topic Re: Credit limits in Credit Cards

Credit limits

Anonymous — Sun, 28 Oct 2012 04:58:56 GMT

I currently have 2 credit cards, ones limit is $300to and the others limit is $500. My credit scores have gone up to the 759 and 786 since i got both of them. Scores were in mid 600's when i got them.

Will those small amounts affect my chances of getting a new card with a high limit? I make around 50k a year so I would like a higher limit card to keep my utilization low.

Re: Credit limits

mxp114 — Sun, 28 Oct 2012 05:04:12 GMT

Most lenders will match or exceed the limits by a certain percentage, you're probably looking at $1000 - $2500 right now based on your existing lines. I can't imagine anyone going beyond that until you establish more experience with higher limits.

Re: Credit limits

beb86 — Sun, 28 Oct 2012 05:05:58 GMT

Try Barclays, Chase or AMEX (charge)

Re: Credit limits

Anonymous — Sun, 28 Oct 2012 05:20:58 GMT

I think the Chase Freedom would be a good option. They may give you a high limit, but they can offer low limits instead of a flat out denial.

After you see how that goes, you can look at an amex revolver with a starting limit of $2,000. The 61 day cli will get you where you want to be.

Re: Credit limits

kevinjjc — Sun, 28 Oct 2012 14:51:13 GMT

Are you eligible to join Navy Federal CU? They are known to give out high limits. Another good route is an AmEx revolver for their soft CLI's. Also, Walmart card for the free TU08 FICO score and soft CLI's.

Re: Credit limits

Anonymous — Sun, 28 Oct 2012 15:06:29 GMT

I can only speak for myself here, but I had no problems with lenders exceeding my existing lines. I only had two $750 lines reporting, and Amex gave me a $6,000 limit on my Blue and Chase a $2500 limit on my Freedom. However, I had also had an Amex charge card for almost two years when I applied for both of those cards, that I had put just about all of my spending through. I'm sure that was influencing Amex more than my two CapOnes. Anyway, don't assume you'll have to put up with more low limits.

Re: Credit limits

Anonymous — Sun, 28 Oct 2012 22:39:56 GMT

Your best bet would be trying to join a CU and applying for one of thier CCs. They are usually pretty flexable and your more involved with the application process, where your usually met with a CU rep and they help you along the way.

Re: Credit limits

Anonymous — Mon, 29 Oct 2012 00:47:19 GMT

I currently belong to a credit union. I was thinking either trying at the CU or going with the Chase Freedom card. Thanks for all the info

Re: Credit limits

Anonymous — Mon, 29 Oct 2012 00:51:23 GMT

@AJC1987 wrote:
I currently belong to a credit union. I was thinking either trying at the CU or going with the Chase Freedom card. Thanks for all the info

Usually credit unions don't offer real great rewards.

Re: Credit limits

Anonymous — Mon, 29 Oct 2012 00:53:27 GMT

Like said before, try to set dates with Amex. Even a charge card will bring you backdate later on and guarantee you don't get any more hps from them.

Re: Credit limits

Anonymous — Mon, 29 Oct 2012 02:14:17 GMT

Yeah...locking in that 2012 membership with AMEX might be good

Re: Credit limits

Anonymous — Mon, 29 Oct 2012 02:02:23 GMT

Which card do you guys recommend from amex???

Re: Credit limits

distantarray — Mon, 29 Oct 2012 02:12:55 GMT

@AJC1987 wrote:
Which card do you guys recommend from amex???

I had 2 secured cards $1,000 Orchard, and $1,500 local credit union Achieva, Amex approved me for Blue Cash Preferred with a 754 score of $5,500 and Navy Federal for $17,000, Chase few days later for $5,000 Sapphire, and $3,000 Freedom.

The cards we recommend will be based on your spending habits. These are my general favorites because I don't travel that much.

Amex Blue Cash Preferred is a good one since it gives 6% back on groceries, 3% on Gas and department stores.

