@gettnthere wrote:
all you guys are giving very good advice and usefull information. the one thing im lost then is how in the world do i get my first high limit card. from what you guys have said Prime lenders like to match your highest limit card but if all my limits are low then how the heck do i get my first high one. even if i keep applying to prime lenders (chase,citi,barclays,BofA etc..) they seem like__from what ya"ll have said__there just gonna match my currently low limits.....so what in the heck do i do to get my first BIG CL??
How long have you had your low limit cards? You have to build up over a long period time, asking for credit limit increases along the way, if you are going the unsecured card route and accepting cards with low limits to begin with. What my husband and I did, we put as much money as was allowed into the three secured credit cards you see listed in my signature below. We used these cards while waiting for a FICO® score to generate. This time last year, we did not even have a FICO® score!!!
We learned to use the cards for EVERY expenditure possible, then PIF before the statement closing date. We did this until June 1st of this year, then, after checking where our FICO® score was, we went into our bank (Chase) and apped for the Freedom card. They saw that our credit report showed an old closed account from Discover from 16 years ago. We had not used credit for several years and were on the "cash only" system until we got those 3 secured credit cards last year. Also reflecting on our credit reports, with the old Discover account, were the secured credit cards, (USAA American Express $5,000; US Bank Visa $5,000; and Capital One Mastercard $3,000). SO, when we went into our bank and app'ed for the Chase Freedom card, we were approved and given a $5,000 CL.
Interestingly, on my husbands credit reports, there is a 3-1/2 year old REPO still reporting. We were SO SCARED that was going to hold us back from being approved for anything. But, when the approval came through on the Freedom card without any static, we felt confident and fortified to continue on.
We also app'ed for all the other cards you see in my signature on June 1st and were approved for all of them. The lowest credit limit we got was the Walmart/Discover card at $3100. The inquiries will go away soon enough and the accounts will age nicely together over time. This is the what worked for us.
I wish you the best in your credit journey!
