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Established Member
09REX
Posts: 29
Registered: ‎02-19-2013
0

How to get from under low limit cards

So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).

 

But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.

 

BoA Secured - $300 - opened 06/2008 - $185 balance

Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance

Barclay's - $250 - opened 07/2008 - $0 balance

Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.

Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385  Balance

Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance

Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor

 

The only high limit card is:

NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance

 

So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.

 

Any suggestions?

 

 

 

 

 

Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: How to get from under low limit cards


09REX wrote:

So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).

 

But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.

 

BoA Secured - $300 - opened 06/2008 - $185 balance

Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance

Barclay's - $250 - opened 07/2008 - $0 balance

Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.

Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385  Balance

Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance

Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor

 

The only high limit card is:

NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance

 

So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.

 

Any suggestions?

 

 

 

 

 


Welcome to the forums!!!

 

I would shut some of them accounts down and PIF the NFCU card and I can almost guarantee you banks will grant you high limits!!




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
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Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: How to get from under low limit cards


09REX wrote:

So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).

 

But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.

 

BoA Secured - $300 - opened 06/2008 - $185 balance

Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance

Barclay's - $250 - opened 07/2008 - $0 balance

Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.

Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385  Balance

Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance

Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor

 

The only high limit card is:

NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance

 

So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.

 

Any suggestions?

 

 

 

 

 


I disagree.   Your balances are hurting you utilization.   It is very difficult to get CLI when you have such high utilizaiton.   Or new cards for that matter.

 

 

 

 

Established Contributor
zerobacan
Posts: 726
Registered: ‎01-13-2013
0

Re: How to get from under low limit cards


09REX wrote:

So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).

 

But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.

 

BoA Secured - $300 - opened 06/2008 - $185 balance

Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance

Barclay's - $250 - opened 07/2008 - $0 balance

Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.

Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385  Balance

Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance

Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor

 

The only high limit card is:

NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance

 

So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.

 

Any suggestions?

 

 

 



 

 

I would say the very high use of your CL is hurting your utlization buddy.

 

You need to show the banks you can manage your credit before they give you a bigger CL. one way to show them that, is have a lower utilization

 

like me you have toy cc limits, which look very bad compared to a lot of people here but, utilization is a % of what YOU have. so you need to first lower those balances before getting any further

 

 

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Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: How to get from under low limit cards

What you are going to have to do is go into gardening. You need to get your utilization down big time first. Once you have zero balances on all your cards except 1 card at 9%, you will need to app for better cards. Before you app, you can call up each company and ask for a CLI. Don't do it if it is a hard pull...only soft pulls as you want to save your inquiries. Mark all the cards that refused a soft pull CLI and label them as potential cards to close. Try apping for a Chase Freedom and Discover card. Replace the bad cards with the new cards by closing them out. But first you need to lower your utilization and let any inquiries that you have fall off.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Established Contributor
eviLution
Posts: 706
Registered: ‎06-11-2012
0

Re: How to get from under low limit cards


Wolf3 wrote:

09REX wrote:

So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).

 

But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.

 

BoA Secured - $300 - opened 06/2008 - $185 balance

Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance

Barclay's - $250 - opened 07/2008 - $0 balance

Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.

Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385  Balance

Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance

Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor

 

The only high limit card is:

NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance

 

So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.

 

Any suggestions?

 

 

 

 

 


I disagree.   Your balances are hurting you utilization.   It is very difficult to get CLI when you have such high utilizaiton.   Or new cards for that matter.

 

 

 

 


+1

 

Best way to get CLI is to let only 1 card report 1-9% utilization and you're almost maxed out on almost all your cards.


Current Score: DCU EQ 714 - EX+ 746 - WM TU 746
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in the garden since 1/24/14 - #GARDENSTRONG
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: How to get from under low limit cards


LS2982 wrote:

09REX wrote:

So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).

 

But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.

 

BoA Secured - $300 - opened 06/2008 - $185 balance

Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance

Barclay's - $250 - opened 07/2008 - $0 balance

Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.

Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385  Balance

Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance

Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor

 

The only high limit card is:

NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance

 

So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.

 

Any suggestions?

 

 

 

 

 


Welcome to the forums!!!

 

I would shut some of them accounts down and PIF the NFCU card and I can almost guarantee you banks will grant you high limits!!


I thinkt the OP spent the $10K on wedding.   I would close the card with the $59 AF first.    I would keep the BofA, eventually it should unsecure.

Established Member
09REX
Posts: 29
Registered: ‎02-19-2013
0

Re: How to get from under low limit cards

Yes, I agree that my high balances are hurting my utilization, but I have been paying off the lower limit cards and working towards paying off the higher limit cards. I do not max the cards out, yes they might get near max, buI keep the bill on a leash.

 

Is the old Hooters card (Merick card) that bad of a card?

 

If I remember correctly I can ask BoA to swap the secured card to a real card? But should I bump up the secured limit before I do that?

Established Member
09REX
Posts: 29
Registered: ‎02-19-2013
0

Re: How to get from under low limit cards

I think I asked before for CLIs from some of them and when they said hard, I said no.

 

Though.. Sterling (Kay) hit me with an Inq when I bought something that was not on thier credit card, then they increased my limit.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
0

Re: How to get from under low limit cards

You have maxed out cards. Your Cap1 card has 92% UTL and your NFCU card has 95% UTL. What you need to understand is having a UTL over 90% is deemed MAXED OUT by lenders. So yes, you have maxed out a few of your cards.
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