topic Re: Need advice on getting higher cc limits??? in Credit Cards

Need advice on getting higher cc limits???

Legions36 — Mon, 23 Jul 2012 02:47:18 GMT

I have a question about what is the best way to go about getting increased limits and all of what im asking i can do equally without any issues and i also have to say if it consists of getting charged interest i could care less also.

1)Use my cards and just pay them down per month then use it again when the limits get lower? say using them to the limit.

2)Use them to almost the limit and then payoff once per month leaving $10 on each?

3)Use them almost to limit everytime and payoff as many times as i want per month? like 3-4 times in the month.

The reason im asking is do using my cards more throught the month help my chances faster to get higher limits, i have 4 cards with each having $300 limits. And please remember i dont care about the interest if needed, all i care is getting higher limits the fastest way i have the $ to pay everything anytime.

Re: Need advice on getting higher cc limits???

Duncanrr — Mon, 23 Jul 2012 03:16:49 GMT

If one of them is secured and doesnt report as secured (like Cap1 card), you can increase your CL on that card and let it report with the higher limit. Once it reports you can then try to get higher CL with your other cards. Ive read that cards like to have someone else be the first one to give you increase. Also, you can try credit unions as they seem to give higher limits as well.

Re: Need advice on getting higher cc limits???

Legions36 — Mon, 23 Jul 2012 03:24:17 GMT

I have 4 cards orchard bank, credit one, first premier, and cap1(only card that is secured). All with $300 limits. I also am an authorized user on 4 of my girlfirends cards, citi diamond, mets card, royal carribean card, and amazon card.

Re: Need advice on getting higher cc limits???

webhopper — Mon, 23 Jul 2012 03:24:20 GMT

Which cards do you currently have? If you have dead end cards you will never get those 300 dollar limits raised. That being said, if one of your cards is secured, I would do as another poster suggested and add to your limit by increasing the amount of your deposit. Once you've done that, you can apply for a new cartd and hopefully they match your limit on the secured card.

Or, you can get a secured cartd with a bank that is known to graduate and place a nioce deposit.

Ummm also, like duncanrr suggested, start building a relationship with a credit union. My credit union credit card is by far my highest limit card

Re: Need advice on getting higher cc limits???

Legions36 — Mon, 23 Jul 2012 03:28:47 GMT

Already started with the credit union and took out a small loan to build. I also have an average card life of 5years. Im building now but don't really know how the banks think in terms of usage and higher limits. Like i said i have the money to play around with to help me out to build to where i want to go and my girl help me with her good credit.

Re: Need advice on getting higher cc limits???

Legions36 — Mon, 23 Jul 2012 03:31:35 GMT

Im not really planning on applying until my default student loan comes out of default in 8months and i get the 2 negatives off my report and they fall off next year but im trying to get them off now at the moment.

Re: Need advice on getting higher cc limits???

webhopper — Mon, 23 Jul 2012 04:46:38 GMT

I would suggest closing first premier and credit one, you don't need them. In 8 month, when your stdent loans are reporting positively, head for an amex charge card. The amex will open doors for future prime banks. Increase your deposit on cap 1 secured card to 2 k

Re: Need advice on getting higher cc limits???

jamie123 — Mon, 23 Jul 2012 05:38:18 GMT

@webhopper wrote:
I would suggest closing first premier and credit one, you don't need them. In 8 month, when your stdent loans are reporting positively, head for an amex charge card. The amex will open doors for future prime banks. Increase your deposit on cap 1 secured card to 2 k

+1 Good advice!

Re: Need advice on getting higher cc limits???

Anonymous — Mon, 23 Jul 2012 05:57:05 GMT

I would suggest try Discover now. Discover provides unsecured cards for students or people without much credit history. Of course, when you build the discover card (like the more card). Don't add any sign up bonus request (It could be up to $200, but may not be good for you).

Re: Need advice on getting higher cc limits???

Legions36 — Mon, 23 Jul 2012 17:36:18 GMT

I don't want to apply for new cards until fix everything that needs fixing. I also would prefer not to get rid of any cards at the moment until i get approved for better cards, the thing is im using all my cards so its only helping me not hurting me.

I really just wanted to know the best course of action to take so i know whats the best way for how to make it look good to the banks in there eyes and i would use and pay the cards off that way. But i will definetly be adding more during this year to my cap1 secured since it will help give me higher limits when im ready, i will keep depositing until it get to the max credit line of 3k.

But after i get some good cards i will fire those 2 cards that were mentioned(first premier and credit one).

If u guys have any other suggestions i can do in the meantime of this process my ears are open to anything else.

