topic Re: Who should I apply to for highest Credit Limit? in Credit Card Applications

Who should I apply to for highest Credit Limit?

user967354 — Sun, 18 Jul 2021 23:25:29 GMT

My Experian credit monitoring score is 715. My average age of accounts is over 10 years. I only have 2 credit cards. One is Citibank and I've had it for over 15 years with a $6,000 limit. The other is a department store card for $3000 that I am an authorized user. I want to get another credit card, but potentially a higher limit, or at least the same. Bonus if I can write a cash advance check on it. Should I only apply for 1 card, then wait several months? I would also like to apply for a Home Depot card, so hopefully that would get approved after applying for a standard card? This isn't perfect timing, as I will also need to apply for a mortgage, but that is going to be another month or 2 before I can even get my lumber bid where it needs to be as the lumbermill is still quoting me at the high for the year. I was really hoping I could have applyed for the mortgage first, then the cards as my mortgage guy doesn't run the score a 2nd time....but the timing just isn't working and I need the funds to finish my current property to sell before the market slows. But bonus for any decent cards that do a soft pull! Thanks!

Re: Who should I apply to for highest Credit Limit?

dragontears — Sun, 18 Jul 2021 23:35:50 GMT

If you have to get a card that is "good" for cash advances, go with a credit union.

For the record, opening a new card could drop your MMS enough to result in a higher interest tier.

Re: Who should I apply to for highest Credit Limit?

jmw1 — Sun, 18 Jul 2021 23:51:39 GMT

You need all three of your mortgage scores and disregard every other FICO or non-FICO score. If you are borderline in the MMS, you could cost yourself a ton of money by applying for a credit card and getting that -2 to -5 hit in the MMS and maybe utilization. Call a few different lenders and brokers with your current MMS and see what they say as far as loan pricing current vs if your MMS drops by -5. Make sure your updated DTI prior to closing doesn't get you denied after getting the lumber.

In many markets, you missed the boat already and home prices are declining a bit.

Re: Who should I apply to for highest Credit Limit?

Anonymous — Mon, 19 Jul 2021 00:57:28 GMT

My highest CL is at Barclays Bank. The Luxury Card is my only card where I do pay an annual fee. All my other cards have no annual fee.

When Barclays opened my Luxury card, I was floored by the high CL. It is many times higher then my other cards.

Thanks

Mark

Re: Who should I apply to for highest Credit Limit?

Crowhelm — Mon, 19 Jul 2021 01:49:05 GMT

@user967354 wrote:
My Experian credit monitoring score is 715. My average age of accounts is over 10 years. I only have 2 credit cards. One is Citibank and I've had it for over 15 years with a $6,000 limit. The other is a department store card for $3000 that I am an authorized user. I want to get another credit card, but potentially a higher limit, or at least the same. Bonus if I can write a cash advance check on it. Should I only apply for 1 card, then wait several months? I would also like to apply for a Home Depot card, so hopefully that would get approved after applying for a standard card? This isn't perfect timing, as I will also need to apply for a mortgage, but that is going to be another month or 2 before I can even get my lumber bid where it needs to be as the lumbermill is still quoting me at the high for the year. I was really hoping I could have applyed for the mortgage first, then the cards as my mortgage guy doesn't run the score a 2nd time....but the timing just isn't working and I need the funds to finish my current property to sell before the market slows. But bonus for any decent cards that do a soft pull! Thanks!

I would also say a credit card app is not advisable before a mortgage app. But if you have to try FNBO. They have a prequalification page where they soft pull your credit and I was approved for 15k right away with one year 0%APR on purchases or balance transfers. Did the app and was approved as promised. Obviously, be honest in your pre-approval. As with everything, results may vary

Re: Who should I apply to for highest Credit Limit?

SouthJamaica — Mon, 19 Jul 2021 01:54:21 GMT

@user967354 wrote:
My Experian credit monitoring score is 715. My average age of accounts is over 10 years. I only have 2 credit cards. One is Citibank and I've had it for over 15 years with a $6,000 limit. The other is a department store card for $3000 that I am an authorized user. I want to get another credit card, but potentially a higher limit, or at least the same. Bonus if I can write a cash advance check on it. Should I only apply for 1 card, then wait several months? I would also like to apply for a Home Depot card, so hopefully that would get approved after applying for a standard card? This isn't perfect timing, as I will also need to apply for a mortgage, but that is going to be another month or 2 before I can even get my lumber bid where it needs to be as the lumbermill is still quoting me at the high for the year. I was really hoping I could have applyed for the mortgage first, then the cards as my mortgage guy doesn't run the score a 2nd time....but the timing just isn't working and I need the funds to finish my current property to sell before the market slows. But bonus for any decent cards that do a soft pull! Thanks!

As @jmw1 pointed out, you should not be applying for anything now. You have to wait until after you close on the mortgage.

