topic Re: Starting High Limit Credit Card suggestions? in Credit Card Applications

Starting High Limit Credit Card suggestions?

Anonymous — Sun, 15 Mar 2020 19:13:40 GMT

This is my first post on the forum, new to the community after reading a ton of great threads.

I'll get right to it. I started rehabbing my credit a year ago. March 15th 2019 my TU was 601 and is now 717. And EQ was 692, now 768. In that time frame I have 5 inquiries. One for a mortgage lender I was in the process of looking for a home as an investment but eventually backed off. I was pre-approved for FHA at 215k I believe. After that I opened up my first unsecured card after 4yrs of only having a secured WF card. My secured card had a $700 limit, now it is unsecured for $900. However my newly approved card, at the time March 2019, was with Capital One for $1500, it's been upgraded twice. The first time by $3000 and the next time an additional $1500 for a total limit of $6000. In September of 2019, I applied for another Capital One card and was approved for a $3000 limit now $3500. So in December 2019, I applied for a Citi Double Cash with a limit of $6900. In January I wanted to see if Wells Fargo would raise my limit more than $200 so they did a hard pull and denied my increase and at that time my FICO was a 730! I didn't understand it or take the chance to see what new card I could be offered if they weren't going to increase my current limit, which by the way I still think is a joke.

Because I am going to pay off my car soon and lose that 4yr+ history, I want to add another card to reduce my utilization % and have an account that I can keep open virtually forever.

I have a combined limit between 4 cards of $17,300 with a $1500 balance on one card at 0% for 18mo.

If I am going to apply for another card I want to know if I should hold off since I've read about 5/24 rules etc?

I bank with Chase and their app has me "Pre-Approved" for a 3k limit with an interest rate that I'm not too interested in, but I don't tend to keep balances overall.

Citi gave me the highest intro limit so far at $6900. I'm not sure if I'll be able to get a card with that same limit or higher? Suggestions? By the way all my cards have no annual fee, I am being cost conscious about that right now.

AAoA (TU) - 5yrs 8mo

TU - 717

EQ - 768

FICO 3 - 739

Current Credit Cards:

WF Platinum Visa - $900

Capital One Venture One - $6000

Capital One QuickSilver - $3500

Citi Double Cash - $6900

Re: Starting High Limit Credit Card suggestions?

Nomad3 — Sun, 15 Mar 2020 19:24:35 GMT

You have history with WF so you could app one of their other cards, the Propel is nice. They can be conservative though the history with them will probably help the SL.

Amex you can try for the 3x increase after 61 days

Re: Starting High Limit Credit Card suggestions?

AllZero — Sun, 15 Mar 2020 19:28:25 GMT

Where are you obtaining your scores? Are they FICO 8? What about your Experian score?

$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

Re: Starting High Limit Credit Card suggestions?

AllZero — Sun, 15 Mar 2020 19:30:20 GMT

Have you considered joining a credit union? Are you eligible for membership at Navy Federal Credit Union?

Other considerations are e.g. your local CU, PenFed, Langley, DCU, etc.

Re: Starting High Limit Credit Card suggestions?

Anonymous — Sun, 15 Mar 2020 19:33:42 GMT

I use Credit Karma for my TU and Equifax. But I have Experian providing the FICO Score 8 at 756. There is an option to see the other FICO models for auto, home, cc lending etc. I discovered that the FICO Bankcard Score 3 (which is primarily used for credit card lending) is 739. I don't have my Experian score just yet.

Re: Starting High Limit Credit Card suggestions?

blindambition — Sun, 15 Mar 2020 19:34:24 GMT

@AllZero wrote:
Where are you obtaining your scores? Are they FICO 8? What about your Experian score?

$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

If you have a good EXP score, possibly Amex. BCE with 8-10k not uncommon. Also not guaranteed though.

Re: Starting High Limit Credit Card suggestions?

Anonymous — Sun, 15 Mar 2020 19:39:15 GMT

Yes it is true that I have history with WF which is what I relied on to give me a limit increase or unsecure my card before being forced to apply at other lenders. They would not release my deposit/unsecure my card which is why I applied at Capital One. You mentioned the Propel Card I have some interest but I'm hesitant as to what WF will decide after keeping my security deposit from Oct 2014 to Jan 2020. And after a hard inquiry didn't suggest any other card I could have even after denying my limit increase. I feel like it was a wasted hard pull.

Also, does the Amex 61 day increase require a soft or hard pull?

Re: Starting High Limit Credit Card suggestions?

AllZero — Sun, 15 Mar 2020 19:41:22 GMT

@Anonymous wrote:
I use Credit Karma for my TU and Equifax. But I have Experian providing the FICO Score 8 at 756. There is an option to see the other FICO models for auto, home, cc lending etc. I discovered that the FICO Bankcard Score 3 (which is primarily used for credit card lending) is 739. I don't have my Experian score just yet.

CreditKarma is great for following your credit reports. Disregard VantageScore provided.