US Cash + is good for 5% cash back on two flexible catagories (you choose) and have a option called billpay that no one else offers from what I seen. (restaurants and billpay is what I'm hoping for)

Chase Trifecta = checking + freedom + sapphire Which the checking + freedom gives you 10 extra points on anything you purchase, and has 5% rotating catagories. If you transfer the Chase points to Sapphire they're worth 20% more for travel so that's 6% + for Catagory spending.

For my purposes I don't opt for a 5% gas card like PenFed which could workout for some people because between the Amex Blue and Freedom (5% 6months a year) it averages 3% - 6%+ = over 4.5%+ over the year. and I don't believe getting cards I don't use. I spend about $4,000 a year on gas, and that totals to about 76 dollars a week, so that 0.5% would save me a nice $20 a year =\

If you travel a lot Starwood Amex is worth a lot for hotels and travel, and Amex Platinum if you take 1 international trip a year it more than pays for it's high $450 annual fee if you do the math. ($200 automatically comped for anything through the airline annually, and $100 global entry pass avoids lines , and priority pass for lounge access and much much more)

Re: Credit limits

Anonymous — Mon, 29 Oct 2012 02:16:10 GMT

@AJC1987 wrote:
Which card do you guys recommend from amex???

HHonors no AF currently offering 65K point bonus (google it)

BCE no AF okay rewards

Re: Credit limits

Anonymous — Mon, 29 Oct 2012 02:28:46 GMT

I pretty much only use my cards for gas. I will be closing on a house soon so after that entire process is finished I will be using the card to help buy things to furnish a house. I pay my cards off entirely or almost entirely every month. I dont believe in running a balance unless an unnecesarily large purchase is made. It will mianly be used for gas and an "in case of emergency" funds card.

Re: Credit limits

Anonymous — Mon, 29 Oct 2012 02:43:22 GMT

AMEX BCE is 2% on gas

Re: Credit limits

distantarray — Mon, 29 Oct 2012 02:50:22 GMT

@AJC1987 wrote:
I pretty much only use my cards for gas. I will be closing on a house soon so after that entire process is finished I will be using the card to help buy things to furnish a house. I pay my cards off entirely or almost entirely every month. I dont believe in running a balance unless an unnecesarily large purchase is made. It will mianly be used for gas and an "in case of emergency" funds card.

Then you should look into PenFed https://www.penfed.org/Platinum-Cash-Rewards/

but they only give 0.25% on anything else and they're VERY inqury sensitive so remember to apply for this one first.

Since only 0.25% on everything else I find it kinda lacking.

Like I said before the Amex BCP + Chase Trifecta (freedom + checking + Sapphire) should be your ideal cards then. This will average you over 4.5%+ through out of the year, with a lot more benefits and generous sign up bonuses. $300 checking $100 freedom and 40,000 points worth $500 for travel.

Although the Sapphire has a annual fee of $95 waived for the first year, but considering the $900 in bonuses on sign up makes it very lucrative for a long time. The BCP also has a annual fee of $75 but $150 after you spend $1,000 in first 3 months and first year waived so it's like paying 3 years of your annual fees ahead of time. Also AMEX is VERY generous with credit limit increases (but remember very conservative with carrying over balances)

it's really nice if you add a US Bank Cash+ in there as well for 5% restaurants and 5% billpay but that's pretty much upto you. if I could only get 4 cards that would be it.

I make about same annual income as you do, but I find these 4 cards a pretty much vital to making your money go 5% further, if used properly it's almost like getting a 5% raise

Re: Credit limits

Anonymous — Mon, 29 Oct 2012 03:07:21 GMT

this how i did. just like you i got 2 cap1 account. when i hit 2 year AAOA.i paid off 2 card balace down to 0 and add my family 9 years credit card history with never late balance below 30% to my credit report( remember you have to wait for them to report b4 you try to get another cards) i apply for discover .bum 1200 $ credit limit, i apply for another citi simp..... ^_~ i got 3000 credit limit.then Room2go 3000 credit limit. walmart discover 1000$ all instant approval online. then i just closed 2 cap1 account,bc they got my 45$ for year for each card lol. now i'll use em for another 6 months then request increase CL