How to increase overall CL

[FinStar]

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@longtimelurker wrote:

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@PNut08 wrote:

In my opinion, it is best to get a card from a company that will grow with you over time. I have a bank of america card that I have had for 7 years and it has grown nicely over that time. Chase also grows well over time. I would be more concerned with paying off what you owe, letting your CS shoot up and then app for a card through Chase, Amex, BoA that will grow well with you over time. I would personally rather have one of those cards than a bunch of GECRB backed cards. If you're just looking for a high limit card so that when you apply for a prime card they give you a higher limit, then go with GECRB first, then app for Amex/Chase/BoA once the CL on the GE card shoots up.

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But be aware just how much things can be YMMV (Your mileage may vary).  We've just had a few threads on how for many people Chase didn't grow, and the only way they could get additional Chase credit was applying for a new card.

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+1

[Adiff]

Ok thank you. Also, what time period should I wait in-between applying for CL increases, and new CC's with higher CLs?

[rootpooty]

Also chase doesnt recognize store charge cards.  Ive been told this several times and have also read threads about it.  GE backed cards will grow with you but I dont recommend going and apping for every single one.  If you shop walmart and amazon frequently then those 2 accounts will do you just fine.

Honestly with only 7K available credit its going to very difficult for you to obtain at least 30K in available credit in one year unless your eligible for NFCU.  Are you planning on going on a apps gone wild spree?

[ZeroChance]

I had a very similar experience as you. I had a couple of credit cards in college with about the same limits. I used them to the max because I didn't have other resources. After college and graduate school, I got a high paying position, and I continued to use the same two credit cards while paying the balances down. After a few months, I was able to pay down to $0 and then I started PIF each month. After about a year, I called BofA and AMEX for a credit line increase. I explained that I was a longtime customer (7 years), was finished with school, was working in a steady high paying position, and was looking to increase my spending ability with their cards. My CL went from $3000 BofA and $2800 AMEX to $19,000 and $20,000 respectively. So if your current cards are with prime lenders, you may want to wait a few months or a year and then simply ask for a CLI. I still have both cards and I still use them! It'll be 20 years next year that I've had both cards! Good luck!

ZC

[Revelate]

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@Adiff wrote:

Ok thank you. Also, what time period should I wait in-between applying for CL increases, and new CC's with higher CLs?

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As soon as your revolving debt is reported paid, go open at least an Amex revolver and any of the GE-backed cards which work for you.  50K may not be reasonable in a year but 20K is likely and 50 the following year possible.   I'd then use both of their laudable CLI policies to try to build a tradeline as high as I could, and after the second or third Amex CLI shot go and open a CU card or two, along with Chase or other high tier lender you want a card from.  High limits tend to beget high limits: establish a quality one like an Amex and leverage that into every other lender you want.

If I just wanted limits that's how I'd chase it and how I did, though I skipped aggressively pursuing a limit on the GE card but I'm not chasing quite as compressed time frame as you and Amex worked beautifully for me but this is possibly somewhat due to my income vs. my former limits.  I personally view the GE-backed store card as a backup plan in case Amex doesn't like you for whatever reason.