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Member
kevinS
Posts: 7
Registered: ‎09-22-2008

am i ready to apply for a high limit card?

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
Valued Member
uaflyer
Posts: 55
Registered: ‎09-26-2008

Re: am i ready to apply for a high limit card?

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

Being in Debt is the American Way :smileyhappy:
1OCT08: EX 771
9OCT08 EX 782
4Jul09 EX792
9Aug09 EX 795
15Sep09 EX 783
0nce at 560 over 20 years ago..... ! www.findacreditunion.com
Rank your Bank http://www.bankrate.com/brm/safesound/ss_home.asp
Member
kevinS
Posts: 7
Registered: ‎09-22-2008

Re: am i ready to apply for a high limit card?

its down to about 20%
Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007

Re: am i ready to apply for a high limit card?

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:smileytongue:
Valued Contributor
cobra19
Posts: 1,426
Registered: ‎07-24-2007

Re: am i ready to apply for a high limit card?

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.

 

 

 

New York Yankees - 2009 World Series Champions. 27... and counting.....
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: am i ready to apply for a high limit card?


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.

 

 

 


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.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Member
kevinS
Posts: 7
Registered: ‎09-22-2008

Re: am i ready to apply for a high limit card?


yes they are real fico's from my fico.com. i got updated scores 2day...trns 690, exp 664..eqf 665
Valued Member
uaflyer
Posts: 55
Registered: ‎09-26-2008

Re: am i ready to apply for a high limit card?

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)
Being in Debt is the American Way :smileyhappy:
1OCT08: EX 771
9OCT08 EX 782
4Jul09 EX792
9Aug09 EX 795
15Sep09 EX 783
0nce at 560 over 20 years ago..... ! www.findacreditunion.com
Rank your Bank http://www.bankrate.com/brm/safesound/ss_home.asp
Established Contributor
FaircreditguyFL
Posts: 665
Registered: ‎03-31-2007

Re: am i ready to apply for a high limit card?


kevinS 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

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


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