topic Re: Credit Card Options/Strategy in Credit Cards

Credit Card Options/Strategy

Anonymous — Sat, 07 Jan 2012 19:50:39 GMT

After an infuriating call with Barclays about a CLI all my plastic is heading towards the shredder. To fill you in I have 4 cards.

2 with Cap One

CL-500, 750

Barclays

500

JCP/GE

800

All of the limits on these cards are absolutely rediculous. I am 24+ months out from BK 7. No other baddies. I am in the 700's last credit check I had. 60k+ income. I read so many success stories with other forum members in worse standing that myself. Everyone ones reasoning for my CL's is stated to be because they are all on par with each other. This tactic I could understand if I was in the 1500-3000 CL range. But this is a far cry away from that. All cards have excellent standing, no lates, no bal, and always PIF each time I use it. All cards are a year + old except Barclays which I only app'ed for due to the CL's I have read on the board. A tank of gas puts these sad CL's above idea UTL. So I charge netflix and a few other small charges to each card each month to show use.

I have been in garden mode for months now because of a mess with a car that had to be bought back from the Dealer due to multiple issues. This same dealer shotgun'ed my INQ's to the tune of 10+ INQ on the loan as they were rate shopping without my knowledge. I have tried to fight this and lost. I was immediately approved by AM Honda. They did this while I was waiting for the car to be delievered from another store of theirs.

So I am at a crossroads. Apping for another card will just yield another sub 1000 useless CL. The only idea I had is my wife has had an old Cap One Platinum with a 2000 range CL. Should I close all of my cards and become an AU for awhile under her card. Then wait for the INQ's to fall off. Or am I missing a trick here. I do not need the Cards. I have them for playing the credit game while we are house shopping. So what should I do?!?!

Re: Credit Card Options/Strategy

SoulMaster — Sat, 07 Jan 2012 20:01:00 GMT

Have you tried a "credit builder" product from a credit union?

I did a $1000 loan that was secured by a CD... that was funded by the same loan. After 12mo of paying that back $84 at a time, my CLs are: $1250 C1 Cash Rewards (apped @ 6mo mark), $1000 Discover (apped @ 11mo mark) and $1300 Barclays (apped @ 13mo mark). Note: "mark" is the date I took out the credit builder loan @ Nevada Federal CU, which is now OneNevada CU.) Also, I got a nice bonus last month when I paid it off... the CD rolled into my savings account. I friggin' love that little product.

Note: for the 1st 6 mo of that loan, all I had was a crappy Orchard $300 / $59AF, which I just closed yesterday before the AF hit... don't need that POS card anymore.

-SM

Re: Credit Card Options/Strategy

Odiseous — Sat, 07 Jan 2012 20:16:22 GMT

@Anonymous wrote:
After an infuriating call with Barclays about a CLI all my plastic is heading towards the shredder. To fill you in I have 4 cards.
2 with Cap One
CL-500, 750
Barclays
500
JCP/GE
800

All of the limits on these cards are absolutely rediculous. I am 24+ months out from BK 7. No other baddies. I am in the 700's last credit check I had. 60k+ income. I read so many success stories with other forum members in worse standing that myself. Everyone ones reasoning for my CL's is stated to be because they are all on par with each other. This tactic I could understand if I was in the 1500-3000 CL range. But this is a far cry away from that. All cards have excellent standing, no lates, no bal, and always PIF each time I use it. All cards are a year + old except Barclays which I only app'ed for due to the CL's I have read on the board. A tank of gas puts these sad CL's above idea UTL. So I charge netflix and a few other small charges to each card each month to show use.

I have been in garden mode for months now because of a mess with a car that had to be bought back from the Dealer due to multiple issues. This same dealer shotgun'ed my INQ's to the tune of 10+ INQ on the loan as they were rate shopping without my knowledge. I have tried to fight this and lost. I was immediately approved by AM Honda. They did this while I was waiting for the car to be delievered from another store of theirs.

So I am at a crossroads. Apping for another card will just yield another sub 1000 useless CL. The only idea I had is my wife has had an old Cap One Platinum with a 2000 range CL. Should I close all of my cards and become an AU for awhile under her card. Then wait for the INQ's to fall off. Or am I missing a trick here. I do not need the Cards. I have them for playing the credit game while we are house shopping. So what should I do?!?!