Re: Need advice on getting higher cc limits???

jsucool76 — Mon, 23 Jul 2012 21:56:00 GMT

@Duncanrr wrote:
If one of them is secured and doesnt report as secured (like Cap1 card), you can increase your CL on that card and let it report with the higher limit. Once it reports you can then try to get higher CL with your other cards. Ive read that cards like to have someone else be the first one to give you increase. Also, you can try credit unions as they seem to give higher limits as well.

I would do this if you don't want to app for new cards right now.

Re: Need advice on getting higher cc limits???

webhopper — Mon, 23 Jul 2012 22:08:23 GMT

FP and credit one should be closed now; or at least before applying to amex or any other prime bank. Having them open is hurting you more than its helping. Amex and other companies have computer systems that flag FP and C1 cardholders as risky despite your payment history.

Re: Need advice on getting higher cc limits???

Anonymous — Mon, 23 Jul 2012 22:26:52 GMT

@webhopper wrote:
FP and credit one should be closed now; or at least before applying to amex or any other prime bank. Having them open is hurting you more than its helping. Amex and other companies have computer systems that flag FP and C1 cardholders as risky despite your payment history.

while i can't disprove this, i can say ymmv. i was approved for an amex bce, chase freedom and a citi dividend world mc with two open fp cards...

Re: Need advice on getting higher cc limits???

webhopper — Mon, 23 Jul 2012 22:33:31 GMT

Oh ya? I was reading some posts in the past and it said something about the persons relationships with current creditors deemed risky or something like that in the denial letter. It wasn't the main reason for the denial I'm sure but it did get listen. They may have changed that. I just cant see anyone paying those crazy monthly fees

Re: Need advice on getting higher cc limits???

Cdnewmanpac — Mon, 23 Jul 2012 23:28:04 GMT

Op: whether you carry a balance or pay in full only matters to your existing creditors. If you apply for, say, Amex revolver in a year, they won't know if you carried a balance every month, every other month, or paid in full. They will only see your limit, your payment record (as agreed or late), your high balance and your current balance. Since you are NEVER going to get CLIs from orchard, first prem, cap 1 or credit one, there is no reason to carry a balance on any of them. When it comes time to apply for a new card, allow one (only one) card to report a balance of less than 10%. Having one balance reported during the month you apply will give you a little boost to your fico, but only the most recent month matters. The other huge issue is your GF's utilization. If she is carrying a balance on any of these cards, they may end up hurting more than they help. If she carries a balance on even one of those cards, you need to be sure NONE of yours report a balance. If she is above 80% of her limit on any of those cards, you are better off removing yourself.

Re: Need advice on getting higher cc limits???

Cdnewmanpac — Mon, 23 Jul 2012 23:31:40 GMT

@webhopper wrote:
Oh ya? I was reading some posts in the past and it said something about the persons relationships with current creditors deemed risky or something like that in the denial letter. It wasn't the main reason for the denial I'm sure but it did get listen. They may have changed that. I just cant see anyone paying those crazy monthly fees

Im sure I've also read that failing to mention Amex in your nightly prayers can trigger an fr on this board. While it has been reported on some blogs that shopping at high risk stores and carrying rebuilding cards can both adversely affect your internal score, there are plenty of us that have qualified for good cards with cap 1 and fp reporting. Since ALL of op's cards are subprime, he is better off having 4 cards than 1,2 or none. If, or when he gets a few prime cards, then I might agree that ditching the starter cards might enhance his chances with further prime or super prime cards.

Re: Need advice on getting higher cc limits???

webhopper — Mon, 23 Jul 2012 23:35:43 GMT

For OP I could see zync as foot in the door to later revolvers. Even chase analysts liked it when they looked at my report over the phone... having an amex account opened the door to chase in my recent experience. I was approved on recon.

Re: Need advice on getting higher cc limits???

LS2982 — Mon, 23 Jul 2012 23:51:04 GMT

Chase liked the AMEX account on my CR too, they asked about it. Had to explain to them it was a charge card product.

Re: Need advice on getting higher cc limits???

Legions36 — Tue, 24 Jul 2012 00:18:50 GMT

First i want to say ty for everyones help with what im asking.

I also want to tell u guys that im not really using these cards to shop or spend money its things that i need for making money like my everyday stuff that i use anyway. So u see its building my credit right now while also helping me make more money, so the more credit line i have the more money i can make and less i have to use of my own money at once.

But the goal is to get cards like amex and chase, i bank at chase so it would eventually be easier i think. Just right now im sure they wont give it to me. I also bank with a credit union now also.

Re: Need advice on getting higher cc limits???

DaveSignal — Tue, 24 Jul 2012 00:35:35 GMT

Try asking for CLI with a decent balance on the cards. Sometimes that works. If not, try asking for CLI with $0 balance. If that doesn't work, just wait a few months, keep your balances low, and try to apply for a better card.