topic Re: How are you guys doing it!? in Credit Cards

How are you guys doing it!?

Anonymous — Fri, 14 Oct 2016 19:29:00 GMT

I can't help but notice almost everyone here has $10K+ Credit limits.. and I'm over here with $1,200 being my max credit limit.

How do you do it?!

Re: How are you guys doing it!?

Anonymous — Fri, 14 Oct 2016 19:37:10 GMT

Not everyone. My highest limit is 3.8K. I am also fairly new to rebuilding.

The key ingredient that we are missing is time. No one is going to throw a 10K limit at a new profile or a dinged profile without having to prove yourself first.

Re: How are you guys doing it!?

r34dy2fly — Fri, 14 Oct 2016 19:37:23 GMT

Patience. All my cards are over $10K but took 10+ yes to get here.

Re: How are you guys doing it!?

Anonymous — Fri, 14 Oct 2016 19:39:09 GMT

Time and Patience my friend.

We ALL start somewhere... nobody is granted 10k limits out the gate. Keep making on time payments and eventually you'll will get those limitis. If you have any derogs/late payments try to send goodwill letters and see if those help.

Re: How are you guys doing it!?

pipeguy — Sat, 15 Oct 2016 00:59:34 GMT

@Anonymous wrote:
I can't help but notice almost everyone here has $10K+ Credit limits.. and I'm over here with $1,200 being my max credit limit.

How do you do it?!

Slow and steady "build" on prime accounts takes time and a history of building credit limits. You can go the "silly route" and get a J. Crew or Barney's account and hit the request once a month or more and generally get those credit limits over $10k fairly quick, toss in a Lowes account and call in and ask for $25k and chances are you'll get $10k+, but these are more ego builders than useful limits since you are restricted to using those store cards at those stores - not hard to do at Lowes, but not that easy to do smart at clothing stores where you might tend to over pay for things you don't need. Golden rule, don't ever feed the credit monster just to acquire more credit to continue the feeding.

Bank cards will increase with time, Capital One (I'm not a fan) but is known for rewarding you with enough credit (many times too much) that you'll end up carrying a balance and paying them interest. Bank of America will start you small, but will grow and if you don't quality for a BoA card they offer a secure card that will convert in time and once converted it'll grow.

In the 80's and 90's I had a ton of revolving credit, crashed and burned with the financial melt down in 2005-07 and lost everything but my house and even that I had a few late payments on, but caught up. No credit cards, my business went broke, distroyed Fico scores, IRS said I owed the close to $200k (I didn't and settled for less) etc... Today I have over 20 bank cards, just under $300k in revolving credit (290ish), 2 car loans, still in the house and I have not missed a payment on anything for close to 10 years - scores recovered to 778 - 801 - 747 (they vary up and down a few points monthly). I know it can be done, because I've done it and my DW was in the same situation and hs mirrored my experience.

Take your time, build your credit and build your trust from lenders by paying every bill on time, always pay on time - before you know it your scores will be over 720 and your limits will follow.

Re: How are you guys doing it!?

p- — Fri, 14 Oct 2016 19:52:49 GMT

Invaderofbunnie wrote: I can't help but notice almost everyone here has $10K+ Credit limits.. and I'm over here with $1,200 being my max credit limit. How do you do it?!

High income! Just kidding... For me it was all about patience. That Quicksilver Card in my signature used to have a 300 dollar limit. I hit Orchard, and then Capital One up every six months for an increase with no inquiry. For Chase, every time I had a full year of history with no new accounts and no inquiries, I took the hard pull hit for an increase.

Most importantly, I focused more on improving my file and the limits on what I have, rather than adding new cards. In my experience, limits on new cards are generally similar to or just above the limits I already have. And as it was explained to me by a very forthcoming credit analyst at Chase, they "don't approve increases if people have new cards or credit limits." In other words, they're not going to raise you if you have a new account.

Improve your history. Pay on time, and use the cards but pay in full each month. And ask for increases when it makes sense.

Good luck!

Re: How are you guys doing it!?

Anonymous — Fri, 14 Oct 2016 19:55:40 GMT

@Anonymous wrote:
Time and Patience my friend.

We ALL start somewhere... nobody is granted 10k limits out the gate. Keep making on time payments and eventually you'll will get those limitis. If you have any derogs/late payments try to send goodwill letters and see if those help.

That has to be my biggest draw back. I have no patience. WheN I want things I get them done and I get them done immediately.
I've been rebuilding for about a year and half now. I turned 26 and bought a car at a crazy high interested rate, and just recently refinanced it to a decent rate.
*sigh* I hate having to wait

Re: How are you guys doing it!?

iheartwings — Fri, 14 Oct 2016 20:01:11 GMT

@Anonymous wrote:
Time and Patience my friend.

We ALL start somewhere... nobody is granted 10k limits out the gate. Keep making on time payments and eventually you'll will get those limitis. If you have any derogs/late payments try to send goodwill letters and see if those help.

