topic Re: New Card or CLI in Credit Cards

New Card or CLI

ChiTownTony — Mon, 11 Apr 2022 12:36:07 GMT

I'm trying to decide if I should apply for a new card or ask for a CLI on my current Visa (it would be a hard pull). All FICO 8 are above 800, only $10 debt on a card (AZEO), 3 credit cards currently, no inquiries in over 2 years. My current Visa has a $4500 CL and I would like a bit more since I will be making some life changes here shortly.

PayPal: $6000 CL ($0 balance)

Discover: $1750 CL ($0 balance)

Visa: $4500 CL ($10 balance)

No mortgage or car loan

Thanks in advance.

Re: New Card or CLI

FinStar — Mon, 11 Apr 2022 13:08:39 GMT

Who is the lender for the Visa?

Re: New Card or CLI

ChiTownTony — Mon, 11 Apr 2022 13:39:29 GMT

Regions

Re: New Card or CLI

SDMarik — Mon, 11 Apr 2022 13:43:43 GMT

If your life changes are going to cause some larger expenses, you might want a higher overall CL to avoid a big spike in your UTIL. You have solid scores with a super low util, if that is all accurate it seems like an issuer would be happy to open up a nice line for you. It's better than getting a smaller CLI then trying to apply for a new card with higher limits AFTER your utilization pops.

Especially if that Visa is a Chase card, they will hard pull for an increase anyway, so you might as well try for a new card with a higher typical starting limit.

If your new life chnages are going to lead to charges that you will pay for in full, then it doesn't make much difference. However, if you plan on carrying a balance, the name of the game (for me at least) would be getting my overall CL as high as possible before the spend starts.

Certain cards will guarantee a minimum starting limit of $5,000 or more.

Re: New Card or CLI

ChiTownTony — Mon, 11 Apr 2022 13:45:20 GMT

Thanks.

My life change is that I will be moving and would like to put the expenses on a card instead of using my savings. My Visa card is Regions and it would be a hard pull for a CLI.

I'd preferably like a card with a greater limit than my current $4500 in case the moving expenses go over that. I don't want to split the charges over more than one card.

Re: New Card or CLI

FinStar — Mon, 11 Apr 2022 13:47:59 GMT

@ChiTownTony wrote:
Regions

Since you mentioned that you will be making a substantial purchase, do you want to stick with Regions or see about exploring other lenders where you can potential obtain a SUB? Is your current Regions card a cash back version or...?

Since you're an existing Regions customer, you can also check to see if you are pre-approved for any CC offers online.

Re: New Card or CLI

SDMarik — Mon, 11 Apr 2022 13:52:41 GMT

@ChiTownTony wrote:
Thanks.

My life change is that I will be moving and would like to put the expenses on a card instead of using my savings. My Visa card is Regions and it would be a hard pull for a CLI.

I'd preferably like a card with a greater limit than my current $4500 in case the moving expenses go over that. I don't want to split the charges over more than one card.

Cards like the Chase Saphire Preferred (or reserve) will have a minimum limit of $5,000, yours might very well be higher than that with your current scores.

Also, discover is usually a soft pull for a CLI and you seem to have a pretty low line with them, that one might have some room. My starting limit with Discover was $15,000 and my ficos were about 50 points lower than yours when I got approved for it. Granted, things like income will make a difference as well.

Re: New Card or CLI

ChiTownTony — Mon, 11 Apr 2022 13:54:05 GMT

Thanks for responding.

Regions is a cashback card getting 1.5%.

There are no offers for me at the current time.

Re: New Card or CLI

ChiTownTony — Mon, 11 Apr 2022 13:55:31 GMT

Yes Discover denies me all the time because I rarely use the card which is understandable.

I could look into Chase. That would be promising it seems. Thanks for the input.

Re: New Card or CLI

FinStar — Mon, 11 Apr 2022 13:58:27 GMT

@SDMarik wrote:
@ChiTownTony wrote:
Thanks.

My life change is that I will be moving and would like to put the expenses on a card instead of using my savings. My Visa card is Regions and it would be a hard pull for a CLI.

I'd preferably like a card with a greater limit than my current $4500 in case the moving expenses go over that. I don't want to split the charges over more than one card.

Cards like the Chase Saphire Preferred (or reserve) will have a minimum limit of $5,000, yours might very well be higher than that with your current scores.

Also, discover is usually a soft pull for a CLI and you seem to have a pretty low line with them, that one might have some room. My starting limit with Discover was $15,000 and my ficos were about 50 points lower than yours when I got approved for it. Granted, things like income will make a difference as well.

One thing to consider, is the OP willing to commit to an Annual Fee CC? While CSP or CSR can be very lucrative products for the right individual, it also depends how this fits the OP's strategy and long term goals. Perhaps CFF or CFU may be alternatives in the event OP wants to avoid any AFs.

