topic Re: Credit Limit Help in Credit Cards

Credit Limit Help

Anonymous — Sat, 15 Dec 2018 05:11:50 GMT

What should I Do to access more credit? I have only a single WFCC with a limit of $900. I've had this card for two years to help rebuild my credit. It started out as a secured card. Upon graduation, I received a $300 limit increase six months ago. $900 is simply not enough. I currently have a credit score between 730-760. I have no new accounts in the past two years. Im looking to get the highest credit limit I can receive

My question to all the credit enlightens is should I first ask Wells Fargo for a limit increase?.. Or should I apply for a new line of credit?

Wells Fargo back story: My only negative on my credit report is from a Wells Fargo credit card in 2013.

Other concerns: I feel my low limit card will hurt me accessing a high limit card even though my score is good and my salary is fine

I appreciate any feedback that could potentially help.. Thanks in advance

Re: Credit Limit Help

Pikaboo-icu — Sat, 15 Dec 2018 05:24:00 GMT

Welcome to My Fico.

In my opinion you should go to both Amex and Discover and use their prequalify tool to see if they offer you either or both.

They are the best with granting credit to thin files.

Good Luck..

Re: Credit Limit Help

Anonymous — Sat, 15 Dec 2018 05:54:07 GMT

I second the idea of checking out Amex and Discover and see if they have something for you prequalified. Some of them have no annual fee and offer rewards and are pretty good at keeping for everyday spending.

Amex is also good at giving generous credit limit, as well as generous credit limit increase (you can try 3x CLI after 61 days of account opening).

Re: Credit Limit Help

AverageJoesCredit — Sat, 15 Dec 2018 12:08:49 GMT

Whats your aaoa look like? Have you had any credit before?. Your 2 year hiatus from apping and at least 2 years of having credit sets you up for Chase with their 5/24 rule and how they like to see at least 1 year credit history

Re: Credit Limit Help

CreditInspired — Sat, 15 Dec 2018 12:24:41 GMT

Hi OP and welcome

I agree with everyone else’s responses and IMHO, don’t just focus on the limits right now. If you get your foot in the door with both AmX and Discover, your limits will grow with excellent payment history and low UT.

Yes, run on over to both their prequal portals and see what’s waiting for you.

GL2U

Re: Credit Limit Help

Anonymous — Sat, 15 Dec 2018 17:02:44 GMT

Sorry, thought it was similar. I got caught up. haha.

Re: Credit Limit Help

pizza1 — Sat, 15 Dec 2018 17:00:37 GMT

@Anonymous wrote:
I got a cap 1 secured in Feb 2018 then a qs1 inNovember. should I get a discover secured to get in the door or wait until I hit 700 and go for the regular disvover?
current scores are around 662 650 651 due to a drop after opening qs1 and a student loan so they hold go back up soon.

@Anonymous, These are questions better for your own thread that you've already started here in the CC section. We dont want to switch our focus currently from the OP and their questions

Re: Credit Limit Help

pizza1 — Sat, 15 Dec 2018 17:06:41 GMT

@Anonymous, welcome to the forums!

I agree with above posters...

Have you checked the Discover and Amex pre-qual sites?

building credit card limit

Anonymous — Thu, 20 Dec 2018 17:32:08 GMT

I have one credit card from wells fargo with a $900 limit. Im looking to get another card soon. Im most likely getting a card for my LLLC. my score is between 730-760. What are my options to get a card with a $5000 limit or higher?

Re: building credit card limit

Anonymous — Thu, 20 Dec 2018 17:56:05 GMT

From my experience, Amex is the most generous with credit limits, especially for business credit cards and they have some excellent options. Keep in mind that these won't report to your personal credit (capital one business spark does -- also a great option with an awesome SUB). I think most Business credit cards have a starting credit limit much higher than personal ones, so you're likely to get at least a 5 K starting limit with almost any business cc. As for which one to get? Depends what your spending will be, but I love the BBP for general spend.

Your best option might in fact be the Capital One Spark for the following reasons: 1) Good business card for your LLC, 2)Great SUB, 3) higher starting limit since business card, 4) will report to personal credit report unlike other business cc's and help you to get higher limits in the future. New credit cards give limits based on several factors -- one of which is what your limits are on other cards being reported. 5) Good general card for cash back.

I've been extremely happy with the C1 Spark, they have raised my limit very generously and even took away my annual fee permanently. It's the best card in my cc portfolio by a big margin.

