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Hello guys.
My main goal is to get "at least" 1 card that has high credit limit to do a balance transfer and have left over for purchases.
But if I have a good strategy I might be able to apply for at least 2 cards that report to different bureaus and maybe get 2 approved for good limits.
So I need to enlist your help in choosing which cards to apply to maximize chances of getting the most credit limit.
Maybe I should focus on the easiest card to get for my Credit score that would yield the highest limit or easier to reconsider later.
I have received offers from Chase Slate and Freedom 15months 0APR pur/bal, but 22.99% APR thereafter (which indicates maybe not best credit in their eyes?)
Also, I have an offer from citicards the preferred Diamond. 12 months 0% APR then 19.99%APR thereafter.
Those are the only invitations I have from major companies, and I have checked online too.
From what I've read, Slate and Diamond hit Experian in TN, but that is annecdotal and from old source apparently.
My credit score FICO with EQ is 661
I have a well fargo Credit card with a 5k limit and used only 30% of available credit.
I have 7k in student loans that I pay 100 a month and also 6k in deferred sudent loans with no payments yet until 2019
I have one charged off medical bill for $290
and a credit card with BOA that was settled for less than owed back in 2011.
Last inquiry was July of 2013 to open the wells fargo credit card.
Make 40k a yr.
(sorry don't have the other ficos, but credit karma is 661 as well)
Please help me plan this, i know you guys are well versed in strategy
Thanks all!
I'd try these 2 offers
I'm not sure Freedom or Slate will give you the high limit you're looking for. I think you'd get better results from a Credit Union, Chase isn't known to give people their highest limits.
I would say Amex and or a Chase Visa Signature of your choice. Typically start at 5k limit and go up.
Amex, you can do 3x CLI hopefully at 61 days, so that is also a strategy.
As always, limits aren't just about the cards. If you want to improve your odds for high limits then you need to focus in improving your credit. If Chase's offers include a 22.9% APR then they probably don't think that your credit is all that great. Don't just respond to offers. Apply for the cards you need and at a time where you've set yourself up to look as good as possible. Getting your utilization optimized is one thing that may help. 30% is the recommended max but ideal is going to be much lower -- probably ~10% or less. Definitely address the derog.
@Best2014 wrote:
From what I've read, Slate and Diamond hit Experian in TN, but that is annecdotal and from old source apparently.
All such info is anecdotal and creditor can pull all three if one's credit is borderline.
@takeshi74 wrote:As always, limits aren't just about the cards. If you want to improve your odds for high limits then you need to focus in improving your credit. If Chase's offers include a 22.9% APR then they probably don't think that your credit is all that great. Don't just respond to offers. Apply for the cards you need and at a time where you've set yourself up to look as good as possible. Getting your utilization optimized is one thing that may help. 30% is the recommended max but ideal is going to be much lower -- probably ~10% or less. Definitely address the derog.
All such info is anecdotal and creditor can pull all three if one's credit is borderline.
I hear you. I figured if they were offering me 19% or 22% is because they approve me but they still think Im not EXCELLENT credit, which I am not claiming to be at 661 fico either.
So, If I disregard the offers and apply to one that doesn't have an offer for me, which one would you apply to try to get the most credit limit? and will you do 2 consecutives?
From your suggestions, Amex does CLI reviews fast, but which amex will approve me based on my 661 fico and other info I gave you above on the first post?
Or I should just stick to the offers I got and apply for both Slate and Diamond on the same day?
Thanks, I feel like I have no strategy so far
@Best2014 wrote:Hello guys.
My main goal is to get "at least" 1 card that has high credit limit to do a balance transfer and have left over for purchases.
But if I have a good strategy I might be able to apply for at least 2 cards that report to different bureaus and maybe get 2 approved for good limits.
So I need to enlist your help in choosing which cards to apply to maximize chances of getting the most credit limit.
Maybe I should focus on the easiest card to get for my Credit score that would yield the highest limit or easier to reconsider later.
I have received offers from Chase Slate and Freedom 15months 0APR pur/bal, but 22.99% APR thereafter (which indicates maybe not best credit in their eyes?)
Also, I have an offer from citicards the preferred Diamond. 12 months 0% APR then 19.99%APR thereafter.
Those are the only invitations I have from major companies, and I have checked online too.
From what I've read, Slate and Diamond hit Experian in TN, but that is annecdotal and from old source apparently.
My credit score FICO with EQ is 661
I have a well fargo Credit card with a 5k limit and used only 30% of available credit.
I have 7k in student loans that I pay 100 a month and also 6k in deferred sudent loans with no payments yet until 2019
I have one charged off medical bill for $290
and a credit card with BOA that was settled for less than owed back in 2011.
Last inquiry was July of 2013 to open the wells fargo credit card.
Make 40k a yr.
(sorry don't have the other ficos, but credit karma is 661 as well)
Please help me plan this, i know you guys are well versed in strategy
Thanks all!
Do you need the credit quickly? If you can wait until July, your scores would improve and you'd be able to get better terms. Your WF account won't be "new" anymore and the effects of the HP will be gone. My recommendation would be to wait for July, and while doing that, push UTIL down on the WF Card, do PFD on the medical bill, send GW letters for BOA, and then go for it.
If you have to go for something right away, between the two lenders, I'd say go Chase.
@takeshi74 wrote:As always, limits aren't just about the cards. If you want to improve your odds for high limits then you need to focus in improving your credit. If Chase's offers include a 22.9% APR then they probably don't think that your credit is all that great. Don't just respond to offers. Apply for the cards you need and at a time where you've set yourself up to look as good as possible. Getting your utilization optimized is one thing that may help. 30% is the recommended max but ideal is going to be much lower -- probably ~10% or less. Definitely address the derog.
@Best2014 wrote:
From what I've read, Slate and Diamond hit Experian in TN, but that is annecdotal and from old source apparently.
All such info is anecdotal and creditor can pull all three if one's credit is borderline.
+1. With some fine tuning, OP could get better APR and CLs
@SunriseEarth wrote:If you have to go for something right away, between the two lenders, I'd say go Chase.
I need the credit quickly because I am planning some purchases and my utilization will go up starting next month.
So between the Citi Diamond and Chase, you'd think is easier to get Chase to give me a higher CL ? Is it an easier card than citi preferred?