Hi,
I currently have a BoA card that used to have a $2500 limit, but was reduced to $500 when my credit started tanking and a Cap 1 card that's reached what I believe is its maximum at $750. I'm also an AU on my parents' $20k USAA card, which is seriously helping my available credit and AAOA (They opened it 27 years ago.)
My FICO scores are 687 EQ, 699 TU. I'm not sure what my Experian score is, but it has one less late payment, so hopefully, it's comparable. I think I'm in the range to start getting approval for some standard cards again. But I only really want to get one in the near future, and I'd like it to be one with a larger credit line so I can actually start using it for rent and bills (will still pay off every month.)
I don't really understand the relationship between credit approval and credit limit though. Since my credit is "barely" okay, am I still likely to get really low credit lines? Or will they take income or other factors into consideration? I'd really rather not apply until it looks likely I could get approval for something near $5k. My income's good.
I was kind of thinking my best bet might be to ask BoA for an increase? They haven't volunteered to give me one, but I have positive payment history with them since Jan 2008. They would do a hard pull if I asked, but then at least I wouldn't get the new credit ding?
Ultimately, I'd be more interested in a travel rewards card as I do travel a lot. But I think I'll probably have to wait for that.
EDIT: Also, I know this is likely to vary from account to account. But those of you who have opened entirely new lines of credit, how long did it take for your score to rebound after the initial dip? I'd really like my credit to be at least this strong, if not better by 2013
