topic Re: Credit cards with high SL (5000+)? in Credit Card Approvals

Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 03:14:50 GMT

I'm a college student who will be interning in a major city this summer. I plan on living in university housing and need to pay the entire balance upfront, which is usually around $5000. I'm looking for a card that will give me a starting limit of at leat $5000 and with 0%APR for a few months. I'll be able to pay off the entire balance over the summer. I know the limit will depend on a variety factors, but are there particular issuers or specific cards that are known to start with higher limits on average? Here's my profile:

AAoA: 1 year

Total Available Credit: $11,900

Overal Util: 19%

Income: ~60,000 (school grants/scholarships + income from campus jobs and summer earnings)

Individual cards with limits & utiization-

Discover IT: $200 (0%)

Chase Freedom: $2,200 (68%)

Care Credit: $1,500 (48%)

BoA Cash Rewards: $2,000 (0%)

Amazon Store Card: $6,000 (0%)

My balances are high on the Freedom and Care Credit because I'm taking advantage of 0% interest. They'll be paid off before I have to start paying interest in 2 or 3 months.

TU score: 704. 4 inquiries in past year, 2 of which will pass the 1 year mark next week.

EQ score: 709. 1 inquiry, which passes the 1 year mark next week.

EXP: ?

Thanks in advance for any advice!

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 03:17:35 GMT

better question. what kind of card do you actually want? almost any card can get you over $5k but you also have a limited history overall and your only $5k+ card is a store card.

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 03:37:13 GMT

@Anonymous wrote:
better question. what kind of card do you actually want? almost any card can get you over $5k but you also have a limited history overall and your only $5k+ card is a store card.

To be honest I don't really care about what kind of card I get. The most important thing is that I get a high starting limit with 0% introductory APR. Any rewards would be an additional benefit, but that's not my most important consideration for now. I'm even willing to get an annual fee card and close it before the fee hits if that will get me the $5000+ limit (although I'd rather not if possible).

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 03:56:02 GMT

TBH i understand where you're coming from but, to prevent account closures for useless cards in the future, think about what cards you actually want and then narrow them down based on your current needs.

that's like car shopping and saying "idc what i get i just want one around $15k"
ok no. find the one you want (within reason) and work on price afterwards.

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 04:31:33 GMT

CapOne Venture

Re: Credit cards with high SL (5000+)?

Chris679 — Mon, 14 Mar 2016 04:35:16 GMT

@Anonymous wrote:
I'm a college student who will be interning in a major city this summer. I plan on living in university housing and need to pay the entire balance upfront, which is usually around $5000. I'm looking for a card that will give me a starting limit of at leat $5000 and with 0%APR for a few months. I'll be able to pay off the entire balance over the summer. I know the limit will depend on a variety factors, but are there particular issuers or specific cards that are known to start with higher limits on average? Here's my profile:

AAoA: 1 year
Total Available Credit: $11,900
Overal Util: 19%
Income: ~60,000 (school grants/scholarships + income from campus jobs and summer earnings)

Individual cards with limits & utiization-
Discover IT: $200 (0%)
Chase Freedom: $2,200 (68%)
Care Credit: $1,500 (48%)
BoA Cash Rewards: $2,000 (0%)
Amazon Store Card: $6,000 (0%)
My balances are high on the Freedom and Care Credit because I'm taking advantage of 0% interest. They'll be paid off before I have to start paying interest in 2 or 3 months.

TU score: 704. 4 inquiries in past year, 2 of which will pass the 1 year mark next week.
EQ score: 709. 1 inquiry, which passes the 1 year mark next week.
EXP: ?

Thanks in advance for any advice!

If I were in your shoes I would go one of two directions:

1-I would stop in my local CU where I could apply in person and explain to the loan officer that I needed over $5k and why.

2-I would take a look at Amex. No guarantee about the starting limit but there is a good chance you can triple the starting limit by summer if it is less than you need.

Re: Credit cards with high SL (5000+)?

Chris679 — Mon, 14 Mar 2016 04:43:35 GMT

@Anonymous wrote:
TBH i understand where you're coming from but, to prevent account closures for useless cards in the future, think about what cards you actually want and then narrow them down based on your current needs.

that's like car shopping and saying "idc what i get i just want one around $15k"
ok no. find the one you want (within reason) and work on price afterwards.

Sounds to me like OP actually wants a card with at least a $5k limit. Sounds like their current needs are a card with a $5k limit. Car shopping comparison is not even close because a car costs you money. This card will not cost anything and if they have to close it later on oh well it served its purpose.

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 04:51:37 GMT

sounds to me someone looking for a card with no long term purpose. sounds to me people should think a little more long term.

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 04:58:05 GMT

just go for the CSP. if you're approved you have a minimum of $5k. problem solved.

Re: Credit cards with high SL (5000+)?

Nova5041 — Mon, 14 Mar 2016 05:22:38 GMT

The only card that I can think of that fits your bill for a high sl and 0% interest would be a capital one venture ONE card, usually starts at 5k and has the 1 year 0%. Amex is another option, but can't see them starting you at 5k, only because you don't have any other credit lines in that range but it's possible. Just my two cents!

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 05:23:55 GMT

yeah the venture and CSP aren't 0% for any period. i was being smart with my response. venture one will likely yield a $3k limit if approved, though. feel free to try..

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 19:14:54 GMT

Ideally every card would have a long-term purpose, sure, but there's no harm in prioritizing a compelling short-term purpose as well!

OP, see if you have any prequals for the CSP or Venture.

Edit: my bad, I was thinking of Venture One re: 0% offer. And I never pay much attention to intro APR offers, so I must have hallucinated CSP having one!

