topic Re: Stuck with low limit cards in Credit Cards

Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 21:09:34 GMT

So here's my situation, I'm rebuilding my credit, didn't know much about credit made some bad choices and destroyed my credit. I'm on the recovery path and currently have FICOs in the mid 600s, only one recent 30 day late and that's about to hit two years, very low debt ratio, only one credit pull (well three was rate shopping auto) in the last year.

Now, my current credit cards are:

HSBC 520CL

Orchard 300CL

Best Buy(HSBC) 300CL

FPB 800CL

Cap1 750CL

Cap1 800CL

Amex Pref Gold Charge Card

Care Credit 4100CL (cosigner)

I have strong income, about $120,000 but due to my bad early credit have low limits on my cards, the credit limits I've received on these cards have all been small in the 100-200 range. My amex I charge 2-5k a month on and payoff no problems.

What I want to know is what's the best approach for getting credit cards with decent limits on them? Should I try getting better increases on current cards? Apply for a new card (just fear getting another 300CL starter card), do I need to wait to get into the 700FICO range.

It just seems that the credit card companies are only lending what I've already got.

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 21:23:09 GMT

@Anonymous wrote:
So here's my situation, I'm rebuilding my credit, didn't know much about credit made some bad choices and destroyed my credit. I'm on the recovery path and currently have FICOs in the mid 600s, only one recent 30 day late and that's about to hit two years, very low debt ratio, only one credit pull (well three was rate shopping auto) in the last year.
Now, my current credit cards are:
HSBC 520CL
Orchard 300CL
Best Buy(HSBC) 300CL
FPB 800CL
Cap1 750CL
Cap1 800CL
Amex Pref Gold Charge Card
Care Credit 4100CL (cosigner)

I have strong income, about $120,000 but due to my bad early credit have low limits on my cards, the credit limits I've received on these cards have all been small in the 100-200 range. My amex I charge 2-5k a month on and payoff no problems.

What I want to know is what's the best approach for getting credit cards with decent limits on them? Should I try getting better increases on current cards? Apply for a new card (just fear getting another 300CL starter card), do I need to wait to get into the 700FICO range.
It just seems that the credit card companies are only lending what I've already got.

IMO I would apply for a secured card with a bank that reports to all 3 CRA's. I would give them $5000-$10000 as a deposit and wait about 6 months to a year and then start applying for prime cards. For some reason higher credit limits get higher credit limits when applying.

Re: Stuck with low limit cards

Datx — Tue, 03 Jan 2012 21:23:28 GMT

Unfortunately with the cards you currently have now, its going to be pretty tough to get decent CLIs on them. It could happen, not saying that it will not. Just saying its going to be diffcult and will probably take some time. Are you a member of a credit union? I think the best thing to do is talk to a local CU and see what they can do for you. They tend to be more easier to deal with when it comes to lending. If not, the only other thing I can suggest is to look into getting a secured card and putting a big deposit. Let it sit for at least 6 months to a year and see if you can get higher limits that way. You may not like the secured card route, since you already have unsecured credit cards, but it may be the best way to go if a CU cannot help you.

Re: Stuck with low limit cards

Datx — Tue, 03 Jan 2012 21:25:23 GMT

LOL, JM-AM beat me to it! Good answer, good answer!

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 21:35:39 GMT

THANKS for the replies, looks like secured card is the way to go. Just wish the high reporting of the Amex would be considered by credit card companies to show the potential earnings they could make off me.

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 21:42:53 GMT

@Anonymous wrote:
THANKS for the replies, looks like secured card is the way to go. Just wish the high reporting of the Amex would be considered by credit card companies to show the potential earnings they could make off me.

How long have you had your AMEX card?

Re: Stuck with low limit cards

JustMe77 — Tue, 03 Jan 2012 21:44:12 GMT

Like others have posted, I don't think you are going to get anywhere with those companies/cards anyway. They are not prime cards.

