How to increase amount for initial approval?

[RW771]

Hi everyone,

I know that when applying for new cards, most CCC's will usually match your highest CL. How can you get them to give you a higher limit? Is that where you call them back and try to ask if they'll increase your limit or do you ask them on the spot when they tell you what you qualify for? This would be my first prime card in over 10 yrs and my highest CL is a dept. store card. I know you can wait 6 mos. or so and try for a CLI but can you get them to negotiate with you from the time of approval? Thanks!

[daveg38]

Be sort of careful about assuming most CCC's will match you highest line when approved - most of the decision on how much you get falls on your stated income and usage of current cards.  Overall DTI also plays a role in your initial CL.

[Anonymous]

"I know that when applying for new cards, most CCC's will usually match your highest CL"

That has not been true in my experiences with Capital One, Amex, or Chase, not even close.

[RW771]

I guess I shouldn't have assumed that's how it worked! I was approved for 2 store cards in December both about 3K and am getting ready to apply for a prime card and thought they might try to give me around the same amount. My util is still fairly low (roughly 18% between all 5 cards) and just trying to play the guessing game as to what I could get approved for and which companies tend to give higher CL's.

[Anonymous]

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@RW771 wrote:

I guess I shouldn't have assumed that's how it worked! I was approved for 2 store cards in December both about 3K and am getting ready to apply for a prime card and thought they might try to give me around the same amount. My util is still fairly low (roughly 18% between all 5 cards) and just trying to play the guessing game as to what I could get approved for and which companies tend to give higher CL's.

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American Express has been the most generous towards me with spending power.  They gave me over $10,000 on the Gold while my only other two cards were CapOne's at $750.  Then they gave me a Blue at $6,000 while my second highest hard limit was $2,500 from Chase.  They credit limit you're given will depend most on your credit score, the lender, and your income to outstanding debt.

[RW771]

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@Anonymous wrote:

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@RW771 wrote:

I guess I shouldn't have assumed that's how it worked! I was approved for 2 store cards in December both about 3K and am getting ready to apply for a prime card and thought they might try to give me around the same amount. My util is still fairly low (roughly 18% between all 5 cards) and just trying to play the guessing game as to what I could get approved for and which companies tend to give higher CL's.

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American Express has been the most generous towards me with spending power.  They gave me over $10,000 on the Gold while my only other two cards were CapOne's at $750.  Then they gave me a Blue at $6,000 while my second highest hard limit was $2,500 from Chase.  They credit limit you're given will depend most on your credit score, the lender, and your income to outstanding debt.

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I want to apply with Amex but I am scared of them! lol...I'm hoping to get approved for 5-7K and would be using almost the whole amount this summer and then will pay it off by the first of the year next year. I hear Amex doesn't like it if you carry high balances and is one of those cards you should pay the balance down on each month. Not sure if there are any penalties or fees involved, but this is just what I've gathered from reading a little about them on here. I would love to get a nice CL to start off with them, I just don't know that my credit profile is good enough and don't want to use an inquiry just to be given 1 or 2K. My income is just under $44K, my util is 18%, and the only baddies left on my credit are 2 CO's (paid from 2007) and 2 collections (also paid from 2007). My TU (Fico) is just under 700, but my EQ (which everyone around here pulls) is a sad 654. I just worry my score(s) are not good enough, along with my moderate credit to get even the 5-7K I'm really hoping for.

[Anonymous]

In that case, Amex would probably be a bad choice.  You'll want to look for something that is not too hard to get and has a 0% introductory period, so you'll probably have to forget about rewards.  Chase Slate comes to mind, but they do give that out with low limits sometimes.  You may have to consider multiple cards to get the amount of credit you are looking for.

[RW771]

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@Anonymous wrote:

In that case, Amex would probably be a bad choice.  You'll want to look for something that is not too hard to get and has a 0% introductory period, so you'll probably have to forget about rewards.  Chase Slate comes to mind, but they do give that out with low limits sometimes.  You may have to consider multiple cards to get the amount of credit you are looking for.

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That's probably what I'll end up having to do. I spoke with one of the CU's I'm a member of here and it looks like they might be my best bet to begin with ( to apply for their platinum Mastercard). After applying with them, if I don't get approved or need a little more, I'll apply for a prime card. I opted out before buying my house and just opted back in a few weeks ago, but still haven't received any type of offers at all. Even when my credit was a lot worse than it is now, I still received quite a bit offers.

Thanks for the suggestion on the Chase Slate. Do they generally tend to give pretty decent beginning CL's? I'm not worried about cash back or rewards, so this isn't particularly important to me. I have had a card with Chase through my employer (started with Chase and is now JPM) and it's even in my name. It is in no way tied to me personally, just through the company. Think this would help when applying with them?

Thanks again!

[Anonymous]

A credit union is probably your the best place to start.  Chase does give out the Slate card with low limits, like $500, so you wouldn't necessarily get a good start.  I'm not sure if Chase would put much, or any, weight in the company card, your personal history will be much more important.