Starting Credit Lines

Anonymous · ‎06-27-2017

Hello all!

I have been repairing my credit for a few years now. I've gone from high 500s/ low 600s to current low to mid 700s (all except EQ which is taking a lot of effort to raise - now around 698). I started with a Cap One secured card for $500 but I no longer use it, and I have three unsecured cards: Cap One Quicksilver, $5,500, Amex Blue Cash, $5,500, and Discover It, $5,500. I am considering closing the secured card and applying for a new card but I want to receive a higher starting line (perhaps $10k and up) I am hoping for a little advise.

Thanks in advance!!

(this might belong in another section, if so my apologies)!

Anonymous · ‎06-27-2017

@Anonymous wrote:
Hello all!

I have been repairing my credit for a few years now. I've gone from high 500s/ low 600s to current low to mid 700s (all except EQ which is taking a lot of effort to raise - now around 698). I started with a Cap One secured card for $500 but I no longer use it, and I have three unsecured cards: Cap One Quicksilver, $5,500, Amex Blue Cash, $5,500, and Discover It, $5,500. I am considering closing the secured card and applying for a new card but I want to receive a higher starting line (perhaps $10k and up) I am hoping for a little advise.

Thanks in advance!!

(this might belong in another section, if so my apologies)!

Congrats on your rebuilding success. A lot of things factor into getting five digit approvals-scores, income, credit card company, etc...What is your current AAoA? I would focus on building up the lines that I currently have first. If you can get those over $10k, then it could assist in future approvals over that amount. There is something in your current profile that isn't facilitaing the larger approvals.

Anonymous · ‎06-27-2017

Was just approved for a Cap1 Venture with a $15K SL. Previous high CL was $4K Cap1 QS.

Anonymous · ‎06-27-2017

@Anonymous wrote:
Hello all!

I have been repairing my credit for a few years now. I've gone from high 500s/ low 600s to current low to mid 700s (all except EQ which is taking a lot of effort to raise - now around 698). I started with a Cap One secured card for $500 but I no longer use it, and I have three unsecured cards: Cap One Quicksilver, $5,500, Amex Blue Cash, $5,500, and Discover It, $5,500. I am considering closing the secured card and applying for a new card but I want to receive a higher starting line (perhaps $10k and up) I am hoping for a little advise.

Thanks in advance!!

(this might belong in another section, if so my apologies)!

close the cap1 secured card. check prequalified offers at all banks. You need to hit up chase first, I would do CSP, CIP, maybe Freedom or CSR. Then after you're over 5/24, get in with BOA, get a merrill+.

SouthJamaica · ‎06-27-2017

@Anonymous wrote:
Hello all!

I have been repairing my credit for a few years now. I've gone from high 500s/ low 600s to current low to mid 700s (all except EQ which is taking a lot of effort to raise - now around 698). I started with a Cap One secured card for $500 but I no longer use it, and I have three unsecured cards: Cap One Quicksilver, $5,500, Amex Blue Cash, $5,500, and Discover It, $5,500. I am considering closing the secured card and applying for a new card but I want to receive a higher starting line (perhaps $10k and up) I am hoping for a little advise.

Thanks in advance!!

(this might belong in another section, if so my apologies)!

1. OK to close the Capital One secured card.

2. In order to make a suggestion as to your fourth card, I would need to know what you're looking for. You presently have 3 cash back cards, so it might be a good idea to diversify and go for a different kind of card. If you tell us what you would be looking for in a card, we could steer you in the right direction. E.g. travel rewards, low interest, low fees, promotional balance transfer offer, affiliation with a particular site or company, hotel, airline, large starting limit, etc.

If you want a travel rewards card you should probably go for Chase Sapphire Preferred or Reserve. If you want a cash back card you should probably go for Chase Freedom or Freedom Unlimited. I say this because, as jfriend points out, once you've had 5 new cards in a 24 month period it becomes harder to get a Chase branded card.

Unify FCU Platinum Visa Variable Rate 35k

TD Bank Business Solutions Visa (Bus) 25k

FNBO Evergreen Business Edition Visa (Bus) 20k

Liberty (formerly Evansville Teachers) FCU Platinum Prime Plus MC 15k

US Bank Triple Cash Rewards Visa (Bus) 12k

SEG-fenced credit union Platinum Visa 10500

Comenity AAA Travel Advantage Visa $6200

Members 1st FCU Low Rate Platinum Visa 5k

PLOC: Langley FCU 40k; Penfed CU 15k; NFCU 15k; Teachers FCU 15k; Affinity FCU 10k. BLOC: NFCU 5k

Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Anonymous · ‎06-27-2017

I have old student loans (3) that are rehabilitated but previously reported 120 late. These loans have been in good standing now for 4 years. I also have tax liens (2) that have been paid in full but wont be removed for another 2 years for one, 3 years for the other. Everything else is good.

I rarely book travel so travel rewards isnt something of interest.

I have a 220 balance for QS but paid down from 1900. (Just paid $400 and will pay the rest next week.) all other cards are now zero balance but havent updated yet.

Anonymous · ‎06-27-2017

Im thinking if I apply for Chase, they might start me at same CL as my other accounts (or lower) Im not sure how my other cards factor into their decision. Perhaps I should wait? Or, I read I could try applying for another cap one card (venture) and after 6 months transfer the available credit to my QS?

Thanks for all your responses and time!

Anonymous · ‎06-27-2017

@Anonymous wrote:
I have old student loans (3) that are rehabilitated but previously reported 120 late. These loans have been in good standing now for 4 years. I also have tax liens (2) that have been paid in full but wont be removed for another 2 years for one, 3 years for the other. Everything else is good.

I rarely book travel so travel rewards isnt something of interest.

I have a 220 balance for QS but paid down from 1900. (Just paid $400 and will pay the rest next week.) all other cards are now zero balance but havent updated yet.

Thanks for responding. I think that you will eventually get there. Maybe if you close out the secured card, then if the pre-approval from Cap 1 is there, apply for another card and if the limit is not there, but close enough to combine and make $10k, then it would at lease give you a starting point to where other lenders would see that you are able to manage limits that high. Yes the CSR offers a higher limit, but I don't know that with the current baddies, you would be approved, but you can at least start laying the ground work for approvals like that in the future.

Anonymous · ‎06-27-2017

@Anonymous wrote:
I have old student loans (3) that are rehabilitated but previously reported 120 late. These loans have been in good standing now for 4 years. I also have tax liens (2) that have been paid in full but wont be removed for another 2 years for one, 3 years for the other. Everything else is good.

I rarely book travel so travel rewards isnt something of interest.

I have a 220 balance for QS but paid down from 1900. (Just paid $400 and will pay the rest next week.) all other cards are now zero balance but havent updated yet.

Who says you have to use chase URs for travel? THe Chase Ink Preferred would give you $800 free. CSP $500 cash free.......

Anonymous · ‎06-27-2017

Thanks!

I checked to see if I prequal for Cap One Venture and it says I do. I am not eligable for a CL increase on my QS until next month (already tried) so perhaps the Venture would work and in 6 months I could combine.

Thanks for great responses from everyone!