+1000

For the time being, I'm done with additional card applications and spending my days in the garden. Patience, gardening, and letting existing accounts grow (i.e., growing your CS and CR) seems to be the way to getting higher limits. I assume that income also plays a role, but I can't ever tell how much of a role.

I didn't do a great job with rebuilding (becuase I didn't really know about this place) until I was about 7 years out of my BK7.

When I tried my first app spree 7.5 years after my BK, I only had 4 CCs (Chase Freedom $2800, Capital One QS $5000, Discover $6000, and Target $3000). My only derog was my BK7. I didn't get my first 5-figure initial CL until that spree. Surprisingly, it was from US Bank, who gave me a $14k line on the REI Visa (now MC).

Since then, I have managed to get mostly upper 4-figure, low 5-figure limits, but it really depends...like Comenity giving me a $1k limit on the new W-S Visa when I stepped out of the garden last month, which is kind of a stark contrast to the $13.5k limit Citi gave me for the Costco card two days prior.

Re: How are you guys doing it!?

Anonymous — Fri, 14 Oct 2016 20:04:11 GMT

@iheartwings wrote:
@Anonymous wrote:
Time and Patience my friend.

We ALL start somewhere... nobody is granted 10k limits out the gate. Keep making on time payments and eventually you'll will get those limitis. If you have any derogs/late payments try to send goodwill letters and see if those help.

+1000

For the time being, I'm done with additional card applications and spending my days in the garden. Patience, gardening, and letting existing accounts grow (i.e., growing your CS and CR) seems to be the way to getting higher limits. I assume that income also plays a role, but I can't ever tell how much of a role.

I didn't do a great job with rebuilding (becuase I didn't really know about this place) until I was about 7 years out of my BK7.

When I tried my first app spree 7.5 years after my BK, I only had 4 CCs (Chase Freedom $2800, Capital One QS $5000, Discover $6000, and Target $3000). My only derog was my BK7. I didn't get my first 5-figure initial CL until that spree. Surprisingly, it was from US Bank, who gave me a $14k line on the REI Visa (now MC).

Since then, I have managed to get mostly upper 4-figure, low 5-figure limits, but it really depends...like Comenity giving me a $1k limit on the new W-S Visa when I stepped out of the garden last month, which is kind of a stark contrast to the $13.5k limit Citi gave me for the Costco card two days prior.

Off Topic...how did you get an increase with Target?! I've had this card for well over 7+ months and I have no idea how to ask for a CLI? Unless you started off at $3000...in which case..nevermind..lol

Re: How are you guys doing it!?

iheartwings — Fri, 14 Oct 2016 20:08:55 GMT

@Anonymous wrote:

Off Topic...how did you get an increase with Target?! I've had this card for well over 7+ months and I have no idea how to ask for a CLI? Unless you started off at $3000...in which case..nevermind..lol

Er, nevermind!

I've had the card since January 2012, and that was my initial limit, which hasn't budged since, despite the fact that my income has quadrupled since then.

Re: How are you guys doing it!?

Anonymous — Fri, 14 Oct 2016 20:19:35 GMT

@iheartwings wrote:
@Anonymous wrote:

Off Topic...how did you get an increase with Target?! I've had this card for well over 7+ months and I have no idea how to ask for a CLI? Unless you started off at $3000...in which case..nevermind..lol
Er, nevermind!

I've had the card since January 2012, and that was my initial limit, which hasn't budged since, despite the fact that my income has quadrupled since then.

*sigh* Balderdash..

Re: How are you guys doing it!?

Chickenpotpie — Fri, 14 Oct 2016 20:30:01 GMT

Time, diligence, strategic moves, and patience.

First card after bankrupcy was 900 dollars. I was very strategic in what I apped for (hate apping frankly), I was diligent about my credit reports. Had to be as after bankrupcy they mixed mine up with someone that had worse credit than mine!! That was an ugly cleanup job!. Had to be patient while I was rebuilding and I really learned manage budgets without cards. I think its almost a must IMO. That also meant that if I couldn't pay cash or didn't have the cash, I didn't buy it. (unless it was a life and death emergency...I didn't have any of those so moot point there). Don't jump at the first offer, look at it, to see if it really fits for you, and don't be afraid to pass on it. You may want to really be in a hurry to up your credit card limits but don't. I threw away a lot of what I considered ugly offers.

My lowest card these days is 13K. I'm now working to get lower interest rates across my cards. The highest I have is 16% which is a chase card. Unlike some, I have less than 5. Strive for quality cards over quantity and make sure your cards are diverse. Don't get too overexposed with one institution.

In the past CapOne worked well for me to get me on my feet. They're no longer in my wallet as they don't work for me now, but they can be a great stepping stone to getting higher limits.

Re: How are you guys doing it!?

Anonymous — Fri, 14 Oct 2016 21:11:24 GMT

I have to agree with everyone, it takes time and its definitely a process. I went from finally getting a 5k thinking that was a huge limit to 10k and being super hype about it. Then 15k to 20kish over time. It's a very rewarding accomplishing feeling when you do get those limits especially from a prime lender because you know youve earned it and your credit profile shows it. Just keep working on your credit profile and you should reach your goal eventually. I was OCD with everything lol, making sure i constantly checked my scores and account for any flaws or errors, paying bills on time, making sure my utlization was low, staying put in the garden not trying to open up too many cards, etc. After a couple years it worked out well and I was able to request higher limits and get approved for cards I wanted.

