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@afbar1114 wrote:I am frustrated because all my cards have low limits. I would like higher limits but I guess I need to wait for at least six months in order to get either a CLI or a new card ie freedom…. Or something else like discover… but I hate waiting. My FICO scores are EX: 671 EQ: 657 TU: 643. I guess I have good scores maybe a little low because of higher UTL but still confused because scores went up since bal’s posted on the cards that reported $0 last month and one went from $0 to $357 and score didn’t move… my UTL last month was around 20% this month its around 30%. O I guess try to get it down and then ask for a CLI on 123 card and then get a freedom or discover… is that my best move? But I am going to try to wait until 3/13 to app for new cards if I can.
I understand that you hate waiting, but the fact is that building credit takes time. It doesn't happen overnight. You've got some good cards between the Slate, BoA and Zync. If you keep racking up inqs and slashing your AAoA, you're likely to either face rejections or be approved for another small limit card. The very best thing that you can do for yourself is to use your current set of cards wisely and sit back and let them grow.
One definition of insanity is doing the same thing over and over again and expecting different results. This applies to the vicious circle many find themselves in with application after application, and either getting rejected outright or getting stuck with another small limit card that they'll likely not want or ever use, all the while damaging their credit scores for quite some time to come. Frankly, it's a pointless exercise, and does more harm than good. There is NO substitute for history - We MUST meet the lenders criteria for demonstrating good credit habits, which primarily consists of time managing various types of credit and good payment history.
So, Appbar, I suggest you try to put this in its proper perspective, and learn from the experience of others because it applies to you as well. I understand that the (probable majority) of people disregard a more cautious approach and need to learn for themselves instead of heeding the advice of others, but I hope you'll take a serious look at how you are approaching credit and listen to what people are telling you. Remember, your credit files and history follow you for a lifetime. Build it slowly and cautiously and you'll begin to see the results in due time. Probably sooner than you think!
LOL @ android01 trying to use logic!
If I were you, I'd build my relationship with Amex, BofA, and Chase.
Use your cards, pay, and rinse and repeat. In about a year, I think Chase or BofA will give you CLIs. After 8 or 10 months minimum, you can try for an Amex revolver.
As to the rest of your cards, I'd plan on when to purge them.
Give it time. I have been where you are and many of my cards had the same limits for years. Patience.
In my view, patience along with having the right cards matters more than just patience per se.
No amount of patience is going to matter if all you have are subprime cards, such CapOnes, BBRZs, and some store cards. 10 years from now, those cards will still have the low limits they do today.
point taken
@Open123 wrote:In my view, patience along with having the right cards matters more than just patience per se.
No amount of patience is going to matter if all you have are subprime cards, such CapOnes, BBRZs, and some store cards. 10 years from now, those cards will still have the low limits they do today.
Some of the reasons people end up stuck with low limit cards is too many apps and short history.
"Prime" cards are cool but really may not reflect one's actual financial management.
I just feel true rebuilding takes time. What's the point of 20 (I'll say Amex) cards if your poop isn't together?