Re: New Card or CLI

SDMarik — Mon, 11 Apr 2022 14:01:13 GMT

@ChiTownTony wrote:
Yes Discover denies me all the time because I rarely use the card which is understandable.

I could look into Chase. That would be promising it seems. Thanks for the input.

If you are looking for a card with just a high limit and nothing exceptional as far as rewards goes, people have reported some pretty high starting limits with FNBO, and their pre-qual is a soft pull and will also let you know what your SL and apr would be.

https://www.fnbo.com/personal-banking/credit-cards/

Re: New Card or CLI

SDMarik — Mon, 11 Apr 2022 14:00:16 GMT

Very true, excellent point!

Re: New Card or CLI

FinStar — Mon, 11 Apr 2022 14:00:59 GMT

@ChiTownTony wrote:
Yes Discover denies me all the time because I rarely use the card which is understandable.

I could look into Chase. That would be promising it seems. Thanks for the input.

You can also look into the FNBO Evergreen Visa CC. FNBO has a pre-qualification tool which is SP to check. The card yields 2% cashback, has a SUB + an introductory APR offer.

Re: New Card or CLI

ChiTownTony — Mon, 11 Apr 2022 14:03:37 GMT

@SDMarik wrote:
@ChiTownTony wrote:
Yes Discover denies me all the time because I rarely use the card which is understandable.

I could look into Chase. That would be promising it seems. Thanks for the input.

If you are looking for a card with just a high limit and nothing exceptional as far as rewards goes, people have reported some pretty high starting limits with them, and their pre-qual is a soft pull and will also let you know what your SL and apr would be.

https://www.fnbo.com/personal-banking/credit-cards/

How accurate is the pre-qual? I just tried it and it stated I pre-qualified for the Evergreen:

Apply for this card, and your benefits could be:
Credit Limit APR1 Annual Fees
$12,500.00 14.99% $0.00

And the Getaway:

Apply for this card, and your benefits could be:
Credit Limit APR1 Annual Fees
$12,500.00 15.99% $0.00

Re: New Card or CLI

SDMarik — Mon, 11 Apr 2022 14:05:59 GMT

From the data points I have seen on here, it seems to be pretty solid. When issuers commit to a hard APR like that it is usually a pretty good sign, and based on your profile I would assume that to be pretty reliable.

I'm sure @FinStar has seen this come up on the threads way more than I have, so he might have some more input on this than I do.

Re: New Card or CLI

FinStar — Mon, 11 Apr 2022 14:06:44 GMT

@ChiTownTony wrote:
@SDMarik wrote:
@ChiTownTony wrote:
Yes Discover denies me all the time because I rarely use the card which is understandable.

I could look into Chase. That would be promising it seems. Thanks for the input.

If you are looking for a card with just a high limit and nothing exceptional as far as rewards goes, people have reported some pretty high starting limits with them, and their pre-qual is a soft pull and will also let you know what your SL and apr would be.

https://www.fnbo.com/personal-banking/credit-cards/
How accurate is the pre-qual? I just tried it and it stated I pre-qualified for the Evergreen:

Apply for this card, and your benefits could be:
Credit Limit APR1 Annual Fees
$12,500.00 14.99% $0.00

And the Getaway:

Apply for this card, and your benefits could be:
Credit Limit APR1 Annual Fees
$12,500.00 15.99% $0.00

It's fairly reliable. Obviously, nothing is 100% guaranteed, but if you're interested, it's a HP on Experian. If your profile can support the approval, that's pretty much the CL you'd be approved.

Re: New Card or CLI

SDMarik — Mon, 11 Apr 2022 14:09:34 GMT

If you pull the trigger, let us know how it goes!

Re: New Card or CLI

ChiTownTony — Mon, 11 Apr 2022 14:09:35 GMT

It's fairly reliable. Obviously, nothing is 100% guaranteed, but if you're interested, it's a HP on Experian. If your profile can support the approval, that's pretty much the CL you'd be approved.

Thanks very much. My EX FICO 8 is sitting at 817. I may go for this come May.

I appreciate everyone's input.

Re: New Card or CLI

SouthJamaica — Mon, 11 Apr 2022 14:09:39 GMT

@ChiTownTony wrote:
Regions

I wouldn't waste a hard pull on a CLI with them. With your excellent credit profile you should be able to get a top of the line cash back or rewards card from any bank you choose, with a substantially larger credit limit than any you've got now. So IMHO you should decide whether you want cash back or travel rewards, and go with a top of the line card from Chase or Citi.

Re: New Card or CLI

ChiTownTony — Mon, 11 Apr 2022 14:10:10 GMT

@SDMarik wrote:
If you pull the trigger, let us know how it goes!

I think I will try come the first of May