New to forum-few questions

s_rob7488 · ‎03-25-2012

Hello, had some general questions.

Background: Currently have a 728 Equifax score through freecreditscore.com and have credit cards with Wells Fargo(4k) Union Bank (1k) Discover ($500).
I am wanting to increase my limit or get a new card simply so I can have more credit available. I was pre approved for an offer through Capital One Venture (gold one) but was wondering if I was approved would I have a decent limit? Or I have heard that if I were to apply with one of the companies that I have a card with already that I could potentially have a higher limit on the 2nd card.

Just looking for suggestions. Thanks.

pakman92 · ‎03-25-2012

@s_rob7488 wrote:
Hello, had some general questions.

Background: Currently have a 728 Equifax score through freecreditscore.com and have credit cards with Wells Fargo(4k) Union Bank (1k) Discover ($500).
I am wanting to increase my limit or get a new card simply so I can have more credit available. I was pre approved for an offer through Capital One Venture (gold one) but was wondering if I was approved would I have a decent limit? Or I have heard that if I were to apply with one of the companies that I have a card with already that I could potentially have a higher limit on the 2nd card.

Just looking for suggestions. Thanks.

Hello, welcome to the forum!

One thing that I would like to point out first is that the score from freecreditscore.com is not a real FICO score but what's known as FAKO. FICO score is what vast majority of creditors look at in making decisions. I assume that Captital One is no exception.

If you mean by Capital One Venture Reward card (that is the Gold/Yellow of the two venture cards), I believe this is one of the better cards Capital One offers and is considered a prime card offer to people with good/excellent credit. So, congratulations on getting a pre-approved.

With regards to the credit limit, I can only speak from personal experience. Capital One has been on the lower end for me in terms of initial CL and I have never been able to get an increase last 5 years since I got a card.

My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)

bichonmom · ‎03-25-2012

@s_rob7488 wrote:
Hello, had some general questions.

Background: Currently have a 728 Equifax score through freecreditscore.com and have credit cards with Wells Fargo(4k) Union Bank (1k) Discover ($500).
I am wanting to increase my limit or get a new card simply so I can have more credit available. I was pre approved for an offer through Capital One Venture (gold one) but was wondering if I was approved would I have a decent limit? Or I have heard that if I were to apply with one of the companies that I have a card with already that I could potentially have a higher limit on the 2nd card.

Just looking for suggestions. Thanks.

Welcome to the forum!

As the previous poster said, the scores you got were FAKO and not a true FICO score. True FICO scores are only available a couple of places: Here on myFICO for EQ and TU. EQ also sells FICO, but you have to check the product for FICO and *not* just the word "score." ScoreWatch, ScorePower and EQ Credit Watch Gold with 3-in-1 Monitoring are the only EQ products that I believe are true FICOs. TU FICO is also available free each month if you have a Walmart CC. Unfortunately there is no correlation between FAKOs and FICOs.

How long have you had your CCs? After 6 mos., most CCs will consider you for a CLI, but some will want to do a HP. I believe Wells does a HP. I'm not sure about UB or Discover. The pulls aren't a big deal unless you're rebuilding and want to keep your inq to a minimum because you plan on adding several CCs.

Pre-approvals don't really mean anything. It means you have met some minimum marketing criteria provided by the credit bureaus. Cap One Venture is a difficult card to get from everything I've read here. I'd say you need to have a FICO in the high 700s (like over 750), and a clean history.

Also, you mention that you want to have more credit avail. Is that just to have it there, or are your balances high? If you are carrying balances on your cards, that's also going to make getting new CCs more difficult and is impacting your score. My score has dropped 20+ points from a $1200 balance reporting on a $2k limit card. Also, one thing to note is that FICO doesn't distinguish between letting a balance report and then PIF by the due date, and carrying a balance month to month and making payments. It sees the balance in proportion to your CL and affects your FICO accordingly. One way to boost your score is to PIF BEFORE the statement reports, so that it will report a zero balance.

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!

