topic Re: Starting Credit Lines in Credit Cards

Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 21:19:10 GMT

Hello all!

I have been repairing my credit for a few years now. I've gone from high 500s/ low 600s to current low to mid 700s (all except EQ which is taking a lot of effort to raise - now around 698). I started with a Cap One secured card for $500 but I no longer use it, and I have three unsecured cards: Cap One Quicksilver, $5,500, Amex Blue Cash, $5,500, and Discover It, $5,500. I am considering closing the secured card and applying for a new card but I want to receive a higher starting line (perhaps $10k and up) I am hoping for a little advise.

Thanks in advance!!

(this might belong in another section, if so my apologies)!

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 21:37:50 GMT

@Anonymous wrote:
Hello all!

I have been repairing my credit for a few years now. I've gone from high 500s/ low 600s to current low to mid 700s (all except EQ which is taking a lot of effort to raise - now around 698). I started with a Cap One secured card for $500 but I no longer use it, and I have three unsecured cards: Cap One Quicksilver, $5,500, Amex Blue Cash, $5,500, and Discover It, $5,500. I am considering closing the secured card and applying for a new card but I want to receive a higher starting line (perhaps $10k and up) I am hoping for a little advise.

Thanks in advance!!

(this might belong in another section, if so my apologies)!

Congrats on your rebuilding success. A lot of things factor into getting five digit approvals-scores, income, credit card company, etc...What is your current AAoA? I would focus on building up the lines that I currently have first. If you can get those over $10k, then it could assist in future approvals over that amount. There is something in your current profile that isn't facilitaing the larger approvals.

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 21:38:00 GMT

Was just approved for a Cap1 Venture with a $15K SL. Previous high CL was $4K Cap1 QS.

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 21:46:03 GMT

@Anonymous wrote:
Hello all!

I have been repairing my credit for a few years now. I've gone from high 500s/ low 600s to current low to mid 700s (all except EQ which is taking a lot of effort to raise - now around 698). I started with a Cap One secured card for $500 but I no longer use it, and I have three unsecured cards: Cap One Quicksilver, $5,500, Amex Blue Cash, $5,500, and Discover It, $5,500. I am considering closing the secured card and applying for a new card but I want to receive a higher starting line (perhaps $10k and up) I am hoping for a little advise.

Thanks in advance!!

(this might belong in another section, if so my apologies)!

close the cap1 secured card. check prequalified offers at all banks. You need to hit up chase first, I would do CSP, CIP, maybe Freedom or CSR. Then after you're over 5/24, get in with BOA, get a merrill+.

Re: Starting Credit Lines

SouthJamaica — Tue, 27 Jun 2017 21:56:51 GMT

@Anonymous wrote:
Hello all!

I have been repairing my credit for a few years now. I've gone from high 500s/ low 600s to current low to mid 700s (all except EQ which is taking a lot of effort to raise - now around 698). I started with a Cap One secured card for $500 but I no longer use it, and I have three unsecured cards: Cap One Quicksilver, $5,500, Amex Blue Cash, $5,500, and Discover It, $5,500. I am considering closing the secured card and applying for a new card but I want to receive a higher starting line (perhaps $10k and up) I am hoping for a little advise.

Thanks in advance!!

(this might belong in another section, if so my apologies)!

1. OK to close the Capital One secured card.

2. In order to make a suggestion as to your fourth card, I would need to know what you're looking for. You presently have 3 cash back cards, so it might be a good idea to diversify and go for a different kind of card. If you tell us what you would be looking for in a card, we could steer you in the right direction. E.g. travel rewards, low interest, low fees, promotional balance transfer offer, affiliation with a particular site or company, hotel, airline, large starting limit, etc.

If you want a travel rewards card you should probably go for Chase Sapphire Preferred or Reserve. If you want a cash back card you should probably go for Chase Freedom or Freedom Unlimited. I say this because, as jfriend points out, once you've had 5 new cards in a 24 month period it becomes harder to get a Chase branded card.

