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Contributor
pat0812
Posts: 93
Registered: ‎09-10-2012
0

how to make the leap from $500 CL to higher

Hello,

 

I started to build my credit 5 months ago

as of know i have the following cards

 

1) $500 secured wells fargo

2) $400 walmart store card

3) Capital 1 unsecured $500

 

all in low UTI and always PIF

no negative on my report

 

How do i make the leap to higher credit lines?  On my secured card i don't count too much on it  and capital one i heard they are horible with CLI

What cards should i apply for in the future to get higher credit lines ?

 


Starting Score: EQ 683 TU 714
Current Score: EQ 683 TU 714
Goal Score: EQ 740 TU 740


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Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: how to make the leap from $500 CL to higher

[ Edited ]

Talk to your bank, the one you have a checking account with. See what they can offer you. After six months ask for an increase. After another six months apply for a different card. Then repeat until you have the cards and limits you want.

 

You are doing pretty well for six months. After a couple years, as long as you have good income and PIF you will have some great cards.

 

This was my credit card path:

US Bank College Card $500 5/2011 Started at $300, then increased to $2500. Then later line swapped to $500

US Bank Select Rewards $1000 3/2012 Started at $3500, then line swapped to $1000.

Capital One Best Buy Store Card $3000 3/2012 Started at $1200, then grew to $3000

Capital One Journey $1500 3/2012 Started at $1000 then credit steps to $1500

US Bank Flexperks Signature $5000 6/2012 71k flexpoints accumulated...Applied and was declined unless I line swap from my other lines. I did this for approval.

Chase Freedom $5000 10/2012 Was just approved

Amex HHonors $2000 10/2012 Was just approved

 

As you can see all of my accounts are new. I only have one card that is over a year old. As long as you keep up with your cards, you can grow your credit quick.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Regular Contributor
charyot77
Posts: 237
Registered: ‎06-21-2010
0

Re: how to make the leap from $500 CL to higher

If you cant afford to put a few grand into a secured card, then you'll just have to slowly gain trust from creditors until someone eventually gives you a larger limit.

 

Capital One is horrible with CLIs but they will give you at least one (I think it is usually 50% of your original limit).

 

If your Capital One card hasnt gotten its credit steps boost yet, your card's limit should be increased to $750 (and that's where it will probably stay).

 

The good news though is that other (prime) creditors may try to match your highest limit, so you could be starting at $750-$1000 limits.

 

Before I got that captial one card, I was still very early in my re-building process and I was only getting approved for $300 cards (no fee cards at least).  Since Capital One approved me for the $500, I havent been approved for anything less than that. 

 

Capital One actually gave me a 2nd increase on my platinum card (originally the card was $500 - then $750 - then 18 months later jumped to $2750!) and because of that huge jump, other creditors that I applied to approved me for similar limits (around $3K). 

 

I think once one creditor takes a chance, the floodgates open.:smileyhappy:

 

I'm in a similar place as you, only I'm trying to get to the magic $5K card limits (for Visa Signature and World Mastercard accounts). My current highest limit is $4K...oh so close! :smileysad:

 

 

 

Established Contributor
CruzImperial
Posts: 869
Registered: ‎07-04-2012
0

Re: how to make the leap from $500 CL to higher

Right off the bat, I could tell you to forget about Cap One increasing your limit.

In the other hand, I see that GE Walmart card growing pretty fast at 4-6 month mark if used regularly and pif.

Furthermore, another option is WF. They could graduate you the secure card and raise your limit as well.

 

I would suggest you try for Citi, Discover and Amex at 1 year mark AAoA with low util (1-9%). Amex can easily raise the limit, I got my BCP on August only with 2K limit and is now standing at 6K!, my highest CL yet. Not to mention the backdating they offer (Ideal to increse lenght of credit history).

 

Also, try to look up cards that give CLI with soft pulls (majority of GE cards) and you may use regularly for the lowe's 5% cashback for example.

 

 

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: how to make the leap from $500 CL to higher


charyot77 wrote:

If you cant afford to put a few grand into a secured card, then you'll just have to slowly gain trust from creditors until someone eventually gives you a larger limit.

 

Capital One is horrible with CLIs but they will give you at least one (I think it is usually 50% of your original limit).

 

If your Capital One card hasnt gotten its credit steps boost yet, your card's limit should be increased to $750 (and that's where it will probably stay).

 

The good news though is that other (prime) creditors may try to match your highest limit, so you could be starting at $750-$1000 limits.

