Should I get a new credit card to improve credit score?

I have had a Chase credit card for 6 months now (I'm 18) and they recently increased my credit limit from 800 to $1,100. However, my friend, who makes less money than I do and is the same age as me opened an account with Bank of America and his starting credit limit was $1,500. Also, when I applied for a car loan with Chase, they denied me while Wachovia accepted (I never banked with anyone but Chase). I'm thinking.... should I open up an account with BoA or Wachovia, split my money between Chase and the new bank and get a second credit card from the new bank to improve my credit history? So far I've paid off my credit card in full every month and still have no credit history (been using at least half the credit limit each month). I feel a little infuriated at Chase for giving me such a low credit limit and denying me a loan I could have easily paid off.

Should I get a new credit card to improve credit score?

First of all, don't be mad at Chase - you're only 18 - do you know how many %26quot;kids%26quot; your age get a charge card (or two or three or 10), run it up to the hilt then walk away? Good for you for being responsible and making your payments on time, etc. - you're already on your way to a good credit history. 6 mos. time is a drop in the bucket - you're trying to rush things a little too quickly. It's great that you are paying off your balance in full every month, but the problem with that is that it's not really showing a history - you're not carrying a balance, so therefore people reading your history only see you have an $1100 limit with a zero balance, know what i mean? It doesn't show what your highest balance has been (%26quot;1/2 the limit%26quot; as you said) because you've paid it off before Chase had a chance to report your usage so they can't see how responsible you have been (does this make sense?).

Here's what I suggest you do. Next month, pay 1/2 the balance %26amp; set the other 1/2 into a savings account so you don't spend it. Use your card as normal, then when the bill comes in the following month, pay off the remainder of the previous month's balance along with half of the current month's charges %26amp; set the other half aside....see where I'm going? Once you've cycled your balance for a few months as I explained, leave the card alone and only use it for unexpected expenses and/or emergencies as they should be used for. Now you've got a %26quot;real%26quot; history. Good luck!!

Should I get a new credit card to improve credit score?

yes

Should I get a new credit card to improve credit score?

It seems to me as if you are jealous because your friend got a higher limit than you. All this doesnt matter its about being a responsible adult. I got a chase card at 18 it was my first card and they started me off at 800. Maybe you should just wait to establish some credit history and wait because you are only 18 it takes a good 5 years to really establish a good history and score so take it easy and just keep up with your payments.

Should I get a new credit card to improve credit score?

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Should I get a new credit card to improve credit score?

You are actually worried about the wrong thing......you should be focusing on the interest rates of your cards......

Banks aren't impressed w/ card holder who has an obscenely high interest rate no matter the credit limit.....

Your goal should be to lower the rate on your cards.....

Also, another factor in denying the car loan....might have been your debt ratio......you said you use at lease half of your limit each month......that appears on paper to be a 50% debt ratio.....Not good....even if you pay it in full each and every month.

Since it's your first card.......don't use it (or any other) for a time so that your debt ratio to available credit goes WAY down....that will make you appear more credit worthy for other types of credit.....

Don't close this account, unless there are annual fees, just let it sit there empty and THAT will strengthen your credit.

I bet your friend w/ the $1,500 limit has maxed his card out and never paid it off in full....

You get truly only one shot to get strong credit.....don't lose sight of it....

Should I get a new credit card to improve credit score?

My advice would be no.

why would you wanna obsess with the fico score?

All you get is debt.

You have to borrow money and make payments on time to get a high score.

You have to keep borrowing money and keep making payments on time to keep a high score.

Pay as you go. Live on less money than you make and you will have money.

They only thing a high fico score is good for is borrowing money and getting into debt.

The only time you might have to borrow money is for a home. You can do that without a fico score. It's called manual underwriting. It's not a sub prime loan. Its the way loans where givin' before all the fico score worship. You can get the lowest interest rates available.

Save up for a cash car. You will never get ahead financially with a car payment.

Put what would have been your car payment in the bank and collect interest.

No payments = cash in the bank.