cancel
Showing results for 
Search instead for 
Did you mean: 

Breaking away from low limit cards

tag
enharu
Super Contributor

Re: Breaking away from low limit cards

Determinedchick, you can try writing goodwill, aka nice letters, to creditors pleading them to remove the lates from your record. For example you might have a great longstanding relationship with a bank and you happened to be late due to an unexpected emergency or was just falling behinds on payment at one time. Sometimes they would cut you some slack and remove them.

@trying_to_be_good, 45k income is enough for even 10k CLs. I have seen people with 15k cards from chase, citi and BofA (not all together, though possible) with around 50k salary. And it's possible to even be higher than that. Long account and credit history without any derogs will help a lot in that aspect.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 21 of 24
enharu
Super Contributor

Re: Breaking away from low limit cards

+1 to what snack trader said. CL is mostly determined by your credit report, scores and income, rather than the type of card you are trying to get.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 22 of 24
trying_to_B_good
Contributor

Re: Breaking away from low limit cards


@09Lexie wrote:
The recent lates + CA + high util are all concerns for a lender. Once the CA ages off, you'll only be dealing with lates. I'd work on getting those lates deleted
. If you have valid recons, write GW letters. In the meantime, don't app and let your AAOA age.

I agree! my limits are low($500 TRV is the highest), so this greatly affects my util.  The lates are due to my CU adding CPI insurance to my truck loan at one point. which instantly made the acct "look" 30 days behind and DID report that way to my CR. I think I may have a valid arguement there?!?! I have not been "late" since then, nor prior to that. I will try a GW letter. Might as well, what's the harm in trying. Now, to try to find the time to write one(I'm always posting on hereSmiley LOL)!  No apps in my near future(1.5 years min.). I was recently approved for the quicksilver(dont even have the card yet or know my limit) so im done apping. AS ALWAYS ,THANKS LEXIE!!!

 

thanks to all you guys too!!!

AUBURN

Message 23 of 24
dddewdrop
Valued Contributor

Re: Breaking away from low limit cards


@trying_to_B_good wrote:

@09Lexie wrote:
The recent lates + CA + high util are all concerns for a lender. Once the CA ages off, you'll only be dealing with lates. I'd work on getting those lates deleted
. If you have valid recons, write GW letters. In the meantime, don't app and let your AAOA age.

I agree! my limits are low($500 TRV is the highest), so this greatly affects my util.  The lates are due to my CU adding CPI insurance to my truck loan at one point. which instantly made the acct "look" 30 days behind and DID report that way to my CR. I think I may have a valid arguement there?!?! I have not been "late" since then, nor prior to that. I will try a GW letter. Might as well, what's the harm in trying. Now, to try to find the time to write one(I'm always posting on hereSmiley LOL)!  No apps in my near future(1.5 years min.). I was recently approved for the quicksilver(dont even have the card yet or know my limit) so im done apping. AS ALWAYS ,THANKS LEXIE!!!

 

thanks to all you guys too!!!

AUBURN


   I think you have a really valid argument there to get the late removed. You need to get your util percent to like 0 on everything you can. That is what you should focus on imho. You have low limit cards so one strategy people use with those is to max them then pay in full before the statement date. This way it looks like you have plenty of money to pay but need higher limits so your cards will come into line with your spending. Good luck...

Message 24 of 24
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.