Please help suggest a card that fits my credit profile!

[RW771]

Hi everyone,

Here is what my credit profile looks like:

Mortgage: $1044/mo (closed in Dec. hasn't reported yet)

Student loan: $75/mo  - bal: $8500 (never late)

Credit cards: 2 share SECURED Visas both $0, CL $300 on one, $500 on other; Kohl's: $0/$200 CL; WFNB retail card: $2888/$3300 CL; Home Depot: $1635/$3000 CL

No lates, no public records, 2 paid CO's from 2007 and 2 paid collections from 2007.

I'm paying down the WFNB card and Home Depot card way down today (below 9%).

My most recent Scorewatch alert was 2 weeks ago at 649 (EQ). Not sure where I stand with EX and TU since the WFNB and Home Depot cards were opened in December, but assuming they are at least 649 since EQ always seems to be my lowest.

I'm wanting to apply for a major credit card the beginning of March after the paid down balances report on the WF and HD cards. Given the info. above, and a current score of 649, what would be a good card to apply for that would give me the highest CL? Please help!!

[espnjunkie]

As to receiving the highest limit I am not too sure and that is subjective from lender to lender. Alot of people have had success with Barclays it seems. While you won't get more than a 500.00 limit to start with, I would recommend going for the Capital One Cash Rewards for Newcomers card. It has no annual fee, starts you with a 500.00 limit that bumps up to 750.00 in 5 months (don't expect anything after that), gives you 2% cash back on travel purcahses (flights, car rentals, hotels) and 1% cash back on all other purchases. It's easy to be accepted for and getting cash back without an annual fee is a no brainer. It is also unsecured. So if you are looking to add another trade line that is what I would and did go with initially.

[RW771]

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@espnjunkie wrote:

As to receiving the highest limit I am not too sure and that is subjective from lender to lender. Alot of people have had success with Barclays it seems. While you won't get more than a 500.00 limit to start with, I would recommend going for the Capital One Cash Rewards for Newcomers card. It has no annual fee, starts you with a 500.00 limit that bumps up to 750.00 in 5 months (don't expect anything after that), gives you 2% cash back on travel purcahses (flights, car rentals, hotels) and 1% cash back on all other purchases. It's easy to be accepted for and getting cash back without an annual fee is a no brainer. It is also unsecured. So if you are looking to add another trade line that is what I would and did go with initially.

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Thanks for the response! I was really kind of hoping there would be something out there starting around 5K that I would qualify for. I was surprised when I got both the WF and HD cards back in December with limits in the 3K's, so I hoped that given my low DTI and pretty clean credit, I could get something much higher than $500.

I opted out back in the fall because I was trying to buy my house so I have no idea what all is out there or what I may be qualified for. I opted back in a few days ago, so now I'm just waiting for my mailbox to fill up with junk mail lol.

I'm going to check with my CU's in March to see what they can offer me but wondered if they generally give higher CL's than most major CCC's?

Just wanted to see what cards others suggest or have received that had a pretty sweet starting CL in a similar situation as mine.

[espnjunkie]

I understand exactly what you mean. That was just a suggestion of a card with no annual fee and modwest rewards that you are a lock to get. Lenders rarely want to be the first to give you a 5,000.00+ limit because of the uncertainty. I'd look at the barclays reward card. If you get denied I have geard they are great with recons as well.

[insidious28]

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@RW771 wrote:

Hi everyone,

Here is what my credit profile looks like:

Mortgage: $1044/mo (closed in Dec. hasn't reported yet)

Student loan: $75/mo  - bal: $8500 (never late)

Credit cards: 2 share SECURED Visas both $0, CL $300 on one, $500 on other; Kohl's: $0/$200 CL; WFNB retail card: $2888/$3300 CL; Home Depot: $1635/$3000 CL

No lates, no public records, 2 paid CO's from 2007 and 2 paid collections from 2007.

I'm paying down the WFNB card and Home Depot card way down today (below 9%).

