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What made you start seeking better and/or high limit cards?

Frequent Contributor

Re: What made you start seeking better and/or high limit cards?

I did not seek to get prime cards.  I had closed all CC in the early 90s thanks to Mr Ramsey.  Then in 2001, I succumbed to the 0% BT temptation and decided that was a better way to pay off my car loan.  So, IIR, the limit was $15k for the BoA MC right off the bat.  I believe I did a similar thing to get the Chase card, which was not a Freedom back then.  We shop at Sams a lot so for the CB, it seemed like a good idea to pay $60 more per year for the Advantage Plus.  (I will cancel that pending a review of my AAoA situation)

Over the last year I've become accutely aware of the CB I was missing and the benefits of increasing CL for Utilization sake.

FICO EX 827, 2015 Feb; FICO EQ 836/900 (Citi), 2014 Dec; FICO TU08 818, 2015 Feb.

BofA Cash Rwrds Sig V 2013 10k; Fidelity Rewards AmEx /BofA 2013 15.4k; Chase Freedom Sig V 2002 24.1k; Chase Amazon Rwrds Sig V 2011 8k; Sam's Club MC 2002 10k; Dscvr It 2012 10k; Citi Dvdnd Plat Sel V 2013 8.9k; PenFed Plat Rwrds V 2013 20k; AmEx Blue Sky 2013 11.3k; AmEx BCP 2014 24.1k; Priceline Rwrds Sig V 2013 8.7k; PayPal Xtras GE Cap Plat MC 2012 5k

Message 11 of 29
Moderator

Re: What made you start seeking better and/or high limit cards?

Hate to say it but it was mostly seeing what was possible on this forum.

 

I really wasn't looking to do much with credit cards except to establish some payment history and improve my FICO score to get mortgage qualified... then after finding this forum, a monster was created, which fortunately I don't regret.

 

After seeing what some posters, Open123, CreditScholar, and others were able to accomplish I realized there was more to be gained by playing for keeps than just being a tourist.  I'm not in their demographic where I can maximize things in the same manner that they do, but even with my modest little life there's been some financial wins I've been able to achieve because I had access to sufficient that I wouldn't have been able to make on my former cash-based existance, and it's only going to get better with time even if my overall spending habits aren't going to change short of a major life-altering event.

 

Also with the larger and currently expanding pool of credit, I have a much stronger financial defense than what I had previously, even if I'm simply hording cash in short-term liquid investments for a mortgage and could live off that for a few years if required, it wouldnt' be getting ahead and once I do purchse the absurdly priced house here in So Cal, having the credit card buffer will make life tremendously easier when I have income shortfalls or unexpected expenses.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 12 of 29
Senior Contributor

Re: What made you start seeking better and/or high limit cards?

For many years I was a "debit card" payer and with this forum I realized that I could have credit cards work for me. The two  5K cards I had with BofA  were just fine for the CL but when I saw many posters here to what limits they could get I figured "let's see what I can do" and started to app for selected cards that gave me some higher benefits. Became a rewards junkie Smiley Happy  I am pobably the nightmare customer of any lender...always pif and no dime in interest!  The most shocking experience I had recently was the Citi card with 17K instant approval and the inq sensitive Barclay that still approved me with 10K after all my new cards.  I know now that I have reached my limits 50K additional CL in 4 months is definitely reason for gardening for a while. Exited to see if more cards and higher limits will change scores as well. AAoA drastically reduced but so far did not loose many points in Fico scores. Love my cards and future goal is only CSP in 2014 and see if I can get close to 800 Fico scores...wishful thinking with only CC to report.

Move the mouse over the cards for detailed view!
....Last HP 01 NOV 2016...............
Message 13 of 29
Established Contributor

Re: What made you start seeking better and/or high limit cards?

For me it was two main reasons:

-Needed better purchase power (I hate the daily limit I had on debit when making a big purchase  Smiley Mad)

-Better protection (PITA to get a charge reversed on debit than a credit card IME)


2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

Take the myFICO Fitness Challenge
Message 14 of 29
Established Contributor

Re: What made you start seeking better and/or high limit cards?

My Goal was 100K in credit, you never know things happen, of that I have about 50K i can use as Cash.Just in Case.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Message 15 of 29
Valued Contributor

Re: What made you start seeking better and/or high limit cards?

Cap One.  Yup that is the reason.  After waiting so long for a CLI from them I figured out that I needed to get respect from somewhere else.  I was content having 4 accounts, but two of these accounts were Cap One.  Neither of them were going anywhere so I went elsewhere.  As I started doing that I got a few OK cards with OK limits.  I decided that I should simply keep going to get as far away as Cap One as I could. 

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 16 of 29
Established Contributor

Re: What made you start seeking better and/or high limit cards?

Emergency access the money, vacation buying power when my family and I do not want to carry cash, and more buying power. Lol
 photo IT_REDDAISY_zps2c12a8e3.gif
Message 17 of 29
Frequent Contributor

Re: What made you start seeking better and/or high limit cards?

Life is ALOT easier when using CC's.  I don't like using debit cards since they are so easily prone to fraud and attached to your checking account.  Plus some banks want you to attach your savings account to your checking account and that just triples the damage.  It's a PITA trying to get that money bank from a bank.


CC's I don't have to worry about that.  Makes going on trips, vacations and big purchases alot easier.  I only worry about overspending - that's it.

 

And ya, Capital One was a motivator for me.  I knew I could do better and there was something else out there.  These days, I smile when I read a list like "the best credit cards today" and I have a few of them.

 

I vowed not to ever do business with CapOne again, but I got over it.  I'll go for their Rewards card probably next year if it's still being offered.  But right now, I want a Citi card.

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
Message 18 of 29
Regular Contributor

Re: What made you start seeking better and/or high limit cards?

I realized I needed to get my act together when I got lousy financing on a car lease. It took me a little over a year to start working on my credit, and just a few months to go from 8,000 CL on one prime card to 30,000+ spread across 3 prime cards. I am looking forward to that number increasing thanks to AmEx 3xCLI in a few weeks. 

Starting myFICOs 2013
TU:664 March --> 726 May 25
EQ: 687 on March 6 --> 772 May 25
USAA EX (FAKO): 701 March 27 --> 768 May 26
Original goal (720+ across the board) achieved!
Message 19 of 29
Established Contributor

Re: What made you start seeking better and/or high limit cards?

Like a few people I started younran got married, got my credit destroyed in a divorce, now I'm back. I stumbled across this forum while googling something, I don't remember what, lurked for literally a couple of years before officially joining, and never looked back. Getting prime cards with high limits to me is about proving that you can have discipline and successfully manage your credit.


Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Message 20 of 29