topic Re: Need a higher limit card - bad credit in Credit Cards

Need a higher limit card - bad credit

Skyjacked97zj — Mon, 20 May 2024 18:39:17 GMT

So, made some bad decisions previously and avoided credit for a number of years. I'm now traveling for work very frequently and having rental car holds and hotel reservations held on a debit card is becoming problematic.

Stats are 599 bureau scores according to credit karma and a 613 fico according to recent auto loan app.

I have a repo and a charge off loan that still haven't fallen off but no bankruptcy or anything.

I need a credit card with around a 5k limit for travel. Opened a credit one visa about 7 months ago, $300 limit. I've never carried a balance and I've used it a ton, paying it off multiple times a month to try and get an increase. That hasn't happened yet.

Went to a Indigo card, got a $500 credit limit and was doing the same thing. They randomly put a 14 day hold on available credit when I made a payment and then charged me an over limit fee. Paid that and closed it.

Now I have a capital one quicksilver one with a $300 limit. Have had it a few days but plan on spending and paying off a bunch through out the month to hopefully gain a increase in limit.

Really wish I wouldn't have closed my American Express way back when, put an ex as an authorized user and closed the whole thing after the breakup. I've been denied upon applying for anything through them so far.

Student loans are in good standing, auto loan is in good standing and 6 months old. Any advice on a new card to apply for or advice on how to strategically get a credit limit increase? I use Chase as my primary bank and income is probably going to be north of $150k this year.

Re: Need a higher limit card - bad credit

NoHardLimits — Mon, 20 May 2024 18:51:23 GMT

With your current credit profile, it will be very difficult to get a higher starting limit. I would suggest looking into secured cards where you deposit money into an account and the bank issues a card with a limit equal to your deposit. US Bank and Discover offer secured cards with usable limits. Local credit unions could also offer good options.

Re: Need a higher limit card - bad credit

TrapLine — Mon, 20 May 2024 18:52:50 GMT

Think about a secured card and deposit enough to get you by while working back from a rebuild?

Re: Need a higher limit card - bad credit

Jeffster1 — Mon, 20 May 2024 19:01:04 GMT

@Skyjacked97zj Are yo in a position to put down $5000 on a secured card?

TDBank, BofA and USBank all offer decent secured cards. Each of them also graduates.

I had a $10K BOfA Secured CCR card and loved it. The card graduated in 8 months.

Both TD and US will allow you up to $5K on their secured cards. My TD graduated in 8 months,and my US in 12.

Re: Need a higher limit card - bad credit

Skyjacked97zj — Mon, 20 May 2024 19:00:23 GMT

I've thought about a secured card, but I kind of hate the idea of pulling money from something that has a decent rate of return to be put in a CD or savings account. It would solve the problem though. Are there secured cards that will let you go over $5k for a deposit?

Re: Need a higher limit card - bad credit

Linnaea — Mon, 20 May 2024 19:16:05 GMT

Hi, have you or anyone in your family been in the military or someone on your household? If so I would join and open a banking account with NFCU aka Navy Federal Credit Union. You can start them with a small secured card ... in apx 3 months they will partially graduate it m the card and again if so all is good will graduate in 6 months. You can apply then for other cards ... they are very generous if you have a relationship with them. Too much to write and explain about them. Many threads here on MyFico you can read as well as just googling on internet. I started with a secured which is a hard pull... went from $200 to $400 partially secured to $2k total unsecured ... I'm just waiting to request cli. But in the interim I applied for an unsecured at the time my secured un secured and was approved for NFCU Amex Awards for over 8k! And I made the sub. The world is your oyster at NFCU. It makes me forget about my credit card crushes.

Re: Need a higher limit card - bad credit

TrapLine — Mon, 20 May 2024 19:18:45 GMT

Likely other posters can chime in on some good secured cards today (I can not remember).