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 22:28:24 GMT

I have old student loans (3) that are rehabilitated but previously reported 120 late. These loans have been in good standing now for 4 years. I also have tax liens (2) that have been paid in full but wont be removed for another 2 years for one, 3 years for the other. Everything else is good.

I rarely book travel so travel rewards isnt something of interest.

I have a 220 balance for QS but paid down from 1900. (Just paid $400 and will pay the rest next week.) all other cards are now zero balance but havent updated yet.

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 22:33:57 GMT

Im thinking if I apply for Chase, they might start me at same CL as my other accounts (or lower) Im not sure how my other cards factor into their decision. Perhaps I should wait? Or, I read I could try applying for another cap one card (venture) and after 6 months transfer the available credit to my QS?

Thanks for all your responses and time!

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 22:37:10 GMT

@Anonymous wrote:
I have old student loans (3) that are rehabilitated but previously reported 120 late. These loans have been in good standing now for 4 years. I also have tax liens (2) that have been paid in full but wont be removed for another 2 years for one, 3 years for the other. Everything else is good.

I rarely book travel so travel rewards isnt something of interest.

I have a 220 balance for QS but paid down from 1900. (Just paid $400 and will pay the rest next week.) all other cards are now zero balance but havent updated yet.

Thanks for responding. I think that you will eventually get there. Maybe if you close out the secured card, then if the pre-approval from Cap 1 is there, apply for another card and if the limit is not there, but close enough to combine and make $10k, then it would at lease give you a starting point to where other lenders would see that you are able to manage limits that high. Yes the CSR offers a higher limit, but I don't know that with the current baddies, you would be approved, but you can at least start laying the ground work for approvals like that in the future.

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 22:42:15 GMT

@Anonymous wrote:
I have old student loans (3) that are rehabilitated but previously reported 120 late. These loans have been in good standing now for 4 years. I also have tax liens (2) that have been paid in full but wont be removed for another 2 years for one, 3 years for the other. Everything else is good.

I rarely book travel so travel rewards isnt something of interest.

I have a 220 balance for QS but paid down from 1900. (Just paid $400 and will pay the rest next week.) all other cards are now zero balance but havent updated yet.

Who says you have to use chase URs for travel? THe Chase Ink Preferred would give you $800 free. CSP $500 cash free.......

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 22:45:39 GMT

Thanks!

I checked to see if I prequal for Cap One Venture and it says I do. I am not eligable for a CL increase on my QS until next month (already tried) so perhaps the Venture would work and in 6 months I could combine.

Thanks for great responses from everyone!

Re: Starting Credit Lines

happypill — Tue, 27 Jun 2017 22:48:56 GMT

@Anonymous wrote:
@Anonymous wrote:
Hello all!

I have been repairing my credit for a few years now. I've gone from high 500s/ low 600s to current low to mid 700s (all except EQ which is taking a lot of effort to raise - now around 698). I started with a Cap One secured card for $500 but I no longer use it, and I have three unsecured cards: Cap One Quicksilver, $5,500, Amex Blue Cash, $5,500, and Discover It, $5,500. I am considering closing the secured card and applying for a new card but I want to receive a higher starting line (perhaps $10k and up) I am hoping for a little advise.

Thanks in advance!!

(this might belong in another section, if so my apologies)!
close the cap1 secured card. check prequalified offers at all banks. You need to hit up chase first, I would do CSP, CIP, maybe Freedom or CSR. Then after you're over 5/24, get in with BOA, get a merrill+.

Is the Merrill+ card still available? How do you apply for it?

To the OP, I think you'd have a good shot at $10k+ on a Venture card with Capital One. I'd also suggest NFCU as a lender that hands out high limits to people who may have a few derogs in their past.

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 22:56:07 GMT

Understood, but I do have bad items in my file, I would hate to be denied after a hard pull no doubt.