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 05:24:46 GMT

CSP and venture don't offer 0% periods

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 05:59:18 GMT

The VentureOne (not the Venture, which doesn't have a 0% intro APR) seems like a strong option, as it doesn't allow approvals for toy limits (the minimum approval is $3000). The downside though is exactly that -- that you might get saddled with a $3000 limit, and unfortunately Capital One is rather rigid with initial credit lines even if you are willing to take additional hard pulls for increases (FYI, most of their CLIs are SPs, but often require 6 months before granting them). It might be a bit of a gamble to withstand 3 HPs for a card that might not end up suiting your short term needs and you really aren't even concerned with keeping long term anyway.

A Citi credit card might actually be a considerable option. To warn you ahead of time, Citi is not the easiest lender to get in with and their credit lines usually start rather low (especially, the Double Cash, reputedly), but hear me out. Citi is generally very generous with CLIs upon card activation if you are willing to give up another HP for it. It is rather normal for a person to only be approved for a $2000-$3000 credit line with Citi but get it bumped up to $6000 or more with an additional HP. My thinking is, if you don't get the credit line you are looking for upon approval, you are rather likely to still be able to get the limit you want with Citi -- it just depends on how much you are willing to give up. As for your best 0% option among Citi cards, you have plenty of possibilities: Thank You Preferred, Simplicity, Diamond Preferred, and Double Cash (my personal favorite), just to name a few. All of the aforementioned cards also have the benefit of not having an annual fee. As for being approved in the first place, your AAOA is a bit low, but your scores are high and your inquiries are low (Citi is particularly inquiry sensitive). I suggest putting your info into Citi's prequal and see what comes up.

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 05:56:55 GMT

@2011XTerror I just looked at the venture one (not venture) and it starts with 0% APR. And you're right, it's probably better to get cards for the long-run, but I have an immediate need that requires me to prioritize getting a high limit over any other features the card may offer.

Thank you all for your suggestions! I'll until wait my 3 inquiries drop off next week and I think I'll go for the capital one venture and possibly Amex ED or BCE. Does that sound reasonable?

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 05:58:52 GMT

do the venture one, not venture if you go cap1.

Re: Credit cards with high SL (5000+)?

Anonymous — Mon, 14 Mar 2016 08:22:46 GMT

@Anonymous wrote:
The VentureOne (not the Venture, which doesn't have a 0% intro APR) seems like a strong option, as it doesn't allow approvals for toy limits (the minimum approval is $3000). The downside though is exactly that -- that you might get saddled with a $3000 limit, and unfortunately Capital One is rather rigid with initial credit lines even if you are willing to take additional hard pulls for increases (FYI, most of their CLIs are SPs, but often require 6 months before granting them). It might be a bit of a gamble to withstand 3 HPs for a card that might not end up suiting your short term needs and you really aren't even concerned with keeping long term anyway.

A Citi credit card might actually be a considerable option. To warn you ahead of time, Citi is not the easiest lender to get in with and their credit lines usually start rather low (especially, the Double Cash, reputedly), but hear me out. Citi is generally very generous with CLIs upon card activation if you are willing to give up another HP for it. It is rather normal for a person to only be approved for a $2000-$3000 credit line with Citi but get it bumped up to $6000 or more with an additional HP. My thinking is, if you don't get the credit line you are looking for upon approval, you are rather likely to still be able to get the limit you want with Citi -- it just depends on how much you are willing to give up. As for your best 0% option among Citi cards, you have plenty of possibilities: Thank You Preferred, Simplicity, Diamond Preferred, and Double Cash (my personal favorite), just to name a few. All of the aforementioned cards also have the benefit of not having an annual fee. As for being approved in the first place, your AAOA is a bit low, but your scores are high and your inquiries are low (Citi is particularly inquiry sensitive). I suggest putting your info into Citi's prequal and see what comes up.

Thank you for your response, that was very helpful. Would I need to call the recon line in order to get the CLI with citi if the initial limit isn't high enough? Like you said, I don't have many inquiries, and I won't need to apply for credit for a while after this so I don't mind an extra HP.

Re: Credit cards with high SL (5000+)?

takeshi74 — Mon, 14 Mar 2016 12:31:59 GMT

@Anonymous wrote:
I know the limit will depend on a variety factors, but are there particular issuers or specific cards that are known to start with higher limits on average?

You cannot rely solely on the card. You credit profile and income will determine the limits that you qualify for.

@Anonymous wrote:
Chase Freedom: $2,200 (68%)
Care Credit: $1,500 (48%)

...and high revolving utilization like that will have a significant impact on what you will qualify for.

That's why we say don't rely on a new card to BT for those who already have high revolving utilization.

Keep in mind that 30% is a generally suggested maximum and that both individual and overall revolving utilization matter. Your overall is under 30% but the those 2 cards may be a problem for you.

@Anonymous wrote:
My balances are high on the Freedom and Care Credit because I'm taking advantage of 0% interest.

It really doesn't matter from a creditor's perspective. Pull your own reports. See where the 0% offers are indicated?

Re: Credit cards with high SL (5000+)?

Broke_Triathlete — Mon, 14 Mar 2016 18:47:41 GMT

@Anonymous wrote:
CapOne Venture

The venture doesn't offer a 0% period. The Venture one does. That's probably what I'd recommend. You should get something over $5K and they have 0% for a year.

Re: Credit cards with high SL (5000+)?

bourgogne — Mon, 14 Mar 2016 20:47:33 GMT

@Anonymous wrote:
CapOne Venture

^word, I just got a 20K one and have been rebuilding with only them for ~18 months