask them to upgrade them.
I did that with mine not too long ago. In fact, I don%26#039;t know why I didn%26#039;t think of it long ago. I upgraded to a better card with cash back. All these years, I%26#039;d been spending money and getting no cash back on that card.
Be careful about opening and closing accounts. You would be better off credit score wise to keep the accounts you have but ask them to upgrade the cards.
Is it time to %26quot;upgrade%26quot; my credit cards???
A REAL credit report does not say you don%26#039;t have enough of ANYTHING. It is a REPORT not an analysis. Most of the %26#039;suggestions%26#039; attached to the last copy of my report I saw had NOTHING to do with what was on my report.
That said, I talked to a self-made millionaire last month. He carries a letter from one of the credit bureaus stating they can%26#039;t compute his credit score because he doesn%26#039;t have any open accounts on his credit report (aka, he%26#039;s debt free). There is NO SUCH thing as not enough %26#039;premium cards%26#039;.
Is it time to %26quot;upgrade%26quot; my credit cards???
Look, why don%26#039;t you consider the possibility that, especially since you have this newly fabulous income, it is time to learn to live on less than you make %26amp; stop using debt for ANYTHING?! Then you won%26#039;t need any kind of credit card or a credit score at all. I haven%26#039;t borrowed since 2002 %26amp; I never will again. That means, I do not care whether some little automated credit report website thinks I need more %26quot;premium%26quot; accounts. I don%26#039;t have ANY revolving accounts. They were paid off %26amp; closed years ago. On the other hand, I do have paid for cars, money saved for the next one, money for emergencies, investments %26amp; a clue where all my money went last month. I sincerely hope you will give it a try.
Is it time to %26quot;upgrade%26quot; my credit cards???
You need to check out %26quot;Credit Card Tune-Up%26quot; at http://www.creditcardtuneup.com/ .
It features a rewards calculator that will tell you which card or combination of cards will pay you the most rewards for your normal spending. It%26#039;s based on the idea that you pay off your balance each month so that you can just enjoy your credit cards%26#039; rewards. The tool will help you maximize your rewards from your normal spending.
Is it time to %26quot;upgrade%26quot; my credit cards???
First as other have said the Credit Reports have no idea if you have a Secured, Regular, or Premium type of card. The negative factors are an analysis that they try to do to give you an idea of what you need to work on. But depending on the suggestion it may have little to no effect. If they are talking about type of Credit that is a very small factor in credit scoring, the biggest factors are payment history and balances. If you have not already done so, get your Credit Score. If you are in the High 600%26#039;s or above you are in fine shape, above 700 and you are in Excellent shape and you really don%26#039;t have to worry.
Now, not really worrying about what the report said, here are some suggestions.
First don%26#039;t close out your current cards as that will hurt you even more as it lowers your available credit. You should always keep your total useage under 30% of your total available credit.
Call your credit companies and ask for a Credit Limit Increase, the worst they will say is No.
Don%26#039;t just go out and apply for dozens of cards at one time to try and get one. These will cause a lot of inquiries and will also kill your score. If you can find one or two apply for those.
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