Credit Cards

[GrgMan9]

Hello everyone, the best site on the net for credit info, even after doing my homework, I'm posting to see what some of the high level guys would do.

I was planning to buy a home, turns out I dont qualify for it since Im a 1099 employee.. will change that next year, but this is my credit report:

788 - Experian/Fair, Isaac (ver.2) date 08/01/2012

750 - Transunion/Fico Classic (04) date 08/01/2012

748 - Equifax/Facta beacon 5.0 date 08/01/2012

Statefarm bank CC since 04/08 CL $2500 - Balance $800 today

Bank of America CC since 10/10 CL $5600 - 0 balance (got a CL on 08/07 from 3k)

JC Penney since 03/11 CL $1800 - 0 balance

Cap1 Since CC since 02/11 CL $750 - 0 balance (wont increase for nothing!!)

These are my hard pulls

BANK OF AMERICA

Requested On:

08/07/2012, 04/23/2012,

09/02/2011

InquiryType:

Individual

CITY 1ST MTG SVCS via PREMIUM CREDIT

Requested On:

08/01/2012

InquiryType:

Individual

Permissible Purpose:

CREDIT TRANSACTION

STATE FARM BANK

Requested On:

04/11/2012, 02/18/2011,

10/12/2010

InquiryType:

Individual

CAPITAL ONE BANK USA NA

Requested On:

02/17/2011

InquiryType:

Individual

I dont know the BoA CLI request would lower my scores, but I should be within still those numbers.. after reading here, the Citi credit cards look like the safest bet, but which you would you guys go for?? or am I dreaming to much thinking  I could get a big CL??

when they'd ask me about income, is 56k and renting of $900

[Creditaddict]

I would look at American Express - If you start anthwere above $8k, you could be at $25k within 62 Days IF they like you even more by the 62 mark... 

Not sure where you spend your money or why you want the above $10k, but Blue Cash Preferred Plus or whatever is great, Delta maybe if you fly alot, Mercedes if you drive one or want to buy/lease one.

Citi for sure

Discover, check pre-approval, they seem little weird either way low or super high with people with really great credit.

Id do Citi, then Discover, then Amex! all 3!

if only 1, amex.

[Odiseous]

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Creditaddict wrote:

I would look at American Express - If you start anthwere above $8k, you could be at $25k within 62 Days IF they like you even more by the 62 mark... 

Not sure where you spend your money or why you want the above $10k, but Blue Cash Preferred Plus or whatever is great, Delta maybe if you fly alot, Mercedes if you drive one or want to buy/lease one.

Citi for sure

Discover, check pre-approval, they seem little weird either way low or super high with people with really great credit.

Id do Citi, then Discover, then Amex! all 3!

if only 1, amex.

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This is not accurate, in my experience. 

While the 3x rule *could* get you this high; you must also take into account your annual gross income. It must be in spec.

In my experrience with AmEx; they will *not* extend you a CL over 25% of your annual gross income, on a *single* card. Devide your Gross income by 4; that's what you can expect as a max CL on a single card.

That being said: I have just under 25% of my annual income as a CL on one of my AmEx cards; while my total AmEx CL (spanning 5 revolvers) is more than half of my annual gross income.

[Crashem]

10k would be a reach for you in your next couple of cards.  Unless you can get into NFCU .  Sorry

[jamie123]

I also would suggest an AMEX revolver. You might not start out with a 10K CL but you could get there in a year or two.

[Smug]

Your scores are a bit better than mine, I have a Barclays Ring10k, BOA SIG 10k, NFCU 14K,and PSECU 10K so it's is possible .

[Revelate]

Welcome to the forums!

I would suggest that before you go running out for various credit cards, I had always heard from mortgage folks that if you're 1099 that you need to provide the last two years of tax returns for income verification rather than simply the last six bank statements if W2.  1099 employes absolutely can qualify for mortgages, my best friend has qualified for two in the last five or so years as a 1099'd contractor.

Looking at your credit history you posted, I'm guessing you applied with BOFA for your mortgage?  I would go talk to a different lender (or multiple) before I did anything in terms of getting new cards... house >>>>>> credit cards, especially when you already have more than enough from a pure FICO perspective.

As for tradeline increasing, I think three ones already mentioned are worthwhile: BOFA CLI, Amex revolver, and possibly a Citi card.  I would also suggest looking at Chase as well, though their CLI policy isn't spectacular, you qualify for just about anything in their portfolio.  In your situation I'd try to two or three step it to 10K, though aggregate limits are pretty immaterial and you're not going to make yourself more gold-plated with increased limits.... the fact is there's very little you can do to continue to improve your current FICO score, so if you're looking for cards, I would suggest first and foremost finding ones that work for your spending profile (rewards and what not), and secondly ones that have aggressive CLI policies.  

That all said, to retiterate, focus on the house: additional credit cards are trivial in comparison in my opinion. 

[CorporalCaptain]

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Odiseous wrote:

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This is not accurate, in my experience. 

While the 3x rule *could* get you this high; you must also take into account your annual gross income. It must be in spec.

In my experrience with AmEx; they will *not* extend you a CL over 25% of your annual gross income, on a *single* card. Devide your Gross income by 4; that's what you can expect as a max CL on a single card.

That being said: I have just under 25% of my annual income as a CL on one of my AmEx cards; while my total AmEx CL (spanning 5 revolvers) is more than half of my annual gross income.

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 That may be the general rule of thumb, but my Starwood card has a limit that's 38% of my gross annual income.

[GrgMan9]

Thanks everyone for the input, I havent still applied for any card waiting to see if someone had a similar experience as mine

A friend went to citibank and with someone processed an application and got a $9k CC credit limit and he is at the 720s score

Maybe apart from the numbers is also a bit of luck

[Crashem]

Continue to be mix up about credit scores.  A high credit score does not mean a high limit.  A 830 credit score with 3 $500 limit cards will probably get 1000 or 1500 limit on their next card.  Your current card limits are a better indicator as to what limit you might receive.  Credit score is better indicator on if you will get approved.