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Established Member
jerseyguy
Posts: 14
Registered: ‎02-28-2008
0

No credit limit increases

Ok, I'm really frustrated now. I just got off the phone with both Chase and Capital One. Neither granted me a CLI, and I pay my balances off in full every month. I have one 30-day late with Capital One from 2.5 years ago and that's it. Capital One STILL hasn't raised my limit past $500, and Chase (albeit is only 11 months old) wouldn't bring it up from $7500. My credit score is 670 and I have a 3.5 yr credit history. I make a very good salary (well over $100K) and have no other derogatory info in my file. All of my accounts are in good standing.

 

I wanted a CLI because I'd like to keep my utilization low, and it's much easier for me to just pay for everything I need every month on one card, and then pay it off at the end of each billing cycle. This makes my life much easier, but with $8000 of total credit, that means that I can ring up much more than $1000/month to keep my utilization low. If I could bring my limit up to $12-$14K, my life would be much simpler.

 

Very frustrated.

 

Any advice?

 

Thanks

New Member
lookinside
Posts: 8
Registered: ‎01-01-2009
0

Re: No credit limit increases

I'm no expert, but I'd suggest you apply for other cards, just to keep your options open. Most cards offer payments online, which once set up, goes very quickly.
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: No credit limit increases

Chase is actually not doing too badly by you at 7.5K if you have a 2.5 yo late. They can be stingy.
Established Member
hotsaka
Posts: 62
Registered: ‎01-13-2009
0

Re: No credit limit increases

If i were you i would apply for a new card next month(when chase hits a year). In my experience, USbank and chase have been rather generous
Regular Contributor
CHARGE_IT
Posts: 193
Registered: ‎07-13-2008
0

Re: No credit limit increases

Do go for a new card next month. But then get real about your situation. All of your numbers are bad. Do a search and see what a "good" fico score is. Yours is just "fair" and in good times that wouldn't be so hot. Since these are bad times you will be lucky to keep what you have.

 

Get one new card and start working on your profile. Get your score up to 690 and you will have a nice start.

 

Good luck,

CI

Frequent Contributor
TangMeister
Posts: 456
Registered: ‎07-09-2008
0

Re: No credit limit increases

If it were me, I'd look into some credit union relationships, as well as USAA, for a high limit credit card.  USAA is now open to non-military members and you can apply for their Mastercard product, which is usually an Equifax pull.  Another option might be Alliant Credit Union...also an Equifax puller.  I would not recommend PenFed Credit Union at this point, since your history is fairly short and you have that late reporting.  They are extremely conservative, but will be a fantastic option for you in a couple years or so.

 

If you could get in with Navy Federal Credit Union, they would take good care of you and give you all the credit you need and more.  Check out their website to see if you might qualify.

 

Good luck!

Moderator Emeritus
ByrdMan
Posts: 7,975
Registered: ‎12-19-2007

Re: No credit limit increases


CHARGE_IT wrote:

Do go for a new card next month. But then get real about your situation. All of your numbers are bad. Do a search and see what a "good" fico score is. Yours is just "fair" and in good times that wouldn't be so hot. Since these are bad times you will be lucky to keep what you have.

 

Get one new card and start working on your profile. Get your score up to 690 and you will have a nice start.

 

Good luck,

CI


Wow, that's kinda harsh. I think that OP's scores are able to soar pretty nicely by playing the CC statement timing game.

Remember to be friendly and supportive in the forums.
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Regular Contributor
CHARGE_IT
Posts: 193
Registered: ‎07-13-2008
0

Re: No credit limit increases

Sorry, I was writing about real life, not playing cc games.

CI

Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
0

Re: No credit limit increases

When did USAA become open to all?
Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Valued Contributor
usmc58555
Posts: 1,673
Registered: ‎02-18-2009
0

Re: No credit limit increases

Just googled it:

 

Just wanted to give a heads up to those here that USAA is now unofficially open to everyone. As a non-military member, the only way to sign up is via phone. The number is 1-800-531-2265. As soon as the automated menu starts, just verbally say "representative." You'll immediately get a live rep, and begin opening your accounts. I can confirm that you, as a non-military member, can qualify for their checking account with full benefits, as well as their MasterCard, without rewards. The checking account gets all but one of the benefits given to military members, and IMO, may be the best checking account available on the market today. Below are the benefits.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,

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