am i ready to apply for a high limit card?

[Anonymous]

Hello all. i have been working to improve my scores for about a year.(680,569,660) so far its been a slow but steady journey. i have  a paid c/o that i did a couple years before i got my credit education, also way too many inq's(20 on 2 files). i got most of the transunion eq's off, but i want to join the 700 club asap and thought gettin a high limit card might help. i know i'll pay the price for a new account but not sure if it will help or if i even have a chance at getting approved. i have 3 major cc but low limits...1,500..1000.650...what do u think?..thnx

[Anonymous]

Hi

What is your current Util % ?

What were your scores when you got your current cards.

Do a little risk analysis on your present cards based on Interest rate and record of payment.

I would look to getting a new card thats not one of the big ones saddled with problems like BofA or other headline companies.

If you get the new card, I would drop the two worst cards you currently have.

Since you are willing to take the hit, you can also close out a high interest card or one you might not have a shining history with.

You really want one or two good to great cards, not several that give you nothing (high interest and low limits)

Having many cards is a thing of the past, the game has changed a lot in the past month.

Good Luck

[Anonymous]

its down to about 20%

[Anonymous]

it's better to be 9% or under.  BofA has a preapproval on the website with no inquiry.  You can see if they have any offers for you.  That will give you some idea if you are ready for prime time

[cobra19]

kevin - I'd look into a CU. A vast majority of them pull EQ. If your 680 or 660 score is an EQ score - go for it. If not, I'd wait a while.

[haulingthescoreup]

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cobra19 wrote:

kevin - I'd look into a CU. A vast majority of them pull EQ. If your 680 or 660 score is an EQ score - go for it. If not, I'd wait a while.

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Agreed!

And to be sure, are these FICO scores? Or did you get them from somewhere else? (TransUnion, Experian, a credit monitoring service.)

If they're not FICO's, you don't know your scores.

[Anonymous]

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yes they are real fico's from my fico.com. i got updated scores 2day...trns 690, exp 664..eqf 665

[Anonymous]

You should be able to find a credit union http://www.findacreditunion.com

It is clear the requirements are very loose to join one.
I have noticed that Interest rates vary widely, so look for one that likely has big deposits. (associated with a big company, industry or employee interest)

[Anonymous]

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@Anonymous wrote:
Hello all. i have been working to improve my scores for about a year.(680,569,660) so far its been a slow but steady journey. i have  a paid c/o that i did a couple years before i got my credit education, also way too many inq's(20 on 2 files). i got most of the transunion eq's off, but i want to join the 700 club asap and thought gettin a high limit card might help. i know i'll pay the price for a new account but not sure if it will help or if i even have a chance at getting approved. i have 3 major cc but low limits...1,500..1000.650...what do u think?..thnx

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A high limit card will not raise your scores as you might think.  However, a great payment history and time will raise your scores.