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Nice Limits, what next

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gen-specific
Frequent Contributor

Nice Limits, what next

Hello all

 

I was reading these forums a few months ago and realized that I should have much higher credit limits than I did. I am no stranger to credit scores and nursing them, having worked with a federal regulator for some time, but I didn't know what kind of limits other people were getting. I just paid attention to how many hard pulls I got in a quarter and strategically kept my credit utilization down below 15% at certain times of a reporting cycle. (15% is a mental threshold, 30% being a real alarm for me)

 

Anyway, I had about $25k in total limits last summer, from a BoA card with $10k limit and a Citi card with $8300 limit, and some other ones which I have since cancelled. I was pretty content with those limits until I realized my income was a lot higher than people I was reading about here, and they had higher credit limits than me.

 

I've only been in doing anything credit post-crash. So liquidity crisis + short credit file + young age, I had just accepted low-ish limits.  Anyway, I set a new goal early fall 2012  that I could use my existing cards and get a total credit limit of $80k

 

I have around $72k in limits and now I would like to ask the forum what my next move would be.

 

I mainly did the 3x rule on all my existing cards, and cancelled the lower ones with 3-digit credit limits and store-only cards. I didn't do any "backdoor double trouble" by applying for new cards from the same issuer. But I know about most of the tricks, I demand to talk to underwriters personally, mixed results.

 

Now:

5 retail credit cards

2 business cards with personal guarantee (I don't count those, but they are on my file)

 

Citi Thank You - 25k

BoA - 17k

Barclays - 5k  (<-- this is the one for Apple products, why do people get so excited about this card, they have not been very generous at all)

Wells Fargo - 15k

Macy's AMEX - 800 store line + 3000 AMEX line

 

All of these have been increased to where they are within the last 3 months. Macys was applied for less than 6 months ago, but I just realized it is an AMEX so I can maybe do the 3x thing

 

 

Here are my credentials

 

Income: 120k

Age: [lower] Mid 20s

FICO average: 740, it is a tight spread though, none below 722. Nothing bad on the report except my oldest card is maybe 4 years old? I had an older one but mistakenly cancelled that 3 years ago, it shows up as closed on my report, I feel the consequences are negligible. 

My bills are paltry. Just rent, no electricity, no car note etc. I just pay for my cell phone and internet, a couple of subscriptions. I'm generally content with my level of consumption, which is not that high, but as you can see, I can float new clothes, new electronics, or a vacation (for myself) on my cards without any real consequence. But I'm never maxing out my cards, which has led some underwriters to not extending me more credit.

 

A 4056T will not reflect my salary and income sources since I haven't had the same salary for several years.

 

 

What would your next move be? I have no need for other KINDS of credit lines, like a car or mortgage. An actual credit line would be nice though, wells fargo offered me one once but that was a beauracratic disaster.

 

Apply for another Citi card? Which one

Any particular cards known to grant really high limits right out the door?

What about TD Ameritrade, I have a brokerage account with them

I don't have any decent cash rewards, or any decent rewards cards. But I'm not really into that game, and I don't buy gas (no car needed), just groceries

 

 

Although I may be reaching a threshhold of available credit to my income, I don't feel like I have really tapped the wells here. I am really surprised when I just multiply a pretty high limit by 3 online, and the system just grants me that extra credit.

 

I won't be going on a big application spree, just 2 or 3 strategic hard pulls this quarter, just in case there is a need for a real hard pull. (new employment, rental car, new cell service or something). Okay let me know Smiley Happy

Message 1 of 28
27 REPLIES 27
Anonymous
Not applicable

Re: Nice Limits, what next

With 120k income, you should be saving lots of money, but after that you still have lots of spending that you could take advantage of. Even if you're not into the full-on cash back, multiple cards game, you should pick up a worthwhile everyday card. The FIA Amex is a straight 2% in cash back, if you spend 50k a year, that's an extra $1k for zero effort. 

Message 2 of 28
gen-specific
Frequent Contributor

Re: Nice Limits, what next

yeah my personal finance is very sound

 

fun things happening in my brokerage account

 

I generally put clothes on one card. transportation costs on another card. and BoA for most things and recurring subscriptions

Message 3 of 28
gen-specific
Frequent Contributor

Re: Nice Limits, what next

Apply for another Citi card? Which one

 

Any particular cards known to grant really high limits right out the door? what is GECRB

 

What about TD Ameritrade, I have a brokerage account with them

 

Go for the 3x increase on the Macy's card?

Message 4 of 28
daybreakgonesXe
Valued Contributor

Re: Nice Limits, what next


@gen-specific wrote:

Apply for another Citi card? Which one

 

Any particular cards known to grant really high limits right out the door? what is GECRB

 

What about TD Ameritrade, I have a brokerage account with them

 

Go for the 3x increase on the Macy's card?