When the time comes to apply for a card, my sense is that you should go for a credit union non-rewards platinum card with no cash advance fee and no balance transfer fee. Examples: NFCU, Consumers, Chartway, Unify, Digital.

Re: Who should I apply to for highest Credit Limit?

ChargedUp — Mon, 19 Jul 2021 02:09:42 GMT

NASA FCU has a pre qualification page. They pull EX.

As others have said, if you're going after a mortgage, a few points either way can make a sizeable difference in your interest rate. On a loan that large, this could add up to thousands of dollars over time. It's highly adviseable to wait on apping for credit until after the mortgage process has ended.

Re: Who should I apply to for highest Credit Limit?

user967354 — Mon, 19 Jul 2021 14:05:14 GMT

Thank you everyone!

My profession keeps me well informed on both mortgage banking info and the housing market. For my construction loan, I get no breakpoint for anything above 700. And my DTI is amazing. I was hoping to be able to get the mortgage app going before the end of this month (as then my credit card will show a higher balance). But, I have to get my house finished and on the market within 4 weeks or so as well. Our housing market has slowed down some, but still doing amazing. I also need to get the equity that is tied up in my house. I don't need the equity for my construction loan or DTI. Just one big balancing act...where I knew I was going to be screwed come Fall...but had really hoped that lumber bid could come down. Lumber closed under $600 last Friday, but my bids are still being ran at $1600 pricing...I need them ran around $1,000 to make it all work. (Even though I could do loan at $1600 pricing with my DTI, that would put me into a Jumbo mortgage, and I already have enough hoops to jump through and it isn't a "standard" construction loan either.)

I will look at FNBO for the soft pull. Would appreciate any additional suggestions. I'm not applying until next week anyway, just incase the lumbermill can get that number updated! A card that can do advances or balance transfers would be great as well, as I am tight next month...and my card will be showing a balance on my credit report then that I can't clear off until September..which means, I can't start the mortgage app until October when I clear that. I could at least time a balance transfer to not report until after the app. (I can also pay off everything in October regardless of selling my house...it is just September that is my killer month)

Re: Who should I apply to for highest Credit Limit?

brk1971 — Tue, 20 Jul 2021 18:07:39 GMT

The boards are filled with advice that boils down to "don't do anything before a mortgage app" but the reality is that life happens. I had taken a personal loan out less than a month before I found myself home shopping (and mortgage shopping). There was no drop in the MMS for me at all when the new account posted. You will have to explain any new debt or accounts, but if it's not putting you at a DTI risk, and your utilization will be taken care of before the mortgage app there is no reason to not move forward. Literally, I typed three words on their explanation form ("consolidated previous debt") and never heard another word about it during my mortgage app process.

Having said that, you mentioned a balance transfer as an option. Many cards have a 0% balance transfer promo, and many credit unions have $0 transaction fees for such transfers.

Re: Who should I apply to for highest Credit Limit?

NYC_Fella — Wed, 21 Jul 2021 01:14:03 GMT

@user967354 wrote:
I want to get another credit card, but potentially a higher limit

My recent approvals have been Barclays Aviator for $7.5K, Apple for $4K, and WF (in response to a mail preapproval offer) for a whopping $22K (which I admit floored me). I have no idea if that means that WF offers higher SLs, or if I just got lucky. FWIW I'm in rebulding mode after a Ch7 less than 5 years ago and have just barely inched past 700 (FICO 8) with all the CRBs.

Re: Who should I apply to for highest Credit Limit?

Eyepinpools — Wed, 21 Jul 2021 07:24:55 GMT

Someone correct me but isn't it Chase that will report anytime an account is paid to $0 even mid cycle? I'm not sure if that might help you juggle the util/app timing.

Re: Who should I apply to for highest Credit Limit?

user967354 — Thu, 29 Jul 2021 18:46:03 GMT

Follow up question- I was thinking about applying with FNBO since they do a soft pull, but it looks like they often request 2 years tax returns? I'm self-employed, so deduct a lot of stuff..lol. Is this common for credit cards now, or just a FNBO thing?

I'm thinking to try getting 1-2 regular cards...plus a Home Depot card.

Re: Who should I apply to for highest Credit Limit?

KatSoDak — Thu, 29 Jul 2021 19:17:35 GMT

FNBO does a soft pull to pre qualify but a hard pull if you submit the final application. The soft pull will show you a likely APR and CL but there is no guarantee either of approval or the numbers the soft pull showed.

I did get the exact APR and CL the pre approval showed. I was not asked for POI.

YMMV

Home Depot is issued by Citi so that may help you. I really don't know. My DH did not have other Citi cards when he apped 5 years ago. SL was $7500 I think.

Re: Who should I apply to for highest Credit Limit?

