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Member
Oh_Canada
Posts: 9
Registered: ‎09-07-2009
0

The Next Step

I only have a 2 1/2 year credit history but I have never missed a payment. I have 3 CC accounts with the oldest being a $500 Macy's account I don't touch. I'm an authorized user on two cards, one being an Amex/Costco card for $2,000 and the other a Chase Visa card for about $8,000.

 

My scores are the following: Transunion: 719, EQ: 689, EX:??

 

I want to apply for a card today with a $10,000 limit. Do you folks think I have a chance? What are the best credit cards to apply for in my situation?

 

Thanks 

Regular Contributor
SocalMark
Posts: 151
Registered: ‎06-09-2009
0

Re: The Next Step

Not to get personal but what's the credit history like any baddies<-----really hate that word. :smileyhappy:
Member
Oh_Canada
Posts: 9
Registered: ‎09-07-2009
0

Re: The Next Step

No baddies. The only thing is lack of history. Everything has been paid on time though and there are no negative dings on the credit report.
Mega Contributor
RobertEG
Posts: 18,477
Registered: ‎03-19-2007
0

Re: The Next Step

If you app for a high CL unsecured, card, they will pull your full CR.  While your AU status may be helping your FICO score,it wont impress new creditors much, for it doesnt reflect your personal payment history or credit worthiness.

A Macy's store card, which you dont use, doesnt tell them much about you as a consumer.

 

I would start by apping for a lower CL, secured card.

 

 

Member
Oh_Canada
Posts: 9
Registered: ‎09-07-2009
0

Re: The Next Step


RobertEG wrote:

If you app for a high CL unsecured, card, they will pull your full CR.  While your AU status may be helping your FICO score,it wont impress new creditors much, for it doesnt reflect your personal payment history or credit worthiness.

A Macy's store card, which you dont use, doesnt tell them much about you as a consumer.

 

I would start by apping for a lower CL, secured card.

 

 


Thanks Robert...is a quality card like a Discover or Amex Blue Cash out of the question? Should I just start with a capital 1. I have a wedding coming up in 2 months and was hoping to get some 0% intro cards to help with the cash float.

 

Frequent Contributor
illtakecreditforthat
Posts: 320
Registered: ‎05-03-2009
0

Re: The Next Step

[ Edited ]

Oh_Canada wrote:

RobertEG wrote:

If you app for a high CL unsecured, card, they will pull your full CR.  While your AU status may be helping your FICO score,it wont impress new creditors much, for it doesnt reflect your personal payment history or credit worthiness.

A Macy's store card, which you dont use, doesnt tell them much about you as a consumer.

 

I would start by apping for a lower CL, secured card.

 

 


Thanks Robert...is a quality card like a Discover or Amex Blue Cash out of the question? Should I just start with a capital 1. I have a wedding coming up in 2 months and was hoping to get some 0% intro cards to help with the cash float.

 


I think it would be "iffy" for Discover or Amex based on your limited credit history.  I'm not a big fan of Cap1.  If they do approve, it would probably be a low starting CL with limited upward potential.

 

IMO, check out a local CU in your area, or one of the prominent national CUs mentioned in these threads.  Alliant would be a good choice with open membership by joining PTA. Or Addison CU.  If you meet eligiblity requirements NFCU or PSECU have been highly recommended.  I think you have greater long-term potential with a CU, rather than a major bank in this particular economic environment.

Message Edited by illtakecreditforthat on 09-07-2009 06:03 PM
I want PATIENCE...and I want it NOW
Valued Contributor
clocktick
Posts: 1,603
Registered: ‎12-07-2008
0

Re: The Next Step


Oh_Canada wrote:

 


Thanks Robert...is a quality card like a Discover or Amex Blue Cash out of the question? Should I just start with a capital 1. I have a wedding coming up in 2 months and was hoping to get some 0% intro cards to help with the cash float.

 


I don't think they're out of the question however I think an immediate $10k limit is.  You'll have to prove yourself to these companies and basically "earn" your CLIs.  Your limit also depends on what you put down as your income as well.

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: The Next Step

Discover in particular is not going to go first with a higher CL. They lead and do not follow. On top of which $10K is a very high opening CL with them for anybody! I would recommend you go the CU route if you want a CL that large. Also, you hopefully have the sufficient income to justify a $10K CL. Be prepared to document whatever income you claim on your app.
Member
Oh_Canada
Posts: 9
Registered: ‎09-07-2009
0

Re: The Next Step


creditwherecreditisdue wrote:
Discover in particular is not going to go first with a higher CL. They lead and do not follow. On top of which $10K is a very high opening CL with them for anybody! I would recommend you go the CU route if you want a CL that large. Also, you hopefully have the sufficient income to justify a $10K CL. Be prepared to document whatever income you claim on your app.
Seems like 10k is out of the question but not a problem. However, work verification might be a problem at a CU. I'm currently in the middle of a career search but my wife makes over 100k. Do they go by personal or household income?

 

Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
0

Re: The Next Step


Oh_Canada wrote:

creditwherecreditisdue wrote:
Discover in particular is not going to go first with a higher CL. They lead and do not follow. On top of which $10K is a very high opening CL with them for anybody! I would recommend you go the CU route if you want a CL that large. Also, you hopefully have the sufficient income to justify a $10K CL. Be prepared to document whatever income you claim on your app.
Seems like 10k is out of the question but not a problem. However, work verification might be a problem at a CU. I'm currently in the middle of a career search but my wife makes over 100k. Do they go by personal or household income?

 


Some HHI, some individual. If you can honestly put down a $100K HHI and support it you might get something from Discover. I showed them $90K and got an $8.1K opening CL from them (which by Discover standings is quite high), but I also had a $10K CL reporting which they did not meet. Discover is now my single highest reporting revolving CL at $10.1K, but I have two PenFed CC's totalling $18.6K (separate by my choice) so they are not my highest issuer. BTW - I would forget about PenFed, they work on individual income, not HHI.

 

Why do you need a $10K CL?


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