Help! Going from Toy Cards to Higher limit cards?

Seangar · ‎02-12-2015

Hello everyone. I'd like some advice on how to move from toy card hell to establishing better cards with higher CLs.

My cards:

(fico was around 540 when I got these cards)

Cap1 QS: $500

Cap1 Plat: $500

Creditone: $500

Victoria Secret: $500

Recent activity:

Fico: 635, expecting it to hopefully flirt with the 700 range after my utilization rate and the two removed collection accounts hit my reports.

My over utilization is 5% (just paid them all down, they were at 90%)

My cap1's are a few months away from the 1 year mark, credit one is about 8 months old

I just had 2 collections removed my my reports, only other baddies are 3 older judgements (one is satisfied).

No late payments besides a few on EQ that are over a year old.

3 inq's on eq/tu, not sure about ex

So my question is, how do I go about getting larger CL's with all these $500 limit cards?

Jamex · ‎02-12-2015

DCU and Barclays both have pretty good options for when you're at this stage of rebuilding, and they also have the advantage of each only pulling from one predictable bureau - which helps minimize the impact of INQ's when your file is still a bit fragile.

Barclays pulls TU, and I have seen people with your scores get approved for their Rewards Mastercard for Average Credit. Might be worth looking at.

[Edit: meant to point out that DCU pulls EQ] DCU will likely approve you for a basic Visa (no rewards) once your score hits 640-650. If you make it up to 675, you'll actually get a decent limit and APR. I had a 673 when I applied (wish I'd waited just a month) and I got 5k with 15.5%

Both DCU and Barclay are also pretty recon friendly if you don't get instantly approved online. Barclay will also likely offer you a CLI after 6 months, so even if you only get approved for 1k, you can likely get that doubled or tripled relatively quickly. And then once you have that card at 2-3K, and let it age about 6 more months, you're in a good position to start applying for 5k-ish cards at other prime lenders.

Hope that helps, and good luck.

Infiniti515 · ‎02-12-2015

@Seangar wrote:
Hello everyone. I'd like some advice on how to move from toy card hell to establishing better cards with higher CLs.

My cards:
(fico was around 540 when I got these cards)
Cap1 QS: $500
Cap1 Plat: $500
Creditone: $500
Victoria Secret: $500

Recent activity:
Fico: 635, expecting it to hopefully flirt with the 700 range after my utilization rate and the two removed collection accounts hit my reports.
My over utilization is 5% (just paid them all down, they were at 90%)
My cap1's are a few months away from the 1 year mark, credit one is about 8 months old

I just had 2 collections removed my my reports, only other baddies are 3 older judgements (one is satisfied).
No late payments besides a few on EQ that are over a year old.
3 inq's on eq/tu, not sure about ex

So my question is, how do I go about getting larger CL's with all these $500 limit cards?

I agree with what has been said and if I may add one other way to get better limit is try the luv button with victoria secret. I started at about 400 and through the luv button on their website through Synchrony they gave me a 200 increase then in 2 more months they gave me 2 increases at once, you just keep hitting the love button until it gives you 7 to 10 day. I am at $1140 with them. Btw, they are softpulls which is also good for keeping inq low.

Seangar · ‎02-12-2015

Great info man, thanks! I actually tried to join DCU about 6 months ago and was declined b/c of chex I believe. I have since paid off Chex. Do you think I would be accepted now? Also, do they verify income? I currently work as a bartender (mostly tips), so what I actually claim is extremely low compared to what I actually make. I def give barclays a shot once my reports update. MyFico score estimator says after paying off all my credit cards my score will be 690, that's not including the 2 collections that were just removed. So that's where i'm gettin the 700 score

cartwrna · ‎02-12-2015

No credit steps with your Cap 1 cards? Do you run a lot of funds through them monthly? If so and credit bureau reports are clear of a lot of past due debt then I'd call the EO and request higher limits. My QS1 started at $500. Just got my credit steps email not to long ago.

Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?

Seangar · ‎02-12-2015

Yes, they are on the credit steps program, when I got them my scores were really bad...like 540. They started me at 300 and increased them to 500

cartwrna · ‎02-12-2015

That's a baby increase! Id be calling the EO! Especially if your scores are in the 600s now. My score they pulled was like a 570 and I was denied. I recond the EO office due to having there secured card since 2012 and they approved me for $500. No less than 2 days after they pulled my credit a bunch of stuff was removed making my reports nearly flawless and my scores jumped to 650-690 range :-p that should work in my favor nicely! I have the EO office of you want to ask for a CLI. The worst they can say is no. If you have had good use with it (no missed payments/late payments, good use and pay the bill in full/don't carry high balances), then it's most definitely worth a shot!!

Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?

Jamex · ‎02-12-2015

Hey Seangar - Chex is one of the few places in the credit rebuilding labyrinth I haven't had to go myself, so I'll let someone else respond to that.

As for reported income, I think most credit card apps ask for your wages but also have a place to list "other income." I'd imagine you could include tips there. It might result in you getting the 7-10 day message rather than an instant approval, but that's also exactly the kind of thing you could discuss during a recon call. The Barclays analysts in particular are very professional and friendly. As always, YMMV, but of the folks I've had to call to explain negative/questionable things about my file, they've been the best.

Keep us posted with how it plays out for you. It's amazing how much information is on these boards and it keeps getting better as each person adds their own experience.

Anonymous · ‎02-12-2015

Are the Buckle "request credit increase" buttons (through Comenity) soft pulls as well? I'd like to increase that limit, but don't want to risk a hard inquiry to do it.

Anonymous · ‎02-12-2015

Time and patience, which isn't what you want to hear lol You stated you have 3 judgements and only one is satisfied. That could be a major negative factor lenders see when you apply. You should see an increase on your scores for dropping that utilization. I am not sure how much of a bump you will get for the collections being removed if you still have 2 judgements but I am sure it will increase some. It will really depend on how derog those accounts were and the amount written off, if any. Once your scores jump, give it a week or two then try some prequalifiers like chase and cap 1.

I had 3 total collections. Two removed mid January. I got a 30 point bump. Last week, I got a 17 pt jump for paying one credit card down from my Christmas shopping. I intentionally let that one report though. I have one small medical collection left. My understanding is the biggest jump will be when that last collection comes off. I will finish up my steps program with Cap 1 in April. I am toughing it out to see if that card bumps up like my scores have.