I currenty have 2 inquiries on my report, one for an auto loan back in 2014 and the other a rental application. The auto inquiry will be removed in November of this year. The main thing Im trying to do is get a higher starting CL. 😊

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 23:17:32 GMT

KayKay mentioned one of the 2 suggestions I was going to offer: getting another Cap 1. The venture may likely give you a higher limit, but seems like it might have a bit tougher underwriting standards for acceptance, compared to the QS. That's just something to consider, but if you were approved for either, you could always combine them. I think the wait time is 6 months.

NFCU(Navy Federal Credit Union) would be my other suggestion. They give out very high/generous limits, and have a decent variety of cards to choose from. You no longer even have to go through the proper process that some of us had to do to become a member(for me, it was getting various family members to sign up until I had a direct family member as a member....but I did it!), and the easy method is outlined somewhere on here.

I'm not here to judge your reasons for wanting a high SL, even if it was prestige. I think NFCU may be your best bet to get it now, with Cap 1 being a pretty safe bet that you could combine for you 10k+ in 6 months. Maybe give both a shot. May as well see what your preqalifid for on Cap1 https://findmycard.capitalone.com/en/PageVersions/LandingPages/LP_ONE_V01.aspx

Data point: After 2 recent EX inquries and a 2.5k balance jump(EX still at 747), although only 2 in the last year I think, I just now checked and got platinum and QS1 as my prequalified offers, whereas I was getting QS and maybe Venture before. I almost want to start a thread for that, because it rather caught me off guard.

Anyhow, those would be my 2 recommendations if SL is your main focus and your reports arent clean yet. If you're really hellbent for a higher SL, some folks might suggest that the better the income to rent/mortgage you report, the higher your SL is likely to be. Of course I am not encouraging anyone to fib, I'm just reminding folks that credit scores are far from the only consideration that's used in making SL decisions. Please let us know what you decide to do and how it turns out. Many of the threads Ive read recently and gotten into, left out the ending.

Re: Starting Credit Lines

jawbrkr — Tue, 27 Jun 2017 23:29:31 GMT

Keep in mind, even though you are prequalified for that Venture, a 10K+ SL is not guaranteed. They could very well start you at the card minimum of 5K if your profile isnt strong enough.

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 23:51:48 GMT

My son is an army vet and i just saw I could join only if he has an account. I touched base with him to see what he could do. After this, and if he joins, I am guessing I should join - but how long would i need to wait to apply for a CC? Thanks!!

Re: Starting Credit Lines

Anonymous — Tue, 27 Jun 2017 23:56:28 GMT

@Anonymous.

If approved, you could apply immediately after setting up your account. NFCU is a good option. Wished that they would have opened up the floodgates at the begining of my rebuild. Became a member almost a year, but I have a lot of available credit for my incomes, so I believe that is holding me back.

Re: Starting Credit Lines

Anonymous — Wed, 28 Jun 2017 00:23:45 GMT

Thanks! My son has an account with USAA but agreed to open one with NFCU for my benefit.

I think the only other things weighing me down is my auto loan, and school loan balance - total 27k.

Thanks all for helping me wade through the water 😊

Re: Starting Credit Lines

Anonymous — Wed, 28 Jun 2017 00:59:27 GMT

I've just read many bad reviews about NFCU - curious why so many forum members have nothing but great reviews?

Also, which is really the better option - Chase, or NFCU? Thanks Many,

Re: Starting Credit Lines

medicgrrl — Wed, 28 Jun 2017 01:55:04 GMT

Your son doesn't need an account, you just need to qualify by having an eligible family member. I joined NFCU based on my dad's veteran status. He's not a member. I just sent his DD214 along with the other documents they requested.

Re: Starting Credit Lines

Anonymous — Wed, 28 Jun 2017 02:13:11 GMT

When i was fillling out application, it said i needed his account info... whats a dd214? I will ask him. Maybe i am not filling out correct app?