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Member
Aoi
Posts: 35
Registered: ‎08-03-2010

Looking for higher credit limit

New poster looking for advice on credit line hunting :smileyhappy:

 

I'm currently carrying 3 CC and 1 Store Card

Costco Amex $5000 6/09 backdated to 5/00

BofA Visa $5000 8/07

Chase Visa Signature $5000 (doesn't report limit) 9/09

Target Store Card $1000 7/08

 

Looking for a card with ~$10k limit, mainly so I can have an easier time maintaining utilization under 9%. I was entertaining an idea of secured card, and putting down 10k of my own savings as collateral, to put my money where my mouth is, so to speak, but I don't know if secured card even go that high.

 

My scores are posted, along with the negatives in my credit  report in another post. Income is on the lower side since I went back to school for my masters, just enough for day-to-day expenses and remain debt-free. I do have some money saved up for emergencies, hence the secured card idea. I would really appreciate the veterans thoughts, ideas, advices on how to achieve this goal, however silly, of mine, and any pitfalls to look out for.

 

Thank you very much for reading!

-------------------------------------
8/2010 TU: 718 EQ: 721
Thank you myFICO forums!
Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007

Re: Looking for higher credit limit

1. I would ask Amex for credit line increase to 15.000. Hit luv button, might work if CLI has not been requested for 6 months, some chance of AA by Amex.

 

2. I would hit BOA's luv button requesting increase to 8000. If "call us" message pops up, do not call. Chance of AA by BOA.

 

3. I would check out local and national CU.

 

4. I personally do not like idea of 10k secured card. You can find better rate of return for your 10k.

IN VINO VERITAS.
Frequent Contributor
eparker
Posts: 268
Registered: ‎03-10-2009

Re: Looking for higher credit limit

You may wanna check with USAA credit Union.  I believe you have to be active military or prior service.  If you have a family member that is either one you may qualify to be a credit union member.  From research on this site I found that credit union and became a member about 3 weeks ago.  I cannot apply for a credit card with them just yet.  My scores are not where I need them to be.  Looking at your scores you should be ok.  I talked to  rep last week, I believe she said a 680 credit score, and they also look at other factors in your report.  I think they pull Equifax.

 

 

I have seen on several posts that they give good credit lines.  Hope this helps.  I'm just waiting to increse my scores. 

 

Good Luck....

Starting Score: Mid 500's
EQ-663 TU-686 EXP-698
Goal Score:750+

NavChek $15,000/NFCU nRewards Visa $12,000/American Express Rewards Gold NPSL/USAA Rewards World Mastercard $7000/USAA Visa Platinum $7000/Barclay $3900/Credit Union Visa $5000/Jareds $7600/BofA Visa $4000/USAA MC $1500/Walmart $1200//Amazon $1000/Discover Card $750/Cap1 $2250.







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Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007

Re: Looking for higher credit limit

USAA IS NOT CREDIT UNION. PARTIAL MEMBERSHIP IS OPEN TO EVERYONE. 

IN VINO VERITAS.
Member
Aoi
Posts: 35
Registered: ‎08-03-2010

Re: Looking for higher credit limit

Thank you wmarat and eparker for the quick replies.

 

Some more pertinent information, last CLI from AMEX was at 12/09, BofA 8/09, both were at 2000 and 2500, respectively, at the time. I was very scared asking AMEX for a CLI 3 months in, but it turned out well in the end. They were actually very nice about it.

I'm leaning towards wmarat's idea of sticking with AMEX and BofA, since I don't know how 10 negatives (most recent 11/04) would look when applying for a new tradeline, to a completely new bank/institution. Would rather not have a new card that has even lower CL than what I have now. I already have that Chase card that I sock-drawered because they don't report the limit.

 

That chance for AA from either AMEX or BofA, however slight, still worries me. Any suggestions for a plan of attack in securing the CLI? As in which button to press first and such. I do all my banking through BofA if relevant at all.

 

Again, thank you all for your inputs.

