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Approved with toy limit vs reapp 6 months

Valued Contributor

Approved with toy limit vs reapp 6 months

I was approved last month for Chase Freedom with 1.5k CL after successful recon. I know if I would had waited 6 months I would had been approved with a better CL. So my question is whether its better to be approved with lower limit or wait 6 months?

Does the cc lender influence your recommendation? For example, in June I app for Walmart and was denied. In Sept I apped and was approved for discover version of card.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Message 1 of 20
19 REPLIES
Moderator Emeritus

Re: Approved with toy limit vs reapp 6 months


Duncanrr wrote:
I was approved last month for Chase Freedom with 1.5k CL after successful recon. I know if I would had waited 6 months I would had been approved with a better CL. So my question is whether its better to be approved with lower limit or wait 6 months?

Does the cc lender influence your recommendation? For example, in June I app for Walmart and was denied. In Sept I apped and was approved for discover version of card.

Always better to wain IMHO.

I had Freedom with a $200 limit back in 2007.  They never would increase the limit so I ended up closing the card.  2012, approved for Chase Amazon with 5k limit.

 

Hate toy limits, I just hate them!


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Message 2 of 20
Frequent Contributor

Re: Approved with toy limit vs reapp 6 months

to me, it depends on the vendor.

Like I've said, I naively app'd for AMEX BCE instead of a charge card because I don't like to pay fees.  I was approved for a small limit (2k) but after 61days its now 6k.  It is my go to card at the moment.  the smaller limit was okay since it established my personal relationship with Amex. (I've had a corp card for over 6 years, but they won't backdate that).

But with Chase, they narf'd my WAMU limit down to 1800... (slate card) and won't seem to budge.  but i am taking the advice of some of our members here and I'm not closing it.. i'll wait a while and see if they'll change their mind and upgrade/pc that to a freedom card.

 

Back in the garden!
App free since 23Oct2012 reset to 27Aug13 and reset again 4nov13
Message 3 of 20
Moderator Emeritus

Re: Approved with toy limit vs reapp 6 months

Wait 6 months and request a CLI, maybe you'll get lucky.  Plus you'll have 6 more months of active TL for your AAoA.   And NO,  I repeat,  NO drapping!     LOL

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 4 of 20
Valued Contributor

Re: Approved with toy limit vs reapp 6 months


Shogun wrote:

Wait 6 months and request a CLI, maybe you'll get lucky.  Plus you'll have 6 more months of active TL for your AAoA.   And NO,  I repeat,  NO drapping!     LOL


+1 at no drapping! Smiley Very Happy

 

2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Message 5 of 20
Valued Contributor

Re: Approved with toy limit vs reapp 6 months

I'm drapping after refi. It will be fun.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Message 6 of 20
Frequent Contributor

Re: Approved with toy limit vs reapp 6 months

I don't think the 1.5k limit was bad - it was better than my starting limit of 1k. I didn't have to recon - but I should have when I originally got approved. I didn't have any other revolving cards for them to base their decision off of so I am not sure it would have really helped all that much. I just got a 4k CLI though after only have the card for 2 months. The thing is, when you app, you never know what kind of limits you are going to get. For all you know you could have been approved with a higher limit. But, I think as long as you are responsible enough with what you have - it is possible to get them to boost it.

In my wallet: Amex PRG & Zync, Amex BCE (19.2k), Chase Freedom (5k), PSECU Visa/PSL (20k)
Current Scores: Equifax: 738 (Fako) TransUnion: 721 (Fico) Experian: 717 (Fico)
Disclaimer: I am by no means a financial advisor. My posts are based on opinion, experience, and/or knowledge.
Message 7 of 20
Valued Contributor

Re: Approved with toy limit vs reapp 6 months


Shogun wrote:

Wait 6 months and request a CLI, maybe you'll get lucky.  Plus you'll have 6 more months of active TL for your AAoA.   And NO,  I repeat,  NO drapping!     LOL


+1 for CLI in 6 months

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 8 of 20
Frequent Contributor

Re: Approved with toy limit vs reapp 6 months

Definitely depends on the issuer.

 

While it's nice to start off where you want in the first place, someone like Nordstrom it's worth it to get your foot in the door. When you call back after that 7th statement, they'll be really nice. Amex too -- almost everything will grow eventually, and even if it doesn't you can start that backdating clock while you wait.

 

Others, like Capital One, you can very easily end up in a particular tier of product that never grows. It sounds like Chase does the same thing with their Freedom card -- particular sub tiers that you never can grow out of without closing and reapplying.

Message 9 of 20
Valued Contributor

Re: Approved with toy limit vs reapp 6 months

I'm so happy that I googled drapping, only to be brought back to these forums to another thread by Duncan.  Died laughing.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 10 of 20