When I was rebuilding credit (well, I still am), I received the most increases from my Banana Republic card (issued by GE Bank). It started out as a store-only card with a $300 limit, but after 4 months of heavy use they increased my limit to $1000, and 4 months after that I received a preapproval for their Visa card and opened that with a $3000 CL.

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 21:44:58 GMT

@Anonymous wrote:
So here's my situation, I'm rebuilding my credit, didn't know much about credit made some bad choices and destroyed my credit. I'm on the recovery path and currently have FICOs in the mid 600s, only one recent 30 day late and that's about to hit two years, very low debt ratio, only one credit pull (well three was rate shopping auto) in the last year.
Now, my current credit cards are:
HSBC 520CL
Orchard 300CL
Best Buy(HSBC) 300CL
FPB 800CL
Cap1 750CL
Cap1 800CL
Amex Pref Gold Charge Card
Care Credit 4100CL (cosigner)

I have strong income, about $120,000 but due to my bad early credit have low limits on my cards, the credit limits I've received on these cards have all been small in the 100-200 range. My amex I charge 2-5k a month on and payoff no problems.

What I want to know is what's the best approach for getting credit cards with decent limits on them? Should I try getting better increases on current cards? Apply for a new card (just fear getting another 300CL starter card), do I need to wait to get into the 700FICO range.
It just seems that the credit card companies are only lending what I've already got.

welcome to the forums,,, i assume all these cards r paid off, also i didnt hear u say u have any other loans. we really need to hear ur whole story.

Re: Stuck with low limit cards

learnin113 — Tue, 03 Jan 2012 21:47:19 GMT

@Anonymous wrote:
So here's my situation, I'm rebuilding my credit, didn't know much about credit made some bad choices and destroyed my credit. I'm on the recovery path and currently have FICOs in the mid 600s, only one recent 30 day late and that's about to hit two years, very low debt ratio, only one credit pull (well three was rate shopping auto) in the last year.
Now, my current credit cards are:
HSBC 520CL
Orchard 300CL
Best Buy(HSBC) 300CL
FPB 800CL
Cap1 750CL
Cap1 800CL
Amex Pref Gold Charge Card
Care Credit 4100CL (cosigner)

I have strong income, about $120,000 but due to my bad early credit have low limits on my cards, the credit limits I've received on these cards have all been small in the 100-200 range. My amex I charge 2-5k a month on and payoff no problems.

What I want to know is what's the best approach for getting credit cards with decent limits on them? Should I try getting better increases on current cards? Apply for a new card (just fear getting another 300CL starter card), do I need to wait to get into the 700FICO range.
It just seems that the credit card companies are only lending what I've already got.

Do you know your fico scores? You gotta start there; there must be some baddies in your report that wont allow creditors to give you higher limits or CLIs.

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 21:47:24 GMT

Had the Amex 14 Months, high report about $6000, average in the $2500 range current report balance $0

Re: Stuck with low limit cards

tengtengvn — Tue, 03 Jan 2012 21:50:48 GMT

What's your AAoA?

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 21:52:30 GMT

@Anonymous wrote:
Had the Amex 14 Months, high report about $6000, average in the $2500 range current report balance $0

Suggestion IMO if you have a Costco in your area is to join Costco and apply for AMEX costco card all in the same day. It is a credit card and not a charge card and usually if in good standing with AMEX will give you decent credit limit and approval.

Obviously YMMV but it has worked for myself and others.

