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lhova2000
Posts: 54
Registered: ‎06-12-2009
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I need help, I can't win :(

I've been using this site religiously for the last year and I'm proud to say that I raised my credit score from 550 to 775 across the board. I thought I was doing the right thing and that I would be able to be in a position to actually get decent credit but my **bleep** Cap1 card is holding me down. I got it when my credit was horrible and it was a secured card with a $200 limit. I've had it for 7 years, never been late and its not even secured anymore but my limit has stalled at $500.  I use to keep a 80% util on it just to keep the payment history up and I figured that they would raise it (since they won't give me the option of asking for a CLI) but they still haven't :smileysad: Now I go to apply for an Amex blue cash and a Chase Freedom and both initially declined me base on the low balance with Cap1. They don't care that I paid off a car, no negs, pay as agreed on SL and excellent credit scores.. I called the back office of Chase and got a reconsideration approval for $500 based on the Cap1 :smileysad: I just don't know what to do, whats the point of excellent scores if you can't get anything with it.. Any suggestion would be greatly appreciated..
EQ 782
TU 782
EX 785
Regular Contributor
itsjustmeibe
Posts: 204
Registered: ‎02-19-2008
0

Re: I need help, I can't win :(

I suggest you research a credit union that you may qualify to join, and apply for a credit card through them.
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008
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Re: I need help, I can't win :(


lhova2000 wrote:
I've been using this site religiously for the last year and I'm proud to say that I raised my credit score from 550 to 775 across the board.

 

Congrats!  What are your EQ and TU scores from myfico?

 

I thought I was doing the right thing and that I would be able to be in a position to actually get decent credit but my **bleep** Cap1 card is holding me down. I got it when my credit was horrible and it was a secured card with a $200 limit. I've had it for 7 years, never been late and its not even secured anymore but my limit has stalled at $500.  I use to keep a 80% util on it just to keep the payment history up and I figured that they would raise it (since they won't give me the option of asking for a CLI) but they still haven't :smileysad: Now I

 

What's your current utilization on this card?

 

go to apply for an Amex blue cash and a Chase Freedom and both initially declined me base on the low balance --Are you meaning low credit limit?  --

 with Cap1. They don't care that I paid off a car, no negs, pay as agreed on SL and excellent credit scores.. I called the back office of Chase and got a reconsideration approval for $500 based on the Cap1 :smileysad: I just don't know what to do, whats the point of excellent scores if you can't get anything with it.. Any suggestion would be greatly appreciated..


Hi lhova - sounds like you've been working hard.  Would you be willing to fill us in on some of the above info? 

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Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
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Re: I need help, I can't win :(

Ack. It sounds like you got saddled with one of the Cap1 dead/end rebuilders that will never be eligible for an increase. I had one of those. I dumped it when it outlived its usefullness.

 

It is difficult when a "low limit" on one product is preventing you form obtaining the credit products that you really want. Sometimes, some lenders want to see that you can demonstrate responsible use on a card w/o training wheels. Problem is getting someone to be the first. I agree with itsjustmeibe-- go credit union. Another alternative is to get a secured card.

 

Nice scores btw! That's an amazing rise. Are your reports clean? As beamMEup suggested, if you can give us more detail, we might be able to make more specific suggestions.

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Cotton_Britches
Posts: 259
Registered: ‎06-11-2008
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Re: I need help, I can't win :(

A major credit card company reaches its decision on your new credit line based on what credit lines you've had previously?

 

That doesn't sound correct, unless I'm misunderstanding something here.

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Senior Contributor
BungalowMo
Posts: 4,236
Registered: ‎05-01-2008
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Re: I need help, I can't win :(


missypants wrote:

A major credit card company reaches its decision on your new credit line based on what credit lines you've had previously?

 

That doesn't sound correct, unless I'm misunderstanding something here.


Often times...yes.  I had 1 rebuilder with something like a $500 limit on it, and one day I was balancingmy checkbook & on my bank site they were always advertising to app for their visa.  My scores were low to mid 600's & I figured...why not, so I apped.  I checked my reports about 5 days later & BANG!  New, shiny 7k card!!! 

 

Do you have a bank you deal with for all your bills?  Who are they??  I've been with this one for years, but it was also thru several name changes/buy outs.  Wachovia had only owned them & knew me for maybe 4 or 5 years.

 

Just another option....



Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: I need help, I can't win :(


missypants wrote:

A major credit card company reaches its decision on your new credit line based on what credit lines you've had previously?

 

That doesn't sound correct, unless I'm misunderstanding something here.


 

Absolutely.  CL's are often going to be the result of previous TL's history, including payments, existing CL's, etc.  It is important to remember that FICO is a risk prediction model.  That risk is associated to the CL's you have or have had.  A CL granted substantially above past/current CL's would not be accurately covered by FICO.

 

Therefore, history of CL's and payments is important.  As is income, housing (own or rent), mix of credit types, etc.

 

There are many cards that you cannot qualify for unless you all ready have an existing account with a high CL and/or have held the account for a minimum time period.  For example, CapOne prime high CL cards require that you all ready have at least 1 card with more than $10k CL and have had cc accounts more than 5 years.  So if you are building/rebuilding and your oldest account and AAoA are young, and your highest CL is a builder card....you are not going to qualify for many prime cards at any CL....and those who do approve will probably not grant a CL substantially higher than existing CL's.

 

There are exceptions to this, especially with the likes of NFCU and some other CU's and CU like banks. 

 

IME, it was NFCU that put me into the big leagues when they granted me a $25k CL.  Soon after that I received several other approvals at $20k+ through PSECU & USAA, and higher than normal CL's on CareCredit (now almost $15k).

 

IMO IME  :smileyhappy:

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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Kiwill
Posts: 328
Registered: ‎09-01-2009
0

Re: I need help, I can't win :(

This is good stuff!!  My 3 largest cc balances are:

 

$9500

$5300

$2200

 

They are all store cards, will this matter in being offered high CL's by prime cards?  I'm sure if I asked for another cli later this year, they would approve and this would put me over the $10,000 limit mark. 

 


Starting Score: EQ 729, TU 752, EX ? (1/1/2011)
Current Score: EQ 696, TU 718, EX 686 - PSECU (5/17/2011)
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Senior Contributor
BungalowMo
Posts: 4,236
Registered: ‎05-01-2008
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Re: I need help, I can't win :(


Kiwill wrote:

This is good stuff!!  My 3 largest cc balances are:

 

$9500

$5300

$2200

 

They are all store cards, will this matter in being offered high CL's by prime cards?  I'm sure if I asked for another cli later this year, they would approve and this would put me over the $10,000 limit mark. 

 


I think you mean that your 3 largest limits are.......  :smileytongue:

 

According to the #'s you show, you're already at 17k

 

If you do, in fact have those limits, & no recent baddies (5+ years give or take) you should be approved for a prime card.  What are your FICO's??



Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: I need help, I can't win :(

Just for clarification, in case it wasn't understood, the CapOne and other prime cards I was referring to required a single account with more than $10k CL....not combined CL's.

 

This is not to say you cannot get a card with a prime lender....I was just referring to certain prime cards that want to see a history of high CL card(s).

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549

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