topic Re: Apply for credit limit increase or new card in Credit Cards

Apply for credit limit increase or new card

Anonymous — Sun, 21 Feb 2016 18:31:03 GMT

I currently have 3 fairly new cards (Macy's $800 1mth, BJ'sPerks $3500 3mths, Discover IT $800 3 mths), score is up to 680 from 620 in December. Charged about $1100 on Discover so far paid it all off (one time I was right at limit too), Macy's about $300 paid off, and BJ's about $2500 paid off all but $50 so far. Would you recommend maybe trying to get a limit increase on like the Discover, or just applying for a new card? I was thinking of applying for a Sun Trust card, that is where my business checking account is (and has like 4k in it and a good amount of money flowing through regularly) but didn''t know if banks like that were stricter with their qualifications. Would having that money in the bamk help? Would they even look at that?

I will probably definitely qualify for a new card with at least a couple thousand, just wondering which is best way to go - limit increase or new card altogether.

Re: Apply for credit limit increase or new card

Anonymous — Sun, 21 Feb 2016 20:39:13 GMT

@Anonymous wrote:
I currently have 3 fairly new cards (Macy's $800 1mth, BJ'sPerks $3500 3mths, Discover IT $800 3 mths), score is up to 680 from 620 in December. Charged about $1100 on Discover so far paid it all off (one time I was right at limit too), Macy's about $300 paid off, and BJ's about $2500 paid off all but $50 so far. Would you recommend maybe trying to get a limit increase on like the Discover, or just applying for a new card? I was thinking of applying for a Sun Trust card, that is where my business checking account is (and has like 4k in it and a good amount of money flowing through regularly) but didn''t know if banks like that were stricter with their qualifications. Would having that money in the bamk help? Would they even look at that?

I will probably definitely qualify for a new card with at least a couple thousand, just wondering which is best way to go - limit increase or new card altogether.

What are you trying to accomplish? Are you wanting to get to a point where you have a card with a higher limit? Are you wanting something with better rewards? Are you wanting to do something to maximize your score?

I'm going to guess that you just want a card with a higher limit. I think all of your accounts are too knew to get a CLI by requesting. Maybe BJ's, I'm thinking that's Commenity and I'm not sure how long an account might be open before getting a CLI. Discover, I don't think yet. And Macy's, too new I'd bet. (Though I know Macy's has had lots of changes lately so I'm not saying that specifically about Macy's, more just about anything that's 1 month old.)

With a 680 you should get approved for some pretty decent things, but I don't know what kind of limits you'd get. It's about more than a score (income, AAoA, etc.). Sorry I don't have specific recommendations, but I really think you should let things age unless you have some specific need.

You'd get more on this in the CC forum. Maybe you can ask for it to be moved?

Re: Apply for credit limit increase or new card

Anonymous — Sun, 21 Feb 2016 23:08:56 GMT

I need like 15k for some house repairs and home equity loan is not an option. I am about to start looking at personal loans, but figure the more available credit I can build up the better before that. If I have more credit I will look better as a borrower.

Re: Apply for credit limit increase or new card

lindsaydruart — Mon, 22 Feb 2016 00:05:28 GMT

If you are in the market for a new card and need repairs, I would look at a Lowes or Home Depot. Lowes gives you 5% off all purchases and will likely give you a high limit. You might not get the whole 5k so CLIs would be best than another major card that may not net you the SL you want. If you can piggyback on business credit, look at the Lowes Amex or a Home Depot Commercial Revolving.

Re: Apply for credit limit increase or new card

Anonymous — Mon, 22 Feb 2016 01:34:01 GMT

I agree with Lindsay. Lowes is a good card to have. I have a limit of $15k and my scores are in my signature. Have you checked the prequals for both Capital One and Amex? You could potentially get good limits with the Venture and BCP. Good luck.

Re: Apply for credit limit increase or new card

SouthJamaica — Mon, 22 Feb 2016 03:04:11 GMT

@Anonymous wrote:
I currently have 3 fairly new cards (Macy's $800 1mth, BJ'sPerks $3500 3mths, Discover IT $800 3 mths), score is up to 680 from 620 in December. Charged about $1100 on Discover so far paid it all off (one time I was right at limit too), Macy's about $300 paid off, and BJ's about $2500 paid off all but $50 so far. Would you recommend maybe trying to get a limit increase on like the Discover, or just applying for a new card? I was thinking of applying for a Sun Trust card, that is where my business checking account is (and has like 4k in it and a good amount of money flowing through regularly) but didn''t know if banks like that were stricter with their qualifications. Would having that money in the bamk help? Would they even look at that?

I will probably definitely qualify for a new card with at least a couple thousand, just wondering which is best way to go - limit increase or new card altogether.