Majority of the lenders base their decision on FICO scores. I would recommend you use those scores to gauge your creditworthiness for future applications.

Re: Starting High Limit Credit Card suggestions?

Anonymous — Sun, 15 Mar 2020 19:41:57 GMT

I do have a credit union I haven't done much business with. GO FCU, they don't have a lot of offerings last time I checked. I can visit with them, I believe they pull my report without impacting my score and if so they can give me an idea of what I qualify for I suppose.

Re: Starting High Limit Credit Card suggestions?

Anonymous — Sun, 15 Mar 2020 19:52:20 GMT

@AllZero wrote:
@Anonymous wrote:
I use Credit Karma for my TU and Equifax. But I have Experian providing the FICO Score 8 at 756. There is an option to see the other FICO models for auto, home, cc lending etc. I discovered that the FICO Bankcard Score 3 (which is primarily used for credit card lending) is 739. I don't have my Experian score just yet.
CreditKarma is great for following your credit reports. Disregard VantageScore provided.

Majority of the lenders base their decision on FICO scores. I would recommend you use those scores to gauge your creditworthiness for future applications.

+1 Exactly

Re: Starting High Limit Credit Card suggestions?

AllZero — Sun, 15 Mar 2020 19:52:41 GMT

@Anonymous wrote:
I do have a credit union I haven't done much business with. GO FCU, they don't have a lot of offerings last time I checked. I can visit with them, I believe they pull my report without impacting my score and if so they can give me an idea of what I qualify for I suppose.

There's also Randolph-Brooks Federal Credit Union and Security Service Federal Credit Union.

Re: Starting High Limit Credit Card suggestions?

Anonymous — Mon, 16 Mar 2020 11:26:14 GMT

Try Discover prequal site

Re: Starting High Limit Credit Card suggestions?

CreditInspired — Mon, 16 Mar 2020 12:05:19 GMT

@Anonymous wrote:
This is my first post on the forum, new to the community after reading a ton of great threads.

I'll get right to it. I started rehabbing my credit a year ago. March 15th 2019 my TU was 601 and is now 717. And EQ was 692, now 768. In that time frame I have 5 inquiries. One for a mortgage lender I was in the process of looking for a home as an investment but eventually backed off. I was pre-approved for FHA at 215k I believe. After that I opened up my first unsecured card after 4yrs of only having a secured WF card. My secured card had a $700 limit, now it is unsecured for $900. However my newly approved card, at the time March 2019, was with Capital One for $1500, it's been upgraded twice. The first time by $3000 and the next time an additional $1500 for a total limit of $6000. In September of 2019, I applied for another Capital One card and was approved for a $3000 limit now $3500. So in December 2019, I applied for a Citi Double Cash with a limit of $6900. In January I wanted to see if Wells Fargo would raise my limit more than $200 so they did a hard pull and denied my increase and at that time my FICO was a 730! I didn't understand it or take the chance to see what new card I could be offered if they weren't going to increase my current limit, which by the way I still think is a joke.

Because I am going to pay off my car soon and lose that 4yr+ history, I want to add another card to reduce my utilization % and have an account that I can keep open virtually forever.

I have a combined limit between 4 cards of $17,300 with a $1500 balance on one card at 0% for 18mo.

If I am going to apply for another card I want to know if I should hold off since I've read about 5/24 rules etc?

I bank with Chase and their app has me "Pre-Approved" for a 3k limit with an interest rate that I'm not too interested in, but I don't tend to keep balances overall.

Citi gave me the highest intro limit so far at $6900. I'm not sure if I'll be able to get a card with that same limit or higher? Suggestions? By the way all my cards have no annual fee, I am being cost conscious about that right now.

AAoA (TU) - 5yrs 8mo
TU - 717
EQ - 768
FICO 3 - 739

Current Credit Cards:
WF Platinum Visa - $900
Capital One Venture One - $6000
Capital One QuickSilver - $3500
Citi Double Cash - $6900

Are the TU and EQ FICO scores? If no, what are they? What is your EX FICO score?

Re: Starting High Limit Credit Card suggestions?

CreditInspired — Mon, 16 Mar 2020 12:06:40 GMT

@AllZero wrote:
Where are you obtaining your scores? Are they FICO 8? What about your Experian score?

$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

Same questions I asked 😁.

Re: Starting High Limit Credit Card suggestions?

Anonymous — Mon, 16 Mar 2020 16:38:03 GMT

@Anonymous wrote:
Try Discover prequal site

I tried this morning and I keep getting the "Oops something went wrong" page. I will try again later at some point.

Re: Starting High Limit Credit Card suggestions?

Anonymous — Mon, 16 Mar 2020 22:05:57 GMT

To echo the above, ignore the CK scores. They're not the ones used by lenders. Www.creditchecktotal.com - get all three FICO scores and go from there.

Also, to address your loan statement - if you pay off the loan, that's great. But you won't lose it. It'll stay for up to ten years on your reports as a closed, good tradeline and will continue to contribute to your age factors.