topic Re: Help with raising credit limit in Credit Cards

Help with raising credit limit

Anonymous — Fri, 22 May 2020 15:25:17 GMT

I recently applied and was approved for the Amex Blue Cash Everyday Card with an $8900 limit.

The current cards and limits I have are:

Amex Blue Cash Everyday $8900

Discover IT $4000

Department Store Amex card $1500

Capital One Secured card $700

My main goal is to raise my available credit limit as much as possible. The balances on all my cards are kept low and paid off by end of the month. It was mentioned on here to possibly apply for an additional card immediately to take the place of the Cap One secured card after it’s closed. My question now is when and if I should close the Cap One since the limit is so low and there are no rewards?

Should I do this immediately or wait a certain amount of time?

Re: Help with raising credit limit

Ficoproblems247 — Fri, 22 May 2020 15:43:57 GMT

Do you need another card? If not then there is no reason to apply for one. Even with closing your secured Cap1, you are still left with 3 open revolvers. If you close Cap1, it should remain on your reports for 10 years, sometimes longer and continue to help your average account age. Don't apply for another card just to apply, or just to have a shot at a card with higher limits. If you need a card or have a use for one that will fit your needs well, then go for it if your profile supports it. If you do apply, I would apply first, then cancel your secured card after.

ETA: Congrats on your BCE approval, that's a great card! Nice SL, too!

Re: Help with raising credit limit

flyingmd — Fri, 22 May 2020 16:06:53 GMT

Best way I know of is to utilize the card. Make several large purchases and pay the card down as soon as it posts. If you have an 8900 CL and only charging a few hundred a month, many of the CC companies wont increase your line. But if you start putting 10-15K a month through the card by paying it off several times a month, that is the quickest way to get a CLI for most CC companies.

Re: Help with raising credit limit

RSX — Fri, 22 May 2020 16:28:10 GMT

I would close the Cap1 as soon as it hits 13 months

i mean, you can anytime - but i like to keep a card open for over 1 year

you got a good starting limit with the Amex, so i can see future increases on all your cards

as noted above, especially now, lenders arent giving out CLI's without you using the cards and a good part of their limits - which makes sense all the time, but is being more 'enforced' lately

Discover has SP for CLI, so you can try every other month if you want

Re: Help with raising credit limit

NRB525 — Fri, 22 May 2020 16:28:22 GMT

With Capital One, my perception is that current cardholders are more successful in Capital One card apps when they next apply. So closing all Capital One cards before the next CapOne app, is not something I would suggest.

So my suggestion is to keep the Capital One Secured card open, let the AMEX report for a couple of months, and then if you feel like you need another card, app a CapOne Quicksilver or similar no-AF card to take the next step with CapOne. Then close the CapOne secured card.

If you absolutely don't want another CapOne card, then closing the Secured card has no consequences.