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Regular Contributor
Posts: 237
Registered: ‎07-13-2012
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Do Low Limit Cards Hold You Back?

I've started to collect some cards with higher limits. Not $5-$10k but I'm working towards that. A few months ago my limits were only in the $300-$750 range. Now I have a couple that are $2-3k. While doing a recon with Barclay, they noted that they would be one of my highest limit cards. It seems like credit card companies review what other companies give you so I'm wondering if my $300 secured card is going to hold me back?

EX 638 (Lender 9/1) TA 650(Walmart 9/1) EQ 655 (FICO - 9/17)
Goal - 700 Club in '13!!!

My Wallet - Cap 1 - $300. Cap 1 - $750. Orchard - $950.
New as of 8/29 - Target - $3000. Barclay's - $2000. Merrick - $1000. Walmart $600. And as of 9/22 - JCP $200.
Contributor
Posts: 150
Registered: ‎08-24-2012
0

Re: Do Low Limit Cards Hold You Back?

No, probably not. If newer cards have higher limits, lenders will see those as what people are willing to lend you. Plus those lower cards can add to utilization. (Not 100% sure if secure cards count towards over all utilization)

 

But I doubt they'll negatively affect you. 

My ultimate credit wish,
a JP Morgan Palladium card
Regular Contributor
Posts: 440
Registered: ‎02-08-2012
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Re: Do Low Limit Cards Hold You Back?


pozativelyliving wrote:

I've started to collect some cards with higher limits. Not $5-$10k but I'm working towards that. A few months ago my limits were only in the $300-$750 range. Now I have a couple that are $2-3k. While doing a recon with Barclay, they noted that they would be one of my highest limit cards. It seems like credit card companies review what other companies give you so I'm wondering if my $300 secured card is going to hold me back?


Before, when i have done a recon one of the reasons the CA denied me was because i had small limit card... The fact that i had small limits meant that other Creditors werent willing to bet on me so the company i did a recon with didnt take a chance either.. Kinda sucked but the best you can do is keep trying to get those limits up!

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit :smileyhappy:
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
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Re: Do Low Limit Cards Hold You Back?

my father had no credit card whatsoever but when he first apply for it they give him 1700 limit first start.

He does had 1 car loan paid off and one current student loan...


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Regular Contributor
Posts: 208
Registered: ‎08-16-2012
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Re: Do Low Limit Cards Hold You Back?

ive also been wondering about this.  I only have 3 cards right now.   just started to rebuild after getting rid of  baddies.

 

cap one $500

walamrt $300

chase freedom $500

the capitol one card is only going to grow once to $750 and has a $19AF  and 24.99% intrest.  I wasent sure if I wanted to drop cap one all together or just leave them on there. Im also using these cards to improve my wifes score as well her score is low 500's  but by the time I get done paying off the baddies on her report she will have 4 student loans and those three cards for aprox 1 year or 2 with on time payments hoping it will raise her score alott b/c she has like 10 accts in collections and a 3k judgement.  am i assuming right  that with the baddies gone and those reporting she should see a really big jump in her score


Starting Score: TU 583, EX 683, EQ 653
Current Score: 10/12/14 TU 743 9/24/2014 EQ FICO 751,12/17/2014 EXPERIAN 772
Goal Score: 750

WALLET: CAP ONE UNSEC $2000, WALMART $3800, CITI SIMPLICITY $3600, DISCOVER IT $2000, BBRZ $2200, AMEX BCE $24,500, CHASE FREEDOM 10,500 KAWASAKI GOOD TIMES CARD $31,500
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