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Established Contributor
Posts: 513
Registered: ‎04-03-2007
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Re: how do I get a High Credit Limit 5k+

[ Edited ]

hopefully700soon wrote:
I few other notes on previous replyer I actually currently bank with wamu. I am sure once all the accounts are transferred to chase they will see  my saving account. I currently have 2k in savings and $2500 in checking. and have been with wamu for about 5 years. not sure what that will do to help

 

That is great. It will definitely help. Your Chase credit card CL is very low for your income. Chase will eventually see the $4,000 + deposits and be assured that you are not living paycheck to paycheck. :smileywink: 

 

Chase won't have much risk by offering you higher CLs. I wouldn't ask Chase for higher limits right now however. Wait until your scores bounce up a bit. Chase might even raise your limits without you asking. That way there would be no hard inquires.

 

 Congrats on your CU card. I would cool it for a while now with the apps. Quit while you are ahead. :smileywink:  Protect your FICO score and keep your head down. You don't need any adverse action at this point. BoA might get nervous about your CU application. BoA just issued a new card with a generous CL You then proceeded to obtain even more new credit with the CU before BoA even saw usage on your brand new tradeline. After all you do have a serious neg in file. Just be careful. I don't think you should push the envelope any further. 

 

 "700soon" will happen sooner if you stop apping and do a little gardening at this point.

In any event, a year from now you will be in awsome shape. Time for patience and restraint IMHO.  :smileytongue:


Message Edited by CreditAble on 03-18-2009 11:52 AM
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hopefully700soon
Posts: 13
Registered: ‎03-17-2009
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Re: how do I get a High Credit Limit 5k+

oh yeah that was for sure my last app for a few years or so.. how do I insure b of a or this CU wont decrease my limit ? I will be keeping my credit score now lower then what it is nowbut just to insure how do I keep these credit limits up ?

 

should i charge some small limit every month and pay it off ever month or ?

Established Contributor
Posts: 513
Registered: ‎04-03-2007
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Re: how do I get a High Credit Limit 5k+


hopefully700soon wrote:

 

how do I insure b of a or this CU wont decrease my limit ?

 

 I will be keeping my credit score now lower then what it is now but just to insure how do I keep these credit limits up ?

 

should i charge some small limit every month and pay it off ever month or ?


Actually you should use the BoA card as much as possible for a few months. Charge everything that you can on it and pay all but a few hundred dollars before the statement closes. That will give you low utility reporting. The lower utility will keep your credit score up as much as possible considering the new account dings.

 

After you reach your 700 FICO you can let larger balances report for BoA so that Chase can see how much you would use its card if it were to give you an unrequested CLI.  :smileywink:

 

  A year from now if you choose to request a $5K CLI from Chase (even with a hard inq), it should be a slam dunk. But don't do it now!! Please, please don't ask them now !!  :smileytongue::smileyvery-happy:

 

I would use the CU credit card for a few small purchases and pay in full before the statement closes also for a few months. The main objective is to keep BoA happy in the critical first few months of the new account. It is my opinion that it would be better that BoA doesn't see usage on the CU card at least right away. 

 

I personally would have waited to app for the CU card for at least 6 months so as to not rock the boat with BoA. Anyway the deed is done. If BoA does CLD you at least you now have the CU higher limit card.

 

The best defense is start saving as much money as possible and perhaps buy a BoA CD. Show all the major credit card issuers that you have "plenty of money". That is the best (cheapest) insurance you can buy to avoid AA. Of course I am of the firm belief that it is easiest to build higher credit scores and credit limits if you have a solid cushion of savings so you are not at the mercy of banks.

 

Congrats on the results of your higher credit limit quest. Now comes the hard part. You have to justify keeping those limits by using the cards enough. I don't think the CU will be as concerned as BoA would be by low usage. The Chase card goes in the sock drawer for 3 months to make the bank jealous of the usage your credit report will show on the BoA card.

 

Chase might make you an offer like a 0% BT or something. BTs at 0% can be used to bump credit limits even higher or at least justify keeping excessively high limits that you don't really have any need for.

 

The 0% BT strategy is for another thread after your new accounts age and your FICO scores improve somewhat..   :smileytongue:  


Member
hopefully700soon
Posts: 13
Registered: ‎03-17-2009

Re: how do I get a High Credit Limit 5k+

Honestly I have no need to do anymore credit limit increases or new credit accounts I have lived on these 2 small credit cards and 2 store cards for about 4 years now. I think 2 years with no hard pulls will be easy. I will let the limits of the new and old credit card raise by them Selves.. I will however still charge a few things here and there and do what you said for b of a. I am not really concerned with the CU limit decrease I think they are solid on that limit but b of a is a little iffy so I will show them I am very responsible.. well once again thank you for the help... by the way B of A pulled from experian. 

 

 

 

Frequent Contributor
moondog7324
Posts: 488
Registered: ‎04-09-2008
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Re: how do I get a High Credit Limit 5k+

You've got your 'emergency cards' congrats- you cannot control if the credit limits will stay-but you can control how you use them.

MANAGE YOUR DEBT, NOT YOUR FICO SCORE!

You are wise not looking to get antmore cards. If your paying fees on those low limit cards I would weed them out as the new cards reach 6 months.

 


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