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$300 credit limit with 750+ credit score. What to do or when should I ask to raise it?

Established Member

Re: $300 credit limit with 750+ credit score. What to do or when should I ask to raise it?

Thanks for the replies. Here's my concerns:

 

I still have a couple of years to to go to finish up my undergraduate degree and then I have 2.5 years of graduate school after that. My income won't be changing anytime soon so it's not like I can call them and ask them to raise my credit limit with out any reasoning. I would use my credit score as leverage but it's not going to get much higher than it already is with a $300 credit card. I've already had $500 revolving account that's been paid full every month since 2007 so I don't think this new credit card will help my credit score any. I understand why my credit limit is low. My question is, what leverage will I have to convince them to raise my limit in the future (next year) if my income stays the same? Or should I expect to have a $300 credit limit until I graduate in 5 years?

 

If I had the chance to redo it I would have told her I made $10,000 and she wouldn't have questioned me. Instead I made the mistake of giving her my W2 which only showed $4000 even though i'm really making $10,000.

 

Will closing this credit card hurt my score if I just opened it? I haven't received the credit card yet, but it should be here in a few days. I was actually starting to lean towards the chase freedom card anyways and i've heard people get higher credit limits from them. I just opened a checking, saving, and credit card with fifth third all because of this.

 

edit: I appreciate all the advice!

Message 11 of 34
Established Contributor

Re: $300 credit limit with 750+ credit score. What to do or when should I ask to raise it?

Why do you need to close it? You can keep it and still app for the Freedom, or discover It for students.

Message 12 of 34
Established Member

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I don't think I need 2 credit cards. Plus isn't it bad to have an open credit card if I'm not using it? I'd have to keep using both cards. I'm new to this, maybe I should apply for freedom and keep fifth third? I'm not sure, i just don't want to be stuck with this $300 limit card that i'm forced to use for the next 4-5 years. From what i understand, if you don't use the credit card you have it looks bad on the credit report.

 

I'm trying to make sure I don't make a mistake that i'll regret later on.

Message 13 of 34
Senior Contributor

Re: $300 credit limit with 750+ credit score. What to do or when should I ask to raise it?

I'd seriously app for Freedom.
Even with that low of an income, you should get a higher limit
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 14 of 34
Established Contributor

Re: $300 credit limit with 750+ credit score. What to do or when should I ask to raise it?


youngandcreditwrthy wrote:
I'd seriously app for Freedom.
Even with that low of an income, you should get a higher limit

I'm not so sure about that one. Chase typically likes to see 1 years experience on a card. Some people have gotten in with 7-8 weeks. IMHO, I don't think OP has much of a chance just opening up a first card.


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Message 15 of 34
Established Contributor

Re: $300 credit limit with 750+ credit score. What to do or when should I ask to raise it?

Would that be true even with the student card? Just curious.

Message 16 of 34
Established Member

Re: $300 credit limit with 750+ credit score. What to do or when should I ask to raise it?

Once they have approved me and mailed me the credit card is it too late to day anything? I don't want it to show up on my credit report that I had a credit card and canceled it.

 

If i go apply for chase freedom right now will they see that I just applied for one at Fifth Third? Will it have any negative impact? Also isn't it bad applying for 2 credit cards in the same week?

Message 17 of 34
Established Contributor

Re: $300 credit limit with 750+ credit score. What to do or when should I ask to raise it?

your credit score has already taken any ding that it's going to take for the INQ as well as the new account.  And there is no specific negative as far as having a credit card and not using it.  Like others have said - as long as there is no AF - keep the cc and let it grow with you.

Message 18 of 34
Senior Contributor

Re: $300 credit limit with 750+ credit score. What to do or when should I ask to raise it?

I'm not saying youre guaranteed approval...
And you said that you've had a Sam's Club card since 07, right?

You might try to get a cli on that account to say $1,000 then app for Freedom. Do you have any student loans reporting? Student loans can help you develop a decent FICO believe it or not.
They will see the inquiry, I'm sure...but one inquiry isn't going to sink you.

Imo, you've got a 70% chance of being approved for a Freedom....
Do you live at home? Or get any student loans? I know many members would advise against using household income, but assuming you're a responsible individual...I'd suggest asking your parents if you can put they're income on the app so you can build your credit... They don't have to cosign or provide their ssn's.

Idk if you've read or not but many people here app for 4-10 cards at a time... "App sprees" LOL!
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Message 19 of 34
Valued Contributor

Re: $300 credit limit with 750+ credit score. What to do or when should I ask to raise it?


honky wrote:

I agree with letting it grow and be patient as many have said.  Id also like to add this:


Suppose you max that $300 limit every month.  You would be spending 3600 annually, or 75% of your reported income through that single card.  As a bank, I would view that as being a high enough limit for your first card.  

 

I think many people here started out the same.  Your income will grow, so will your limits.  Keep your head up!

 


+1. You can't really expect much more with that as your income.

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Message 20 of 34