I wouldn't do anything, until the house shoppping process is complete.

After you have your house; I recommend getting a secured credit card, and put in as much as you can (at least $2k). Then sit on it for 6 months or a year.

After that, you should be in a better position to negotiate a much larger CLI.

Re: Credit Card Options/Strategy

Anonymous — Sat, 07 Jan 2012 21:05:50 GMT

The house shopping is a long term thing. We are lease option on our current home that builds funds each month into a DP acct. We are on our second home with this company and we are not happy with this one so, come June we are trying another home with them. We were pretty fortunate to land with this management company.

I am just confused and trying to see if there is something I could do to open the doors to better CL's.

Re: Credit Card Options/Strategy

Anonymous — Sat, 07 Jan 2012 22:06:12 GMT

You are the first person I've seen with a 500 limit on barclays. The limits on your cap one cards don't surprise me. I have no knowledge as far as bk goes with cli so I can't help you there. I would go 2 years with my current accounts then try for a prime lender. I would be very happy if I had your 4 cards im stuck with secured cards for now lol.

Re: Credit Card Options/Strategy

LS2982 — Sat, 07 Jan 2012 22:28:43 GMT

@Anonymous wrote:
After an infuriating call with Barclays about a CLI all my plastic is heading towards the shredder. To fill you in I have 4 cards.
2 with Cap One
CL-500, 750
Barclays
500
JCP/GE
800

All of the limits on these cards are absolutely rediculous. I am 24+ months out from BK 7 That does hurt CLI chances. No other baddies. I am in the 700's last credit check I had. 60k+ income. I read so many success stories with other forum members in worse standing that myself. Everyone ones reasoning for my CL's is stated to be because they are all on par with each other. This tactic I could understand if I was in the 1500-3000 CL range. But this is a far cry away from that. All cards have excellent standing, no lates, no bal, and always PIF each time I use it. All cards are a year + old except Barclays which I only app'ed for due to the CL's I have read on the board. A tank of gas puts these sad CL's above idea UTL. So I charge netflix and a few other small charges to each card each month to show use.

I have been in garden mode for months now because of a mess with a car that had to be bought back from the Dealer due to multiple issues. This same dealer shotgun'ed my INQ's to the tune of 10+ INQ on the loan as they were rate shopping without my knowledge. I have tried to fight this and lost. I was immediately approved by AM Honda. They did this while I was waiting for the car to be delievered from another store of theirs.

So I am at a crossroads. Apping for another card will just yield another sub 1000 useless CL. The only idea I had is my wife has had an old Cap One Platinum with a 2000 range CL. Should I close all of my cards and become an AU for awhile under her card. Then wait for the INQ's to fall off. Or am I missing a trick here. I do not need the Cards. I have them for playing the credit game while we are house shopping. So what should I do?!?!

How many INQ's do you have?? Have you gotten denial letters for these CLI attempts??? What were the reasons?

Re: Credit Card Options/Strategy

Odiseous — Sat, 07 Jan 2012 22:46:35 GMT

@Anonymous wrote:
The house shopping is a long term thing. We are lease option on our current home that builds funds each month into a DP acct. We are on our second home with this company and we are not happy with this one so, come June we are trying another home with them. We were pretty fortunate to land with this management company.

I am just confused and trying to see if there is something I could do to open the doors to better CL's.

In my experience, noone wants to be the first one to give you a higher limit.

So, that's where secured cards can help (if you have the available funds to invest). Even though the card is secured; you can set the limit by putting up more cash to secure. And that seems to be the important part, when it comes to other creditors reviewing your credit profile.

Re: Credit Card Options/Strategy

LS2982 — Sat, 07 Jan 2012 23:18:55 GMT

@Odiseous wrote:
@Anonymous wrote:
The house shopping is a long term thing. We are lease option on our current home that builds funds each month into a DP acct. We are on our second home with this company and we are not happy with this one so, come June we are trying another home with them. We were pretty fortunate to land with this management company.

I am just confused and trying to see if there is something I could do to open the doors to better CL's.
In my experience, noone wants to be the first one to give you a higher limit.