If I were you I would

(a) stop getting new store cards and

(b) apply for one new bankcard, either Barclay Rewards or Capital One Quicksilver, then

You can always apply for a CLI from Discover, it's a soft pull so there's never any harm in asking.

Re: Apply for credit limit increase or new card

Anonymous — Mon, 22 Feb 2016 05:07:11 GMT

This is great advice and based on my own previous experience I highly recommend it.

Re: Apply for credit limit increase or new card

SouthJamaica — Mon, 22 Feb 2016 05:09:11 GMT

@Anonymous wrote:
+1
This is great advice and based on my own previous experience I highly recommend it.

Thanks ghgirl

Re: Apply for credit limit increase or new card

Anonymous — Mon, 22 Feb 2016 05:12:03 GMT

Which Barclay Rewards there seems to be a bunch of them. Any one in particular? I really just want one more and then I will cut it for a while, and maybe focus on getting the limits I have increased. Thanks.

Also on the Quicksilver, it says for people with "excellent" credit". Do you think a 680 will get it done?

Re: Apply for credit limit increase or new card

OmarGB9 — Mon, 22 Feb 2016 06:33:01 GMT

I believe SouthJamaica was referring to the card that is literally just called the Barclays Rewards. It's a MasterCard with like the white and silver picture.

680 is pretty good for a QS, though heads up, cap1 uses FICO EQ 04, not FICO 8, so those scores may be significantly lower (or higher) than your FICO 8s. Also, cap1's definition of "excellent credit" is pretty lenient.

Re: Apply for credit limit increase or new card

takeshi74 — Mon, 22 Feb 2016 14:33:31 GMT

@Anonymous wrote:
I need like 15k for some house repairs and home equity loan is not an option.

We really can't tell you which would yield you the most available credit. It all depends on your credit profile and income versus the creditor/product's underwriting criteria. We don't know the specifics of the latter for any creditor/product.

@Anonymous wrote:
I currently have 3 fairly new cards (Macy's $800 1mth, BJ'sPerks $3500 3mths, Discover IT $800 3 mths), score is up to 680 from 620 in December.

If you have that much recent activity with low limits like that and scores like that then you should probably avoid more credit seeking activity. You can certainly see if you can get any CLI's based on soft pulls but don't expect too much based on what you've provided so far.

@Anonymous wrote:
Would having that money in the bamk help? Would they even look at that?

No. Again, it's your credit profile and income. Profile includes your recent activity.

Re: Apply for credit limit increase or new card

Anonymous — Wed, 24 Feb 2016 04:53:04 GMT

So I went ahead and applied for Capital One Quicksilver.....denied.

That really really sucks. Looks like I am going to have to go the personal loan route, hope that didn't hurt my score too much. Unreal.

Re: Apply for credit limit increase or new card

Anonymous — Wed, 24 Feb 2016 05:00:40 GMT

@takeshi74 wrote:
@Anonymous wrote:
I need like 15k for some house repairs and home equity loan is not an option.
We really can't tell you which would yield you the most available credit. It all depends on your credit profile and income versus the creditor/product's underwriting criteria. We don't know the specifics of the latter for any creditor/product.

@Anonymous wrote:
I currently have 3 fairly new cards (Macy's $800 1mth, BJ'sPerks $3500 3mths, Discover IT $800 3 mths), score is up to 680 from 620 in December.
If you have that much recent activity with low limits like that and scores like that then you should probably avoid more credit seeking activity. You can certainly see if you can get any CLI's based on soft pulls but don't expect too much based on what you've provided so far.

@Anonymous wrote:
Would having that money in the bamk help? Would they even look at that?

No. Again, it's your credit profile and income. Profile includes your recent activity.

mr positivity again.

look, it's true we can't answer all questions to determine what's best for someone but people ask to get a general consensus.

OP sorry for the denial but don't let it bug you. look at the denial reasons and fix them to better your chances in the future. their denial reasons will likely fall parallel with other lenders' reasons as well.

Re: Apply for credit limit increase or new card

FinStar — Wed, 24 Feb 2016 05:35:17 GMT

@Anonymous wrote:
@takeshi74 wrote:
@Anonymous wrote:
I need like 15k for some house repairs and home equity loan is not an option.
We really can't tell you which would yield you the most available credit. It all depends on your credit profile and income versus the creditor/product's underwriting criteria. We don't know the specifics of the latter for any creditor/product.

@Anonymous wrote:
I currently have 3 fairly new cards (Macy's $800 1mth, BJ'sPerks $3500 3mths, Discover IT $800 3 mths), score is up to 680 from 620 in December.
If you have that much recent activity with low limits like that and scores like that then you should probably avoid more credit seeking activity. You can certainly see if you can get any CLI's based on soft pulls but don't expect too much based on what you've provided so far.