Re: How are you guys doing it!?

Anonymous — Fri, 14 Oct 2016 21:30:15 GMT

@Anonymous wrote:
Not everyone. My highest limit is 3.8K. I am also fairly new to rebuilding.

The key ingredient that we are missing is time. No one is going to throw a 10K limit at a new profile or a dinged profile without having to prove yourself first.

Hey a Tyndall FCU card! are you a fellow Panama Cityan?

Re: How are you guys doing it!?

Gmood1 — Fri, 14 Oct 2016 21:44:41 GMT

I went several years without apping for anything. More of that was due to being afraid of rejection. It definitely takes time and patience. Though once your scores are in the optimal range, I'd be more aggressive with the specific credit lines you seek. They aren't going to just drop in your lap. You will have to fight for some of them. Folks like myself make the mistake of trying to be too passive with it. In order to really get them rolling, when the time is right..come out punching! Don't be afraid of rejection.

If I had been more aggressive in the beginning. I'd be further ahead now in the credit game. That doesn't mean scooping up every store card in existance. lol

Pick and choose what lines will work for you.Try to keep a good credit mix. Even if you have to take out a small shared secured loan. Doing stuff like that gives your scores some punch/weight behind them. Scores alone aren't the deciding factor of limits.

Re: How are you guys doing it!?

Anonymous — Fri, 14 Oct 2016 22:26:55 GMT

@iheartwings wrote:
@Anonymous wrote:

Off Topic...how did you get an increase with Target?! I've had this card for well over 7+ months and I have no idea how to ask for a CLI? Unless you started off at $3000...in which case..nevermind..lol
Er, nevermind!

I've had the card since January 2012, and that was my initial limit, which hasn't budged since, despite the fact that my income has quadrupled since then.

My REDcard SL was $5k... within a few months they dropped me to $500! *curses*. A few months ago they bumped me up to $1k randomly. I've since given up on caring what the CL is on that card since I now only put ~$100/mo through it anyways.

And just to stay on topic, I agree with everyone else. Time and patience. But don't forget to hit the [sp] luv button when you can! For many years I never even knew about that and my limits could be much much higher now.

Re: How are you guys doing it!?

Themanwhocan — Fri, 14 Oct 2016 23:17:28 GMT

@Anonymous wrote:
@iheartwings wrote:
@Anonymous wrote:

Off Topic...how did you get an increase with Target?! I've had this card for well over 7+ months and I have no idea how to ask for a CLI? Unless you started off at $3000...in which case..nevermind..lol
Er, nevermind!

I've had the card since January 2012, and that was my initial limit, which hasn't budged since, despite the fact that my income has quadrupled since then.
My REDcard SL was $5k... within a few months they dropped me to $500! *curses*. A few months ago they bumped me up to $1k randomly. I've since given up on caring what the CL is on that card since I now only put ~$100/mo through it anyways.

And just to stay on topic, I agree with everyone else. Time and patience. But don't forget to hit the [sp] luv button when you can! For many years I never even knew about that and my limits could be much much higher now.

Well, I just updated my financial info on the Target REDcard site, because it said to be eligible for a monthly credit limit review process, they require updated income information. Can't hurt to let Target do that monthly review...

Re: How are you guys doing it!?

Imperfectfuture — Sat, 15 Oct 2016 00:36:09 GMT

@Anonymous wrote:
I can't help but notice almost everyone here has $10K+ Credit limits.. and I'm over here with $1,200 being my max credit limit.

How do you do it?!

High credit scores. It is a factor listed in the myfico scoring. I was given a 10k card by BECU without POI (proof of income), and the only income they are aware of is my part time job (nowhere near my full income). Get those scores close to 780 and 800, issuers have no problems.

Re: How are you guys doing it!?

Anonymous — Sat, 15 Oct 2016 00:49:35 GMT

My scores aren't great, so I actually don't have anything that's even at $3k yet. When I started rebuilding, in that first year, I had nothing up to $1k yet. I have a bunch of cards in the garden, half are new. CapOne does well with growing. Amex won't budge until my scores are better. But I figure in a few years, my baddies will all be gone, and I'll have some well-aged cards that are pushing $10k.

I'm more in shock and awe of the people around here saying they routinely run $3k-5k through their cards each month. I don't even know what you spend that on, unless you've got kids and a couple of high incomes or something.

Re: How are you guys doing it!?

tussking — Sat, 15 Oct 2016 01:01:18 GMT

Honest truth is don't compare yourself to others...Myself for instance got VERY LUCKY and for once in my life was at the right place at the right time.

Be patient - Yes it is so hard ! Use what you have and DO NOT LOAD UP ON STORE CARDS ! I have one WALMART because I shop there weekly.

If you clean up your credit reports and pay your bills on time and read these forums daily in 12 months you can look back and know you did the right thing !