I don't know if TD Ameritrade has their own credit card anymore, like Merryl Lynch and JPMorgan do. Googling show a previous poster in the myFico forums asking if anyone had their Visa, and other posts are websites promoting a previous $200 cash back bonus for using their debit card among other requirements.

 

However, their personal banking side, TD Bank, has three types of personal cards: Easy Rewards (points system), Cash Rewards (cash back), and Payment Plus (statement credits on percentage of interet charges for paying percentages of your revolving/carried balance). I currently have the Easy Rewards, on accident because in my excitement of apping I clicked that application instead of the Cash Rewards...still the same benefits between the two, got 5x cash points on all restaurants, grocery, gas, and utilities. It's a great card if you're going to use and abuse it for points in the first 6 months since there's no cap, however Easy Rewards only has a 1 to 1 for $50 gift cards and up. They do have interesting tiers for higher point categories for travel, and deals on merchandise, that you can benefit from if you decide to use it as a go-to card. Cash Rewards allows you to redeem at a minimum value of $25, but as statement credits. Botht these cards have intro 0% for first 12 months, but an outrageous 4% balance transfer fee. Highest I've ever seen! Payment Plus is essentially useles if you're not a carry-a-balance person, but I think it's a great program for those who need to outside of introductory APRs!

 

There is also a (not sure how new, I just found it now?!) a TD Bank travel card called first class. Looks like a siggy only. $0 first year, $89 after that. Looks like TD is trying to get into the top tier travel market and compete with CSP. It actually looks promising, but I'm not sure how their redemption process works! Very exciting to see it compete with CSP, considering it gives 3x points on travel and dining, compared to 2x on CSP, and 25,000 bonus points, though not as fancy as CSP's 40,000, the 25,000 bonus points are achieved in a more relaxed timeframe, as shown below.

 

Go First Class all the wayEarn 3x First Class miles with the TD First ClassSM Visa Signature® Credit Card
 
  • Earn up to 25,000 bonus First Class miles - you'll earn 15,000 the first time you swipe your card, and an extra 10,000 bonus First Class miles when you spend $3,000 in the first six months.*
  • Redeem your First Class miles with ease - it's just what you'd expect from TD Bank.
  • 3x First Class miles on every dining and travel purchase, with no blackout dates, restrictions, or limit to the number of miles that can be earned.
  • Enjoy VIP treatment, savings and perks at over 800 luxury hotels worldwide.
  • Access TD First Class Visa Signature Concierge your complimentary personal assistant designed to make your life hassle-free.

 

Message 5 of 28
daybreakgonesXe
Valued Contributor

Re: Nice Limits, what next


@daybreakgonesXe wrote:

@gen-specific wrote:

Apply for another Citi card? Which one

 

Any particular cards known to grant really high limits right out the door? what is GECRB

 

What about TD Ameritrade, I have a brokerage account with them

 

Go for the 3x increase on the Macy's card?


I don't know if TD Ameritrade has their own credit card anymore, like Merryl Lynch and JPMorgan do. Googling show a previous poster in the myFico forums asking if anyone had their Visa, and other posts are websites promoting a previous $200 cash back bonus for using their debit card among other requirements.

 

However, their personal banking side, TD Bank, has three types of personal cards: Easy Rewards (points system), Cash Rewards (cash back), and Payment Plus (statement credits on percentage of interet charges for paying percentages of your revolving/carried balance). I currently have the Easy Rewards, on accident because in my excitement of apping I clicked that application instead of the Cash Rewards...still the same benefits between the two, got 5x cash points on all restaurants, grocery, gas, and utilities. It's a great card if you're going to use and abuse it for points in the first 6 months since there's no cap, however Easy Rewards only has a 1 to 1 for $50 gift cards and up. They do have interesting tiers for higher point categories for travel, and deals on merchandise, that you can benefit from if you decide to use it as a go-to card. Cash Rewards allows you to redeem at a minimum value of $25, but as statement credits. Botht these cards have intro 0% for first 12 months, but an outrageous 4% balance transfer fee. Highest I've ever seen! Payment Plus is essentially useles if you're not a carry-a-balance person, but I think it's a great program for those who need to outside of introductory APRs!

 

There is also a (not sure how new, I just found it now?!) a TD Bank travel card called first class. Looks like a siggy only. $0 first year, $89 after that. Looks like TD is trying to get into the top tier travel market and compete with CSP. It actually looks promising, but I'm not sure how their redemption process works! Very exciting to see it compete with CSP, considering it gives 3x points on travel and dining, compared to 2x on CSP, and 25,000 bonus points, though not as fancy as CSP's 40,000, the 25,000 bonus points are achieved in a more relaxed timeframe, as shown below.