Anonymous · ‎03-25-2012

Thanks to both of you for the reply. I did pull my equifax from score watcher and it is at 735. I have a balance right now on my WF card but that will be paid in full at the end of the week. Otherwise I will have no balance on any card. I have had the Disc and UBT cards since 2008 but have never been able to get a higher limit on either. I like discover, would I be approved with a higher limit on a new card?

bichonmom · ‎03-25-2012

@Anonymous wrote:
Thanks to both of you for the reply. I did pull my equifax from score watcher and it is at 735. I have a balance right now on my WF card but that will be paid in full at the end of the week. Otherwise I will have no balance on any card. I have had the Disc and UBT cards since 2008 but have never been able to get a higher limit on either. I like discover, would I be approved with a higher limit on a new card?

I'd pay your WF CC and then check your FICO a few days after. If you have SW, then you should receive an alert letting you know the pmt reported and your score changed. You should see a good jump.

After you know that the payment is reporting on all 3 CRBs (it takes EQ and TU a few days longer than EX), that would be a good time to app for a CC. Your FICO is good, your util will be low. As long as you have no baddies on your CR, you should be able to get a good CC. Which one, really depends on what you're looking for -- rewards, cash back, low interest, etc. Do you want a travel card? You'll get lots of great suggestions here for cards you would qualify for. You could try for Cap One Venture. I do know from reading posts here that the Cap One Venture card is really hard to get, but you may qualify once your CC pmt reports.

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!

SwiftTone · ‎03-25-2012

That card has a starting limit of $5000 thus quite hard to get. Usually you need to have a card with a similar credit limit to qualify for that one

AMEX: $25,000, CSR: $10,000, Chase Priority Club: $1,500, Freedom: $5000, Freedom Unlimited: $1000, Discover: $21,000, BoA $11,000, WF Cash Wise: $5000

EQ FICO - 753
TU FICO - 755
EX FICO(AMEX) - 766

Anonymous · ‎03-25-2012

I will pay it ASAP so I can see the increase on the score watcher. If I pay Friday will it change over the weekend? Was about to app for the chase sapphire preferred card. Saw most people with the same EQ score got ave 5k limits. My fiancé has the Capital One Venture Gold card but we don't travel more than once or twice a year so it wouldn't really help me too much.

bichonmom · ‎03-25-2012

@Anonymous wrote:
I will pay it ASAP so I can see the increase on the score watcher. If I pay Friday will it change over the weekend? Was about to app for the chase sapphire preferred card. Saw most people with the same EQ score got ave 5k limits. My fiancé has the Capital One Venture Gold card but we don't travel more than once or twice a year so it wouldn't really help me too much.

I usually see EX updating 2 days later, and EQ and TU a 2 or 3 days after that. If you pay Friday, I'd say sometime between the following Weds and Friday, in all likelihood. Could be sooner, but you never can tell.

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!

SwiftTone · ‎03-25-2012

Chase sapphire preferred lowest allowed credit line is $5000

AMEX: $25,000, CSR: $10,000, Chase Priority Club: $1,500, Freedom: $5000, Freedom Unlimited: $1000, Discover: $21,000, BoA $11,000, WF Cash Wise: $5000

EQ FICO - 753
TU FICO - 755
EX FICO(AMEX) - 766

LS2982 · ‎03-26-2012

@s_rob7488 wrote:
Hello, had some general questions.

Background: Currently have a 728 Equifax score through freecreditscore.com and have credit cards with Wells Fargo(4k) Union Bank (1k) Discover ($500).
I am wanting to increase my limit or get a new card simply so I can have more credit available. I was pre approved for an offer through Capital One Venture (gold one) but was wondering if I was approved would I have a decent limit? Or I have heard that if I were to apply with one of the companies that I have a card with already that I could potentially have a higher limit on the 2nd card.

Just looking for suggestions. Thanks.

The score you recieved from FCS.com is whats called a FAKO score (non-FICO score). Youre better off pulling your FICO scores/reports from this site to see what your FICO score really is.

EQ FICO 548 3/3/16