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Toy Limits

Valued Contributor

Toy Limits

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?

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
26 REPLIES
Frequent Contributor

Re: Toy Limits

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.

 

 

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Frequent Contributor

Re: Toy Limits

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.

 

Lots of cards and counting !!
Las Vegas REALTOR
FICO 800ish Shooting for 800+
BCE 20K,ED 10K,Sky 2K, DCVR $6800, Slate 8K, Freedom 5k, Care Credit 10K, Lowes 10K, Cap1 QS $11500, Venture 15K, Paypal 5k Hidden, US Bank Edge Cash Business 20K and NFL $1500 soon to DIE.
Valued Contributor

Re: Toy Limits

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.


Starting Score: EQ 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
Valued Contributor

Re: Toy Limits


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?


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. 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Frequent Contributor

Re: Toy Limits

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.

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Valued Contributor

Re: Toy Limits

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

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Valued Contributor

Re: Toy Limits


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.

 


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

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Valued Contributor

Re: Toy Limits


ryanbush wrote:

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.

 


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


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. 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Valued Contributor

Re: Toy Limits


jamesdwi wrote:

ryanbush wrote:

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.

 


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


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. 

 

 


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?

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC