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Approved for a mortgage & not a CC limit increase?!?!?!?!?!

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Anonymous
Not applicable

Approved for a mortgage & not a CC limit increase?!?!?!?!?!

So July 16th is the date w I'll be getting our pre approval. This is the date the foreclosure will fall off my cc report it has been 4 years and I will be getting another FHA loan. I called my capital one cc which has a $750 limit and asked for increase the response"I'm sorry ou are not eligible right now" then called my HSBC discover and they said they do not allow customers to request the increase and that one nis $450 limit. So I have good credit no natives it's all cleaned up nd my middle score Is 650 so h would I get approved for a home loan but not a higher credit limit?!?!
Message 1 of 6
5 REPLIES 5
DM6410
Regular Contributor

Re: Approved for a mortgage & not a CC limit increase?!?!?!?!?!


@Anonymous wrote:
So July 16th is the date w I'll be getting our pre approval. This is the date the foreclosure will fall off my cc report it has been 4 years and I will be getting another FHA loan. I called my capital one cc which has a $750 limit and asked for increase the response"I'm sorry ou are not eligible right now" then called my HSBC discover and they said they do not allow customers to request the increase and that one nis $450 limit. So I have good credit no natives it's all cleaned up nd my middle score Is 650 so h would I get approved for a home loan but not a higher credit limit?!?!

Great question!

My husband experienced this six years ago when he was pre-approved for $225k mortgage but could not get a $1500 loan from his local credit union. At that time, the only baddie on his credit was a BK 3 yrs old with positive post BK history. I don't understand how this can happen, his scores were mid to high 600s. Crazy bank scroing models I guess, but it also wasn't a very consumer friendly CU. 

As far as my credit goes, I am a work in progress...
Message 2 of 6
pizzadude
Credit Mentor

Re: Approved for a mortgage & not a CC limit increase?!?!?!?!?!

Well first of all cap1 doesn't give consumer initiated CLIs on most of their cards, so don't feel bad. Also a CC is unsecured, versus a mortgage, so CC creditors are always risk adverse, and many just don't give CLIs often.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 6
DallasLoanGuy
Super Contributor

Re: Approved for a mortgage & not a CC limit increase?!?!?!?!?!

Home loans are easy to get. They are 'secured'

 

 

Retired Lender
Message 4 of 6
rckstrscott
Valued Contributor

Re: Approved for a mortgage & not a CC limit increase?!?!?!?!?!


@DallasLoanGuy wrote:

Home loans are easy to get. They are 'secured'

 

 



I wonder how many on this forum would disagree with you that home loans are easy to get... ha.

 

Took me 18 months of work to get mine, that wasn't too easy... Smiley Wink

 

Although, yes, I get the basis of your statement, for the average consumer, home loans are probably an easy no brainer..

 

-scott

Starting FICO Score: October 2010: TU 498 | EQ: 502
Current FICO Scores:: May 2022: TU: 784 | EQ: 770 | EX: 790
Message 5 of 6
FrugalRican
Blogger

Re: Approved for a mortgage & not a CC limit increase?!?!?!?!?!

Two different beasts. Two different sets of criteria.

Mortgage != Credit Cards

 

I know a lot of these type of forums are full of people who can barely scratch the minimum mid-score, but it is actually a lot easier to meet the criteria for a house than it is for... say... a top tier AMEX, etc, etc...

Follow my financial journey: http://www.frugalrican.com


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Message 6 of 6
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