Originally Posted by
thexfactor
Bad idea. That is a known trigger for either a Financial Review with AMEX or an Adverse Action with Chase.
Banks don't like prepayments.
Safer way to do it, though not nearly as convenient: Spend 10k, pay 10k, spend another 10k, pay 10k, rinse, repeat.
+1+1+1 Correct -
Start charging everything you can on the card and make interim payments to pay it down and then charge it up again. Once you start to develop a firm and timely payment history you will beable to get your limit raised and then leverage that to other card applications.
Don't go crazy on apply for cards until you start to trend up your credit report. If you apply for many and get shot down that will put you further behind. Leverage your existing relationship.
The more you charge and pay the more desirable you become and I suspect other offers will start to show up. Check out the Credit Card Form on FT and start researching how each bank does their evaluations and start mapping out which cards you want.
Having banking relationships with the banks can help. I think my banking relationship at Chase as created a steady flow of offers to my mail box that I did not get when I had almost no money over there.