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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?
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.
@Anonymous 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!
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...
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