So, that's where secured cards can help (if you have the available funds to invest). Even though the card is secured; you can set the limit by putting up more cash to secure. And that seems to be the important part, when it comes to other creditors reviewing your credit profile.

Re: Credit Card Options/Strategy

Anonymous — Sat, 07 Jan 2012 23:39:19 GMT

What if the card reports as secured? Im sure a creditor wouldn't feel obligated to match the cl knowing the amount is secured

Re: Credit Card Options/Strategy

StartingOver10 — Sat, 07 Jan 2012 23:50:52 GMT

I'm in your exact spot except that my BK 7 discharge was Jan '09, so that was 3 yrs ago.

I fell into that same trap of getting the wrong cards to start...because I didn't know better. My cards are the infamous First Premier $800; Credit One $700; Cap 1 is $750 (Credit Steps); Best Buy $800; Barclay's $1000...and then Jared's for $10,000 and an auto loan from 12 months ago started at $24k at 7.14%. The Jared's account has had two CLI's from a start of $5100 so you might try there to get a larger line.

I am paying attention to the above posters about the CU loan product for $1k or $2k.

My plan is to close in the next 3 months the First Premier, the Credit One and either the Cap 1 or the Best Buy. I think if I close the subprime cards that the Barclay's will grow and I will be able to get a prime card. I think that having the subprime cards kills us for any decent lines or credit with anyone else. JMO.

I was denied for a Discover More - but they said apply again in March after the Barclay's is 6 months reporting. So it seems to me that the others are right about them only giving lines in proportion to what you already have

Re: Credit Card Options/Strategy

Anonymous — Sun, 08 Jan 2012 05:56:14 GMT

The Cap One cards were builder cards and were treated as such. But when the letter from Barclays was sent to me (I didnt go to them) I thought here we go. App'ed and boom 500....really? I called several times and even got to the point where I called them out for giving XYZ CL to people I know are in a lower standing. Nothing. I finally spoke to a CSR at Barclays that flat out said what I stated in my first post of this thread that sent me through the roof. No one wants to step up. My lowest card before BK was a 2000 Guitar Center Card.

I thought maybe I was getting blacklisted. But I only delt with HSBC and GE prior to BK and they all had high CL's. When I filed these cards were all in good standing. I understand that most CCC are being conservative with CL's.

Thats why I thought about just cutting ties, going AU and starting over. I know a BK is going to thrash CL offers, but 500 CL's are just pathetic past a builder. A personal loan is going to be hard to get with INQ's on my report from that D*** car dealership. I could easily do a Secured Card, but to my understanding they report as such and I doubt anyone is going to rush to match it.

I know someone has had to have delt with this. I have went the extra mile and nothing seems to pay off like most on the board. I am just searching for answers.

Re: Credit Card Options/Strategy

haulingthescoreup — Sun, 08 Jan 2012 07:17:19 GMT

OK, so two things:

First, don't make any changes in your credit profile within six months of going for a mortgage. Look boring, and calm, and self-assured, and supremely uninterested in all things credit. Then, once your new mortgage funds (not just when you sign, but when it funds), you can start making changes.

Second, there's nothing wrong with closing cards, as long as you understand all the implications. Read fused's Closing Credit Cards to help you think throught the ins and outs. If you decide to close some cards, fine; but I would strongly recommend getting an improved card first. CC lenders get very skittish when they look at a credit report with few open revolving credit lines.

As a general comment: it's very important to learn to separate your emotional reactions (which are perfectly understandable and natural) from your decision-making processes. People tend to take rejections from lenders as personal slights, when in fact, they are often the results of some computer-generated decision. Your personal worth is not validated by a lender deciding to mail you a plastic rectangle in an unmarked envelope. And don't get so bent out of shape about a secured card. Plenty of people have started/ re-started with a secured card. And as you know, the fact that it is secured has zero impact on your FICO scores.

Re: Credit Card Options/Strategy

redwalker2929 — Sun, 08 Jan 2012 08:16:28 GMT

Filing bankruptcy is a pretty big deal. Its ultimately the thing that CC companies worry about most. Your a HUGE risk and have to pay the price now.