BOA HP CLI or new Credit Card?

[OatmealRocks]

Hi.

I am currently building my credit for a little over a year.

I currently have 2 CC.

1 BOA VISA- Started w/ secured ($1500) which have been changed to a Better Balance Reward about 4 months ago with a limit of $3000.

1 Capital One MC - Started w/ $500, which now has been increased to $2000.

The CLI was changed by the company and not initiated by me.  It was changed without my request.

Here is my question.  Should I ask for CLI from BOA, which is HP based on chatting with them online OR apply for a new CC?  I have been getting Discover, AMEX and CHASE letters to enroll in their CC.

My goal in the near term is to get a mortgage and perhaps lease a car.  Mortgage would come first.  near term would be < 6 months.

I have read it is ideal to get 3CC but having higher CLI is also the way to go.

Any help would be greatly appreciated.  Also my main bank is BOA and I consistently pay twice/month and on time to keep my utilization low.

[armbenderc]

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@OatmealRocks wrote:

Hi.

I am currently building my credit for a little over a year.

I currently have 2 CC.

1 BOA VISA- Started w/ secured ($1500) which have been changed to a Better Balance Reward about 4 months ago with a limit of $3000.

1 Capital One MC - Started w/ $500, which now has been increased to $2000.

The CLI was changed by the company and not initiated by me.  It was changed without my request.

Here is my question.  Should I ask for CLI from BOA, which is HP based on chatting with them online OR apply for a new CC?  I have been getting Discover, AMEX and CHASE letters to enroll in their CC.

My goal in the near term is to get a mortgage and perhaps lease a car.  Mortgage would come first.  near term would be < 6 months.

I have read it is ideal to get 3CC but having higher CLI is also the way to go.

Any help would be greatly appreciated.  Also my main bank is BOA and I consistently pay twice/month and on time to keep my utilization low.

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I would go for another CC. You said you only have 2. I think you need more than 2. If you decide to go for another tradeline, Discover IT, Chase Freedom, or Barclaycard Rewards are all good.

[hockeyplayr]

I applied for an amex bce, chase freedom, and discover IT in that order in the beginning of the week. The only score of mine that I know is my TU which was 704, however it was from credit karma so it probably wasn't even accurate.  They all instant approved me with 4 years of credit history (only 6 months with a cap1 card at $500, and 1 month with an amex charge).  Amex gave me a 2k limit, chase a $700 limit, and discover a $4k limit.  I work part time making 25k a year.  So if you are going for higher limits I'd try for amex or discover.  Chase seemed to be the most hesitant giving me a low limit with the highest possible apr.

[hutchj]

I saw app for the Discover It. From whay I've heard it's one of the easier cards to get.

[09Lexie]

Welcome to the forum!

If you are considering a mortgage, I would refrain from apping. Two cc's is sufficient for most UWs . If you decide to app anyway, what are you looking for? Cash back, travel, rewards

[OatmealRocks]

Thanks for the reply.  I looked at the services offered for Discover IT and Chase Freedom.  I am leaning towards the Chase because of the wider acceptance of Visa over Discover.

Some questions.  After I do apply for a new CC.  When would it be a good time to ask for a CLI?  My understanding is higher CL will be better and from one company the increase should make future CLI for the others  CC better in terms of approval and also better for my credit score.  While I do NOT really require a higher CL I just would like to do everything I can to get the best credit score 700+ I can and quickly as possible.

Not sure if it is a factor but my salary is above 90k/year and I feel $5k limit (aggregate) is not inline to what it should be.  I have zero debt and I also establish a CD in order to have establish a line of credit which I took out money on my line of credit which I paid off in about 8 months.  I wonder if I should also ask for a increase in my line of credit.

Thanks

[OatmealRocks]

Most likely some rewards or travel.  The Capital One have warranty extention which is prefect for me.  My BOA have up to $100 yearly reward for paying the bill on time.

I foresee an application for a mortgage in 3-6 months.  If I apply a new CC (HP) would the 3 - 6 month be sufficient for the score to go back up?

[09Lexie]

You mentioned Amex. I think a charge would be good for util purposes. If you are thinking about a mtg, you need to hold off for 6 months to be safe.

[OatmealRocks]

TO be clear, no new APP or HP CLI for 6 months prior to Mortgage loan request?

[09Lexie]

Yes.