 

Go First Class all the wayEarn 3x First Class miles with the TD First ClassSM Visa Signature® Credit Card
 
  • Earn up to 25,000 bonus First Class miles - you'll earn 15,000 the first time you swipe your card, and an extra 10,000 bonus First Class miles when you spend $3,000 in the first six months.*
  • Redeem your First Class miles with ease - it's just what you'd expect from TD Bank.
  • 3x First Class miles on every dining and travel purchase, with no blackout dates, restrictions, or limit to the number of miles that can be earned.
  • Enjoy VIP treatment, savings and perks at over 800 luxury hotels worldwide.
  • Access TD First Class Visa Signature Concierge your complimentary personal assistant designed to make your life hassle-free.

 


Ah, just read how the redemption works...it's a weird cross between CSP and Venture/VentureOne...there is no minimum redemption on travel/dining, applied as a statement credit onto that travel/dining purchase. 1 to 1 point redemption. However, if you don't wish to use the statement credit redemption on travel/dining, you will have to accumulate a minimum of 25,000 to apply towards it. Otherwise, you can apply your points to tiers of gift cards and merchandise.

 

Also, there is no foreign transaction fee for this card.

 

The only negatives I really see compared to CSP is that you can't transfer your points to airline/hotel partners. Otherwise, I think it's a very interesting travel card, definitely better than average, though not as good as CSP or AMEX for high spenders, yet above Venture/VentureOne and many other travel cards I've seen around here!

Message 6 of 28
gen-specific
Frequent Contributor

Re: Nice Limits, what next

thanks, I just went for a 3x increase on my Macy's card, will let you know.

 

I wasn't sure how to compute that actually. The macy's card is two accounts with different limits. I had $800 on the store-only line and $3000 on the AMEX line.

 

So I just did $3800 * 3 = $11400 and requested that. We will see what happens.

 

 

I am thinking of applying for a second Citi card after that, if that institution will allow me to transfer whatever limit I get to my current Citi card.

Message 7 of 28
scenery_guy
Established Contributor

Re: Nice Limits, what next

Take a look at Chase Sapphire Preferred. I would bet they would extend you a nice opening line. Nice sign up bonus as well with minimal spend that you could easily cover. Perhaps a travel card? Do you frequent a particular hotel chain? Do you have a preferred airline? Just a couple of ideas to consider as hotel or airline cards offer some nice sign up bonuses as well for minimal spends and you simply bank the points until needed. Keep the cards active with small monthly purchases. 

 

The Macy's AMEX is not a true AMEX (nor issued by AMEX just uses their processing network). You do look attractive to jump on the AMEX train if you like. More options with them for revolvers and even if the initial line is low the 61 day 3x increase would be a nice bump. 

Message 8 of 28
gen-specific
Frequent Contributor

Re: Nice Limits, what next


@scenery_guy wrote:

Take a look at Chase Sapphire Preferred. I would bet they would extend you a nice opening line. Nice sign up bonus as well with minimal spend that you could easily cover. Perhaps a travel card? Do you frequent a particular hotel chain? Do you have a preferred airline? Just a couple of ideas to consider as hotel or airline cards offer some nice sign up bonuses as well for minimal spends and you simply bank the points until needed. Keep the cards active with small monthly purchases. 

 

The Macy's AMEX is not a true AMEX (nor issued by AMEX just uses their processing network). You do look attractive to jump on the AMEX train if you like. More options with them for revolvers and even if the initial line is low the 61 day 3x increase would be a nice bump. 


thanks for the heads up, I did see a macy's CLI thread here but it didn't reveal the ambiguity between the credit lines. I knew my Macy's limit was $800 from when I applied, but I didn't find out my outside store limit was a separate $3000 until I saw my quarterly credit report. We will see how this is updated if at all then, I will try to add to the collective knowledgebase here then, and as always: hope it wasn't a waste of a pull.

 

 

I really want to do a backdoor double on a set of cards.

 

Message 9 of 28
gen-specific
Frequent Contributor

Re: Nice Limits, what next

okay so update on the Macy's card, this card has two lines

 

800 for in store credit

3000 amex

 

I called in and got two soft pull increases 3x increases:

2400 in store credit

5000 on the amex

 

so then I was confused a little, I wanted 9000 on the amex (3000 x 3) and was willing to bet a hard pull, but wasn't sure if the 3x applied to the 3000 or the new 5000, haha first world problems.

 

So I gambled on a hard pull and got denied, so I can't even tell if this is a win or loss since it was a waste of a hard pull, but I still got two line increases xD

 

but this is also reinforcing what I was thinking about getting up to a credit threshhold. After the hard pull, the "manager"(underwriter?) said since I hadn't spent any on the AMEX side that they couldn't approve it, but I think it is more than that, idk.

 

 

Message 10 of 28
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