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 22:11:08 GMT

dalebb

Thank you for response, sorry I am new here so here's the info

EQ FICO 636

Revolving will be one account 300 balance once current info reports, last 30 day late about to hit 3.5 years

Installment going to change in big way, new car loan for wifes dream car 40000, last 30 day late about to hit 2 year

Inquires high at 16, didn't know they were hurting me, last one over a year ago besides auto loan

Open Accounts	Total#	Balance	Available	Credit Limit	Debt to Credit	Monthly Payment Amount	Accounts with a Balance
Mortgage	0	$0	N/A	N/A	N/A	$0	0
Installment	2	$18,682	$23,577	$42,259	44%	$898	2
Revolving	7	$851	$6,419	$7,270	12%	$79	5
Other	1	$0	N/A	N/A	N/A	$0	0
Total	10	$19,533	$29,996	$49,529	39%	$977	7

Re: Stuck with low limit cards

quest208 — Tue, 03 Jan 2012 22:13:12 GMT

2 months ago i had the following: orchard mastercard $700, best buy $100, office depot $500. average age was about 1.5 years. my fico scores were about 720 on all three, no negatives, no balances. not too much inquiries no recent inquiries.

i had a checking account with usaa so i decided to apply for a credit card. they granted my application instantly and gave me $11,000. i was floored, and im still floored.

the point is, you might want to take a break from the "big" banks (chase, citi, etc) and look into credit unions and USAA (usaa is not a credit union)

im rootin for you, i know it can be done, but if your report is clean i dont see why you cant get a card with usaa. the apr is high, but you seem to pay in full anyway so it shouldnt matter. once u have a high limit card, it should be easier to get more (at least thats what im told)

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 22:19:51 GMT

@Anonymous wrote:
dalebb
Thank you for response, sorry I am new here so here's the info
EQ FICO 636

Revolving will be one account 300 balance once current info reports, last 30 day late about to hit 3.5 years
Installment going to change in big way, new car loan for wifes dream car 40000, last 30 day late about to hit 2 year
Inquires high at 16, didn't know they were hurting me, last one over a year ago besides auto loan

Open Accounts Total# Balance Available Credit Limit Debt to Credit Monthly Payment Amount Accounts with a Balance
Mortgage 0 $0 N/A N/A N/A $0 0
Installment 2 $18,682 $23,577 $42,259 44% $898 2
Revolving 7 $851 $6,419 $7,270 12% $79 5
Other 1 $0 N/A N/A N/A $0 0
Total 10 $19,533 $29,996 $49,529 39% $977
7

if i was u i would go to amex and see what cards fit the why u spend and what u want back from them, then call and see if u have any preapproved offers, then check out local CU and other CU's, i have gotten the best rates from penfed CU

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 22:28:28 GMT

Average account age is 5 year 9 month

Longest 15 year 3 Month

Most recent account 11/2011

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 22:31:27 GMT

@Anonymous wrote:
Average account age is 5 year 9 month
Longest 15 year 3 Month
Most recent account 11/2011

ur score is a bit low on EQ, do u know ur TU score and EX?

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 22:34:18 GMT

For high income folks, I have read somewhere about applying for Chase CC card with special request from personal banker at local branch. You need to deposit at least 10k to get it. While it's no gaurantee approval, you might have better chance through this method if your baddies are only late payments. You might need to go with sapphire card to be sure minimum CL of $5000.

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 22:49:21 GMT

@Anonymous wrote:
@Anonymous wrote:
Had the Amex 14 Months, high report about $6000, average in the $2500 range current report balance $0
Suggestion IMO if you have a Costco in your area is to join Costco and apply for AMEX costco card all in the same day. It is a credit card and not a charge card and usually if in good standing with AMEX will give you decent credit limit and approval.

Obviously YMMV but it has worked for myself and others.

+1 Good idea!

Re: Stuck with low limit cards

Anonymous — Tue, 03 Jan 2012 22:50:50 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Had the Amex 14 Months, high report about $6000, average in the $2500 range current report balance $0
Suggestion IMO if you have a Costco in your area is to join Costco and apply for AMEX costco card all in the same day. It is a credit card and not a charge card and usually if in good standing with AMEX will give you decent credit limit and approval.

Obviously YMMV but it has worked for myself and others.

+1 Good idea!

i think tony might b applying