20K CL through credit union

[Anonymous]

my credit union has been hounding me with offers in the mail.  one ever week for a  couple weeks now...

i finally got a phone call from one of the reps last night at 8pm.  odd.  but i figured now that i had a friendly voice to combine with the offer i could pepper her wth some questions.  generally speaking with my scores i would approve for a CL of 20-25k.  i need to have my utilization under 9% which mine is and my credit score above 720.  i had a friend pull  my fico a couple weeks ago just to see if i could get a mortgage and i was pre qualified !  my high score was 760, low score was 725. 

in any event i have no desire to purchase a property in the next month or two.  i am curious as to how opening another credit card will effect me?  positive or negative?  i have two cards.   one for wells fargo and one for best buy.  i would probably close the best buy credit card if i get the 20k credit union visa.  i wouldnt hurt my utilization at all considering my limit on the credit union visa is 10 times more then my best buy card. 

[vish1]

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@Anonymous wrote:

my credit union has been hounding me with offers in the mail.  one ever week for a  couple weeks now...

i finally got a phone call from one of the reps last night at 8pm.  odd.  but i figured now that i had a friendly voice to combine with the offer i could pepper her wth some questions.  generally speaking with my scores i would approve for a CL of 20-25k.  i need to have my utilization under 9% which mine is and my credit score above 720.  i had a friend pull  my fico a couple weeks ago just to see if i could get a mortgage and i was pre qualified !  my high score was 760, low score was 725. 

in any event i have no desire to purchase a property in the next month or two.  i am curious as to how opening another credit card will effect me?  positive or negative?  i have two cards.   one for wells fargo and one for best buy.  i would probably close the best buy credit card if i get the 20k credit union visa.  i wouldnt hurt my utilization at all considering my limit on the credit union visa is 10 times more then my best buy card. 

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Are you saying that your highest CL is about 2k on best buy?

In anycase, I wont open a new account before I get the keys to my house.

[Anonymous]

no my highest credit limit is 5k through wells fargo....2600 through best buy....

[vish1]

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@Anonymous wrote:

no my highest credit limit is 5k through wells fargo....2600 through best buy....

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I have not came across a lot of instances where someone with a 5k limit gets a new card with 25k as always YMMV. If you get something like 20-25k congrats. All the best.

[Datx]

With CUs like PSECU. A CC with a CL of 20K was fairly easy to be approved for a few months back. Now that they have became a bit less conservative in their lending, its still possible to be approved for 20K through them especially with the scores the OP listed. I know someone approved for the 20K CC/LOC combo from PSECU with their highest card limit being around 7K.

But going back to the original question, I seen alot of advice and suggestions made on this forum (or another) that you don't want to open a new CC when you are looking to purchase a new home soon. I'm not exactly sure why, maybe because of AAoA hit, or something else. Sorry, can't be much help on this topic, but im sure a vet will chime in soon. Or you can look for an answer in the mortgage loans section of the forum as well.