10-09-2012 02:38 PM
10-09-2012 02:47 PM
The method I used was to take the unsecured card, use it as my primary purchase point: gas, utilities, groceries, restaraunts, etc.
Fill it to close to the limit, then pay off. Do the same thing multiple times each month.
Then call and point out that you have the cash to pay it off, but you are having to make multiple payments a month. If the rest of your credit history isnt too bad (no recent BK, CO, etc) then it shouldnt be too hard to get them to approve the convenience increase, which will make it easier for you to use the card (and them to earn transaction fees).
10-29-2012 04:50 PM
Be very careful. If your current cards have a link titled something like "Request Increase" (Chevron-GE Bank or Barclay), have income data ready and, if you have had the card of 9 - 12 months and always paid the statement amount on time, a request may well bring you an increase. You'll have to fill in income and job data, but can generally receive a response in minutes.
If you have a card like Chase and there is no online link, maybe a phone call would do - ask what the requirements are. If you email your request and they advise you that they will need to check your credit, take a pass. They will "hard pull" and your credit may be increased by some small amount if you are already above the 680 or so level, but then you may be subject to a drop of 15 - 25 points in your FICO score.
Happened to me. I have had a business AmEx card since 1980. Never behind. Been Platinum for years, no matter it now costs $450.00 for the priviledge - I use the services and its worth it. I generally pay 100% of active cards as soon as the online statement is available. Since a miserable set of circumstances set me back 4 years ago, I had climbed back to 690, with a raise in points after financing a car through Toyoto financing. FICO advise raising credit limit would be a good idea. Chase has an "other named" bank facility check your credit and two days after a $500.00 increase, my score dropped to 673, where it has lingered for three months.
So much for FICO advice.
10-29-2012 05:13 PM
I went like this:
First Premier ---> Capital One ---> GE Capital ---> Barclays ---> Chase Freedom ---> Discover More ---> Anything you want basically
+1. We all have to start some where. I managed to skip First Premier and went straight to Cap1 tho. Smh...it still felt like bad sub prime lending tho.
10-29-2012 05:32 PM
Orchard secured --> Achieva Credit Union secured --> Amex BCP $5500 --> Navy Federal $17,000 --> Chase Sapphire --> Chase Freedom
10-29-2012 09:54 PM
I agree with what a lot of the others are saying. Wait 6 months.
07/08-Wells Fargo. They stared me off at 1000, then raised to 1800, then raised my limit to 2500. I currently have the college card with them, but I'm working on converting it to a regular unsecured card so I can have a higher credit limit.
08/08-1st Financial Bank. They started me off at 800, then raised my limit to 1300, then 3300, then 3900, then 4900. Although they've increased my limit quite a bit, I wouldn't recommend them. I got them when I first started building credit. Not a company i'd recommend, however, the only reason why I still have them is because Its one of my oldest cards.
06/12-American Express Green Card-No preset spending limit
07/12-Citi Bank Preferred Card-Since this credit card is still fairly recent, I haven't had any increases yet. But they started me off at 2200. (also a no present spending limit though).
I only plan to have 5 credit cards total. And my last credit card, I'm working on trying to obtain the Chase Sapphire Preferred Card. But As far as advice on raising the limit, its pretty simple. Just pay on time, NEVER be late. Don't max out the cards or even come close. And DO NOT try to raise it multiple times. Waiting 6 months is the bare miinimum i'd say..."Patience is a Virtue".
10-29-2012 11:14 PM
To be honest, I managed to get away from the toy limits with the help of STORE CARDS.
That's right, how sad... but true, nevertheless. The lady who put $9999 as my monthly income in the hhgregg CC application surely did me a big favor. $5K instantly and surely would had been more if she would had raised the expected purchase amount.
Btw, I filled the form with my actual monthly income but looked like she just wanted to approve me no matter what lol
Just shows what a nice CS lady flirting with the customer is up to hahaha
10-29-2012 11:16 PM
Google "largest credit unions". Credit Unions are under represented among the previous posts. Generally Credit Unions offer more favorable interest rates for purchases and cash advances. You are eligible to join many around the country - not limited to your own locale. Look beyond the big name banks and you will find better values and a willingness to grow with you.
10-29-2012 11:23 PM - edited 10-29-2012 11:25 PM
Wait what is a line swap???
In my case I took a $5,000 from $2500 limit and a $3500 limit. This left me with a $5,000 limit on one card, $500 and $1000 on others. Simply put, it was moving my lines around within my bank. It got me a card with a $5,000 limit, then I was able to get other cards with good limits because the banks noticed I could handle that $5,000 limit card.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO