topic Re: Possible to get CLI with subprime cards? in Credit Cards

Possible to get CLI with subprime cards?

Anonymous — Sun, 16 Dec 2018 18:38:54 GMT

I was discharged from BK7 in September 2017. There's a good chance that I might get a new job in Midwest (currently living in NV).

Currently, I have 6 credit cards:
* Capital One Platinum: $500 limit, 7 months old (recently got increased from $300)
* Capital One Quicksilver: $300 limit, 4 months old
* CreditOne: $650 limit, 10 months old
* LendUp: $750 limit, 7 months old
* Avant Card: $750 limit, 3 months old
* Merrick: $600 limit 2, months old

10% utilization, more or less. All in good standing. Credit score: Experian FICO8 is 617, and 614 according to Discover's pre-approval letter that rejected me.

If I get the job, company (interviewing with big engineering companies) will likely pay for relocation expenses (deposit on apartment, plane ticket, rental car, etc.). However, I won't get the money til the first pay check.

I'll only have, more or less, $2.5-$3K in cash. However, I want to use the credit cards for temporary housing like AirBnB and car rental. $750 might not be enough to rent a car for 2-3 weeks, but I'm not sure.

Also I have a car loan right now, but I'm leaving it for my parents to use in Nevada; they have much worse credit than mine (and mine is not good), and they cannot get a car loan.

Is it worth it to request subprime lenders to increase my limit? I don't want them to do hard pull then decline my request.

Re: Possible to get CLI with subprime cards?

luxlight — Sun, 16 Dec 2018 19:34:54 GMT

Quite frankly, I don't think it would be a good idea. Preferably you would want to use their cards to build up your history and then sock-drawer or close them once you've moved on to better cards. Also based on your current credit card limits, I don't think you'll get a CLI to an amount you would be comfortable with. If possible, I would suggest finding a credit union and looking towards getting a credit card with them if you absolutely need to float money for a month. As they'll probably approve you for a larger limit than any of your current cards however they would probably want to see proof of income to prove they can trust you with a high limit. All in all, unless you can get a CLI on the capital one cards, I don't think you should try with the other subprime lenders.

Re: Possible to get CLI with subprime cards?

Anonymous — Mon, 17 Dec 2018 02:48:54 GMT

OP, has anyone in your family served in the Armed Forces? Or does anyone in your family bank at Navy Federal Credit Union?

if you can set up an account with them they ‘can’ change your entire strategy and become the only creditor you need for your immediate solution.

ifyou can bank with them, take good care of them as they will take very good care of you!

Edit: Typo and qualifier

Re: Possible to get CLI with subprime cards?

Anonymous — Mon, 17 Dec 2018 07:44:47 GMT

I think you should hold off on getting more cards. I filed chapter 7 back in Feb 2018 and started with a Capital One secure card in March with a $300 limit and received a $300 limit increae and around the same time responsed to a credit one offer and received $1,500 and applied to Capital One Quick Silver Card not QS1 and received a $6,000 credit line. I believe you should hold off on applying to cards and wait at least 6 months and increae your salary before applying to a new card.

Re: Possible to get CLI with subprime cards?

Anonymous — Mon, 17 Dec 2018 12:39:00 GMT

Ask the new employer for an advance on your relocation expenses.

The company I work for has done this for numerous new employees in your situation.