topic Re: 20K CL through credit union in Credit Cards

20K CL through credit union

Anonymous — Sun, 20 Feb 2011 20:52:47 GMT

my credit union has been hounding me with offers in the mail. one ever week for a couple weeks now...

i finally got a phone call from one of the reps last night at 8pm. odd. but i figured now that i had a friendly voice to combine with the offer i could pepper her wth some questions. generally speaking with my scores i would approve for a CL of 20-25k. i need to have my utilization under 9% which mine is and my credit score above 720. i had a friend pull my fico a couple weeks ago just to see if i could get a mortgage and i was pre qualified ! my high score was 760, low score was 725.

in any event i have no desire to purchase a property in the next month or two. i am curious as to how opening another credit card will effect me? positive or negative? i have two cards. one for wells fargo and one for best buy. i would probably close the best buy credit card if i get the 20k credit union visa. i wouldnt hurt my utilization at all considering my limit on the credit union visa is 10 times more then my best buy card.

Re: 20K CL through credit union

vish1 — Sun, 20 Feb 2011 22:11:44 GMT

@Anonymous wrote:
my credit union has been hounding me with offers in the mail. one ever week for a couple weeks now...

i finally got a phone call from one of the reps last night at 8pm. odd. but i figured now that i had a friendly voice to combine with the offer i could pepper her wth some questions. generally speaking with my scores i would approve for a CL of 20-25k. i need to have my utilization under 9% which mine is and my credit score above 720. i had a friend pull my fico a couple weeks ago just to see if i could get a mortgage and i was pre qualified ! my high score was 760, low score was 725.

in any event i have no desire to purchase a property in the next month or two. i am curious as to how opening another credit card will effect me? positive or negative? i have two cards. one for wells fargo and one for best buy. i would probably close the best buy credit card if i get the 20k credit union visa. i wouldnt hurt my utilization at all considering my limit on the credit union visa is 10 times more then my best buy card.

Are you saying that your highest CL is about 2k on best buy?

In anycase, I wont open a new account before I get the keys to my house.

Re: 20K CL through credit union

Anonymous — Mon, 21 Feb 2011 01:23:56 GMT

no my highest credit limit is 5k through wells fargo....2600 through best buy....

Re: 20K CL through credit union

vish1 — Mon, 21 Feb 2011 01:27:30 GMT

@Anonymous wrote:
no my highest credit limit is 5k through wells fargo....2600 through best buy....

I have not came across a lot of instances where someone with a 5k limit gets a new card with 25k as always YMMV. If you get something like 20-25k congrats. All the best.

Re: 20K CL through credit union

Datx — Mon, 21 Feb 2011 03:16:06 GMT

With CUs like PSECU. A CC with a CL of 20K was fairly easy to be approved for a few months back. Now that they have became a bit less conservative in their lending, its still possible to be approved for 20K through them especially with the scores the OP listed. I know someone approved for the 20K CC/LOC combo from PSECU with their highest card limit being around 7K.

But going back to the original question, I seen alot of advice and suggestions made on this forum (or another) that you don't want to open a new CC when you are looking to purchase a new home soon. I'm not exactly sure why, maybe because of AAoA hit, or something else. Sorry, can't be much help on this topic, but im sure a vet will chime in soon. Or you can look for an answer in the mortgage loans section of the forum as well.