Re: Credit Limit Help

Anonymous — Thu, 20 Dec 2018 17:57:57 GMT

Thanks for all feedback..I pre qualify for many good cards, I use all the lenders Pre qual sites if available..I want a good rewards card and a limit of $5000 or higher.Do you guys think that is possible based off my somewhat thin history?

Re: Credit Limit Help

Anonymous — Thu, 20 Dec 2018 18:10:51 GMT

@Anonymous wrote:
Thanks for all feedback..I pre qualify for many good cards, I use all the lenders Pre qual sites if available..I want a good rewards card and a limit of $5000 or higher.Do you guys think that is possible based off my somewhat thin history?

Maybe...maybe not. There's a lot of other factors involved, but I would lean towards the probability of a lower starting lmit. If you go with Amex however, they are very good about increasing credit limits with people that show steady use, and good payment habits.

Just for reference, I got a nearly $6000 auto CLI on my Amex BCP after the first year.

Re: Credit Limit Help

Flex1 — Thu, 20 Dec 2018 18:40:18 GMT

@Anonymous wrote:
What should I Do to access more credit? I have only a single WFCC with a limit of $900. I've had this card for two years to help rebuild my credit. It started out as a secured card. Upon graduation, I received a $300 limit increase six months ago. $900 is simply not enough. I currently have a credit score between 730-760. I have no new accounts in the past two years. Im looking to get the highest credit limit I can receive

My question to all the credit enlightens is should I first ask Wells Fargo for a limit increase?.. Or should I apply for a new line of credit?

Wells Fargo back story: My only negative on my credit report is from a Wells Fargo credit card in 2013.

Other concerns: I feel my low limit card will hurt me accessing a high limit card even though my score is good and my salary is fine

I appreciate any feedback that could potentially help.. Thanks in advance

Do you qualify to join Navy Federal? I feel that there are quite a few Credit Unions that would give you the credit limit you're looking for. Of course you have to qualify, somehow, to meet their member pre-requisites.

Re: Credit Limit Help

SummerOf17 — Thu, 20 Dec 2018 18:26:24 GMT

-- What should I Do to access more credit? I have only a single WFCC with a limit of $900.--

Why More Credit?

Re: Credit Limit Help

xaximus — Thu, 20 Dec 2018 18:30:12 GMT

@SummerOf17 wrote:
-- What should I Do to access more credit? I have only a single WFCC with a limit of $900.--

Why More Credit?

OP may be using the cards for his benefit but with a limit of only $900 that may not be sufficent.

OP - as others have mentioned - check the prequal sites. Also, get cards that are of benefit to you. I wouldn't just get any card just to see if you can get a high limit. Research and ask as many questions as needed regarding different cards and to see what best suits you. There is a lot of knowledge and information available on here including DPs that may help guide you in what cards may be better then others and so forth.

Good luck!

Re: Credit Limit Help

K-in-Boston — Thu, 20 Dec 2018 18:46:14 GMT

@Anonymous I have merged your two threads as they are very similar.

Re: Credit Limit Help

Anonymous — Thu, 20 Dec 2018 18:47:35 GMT

I agree with what others are saying. Also consider the value of having diversified accounts as well. Normally visa and MC are universally excepted but I have at least one experience where that wasn't the case.

As to why someone would want more than $900 in available credit...some of us spend that much or more during a week.

Re: Credit Limit Help

Anonymous — Thu, 20 Dec 2018 18:56:23 GMT

@Anonymous wrote:

As to why someone would want more than $900 in available credit...some of us spend that much or more during a week.

Also, it's not unusual to have a "floating" balance of several hundred dollars if you use the card regularly. For example, using a dedicated grocery card you'll oftent have a couple hundred dollars charged to it between payments; even if you PiF each month. That's not a problem if your credit limit is at least a couple thousand dollars, but with a $900 limit that is apretty big ding to your utilization.

Using myself as an example, I PiF each month, but usually have a $300-$400 balance report on my card just from regular grocery use even though I often make a few payments mid cycle. That would be a huge chunk of a $900 limit.

Re: Credit Limit Help

Anonymous — Thu, 20 Dec 2018 19:25:11 GMT

@SummerOf17 wrote:
-- What should I Do to access more credit? I have only a single WFCC with a limit of $900.--

Why More Credit?

$900 is much too low of a credit limit for most people.

Re: Credit Limit Help

Anonymous — Thu, 20 Dec 2018 20:14:21 GMT

What's Aaoa? I only have the one active credit card from Wells.. And a previous secured card non active from Wells.. Is my haitus bad? Can you explain the chase 5/24 thing? I've never heard of it