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blackstarhatch
Posts: 51
Registered: ‎07-08-2011
0

Credit Card Options/Strategy

[ Edited ]

After an infuriating call with Barclays about a CLI all my plastic is heading towards the shredder. To fill you in I have 4 cards.

2 with Cap One

CL-500, 750

 Barclays

500

JCP/GE

800

 

All of the limits on these cards are absolutely rediculous. I am 24+ months out from BK 7. No other baddies. I am in the 700's last credit check I had. 60k+ income. I read so many success stories with other forum members in worse standing that myself. Everyone ones reasoning for my CL's is stated to be because they are all on par with each other. This tactic I could understand if I was in the 1500-3000 CL range. But this is a far cry away from that. All cards have excellent standing, no lates, no bal, and always PIF each time I use it. All cards are a year + old except Barclays which I only app'ed for due to the CL's I have read on the board. A tank of gas puts these sad CL's above idea UTL. So I charge netflix and a few other small charges to each card each month to show use.

 

I have been in garden mode for months now because of a mess with a car that had to be bought back from the Dealer due to multiple issues. This same dealer shotgun'ed my INQ's to the tune of 10+ INQ on the loan as they were rate shopping without my knowledge. I have tried to fight this and lost. I was immediately approved by AM Honda. They did this while I was waiting for the car to be delievered from another store of theirs. 

 

So I am at a crossroads. Apping for another card will just yield another sub 1000 useless CL. The only idea I had is my wife has had an old Cap One Platinum with a 2000 range CL. Should I close all of my cards and become an AU for awhile under her card. Then wait for the INQ's to fall off. Or am I missing a trick here. I do not need the Cards. I have them for playing the credit game while we are house shopping. So what should I do?!?!

Established Contributor
SoulMaster
Posts: 993
Registered: ‎11-08-2011
0

Re: Credit Card Options/Strategy

[ Edited ]

Have you tried a "credit builder" product from a credit union?

 

I did a $1000 loan that was secured by a CD... that was funded by the same loan.  After 12mo of paying that back $84 at a time, my CLs are: $1250 C1 Cash Rewards (apped @ 6mo mark), $1000 Discover (apped @ 11mo mark) and $1300 Barclays (apped @ 13mo mark).  Note: "mark" is the date I took out the credit builder loan @ Nevada Federal CU, which is now OneNevada CU.) Also, I got a nice bonus last month when I paid it off... the CD rolled into my savings account.  I friggin' love that little product. 

 

Note: for the 1st 6 mo of that loan, all I had was a crappy Orchard $300 / $59AF, which I just closed yesterday before the AF hit... don't need that POS card anymore.

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Frequent Contributor
Odiseous
Posts: 289
Registered: ‎03-08-2011
0

Re: Credit Card Options/Strategy


blackstarhatch wrote:

After an infuriating call with Barclays about a CLI all my plastic is heading towards the shredder. To fill you in I have 4 cards.

2 with Cap One

CL-500, 750

 Barclays

500

JCP/GE

800

 

All of the limits on these cards are absolutely rediculous. I am 24+ months out from BK 7. No other baddies. I am in the 700's last credit check I had. 60k+ income. I read so many success stories with other forum members in worse standing that myself. Everyone ones reasoning for my CL's is stated to be because they are all on par with each other. This tactic I could understand if I was in the 1500-3000 CL range. But this is a far cry away from that. All cards have excellent standing, no lates, no bal, and always PIF each time I use it. All cards are a year + old except Barclays which I only app'ed for due to the CL's I have read on the board. A tank of gas puts these sad CL's above idea UTL. So I charge netflix and a few other small charges to each card each month to show use.

 

I have been in garden mode for months now because of a mess with a car that had to be bought back from the Dealer due to multiple issues. This same dealer shotgun'ed my INQ's to the tune of 10+ INQ on the loan as they were rate shopping without my knowledge. I have tried to fight this and lost. I was immediately approved by AM Honda. They did this while I was waiting for the car to be delievered from another store of theirs. 

 

So I am at a crossroads. Apping for another card will just yield another sub 1000 useless CL. The only idea I had is my wife has had an old Cap One Platinum with a 2000 range CL. Should I close all of my cards and become an AU for awhile under her card. Then wait for the INQ's to fall off. Or am I missing a trick here. I do not need the Cards. I have them for playing the credit game while we are house shopping. So what should I do?!?!


I wouldn't do anything, until the house shoppping process is complete. 

 

After you have your house; I recommend getting a secured credit card, and put in as much as you can (at least $2k).  Then sit on it for 6 months or a year. 

 

After that, you should be in a better position to negotiate a much larger CLI.

TU98 751, EQ 766, EX 766 (Lender)

If at first you don't succeed; Garden for 6 months, then try again.

Work the system. Don't let the system work you.
New Contributor
blackstarhatch
Posts: 51
Registered: ‎07-08-2011
0

Re: Credit Card Options/Strategy

The house shopping is a long term thing. We are lease option on our current home that builds funds each month into a DP acct. We are on our second home with this company and we are not happy with this one so, come June we are trying another home with them. We were pretty fortunate to land with this management company. 

 

I am just confused and trying to see if there is something I could do to open the doors to better CL's. 