-------------------------------------
8/2010 TU: 718 EQ: 721
Thank you myFICO forums!
Frequent Contributor
eparker
Posts: 268
Registered: ‎03-10-2009

Re: Looking for higher credit limit

To Aoi, I was mistaken USAA is a Federal Savings Bank.  I did join several weks ago.  Being prior military I applied because I did not qualify for NFCU.  There is some limited membership.  But the credit limits I have been ssing have been very gernerous. 

Starting Score: Mid 500's
EQ-663 TU-686 EXP-698
Goal Score:750+

NavChek $15,000/NFCU nRewards Visa $12,000/American Express Rewards Gold NPSL/USAA Rewards World Mastercard $7000/USAA Visa Platinum $7000/Barclay $3900/Credit Union Visa $5000/Jareds $7600/BofA Visa $4000/USAA MC $1500/Walmart $1200//Amazon $1000/Discover Card $750/Cap1 $2250.







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Regular Contributor
jforsyth
Posts: 164
Registered: ‎05-01-2010

Re: Looking for higher credit limit

 


Aoi wrote:

That chance for AA from either AMEX or BofA, however slight, still worries me. Any suggestions for a plan of attack in securing the CLI? As in which button to press first and such. I do all my banking through BofA if relevant at all.


 

I would NOT recommend hitting the LUV button with BofA. You're playing with fire. Too many people on these boards and others have said that hitting that button only flags your account and triggers potential AA.

 

SOME have actually gotten away with a CLI and no AA, but the majority have either been denied, CLD'd, or closed (yes, BofA has closed accounts after people tried that button).

 

 

Amex is safer. It's been 7+ months since your last request. You'll probably be safe.

 

 

___________________________________

EQ FICO: 740 (09/04/11)
TU FAKO: 756 (06/07/12)
BankAmericard Cash Rewards | Amex Zync | Citi Forward
Regular Contributor
johnson_long
Posts: 163
Registered: ‎08-27-2008

Re: Looking for higher credit limit

Right now it appears the only way to get a large CLI from BofA is to run a lot of money thru the card,, With them,, you either use it (the CL they give), or lose it,,

 

They hacked me from 13-k to 3500 and my wife from 44(old MBNA card) to 7,,

 

 

""" ... since I don't know how 10 negatives (most recent 11/04) would look when applying for a new tradeline, to a completely new bank/institution.  Would rather not have a new card that has even lower CL than what I have now ..."""

 

What kind of negatives are you talking about??

 

From what I've seen,, Most credit card lenders issue new CL's that are about 80% of your existing high limits,,  So getting a CL that's double your CL in this current banking climate may be hard to do.

 

USAA is a bank, you can join (no INQ for joining) as a limited member by starting a savings account and you can app for the USAA MC (don't know if there is a waiting period,, I don't think there is) ,, People have posted USAA does give generous CL but the usual YMMV disclaimer applies,,,

 

Good luck,

Member
Aoi
Posts: 35
Registered: ‎08-03-2010

Re: Looking for higher credit limit

It seems that I'd have to think this over a little more before I risk AA to get it now, or just wait out another year when my negatives start falling off before trying.

 

Thank you for the replies, they're very much appreciated!

-------------------------------------
8/2010 TU: 718 EQ: 721
Thank you myFICO forums!
Regular Contributor
jforsyth
Posts: 164
Registered: ‎05-01-2010

Re: Looking for higher credit limit

 


Aoi wrote:

It seems that I'd have to think this over a little more before I risk AA to get it now, or just wait out another year when my negatives start falling off before trying.

 

Thank you for the replies, they're very much appreciated!


 

If you're a year away from negatives fall off, DEFINITELY wait, especially if you just want this higher CL instead of needing it.

 

Patience is key. Negatives will be gone. The credit climate will (hopefully) be better. No need to jeopardize your current limits now.

___________________________________

EQ FICO: 740 (09/04/11)
TU FAKO: 756 (06/07/12)
BankAmericard Cash Rewards | Amex Zync | Citi Forward

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