Questions from a relative noob

[G19OD]

I like the idea of Chase Freedom due to the rewards.

I also like AMEX, just because its AMEX..

Since I plan on utilizing my credit generally daily and paying it off monthly, I want to get the largest credit limit I can to keep my utilization as low as possible. What card/company do you think will offer me this?

Also, should I apply outside of BoA before asking for a PC?

Finally, does your utilization depend on each cards limit, or your total combined limits?

Thanks everyone.

[improvingmycredit]

Hey- the reason I recommended the charge product was on the premise that you PIF each month. This card won't limit you with a hard limit as Amex becomes familiar with your spending habits. With regards to their CC- I also took into account that Amex is good about 61 day CLI with a SP for their credit products so if you don't get the starting limit to begin with that you want- you have the opportunity to increase your limits By 3 X in a relatively short amount of time if you handle your accounts well. Utility is both calculated for FICO scores based on over all available credit and individual credit card utilization . Having high utility on just one card does affect your score also. Freedom is a great card also. I carry this card and gas/restaurants are the 5% bonus next quarter. NICE! Good luck! Sorry for the run on Paragraph!!! Using an iPhone.

[Anonymous]

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@G19OD wrote:

Finally, does your utilization depend on each cards limit, or your total combined limits?

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If you're talking about your FICO®, regarding utilization, its BOTH. 

If I were you, with a Bank of America credit card, I would ask them to PC the card to a rewards card AND ask for a credit limit of at least $5,000.  If you are looking for a credit card company that will give you rewards and a higher credit limit starting off, the best chance for this comes from Citibank and, their "Forward" card is a good one. If you have NO relationship with Chase (no checking, savings, etc.) they are going to want to see an existing large limit credit card on your credit reports before they will give you a large starting limit, that's the way they roll. 

Hope this helps!

[G19OD]

I'm assuming/hoping that with a BoA PC, you keep your inital CC open date? I defnitely need those 4 years on there

[injustifiiable]

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@G19OD wrote:

I'm assuming/hoping that with a BoA PC, you keep your inital CC open date? I defnitely need those 4 years on there

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Usually the case, but even if not, you'd still have the 4 years of good history for another 10 years after closure. That's something I'd stress when making the request...that you want the TL to remain the same.

[OhioCPA]

Your CU gave you a really nice rate on what I assume is a used car. They obviously likes your credit profile. I recently refinanced my car with a CU at a similar interest rate and at the same time we were negotiating the loan the CU rep offered me a reward credit card. The credit limit was 3x any of my limits at the time. I applied for a Chase Sapphire a few weeks later and Chase came in at half what the CU had given me. The CU wasn't reporting yet. I actually was initially declined on the Chase and had to call for a recon.

If a higher limit is what you are after then a CU first might get you to where you want to be.