Used several myself and was able to loose them in six to nine months after setting them up for real cards. That is, except Wells Fargo which I had at least $5,000 Secured and after two plus years I told them where to put their secured card and they showed me how 'slow molasses flows uphill in January' to return the funds (took about three months to return the funds)! So I went on and kicked them to the curb as I had lots of products and investments with them. Oh, such is life?

Used to hear good things on Capital One and Discover. Not sure if there may be others too. For myself I used both of them along with Citi and Wells Fargo.

Re: Need a higher limit card - bad credit

SouthJamaica — Mon, 20 May 2024 19:20:13 GMT

@Skyjacked97zj wrote:
So, made some bad decisions previously and avoided credit for a number of years. I'm now traveling for work very frequently and having rental car holds and hotel reservations held on a debit card is becoming problematic.

Stats are 599 bureau scores according to credit karma and a 613 fico according to recent auto loan app.

I have a repo and a charge off loan that still haven't fallen off but no bankruptcy or anything.

I need a credit card with around a 5k limit for travel. Opened a credit one visa about 7 months ago, $300 limit. I've never carried a balance and I've used it a ton, paying it off multiple times a month to try and get an increase. That hasn't happened yet.

Went to a Indigo card, got a $500 credit limit and was doing the same thing. They randomly put a 14 day hold on available credit when I made a payment and then charged me an over limit fee. Paid that and closed it.

Now I have a capital one quicksilver one with a $300 limit. Have had it a few days but plan on spending and paying off a bunch through out the month to hopefully gain a increase in limit.

Really wish I wouldn't have closed my American Express way back when, put an ex as an authorized user and closed the whole thing after the breakup. I've been denied upon applying for anything through them so far.

Student loans are in good standing, auto loan is in good standing and 6 months old. Any advice on a new card to apply for or advice on how to strategically get a credit limit increase? I use Chase as my primary bank and income is probably going to be north of $150k this year.

I would need to know your FICO scores, what is in your profile keeping your scores down, and how it ended with Amex, in order to give you any sound advice.

It doesn't look promising for getting a large starting limit at this point, except with a secured card.

And without more information I can't say what your chances would be for an Amex charge card.

Re: Need a higher limit card - bad credit

Skyjacked97zj — Mon, 20 May 2024 19:35:53 GMT

Amex ended with me owing them $0 and a closed charge card. I had the Green.

I need to find out what my fico scores actually are, repossession 18 months ago and a charged off personal loan 24 months ago are the big derogatory ones. No late payments or anything else.

I do have the ability to get in with a military based credit union. Have previously used USAA but no longer have an active relationship.

Re: Need a higher limit card - bad credit

SouthJamaica — Mon, 20 May 2024 19:56:26 GMT

@Skyjacked97zj wrote:
Amex ended with me owing them $0 and a closed charge card. I had the Green.

I need to find out what my fico scores actually are, repossession 18 months ago and a charged off personal loan 24 months ago are the big derogatory ones. No late payments or anything else.

I do have the ability to get in with a military based credit union. Have previously used USAA but no longer have an active relationship.

Here's the way I look at it:

-Since (a) your primary goal is travel, (b) you didn't burn Amex, and (c) Amex charge cards are easier to get than any good revolver, probably the Amex Platinum should be the goal.

-I would wait to apply until the FICO 8 scores are 650 and up.

-I don't think getting into a military based credit union will help you get a credit card in the near future, but you should certainly join NFCU, looking down the road.

Re: Need a higher limit card - bad credit

danzig47 — Mon, 20 May 2024 20:49:07 GMT

You mentioned that the primary issue is travel for work. Perhaps check if you can get a corporate card through work. I am thinking in particular of the Amex Green Corporate if your company has an Amex relationship.

Otherwise, you're probablly stuck with a secured card.

Re: Need a higher limit card - bad credit

FlaDude — Mon, 20 May 2024 21:32:51 GMT

@Skyjacked97zj wrote:
I need to find out what my fico scores actually are, repossession 18 months ago and a charged off personal loan 24 months ago are the big derogatory ones. No late payments or anything else.