Crowhelm — Thu, 29 Jul 2021 21:17:14 GMT

@KatSoDak wrote:
FNBO does a soft pull to pre qualify but a hard pull if you submit the final application. The soft pull will show you a likely APR and CL but there is no guarantee either of approval or the numbers the soft pull showed.

I did get the exact APR and CL the pre approval showed. I was not asked for POI.

YMMV

Home Depot is issued by Citi so that may help you. I really don't know. My DH did not have other Citi cards when he apped 5 years ago. SL was $7500 I think.

Same here, I got exactly what was shown in the pre-qualify. So I think it is pretty reliable. I was also instantly approved. But yes final app will do a HP

multiple apps on same day?

user967354 — Fri, 30 Jul 2021 00:50:04 GMT

I did an app with FNBO because I thougth it was a soft pull. I just did an app for Chase Sapphire Preferred...and didn't get an instant approval...says decision to be made and notify me by mail within 30 days. I also wanted to get a Home Depot card. (fixing up house to sell), but I read that Citi won't approve any app if another credit card inquiry was within last 5 days.

I have a very long term credit profile, average age of accounts is over 10 years...but think that a few extra cards would help overall score, as I only have 3...and am AU on two of them. So trying to get cards in my name only. And I really want to start using mileage rewards, so probably should have applied ofr the Chase card first, but thought FNBO was a soft pull. (I got an instant approval on FNBO)

Re: multiple apps on same day?

coldfusion — Fri, 30 Jul 2021 01:08:35 GMT

30 days with Chase only means that they have yet to review the application. Don't read anything into that regarding the possible outcome but call into the robolady daily to check for a change in status.

Never heard of any such "5 day" rule with Citibank, the closest I'm aware of is that if you apply for a card with Citi you have to wait 8 days before you apply for another and no more than 2 cards within a rolling 60 day window, and while their tolerance for inquiries and new accounts is profile-specific there is oft-quoted guidance that one should not have more than 6 inquiries/6 new accounts in the last 6 months.

If I read your post correctly, you currently have 1 card of your own and are listed as an AU on the other 2? If so, how old is the 1 card that is in your name?

Re: Who should I apply to for highest Credit Limit?

Anonymous — Fri, 30 Jul 2021 02:35:04 GMT

@user967354 wrote:
Follow up question- I was thinking about applying with FNBO since they do a soft pull, but it looks like they often request 2 years tax returns? I'm self-employed, so deduct a lot of stuff..lol. Is this common for credit cards now, or just a FNBO thing?

I'm thinking to try getting 1-2 regular cards...plus a Home Depot card.

I"m not self employed but they didn't ask me for POI and they gave me 15K when I applied

Re: Who should I apply to for highest Credit Limit?

Anonymous — Fri, 30 Jul 2021 02:37:11 GMT

@user967354 wrote:
Follow up question- I was thinking about applying with FNBO since they do a soft pull, but it looks like they often request 2 years tax returns? I'm self-employed, so deduct a lot of stuff..lol. Is this common for credit cards now, or just a FNBO thing?

I'm thinking to try getting 1-2 regular cards...plus a Home Depot card.

Why not try for the Lowes card? It grows much faster than Home Depot. When I got my Lowes they started me out at 4K. I called the day after I was approved spoke to a customer service rep told them I wanted to do some kitchen work and needed more money. They asked how much. I told them 20K. They came back with 17K. Home Depot doesn't show that much love like that.

Re: multiple apps on same day?

Crowhelm — Fri, 30 Jul 2021 03:04:48 GMT

@user967354 wrote:
I did an app with FNBO because I thougth it was a soft pull. I just did an app for Chase Sapphire Preferred...and didn't get an instant approval...says decision to be made and notify me by mail within 30 days. I also wanted to get a Home Depot card. (fixing up house to sell), but I read that Citi won't approve any app if another credit card inquiry was within last 5 days.
I have a very long term credit profile, average age of accounts is over 10 years...but think that a few extra cards would help overall score, as I only have 3...and am AU on two of them. So trying to get cards in my name only. And I really want to start using mileage rewards, so probably should have applied ofr the Chase card first, but thought FNBO was a soft pull. (I got an instant approval on FNBO)

Did FNBO not give you a good limit? I got 15K right off the bat. And when I applied I just applied for the Chase Amazon Prime card. That got approved for 10K. My wife applied for the Citi card, Wayfair and they are stingy with CL's. She only got 6K.

Re: multiple apps on same day?

user967354 — Fri, 30 Jul 2021 12:22:35 GMT

My card that I'm the primary on is from 2005. The limit is only $6000. I got approved for $5900 for FNBO, probably since that is around my Citi card limit.

I used to Love Lowes, now I seem to get most items from Home Depot. They have the bathroom tile I want, which is the main project left. Although, I probably have $5,000 left worth to finish this house to sell!