 

Before I got that captial one card, I was still very early in my re-building process and I was only getting approved for $300 cards (no fee cards at least).  Since Capital One approved me for the $500, I havent been approved for anything less than that. 

 

Capital One actually gave me a 2nd increase on my platinum card (originally the card was $500 - then $750 - then 18 months later jumped to $2750!) and because of that huge jump, other creditors that I applied to approved me for similar limits (around $3K). 

 

I think once one creditor takes a chance, the floodgates open.:smileyhappy:

 

I'm in a similar place as you, only I'm trying to get to the magic $5K card limits (for Visa Signature and World Mastercard accounts). My current highest limit is $4K...oh so close! :smileysad:

 

 

 


Great info!

 

Have you tried any line swapping to get to the magic $5k limit? That is how I did it.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Regular Contributor
charyot77
Posts: 237
Registered: ‎06-21-2010
0

Re: how to make the leap from $500 CL to higher


Dustink wrote:

 


Great info!

 

Have you tried any line swapping to get to the magic $5k limit? That is how I did it.

 


 

No as I'm not even familar with line-swapping. I was going to ask you what that is exactly. My $4K card is with US Bank (a plain platinum) and I have another card with them that's for $300 (a secured card that they unsecured recently). I'm hoping that the $4K one can get an increase so that I can get a Visa Signature card while hopefully the smaller card will have an APR decrease so I can use it to carry balances should I need to.

Valued Contributor
Dustink
Posts: 3,097
Registered: ‎10-02-2012
0

Re: how to make the leap from $500 CL to higher

Once it has been 6 months since you have done anything with US Bank, as in no new accounts or CLI's. You can apply for the card you want, either the cash+ or the Flexperks signature. If they decline, call them and get in touch with the underwriting department. They may even push the app through without any problems, but if they tell you the same thing they told me. Which was essentially, we have given you too much credit already you are cut off. I told them, I am willing to lower the limits on my current cards and swap the limit to get this new card. That worked for me, and it might work for you as well.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
0

Re: how to make the leap from $500 CL to higher


pat0812 wrote:

Hello,

 

I started to build my credit 5 months ago

as of know i have the following cards

 

1) $500 secured wells fargo

2) $400 walmart store card

3) Capital 1 unsecured $500

 

all in low UTI and always PIF

no negative on my report

 

How do i make the leap to higher credit lines?  On my secured card i don't count too much on it  and capital one i heard they are horible with CLI

What cards should i apply for in the future to get higher credit lines ?

 


One of the BEST path to higher limits is to put more money in your secured card.Creditors look to see how you manage your cards.If you can put a few thousand in your secured card that will work in your favor for $2K-$5K potential approvals. If all they see is toy limits in your credit file they will determine this limit bracket is where they should start you. Go BIG or GO HOME is the way to approach building higher limit cards.

EQ-732FICO,EX-PLUS 740,TU-725FICO
Goal 750 Across

NFCU Signature Cash Rewards Visa, Chase Freedom Visa, Wells Fargo Visa Secured
Contributor
SoCalBound
Posts: 96
Registered: ‎06-24-2012
0

Re: how to make the leap from $500 CL to higher

If I had to do my credit building all over again, I would have increased my initial secured credit card deposit, it would have saved so much time.  If you can swing it, do it, if you can't swing it, try very very hard to.

Zync NPSL, BCP ($2000), Chase United ($2000) Chase Amazon ($1500), Chase Freedom ($3000), Discover More ($2000), Paypal Extras ($5000), Citi Forward ($2000), Orchard $2000, Amazon ($5000)
Pre-App Scores: TU98 779, TU04 797, EQ 682, EX 788 (Amex) 8/12
Established Contributor
Jlu
Posts: 922
Registered: ‎06-12-2012
0

Re: how to make the leap from $500 CL to higher

I went like this:

First Premier ---> Capital One ---> GE Capital ---> Barclays ---> Chase Freedom ---> Discover More ---> Anything you want basically

JP Morgan Select $10k | CSP $10k | Citi TY Premier $15k | BofA 3-2-1 $15k | Chase Freedom $10k | Discover IT $10k | Barclaycard $15k | AMEX SPG $5k | AMEX PRG NPSL | NASA Platinum-Advantage $10k | CapOne Quicksilver $3k | Walmart Card $5k | Amazon Card $10k | Chase Auto 1.49% | Joined myFICO 6/12 with a 540 FICO & today I'm over 750!

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