topic Credit line increase or New account? in Credit Cards

Credit line increase or New account?

JohnnyGaddar — Tue, 10 Jul 2018 19:51:45 GMT

Hello all, I wants to know what should I do, I have chase freedom card with limit of 5k (member since 2013) and If I eligible to CL increse, should I apply for CL increse on card I have or open another new credit account with recommended lender? My current scores and CC is in siggy.
What’s the best option and what would you recommend? Please share your own experiences too. Your thoughts and dots please 😃

Re: Credit line increase or New account?

pizza1 — Tue, 10 Jul 2018 18:06:11 GMT

No-one can answer that unless you provide some stats, like...cards and limits, etc...providing as much info as possible will help folks give better advice.

Re: Credit line increase or New account?

redpat — Tue, 10 Jul 2018 18:35:00 GMT

None of the above if those are your scores in your sig.

Re: Credit line increase or New account?

FinStar — Tue, 10 Jul 2018 19:31:28 GMT

Here are my dots ..... 😁

Re: Credit line increase or New account?

JohnnyGaddar — Tue, 10 Jul 2018 19:36:01 GMT

Msg has been updated guys. Sorry for not being clear.

Re: Credit line increase or New account?

UncleB — Tue, 10 Jul 2018 19:39:45 GMT

@JohnnyGaddar wrote:
Msg has been updated guys. Sorry for not being clear.

That's better, but it would help 100% if we knew the card/lender you were asking about for the CLI, and the card you were considering applying for.

It will also help if you can provide a little background for what's holding your scores down (and if it's 'baddies', how recent they are).

Re: Credit line increase or New account?

JohnnyGaddar — Tue, 10 Jul 2018 19:46:52 GMT

Msg updated again. Current scores and cards are in my siggy. 👍

Re: Credit line increase or New account?

xaximus — Tue, 10 Jul 2018 19:47:32 GMT

Definitely would need more info on your current accounts, limits, age of accounts, etc. But if the scores are current (in your sig), then I would probably hold off and first see why they are low. Chances of getting a CLI or new card might be low since the scores aren't the ideal level one would recommend to apply either or.

Re: Credit line increase or New account?

JohnnyGaddar — Tue, 10 Jul 2018 19:52:25 GMT

It’s been 5 years with current card I have (freedom)

Re: Credit line increase or New account?

FinStar — Tue, 10 Jul 2018 20:04:07 GMT

What about that darling AMEX Optima in your signature? How old is that one and what's the CL?

Re: Credit line increase or New account?

JohnnyGaddar — Tue, 10 Jul 2018 21:37:49 GMT

I just got it this month. It’s CL $3.5k. 😅 I know I’m not approved for any credit right now but I wanted see what y’all think.

Re: Credit line increase or New account?

UncleB — Tue, 10 Jul 2018 21:47:11 GMT

@JohnnyGaddar wrote:
I just got it this month. It’s CL $3.5k. 😅 I know I’m not approved for any credit right now but I wanted see what y’all think.

If it were me, I wouldn't go for a CLI or a new account.

You didn't mention what's keeping your scores down, but it would be best to concentrate on fixing that. If it's something that can't be 'fixed', I would still garden the two existing credit lines until there was more age on the baddies, since that will help your scores (somewhat) as well.

I know the CLI process on an Optima can be different from typical American Express cards so I'll have to defer to others on that, but I wouldn't bother seeking a CLI with Chase until your scores are quite a bit higher.

TL;DR: Work on baddies, join us in the Garden.

Re: Credit line increase or New account?

JohnnyGaddar — Tue, 10 Jul 2018 22:04:02 GMT

Good know boss. I wanted to say that. I would have 800+ by age 24 but I ruined everything couple years ago and now I will have to start over again. Bad decision I have ever made was to settle the account with debt consolidation program with Boulder Legal Group. I would never recommend for someone to do that kind of program. Lol 😂