You can set up a free myFICO account and a free Experian account to see your Eq and Ex FICO 8 scores. They also both have paid programs to see TU and other FICO versions, but getting the two scores is probably useful enough for now. While the Vantage 3 scores provided by CK are generally not considered useful, if your TU score from CK is similar to your Eq score, then the the TU FICO score is probably in the same neighborhood as the Eq FICO score.

Re: Need a higher limit card - bad credit

Jeffster1 — Mon, 20 May 2024 21:43:57 GMT

Of the 3 secured cards I mentioned...BofA, TDBank and USBank, TD will probably be the easiest approval and BofA the most difficult.

I don't know about Discover. I understand Citi is very difficult when it comes to graduation.

Re: Need a higher limit card - bad credit

markhs777 — Mon, 20 May 2024 21:46:07 GMT

Anyone in your family that can make you an AU that has a high limit card?

Re: Need a higher limit card - bad credit

FicoMike0 — Mon, 20 May 2024 23:02:08 GMT

You've gotten some good advice. Let me summarize

1. Sign up with my fico and Experian, get some fico8 scores.

2. Post all the ugly details, give the wizards something to work with.

3. If you can get into nfcu, do it. With better scores, they'll be your friend.

4. I'd go in to chase, ask what they can do. Maybe nothing, can't hurt to ask.

5. As far as a secured card, a high limit that will graduate seems like an immediate solution. A $5000 deposit is only worth $250 a year.

6. Amex is good for travel, good for high limits. They do pre-approval. The platinum isn't super hard to get, but it's $695 a year. Maybe get employer to pay fee?

Re: Need a higher limit card - bad credit

Zoostation1 — Tue, 21 May 2024 00:14:55 GMT

@Jeffster1Discover can graduate fairly quickly, often in 7-8 months. I think they limit to a max of $2500 for a secured though IIRC so it may not be great for the OP. They also seem to be slower to graduate when you get closer to their max deposit. I started with a $400 deposit and it went to $1800 unsecured in 7.5mo.

Re: Need a higher limit card - bad credit

ChargedUp — Tue, 21 May 2024 02:07:57 GMT

Skyla CU. Anyone can join via Consumer Council.

Secured Visa up to $25K

https://www.skylacu.com/credit-cards/platinum-secured

Re: Need a higher limit card - bad credit

Horseshoez — Tue, 21 May 2024 03:11:41 GMT

Just one data point on the TD secured card; I opened mine with a $5,000 limit after my Chapter 13 was discharged and it graduated at exactly six-months; my security deposit, essentially a very low yield savings account, was unlocked the same day.

Re: Need a higher limit card - bad credit

Jeffster1 — Tue, 21 May 2024 22:38:58 GMT

@Zoostation1 wrote:
@Jeffster1Discover can graduate fairly quickly, often in 7-8 months. I think they limit to a max of $2500 for a secured though IIRC so it may not be great for the OP. They also seem to be slower to graduate when you get closer to their max deposit. I started with a $400 deposit and it went to $1800 unsecured in 7.5mo.

I applied for my 3 previous secured cards.....BofA CCR, TDBank and USBank within a couple months of my DC in January 2021. For some reason I cannot recall, I never considered Discover. Good info for anybody in the market.

Re: Need a higher limit card - bad credit

Skyjacked97zj — Wed, 22 May 2024 02:40:26 GMT

Thank you all for the advice. I have learned a lot from all of you. I have came to a solution, for the mean time.

I moved some money and opened a Navy Fed savings account, am not going the secured card route but I wanted to establish a relationship in the future. I'm sure I will use them for something in the future.

I never thought about being an authorized user before, but now I have a Venture X to solve my problems. It's a bandaid but it's going to work for the short term. Long term plan is to work on my own credit issues and Amex Platinum when my scores are right.

I still plan on using the heck out of my C1 Quicksilver One and seeing what I can make out of that. I'll keep everyone posted.

Thanks again.