Valued Contributor
rootpooty
Posts: 1,772
Registered: ‎10-28-2011
0

Re: Credit Card Options/Strategy

You are the first person I've seen with a 500 limit on barclays. The limits on your cap one cards don't surprise me. I have no knowledge as far as bk goes with cli so I can't help you there. I would go 2 years with my current accounts then try for a prime lender. I would be very happy if I had your 4 cards im stuck with secured cards for now lol.
NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Credit Card Options/Strategy


blackstarhatch wrote:

After an infuriating call with Barclays about a CLI all my plastic is heading towards the shredder. To fill you in I have 4 cards.

2 with Cap One

CL-500, 750

 Barclays

500

JCP/GE

800

 

All of the limits on these cards are absolutely rediculous. I am 24+ months out from BK 7 That does hurt CLI chances. No other baddies. I am in the 700's last credit check I had. 60k+ income. I read so many success stories with other forum members in worse standing that myself. Everyone ones reasoning for my CL's is stated to be because they are all on par with each other. This tactic I could understand if I was in the 1500-3000 CL range. But this is a far cry away from that. All cards have excellent standing, no lates, no bal, and always PIF each time I use it. All cards are a year + old except Barclays which I only app'ed for due to the CL's I have read on the board. A tank of gas puts these sad CL's above idea UTL. So I charge netflix and a few other small charges to each card each month to show use.

 

I have been in garden mode for months now because of a mess with a car that had to be bought back from the Dealer due to multiple issues. This same dealer shotgun'ed my INQ's to the tune of 10+ INQ on the loan as they were rate shopping without my knowledge. I have tried to fight this and lost. I was immediately approved by AM Honda. They did this while I was waiting for the car to be delievered from another store of theirs. 

 

So I am at a crossroads. Apping for another card will just yield another sub 1000 useless CL. The only idea I had is my wife has had an old Cap One Platinum with a 2000 range CL. Should I close all of my cards and become an AU for awhile under her card. Then wait for the INQ's to fall off. Or am I missing a trick here. I do not need the Cards. I have them for playing the credit game while we are house shopping. So what should I do?!?!


How many INQ's do you have?? Have you gotten denial letters for these CLI attempts??? What were the reasons?




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Frequent Contributor
Odiseous
Posts: 289
Registered: ‎03-08-2011
0

Re: Credit Card Options/Strategy


blackstarhatch wrote:

The house shopping is a long term thing. We are lease option on our current home that builds funds each month into a DP acct. We are on our second home with this company and we are not happy with this one so, come June we are trying another home with them. We were pretty fortunate to land with this management company. 

 

I am just confused and trying to see if there is something I could do to open the doors to better CL's. 


In my experience, noone wants to be the first one to give you a higher limit. 

 

So, that's where secured cards can help (if you have the available funds to invest). Even though the card is secured; you can set the limit by putting up more cash to secure. And that seems to be the important part, when it comes to other creditors reviewing your credit profile. 

TU98 751, EQ 766, EX 766 (Lender)

If at first you don't succeed; Garden for 6 months, then try again.

Work the system. Don't let the system work you.
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Credit Card Options/Strategy


Odiseous wrote:

blackstarhatch wrote:

The house shopping is a long term thing. We are lease option on our current home that builds funds each month into a DP acct. We are on our second home with this company and we are not happy with this one so, come June we are trying another home with them. We were pretty fortunate to land with this management company. 

 

I am just confused and trying to see if there is something I could do to open the doors to better CL's. 


In my experience, noone wants to be the first one to give you a higher limit. 

 

So, that's where secured cards can help (if you have the available funds to invest). Even though the card is secured; you can set the limit by putting up more cash to secure. And that seems to be the important part, when it comes to other creditors reviewing your credit profile. 


+1




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
rootpooty
Posts: 1,772
Registered: ‎10-28-2011
0

Re: Credit Card Options/Strategy

What if the card reports as secured? Im sure a creditor wouldn't feel obligated to match the cl knowing the amount is secured
NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Community Leader
Senior Contributor
StartingOver10
Posts: 4,566
Registered: ‎03-06-2010
0

Re: Credit Card Options/Strategy

[ Edited ]

I'm in your exact spot except that my BK 7 discharge was Jan '09, so that was 3 yrs ago.

I fell into that same trap of getting the wrong cards to start...because I didn't know better. My cards are the infamous First Premier $800; Credit One $700; Cap 1 is $750 (Credit Steps); Best Buy $800; Barclay's $1000...and then Jared's for $10,000 and an auto loan from 12 months ago started at $24k at 7.14%. The Jared's account has had two CLI's from a start of $5100 so you might try there to get a larger line.

 

I am paying attention to the above posters about the CU loan product for $1k or $2k.

My plan is to close in the next 3 months the First Premier, the Credit One and either the Cap 1 or the Best Buy. I think if I close the subprime cards that the Barclay's will grow and I will be able to get a prime card.  I think that having the subprime cards kills us for any decent lines or credit with anyone else. JMO.

 

I was denied for a Discover More - but they said apply again in March after the Barclay's is 6 months reporting. So it seems to me that the others are right about them only giving lines in proportion to what you already have :smileysad:

 

 


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