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Low limit prime vs. GERCB

Established Member

Low limit prime vs. GERCB

I recently applied for and was approved for a Chase Freedom card, but only with a limit of $500. Should I have, or should I still, try to get a Walmart card to see if I can get approved for a higher limit card? One of the negatives on my report says "Credit Cards with limits under $2000. I was also approved for an AMEX Zync NPSL recently. I was looking to retire my old low limit Capital One card, but with only a $500 on my Chase that Capital One card might be around for a little bit longer.


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Current Score: 668
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Message 1 of 6
5 REPLIES
Mega Contributor

Re: Low limit prime vs. GERCB

That's FAKO advice about low limits. The best thing you can do is gain positive history with Chase and your other creditors and app for cards only if you really need them, not want them.



EQ FICO 548 3/3/16
Message 2 of 6
Valued Contributor

Re: Low limit prime vs. GERCB

if its really recent id call the recon line and ask for a cli 

and say something like i want to put all my transactions through this card

 

did you consider that you will still get a low limit? 

im not being pessimistic but you know. 

walmart will grow with you. 

 

im not sure how chase does cli but i heard it was always hard pull(unless reconing in the beginning)  which is a bummer since i also have a 500 limit

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
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Amex Zync(Unicorn)
Chase Freedom$1500
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Message 3 of 6
Senior Contributor

Re: Low limit prime vs. GERCB


Calbuc wrote:

I recently applied for and was approved for a Chase Freedom card, but only with a limit of $500. Should I have, or should I still, try to get a Walmart card to see if I can get approved for a higher limit card? One of the negatives on my report says "Credit Cards with limits under $2000. I was also approved for an AMEX Zync NPSL recently. I was looking to retire my old low limit Capital One card, but with only a $500 on my Chase that Capital One card might be around for a little bit longer.


How long have you had your Cap One? Do you have any baddies on your CR? There is some reason why Chase only gave you $500 besides the fact that your Cap One has a low limit.

 

The first thing I'd do is work on whatever changes you need to make to improve your CR. If everything on your CR is fine, then I would garden your Cap One and Chase. I wouldn't get anything else right now. Then take a look at your FICO in 6 months, and you should be much better off to get a higher CL CC and/or CLI Chase.

 

 

 

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 4 of 6
Established Member

Re: Low limit prime vs. GERCB

I have two satisfied judgments from 2006 and 2007. And five 30 days late on student loans from  2006 - 2008. Not my most responsible years. Last 4+ years have been spotless though. I've had my Capital One card for two years.


Starting Score: 651
Current Score: 668
Goal Score: 701


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Message 5 of 6
Valued Contributor

Re: Low limit prime vs. GERCB


Calbuc wrote:

I recently applied for and was approved for a Chase Freedom card, but only with a limit of $500. Should I have, or should I still, try to get a Walmart card to see if I can get approved for a higher limit card? One of the negatives on my report says "Credit Cards with limits under $2000. I was also approved for an AMEX Zync NPSL recently. I was looking to retire my old low limit Capital One card, but with only a $500 on my Chase that Capital One card might be around for a little bit longer.


If you apply for a Walmart card don't expect a high limit, its okay GE is reallly friendly wih CLI's usually every 4 months, you may get a small one at first but then you may get a larger one. In 9 months I went from a $900 starting limit to $1700 it just takes time, usage and payments. 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
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