Add more accounts or CLI?

[Anonymous]

This is my current line-up:

American Express Everyday Preferred  - $8,000 CL

Wells Fargo - $600 CL

Capital One (secured) - $526 CL

JCREW - $1,000 CL

My question is: Should I focus on increasing my limits with the AmEx and Wells Fargo card OR apply for another (highly rated) card similar to AmEx. I'm not exactly sure what the CLI process (soft or hard pulls?) is for the Wells Fargo card. I'm 99.9% sure they're not as generous as AmEx. Increased it from $4,000 to $8,000 on Friday evening, so it'll be a little while before I can request another increase.

I'm not currently monitoring my scores, but I know they're in the 720-730 range. I haven't had much change in the past year.

Any feedback or suggestions on the route I should take? It would be greatly appreciated!

[austinguy907]

AMEX = SP

WF = probably HP

Cap1 = SP if you apply (HP) for a non-secure and combine the limit into it

J Crew = SP (Comenity)  there used to be or it may still be current but several people report hitting the button multiple times until it spits out a denial... some 2-20 times.... a couple of people have mentioned the same with calling the automated phone number and doing the same

I'm thinking these are fairly new considering the range of CL's.  I would hold out for another 6 months and grow the AMEX 3X to 24K and see if you get that or if they counter with something slightly lower.  This gives you an advantage of your scores climbing and something for other banks to compete with if they tend to match your CL's like Chase/Barclay/BOA.  After the 6 months I would highly consider the Discover IT or Discover Miles as a good candidate with the double cash back for the first year if you're a heavy spender.

It really depends on what you have planned for the future though and what your goal is.  

[AverageJoesCredit]

+1 solid advice from austinguy!. Work that Amex like theres no tomorrow.

[Anonymous]

Thanks a lot for the reply! Very solid and informative advice.

My accounts are all relatively new. I repaired my credit before I purchased my home last year. Applied for the credit cards and purchased a (used) car all in one year.  Brought my score from a horrific 520 to 740 at the time that I bought my home. Was lucky enough to score a 3.75% rate. I've been hovering in the 720-740 range since then.

As far as my plans, I'm really unsure at the moment. I wish I had not opened the secured card through Capital One because it's my oldest account. I may be wrong, but to my knowledge, if I open an unsecured card and combine my limit, I lose the account (age) history? I'm going to read through the forums and lay out some sort of plan for my future. All the credit accounts I have now were mostly on a whim and impulsive since I was looking for any way to repair my credit.

[Anonymous]

Hello, you are at a good point in your credit garden right now.  I would suggest gardening especially with Cap1. I would do a buy and pay with them for three months, buy something and pay it off a couple days later, even if its $10-15. Do that weekly and then call CS and ask for it to be turned into a unsecured card and ask for a CLI. Cap1 will see that you have 12 payments instead of 3 payments for just one monthly payment. It will be in your favor, but check your FICO score first before you do that. If approved continue with a buy and pay with them and in 6 months they will se 24 payments instead of 6 and then ask CS for a CLI.  Even with AMEX you can do a buy and pay and increase your FICO to at least 780.  Then apply for cards like Chase. I know firsthand this works.  Good Luck!

[AverageJoesCredit]

Nice, now you know to take your time and research the credit cards you really want. Time is on your side Plan which cards you can use well for your lifestyle so you dont get stuck with useless ones. Take advantage of tour scores and vast improvement on your refill. The credit world is yours for the taking

[BronzeTrader]

It takes time to build the credit. If you push too hard, it can come back to hurt you.

As to your original question, there is not much different between new card or CLI. I think you have enough CL. Get the one you really need, or with the rewards you want. One at a time.... Good luck.

[Anonymous]

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@Anonymous wrote:

Hello, you are at a good point in your credit garden right now.  I would suggest gardening especially with Cap1. I would do a buy and pay with them for three months, buy something and pay it off a couple days later, even if its $10-15. Do that weekly and then call CS and ask for it to be turned into a unsecured card and ask for a CLI. Cap1 will see that you have 12 payments instead of 3 payments for just one monthly payment. It will be in your favor, but check your FICO score first before you do that. If approved continue with a buy and pay with them and in 6 months they will se 24 payments instead of 6 and then ask CS for a CLI.  Even with AMEX you can do a buy and pay and increase your FICO to at least 780.  Then apply for cards like Chase. I know firsthand this works.  Good Luck!

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Thanks a lot for the Capital One gardening suggestion! That's exactly what I'll do. Would like to turn my secured card into a Quicksilver Rewards, but don't I lose my account age when applying for the unsecured? Assuming that I'm approved of course.

[Anonymous]

Garden for 6 months. 3X CLI on Amex.

[rmduhon]

Capital One secured cards don't unsecure and they can't be PC'd or combined. If you want a Cap1 card with rewards you'll have to apply for it