Toy Limits

[ryanbush]

My limits are currently:

Capital one: 500 & 750

Credit One Bank: 1200

Orchard Bank: 1000

Household Bank: 500

Valero: 700

I have had these cards all for over two years, i applied for a couple new card this month and this is what i recieved

Credit Union Visa: 1000

Discover More: 1200

GE/Luxury: 1700

I understand that the Toy limits are holding me back as far as getting higher limits on new cards and plan to close at least my cards with the 500$ limits.  even then don't those credit limits still report to the bureaus?

so how does closing those help me get higher limits in the future?

[Razeus]

What's your utlization?

I have no idea what possesed Chase and Discover to start me off when great limits, but I'm not complaining.  I have no credit card debt, 6 figure household income, job 6 years, and credit score in high 600's, no collections, but a crap load of lates a year old.  Of course, my last credit card I applied for and got approved was in 2008 with Barclay's for $500 and haven't applied since and I pretty much gave up until recently.

[DeadSpider]

You don't need to close TOY cards to get higher limit but I would anyways since your probably never going to use them.

You've got some good new cards that will grow and once you have 4-5K credit limit you can app for more and most lily you'll start with 5K+ limit's.

I don't think is a good idea to close all at once.

[jamie123]

Have you tried calling your current CC companies for credit line increases? Cap1 will probably deny you but you should try the others.

When you apply for new cards lenders try and match your existing credit card limits. Now that you have some good cards, (Discover, CU) you need to call them every six months and ask for an increase if they already haven't given you one. That's how you get high limit cards. If you wait for them to just give you the increase you may be waiting a long time.

[jamesdwi]

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@ryanbush wrote:

My limits are currently:

Capital one: 500 & 750

Credit One Bank: 1200

Orchard Bank: 1000

Household Bank: 500

Valero: 700

I have had these cards all for over two years, i applied for a couple new card this month and this is what i recieved

Credit Union Visa: 1000

Discover More: 1200

GE/Luxury: 1700

I understand that the Toy limits are holding me back as far as getting higher limits on new cards and plan to close at least my cards with the 500$ limits.  even then don't those credit limits still report to the bureaus?

so how does closing those help me get higher limits in the future?

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Yes they still report CL after closed, but the card is closed, so they can't really give it much value, if asked you can say I closed because of the low limit, and with time they have less impact becuase current open cards effect things more than old closed  cards. Keep working on CLI's the GE card and Discover both are at least partially CLI friendly. Also keep UTL down and your score will rise, score isn't related to CL, and the higher fico you have the more likely you will get bigger CL cards. if you get your scores over 720, Citi and Amex are both known to give good CL if you have scores that deserve them. 

[Razeus]

Try getting a Chase Freedom Card if your utilization is low and you're in the high 600's.

If denied, go for a recon and aim for a $5k limit.  It's hard breaking out of toy limits.  Trust me.

[ryanbush]

My utilization is 55%, made a 5K purchase this month that i will pay off over the next 2-3 months then my utl will be 0%  my fico is 675 with the new accounts, once i get them paid off i will app for the Freedom, since i would really like to have the CSP

[ryanbush]

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@DeadSpider wrote:

You don't need to close TOY cards to get higher limit but I would anyways since your probably never going to use them.

You've got some good new cards that will grow and once you have 4-5K credit limit you can app for more and most lily you'll start with 5K+ limit's.

I don't think is a good idea to close all at once.

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why wouldn't it be a good idea to close them all at the same time once my utilization is 0?  the only one i want to keep is the Orchard since it gives me 2% bank on everything and has a 14.9% APR

[jamesdwi]

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@ryanbush wrote:

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@DeadSpider wrote:

You don't need to close TOY cards to get higher limit but I would anyways since your probably never going to use them.

You've got some good new cards that will grow and once you have 4-5K credit limit you can app for more and most lily you'll start with 5K+ limit's.

I don't think is a good idea to close all at once.

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why wouldn't it be a good idea to close them all at the same time once my utilization is 0?  the only one i want to keep is the Orchard since it gives me 2% bank on everything and has a 14.9% APR

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It's easier to get credit when you have credit, and especially when you don't need credit.  You can close down the 500 CL cards if they aren't CLI friendly.  But keep the others. You never know when a card is going to AA or CLD you, then you are stuck in a bad place. And nothing sucks more than getting denied credit because of two few revolving TL's or your file is too thin. 

[ryanbush]

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@jamesdwi wrote:

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@ryanbush wrote:

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@DeadSpider wrote:

You don't need to close TOY cards to get higher limit but I would anyways since your probably never going to use them.

You've got some good new cards that will grow and once you have 4-5K credit limit you can app for more and most lily you'll start with 5K+ limit's.

I don't think is a good idea to close all at once.

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why wouldn't it be a good idea to close them all at the same time once my utilization is 0?  the only one i want to keep is the Orchard since it gives me 2% bank on everything and has a 14.9% APR

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It's easier to get credit when you have credit, and especially when you don't need credit.  You can close down the 500 CL cards if they aren't CLI friendly.  But keep the others. You never know when a card is going to AA or CLD you, then you are stuck in a bad place. And nothing sucks more than getting denied credit because of two few revolving TL's or your file is too thin. 

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So having too few is worse than having too many?

I was thinking that if i applied they would see the low limts cards and think this guy already has 9 open TLs, why does he need more?

If i close three of the original ones that would leave me with 6 open TLs, is that about right?