@Anonymous wrote:
Would having that money in the bamk help? Would they even look at that?

No. Again, it's your credit profile and income. Profile includes your recent activity.
mr positivity again.

look, it's true we can't answer all questions to determine what's best for someone but people ask to get a general consensus.

OP sorry for the denial but don't let it bug you. look at the denial reasons and fix them to better your chances in the future. their denial reasons will likely fall parallel with other lenders' reasons as well.

While his answers and format appear to bother you, you don't have to comment or respond to what he's posted. We're all adults here, I hope.

Yet, I fail to see how Takeshi is providing any ill advice. I just view it from a different perspective and you are aware you can skip the comment. I can't speak for him but maybe his approach is more of a "realist"/"dont beat around the bush" kinda thing? That's just his style but I don't see how his opinion is violating TOS/FSR or forum rules.

Re: Apply for credit limit increase or new card

Anonymous — Wed, 24 Feb 2016 05:40:21 GMT

wellllll it's one thing to say it when appropriate but that's the only kind of posts made. always says the exact same thing to every single person... it's okay to have a custom answer vs just saying the same exact thing to every poster that asks a question. i can understand the points made, and while sometimes agreeable, i just don't understand why there's never ambition to help; just tell people to make their own choices.

sure, we're all responsible for ourselves but it's like saying "google it" if someone wants a little guidance. i feel like this should be a community to help, not just tell everyone the same thing that doesn't help anyone.

Re: Apply for credit limit increase or new card

FinStar — Wed, 24 Feb 2016 05:49:52 GMT

@Anonymous wrote:
wellllll it's one thing to say it when appropriate but that's the only kind of posts made. always says the exact same thing to every single person... it's okay to have a custom answer vs just saying the same exact thing to every poster that asks a question. i can understand the points made, and while sometimes agreeable, i just don't understand why there's never ambition to help; just tell people to make their own choices.

sure, we're all responsible for ourselves but it's like saying "google it" if someone wants a little guidance. i feel like this should be a community to help, not just tell everyone the same thing that doesn't help anyone.

All he's doing is providing his opinion on the topic. This isn't rocket science. And, while we all do our best to contribute and help other members from all walks of life, there isn't always going to be a cut and dry answer for everything and that includes the comeents he's made on other threads. I have read a variety of his previous posts where he has provided solutions and his own experiences and members have thanked him for that.

Bottom line, he's not violating anything as far as I can see. Not everyone is going to be fond of your opinions and likewise from other members or mine. At the end of the day, this is an internet forum with a collaborative set of experiences that everyone provides so that others can learn and hopefully pay it forward.

Re: Apply for credit limit increase or new card

Anonymous — Wed, 24 Feb 2016 05:50:40 GMT

agreed

Re: Apply for credit limit increase or new card

SunriseEarth — Wed, 24 Feb 2016 07:09:46 GMT

While it's important to encourage FSR responses in the Forums, let's also be careful to remain on-topic. Posts regarding another member's style of posts are off-topic. If you find a post to be objectionable or not in accordance with Forum TOS or Guidelines, please use the "Report Inappropriate Content" option for Moderator review.

It may be worth mentioning that text--without benefit of vocal tone or gesture--can often appear more frank or curt than intended. This is a common issue in this type of Forum.

Re: Apply for credit limit increase or new card

SunriseEarth — Wed, 24 Feb 2016 07:14:09 GMT

@Anonymous wrote:
I currently have 3 fairly new cards (Macy's $800 1mth, BJ'sPerks $3500 3mths, Discover IT $800 3 mths), score is up to 680 from 620 in December. Charged about $1100 on Discover so far paid it all off (one time I was right at limit too), Macy's about $300 paid off, and BJ's about $2500 paid off all but $50 so far. Would you recommend maybe trying to get a limit increase on like the Discover, or just applying for a new card? I was thinking of applying for a Sun Trust card, that is where my business checking account is (and has like 4k in it and a good amount of money flowing through regularly) but didn''t know if banks like that were stricter with their qualifications. Would having that money in the bamk help? Would they even look at that?

I will probably definitely qualify for a new card with at least a couple thousand, just wondering which is best way to go - limit increase or new card altogether.

I think you should request a CLI on your Discover, since it's SP (they do HP CLIs on occassion, but only with your consent). Macy's CLIs are HP, but the odds are good on those. IMHO, I think it's better to build on what you have for now, since the CCs are all very new. Once they've aged a bit and your profile has improved, your approval odds for a new card might be better.

I'm not sure how SunTrust is, but you may want to check the applications forum to see member experience with their cards.

Re: Apply for credit limit increase or new card

Anonymous — Wed, 24 Feb 2016 15:24:31 GMT

I don't know why someone who give advice to apply for the quicksilver with a score under 700. Under 700, the prime cards are out IMO.