Credit Cards

[Duncanrr]

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.

[webhopper]

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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.

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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!

[codimom]

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.

[Shogun]

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

[armbenderc]

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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

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+1 at no drapping!

[Duncanrr]

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

[jd5189]

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.

[Dustink]

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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

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+1 for CLI in 6 months

[bostonte]

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.

[Jutz]

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