My most recent Scorewatch alert was 2 weeks ago at 649 (EQ). Not sure where I stand with EX and TU since the WFNB and Home Depot cards were opened in December, but assuming they are at least 649 since EQ always seems to be my lowest.

I'm wanting to apply for a major credit card the beginning of March after the paid down balances report on the WF and HD cards. Given the info. above, and a current score of 649, what would be a good card to apply for that would give me the highest CL? Please help!!

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You can try cabelas visa to get you started if your equifax fico is over 680 and you have less than 5 inquiries in the last 6 months on your equifax report.  They check equifax and accept ficos over 680.  You might have to call to recon if you don't get instant approval to explain your lates and tell them you're trying to rebuild.  I see you just got a equifax score watch of 649.  I would wait till it hits 680 before you try them.  From what I've heard they like to see 700 and above but will take 680 and above.

 https://www.cabelas.com/custserv/instant_credit.jsp?WT.cab_ac=RRCLUBacquisition

[Cdnewmanpac]

If you need more credit now, cu is your best bet. But if you can wait until your current cards have 6 mos on them, you will have more options and your chance for a high limit card will be better.

[insidious28]

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@Cdnewmanpac wrote:
If you need more credit now, cu is your best bet. But if you can wait until your current cards have 6 mos on them, you will have more options and your chance for a high limit card will be better.

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+1

[Anonymous]

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@RW771 wrote:

Hi everyone,

Here is what my credit profile looks like:

Mortgage: $1044/mo (closed in Dec. hasn't reported yet)

Student loan: $75/mo  - bal: $8500 (never late)

Credit cards: 2 share SECURED Visas both $0, CL $300 on one, $500 on other; Kohl's: $0/$200 CL; WFNB retail card: $2888/$3300 CL; Home Depot: $1635/$3000 CL

No lates, no public records, 2 paid CO's from 2007 and 2 paid collections from 2007.

I'm paying down the WFNB card and Home Depot card way down today (below 9%).

My most recent Scorewatch alert was 2 weeks ago at 649 (EQ). Not sure where I stand with EX and TU since the WFNB and Home Depot cards were opened in December, but assuming they are at least 649 since EQ always seems to be my lowest.

I'm wanting to apply for a major credit card the beginning of March after the paid down balances report on the WF and HD cards. Given the info. above, and a current score of 649, what would be a good card to apply for that would give me the highest CL? Please help!!

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I wouldn't wait until march...I recommend you apply before the mortgage reports because once it does your DTI is going up a lot and could be a deal breaker for banks and CU's to give you a credit card. 

If you want a good chance of being approved for credit card with a good starting limit a credit union would be the way to go. I don't know where you live but I would definitely check with a few local credit unions and ask them what criteria they look for when granting credit cards. If you or a family member has military affiliation then join Navy Fed, PenFed (can also join through other organizations including american red cross), Andrews FCU (can also join through ACC), USAA (can also join as a limited member) 

For non military there is Alliant, DCU, PSECU (PA resident or through family member), Lake Michigan CU, Consumers Credit Union, Christian Community CU

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[bichonmom]

Pay off all CCs entirely, leaving a <9% bal on ONLY ONE. Dont leave a <9% bal on two CCs. After they report, you should see a boost in your score. I wouldn't app until those payments are reporting.

I'd goodwill your 2 paid COs and CAs and see if they might delete. That will take a while, but still worth the time and effort.

How old are your CCs? That will have a lot to do with who you can get a CC with. I would *NOT* attempt Barclay's at this point. I would contact local CUs. Since your baddies are all paid, they will look a little more favorably than a traditional CCC.

I don't think your mortgage reporting is going to hurt you. CCCs take into account your housing payment anyway, whether it be rent or a mortgage. They actually prefer that you own over renting.

[tntexans72]

I would let your mortgage report to all the CBs than app for a card you really want. Banks going to see that you just closed on a mortgage and they'll more than likely approved you for a good amount. A homeowner is a responsible borrower in the bank's eyes. In the meantime, sit tight and don't app for anything.