topic Re: Question about Credit Limit Increases and Credit Recon in Credit Cards

Question about Credit Limit Increases and Credit Recon

CenturionBound — Thu, 05 Sep 2013 01:21:05 GMT

New to the forum. Quick question:

I just opened two cards 5-6 months ago and requested a 10k limit on each.

I have a Chase Freedom.

Started with 1500 limit.

3 months later, they auto CLI'ed to 1800.

2 days go, Did the CLI request with a CSR, went from 1800 to 2300

Spoke to the Credit analyst, and they bumped me to 5000 total.

I then called Bank of America for the Cash Rewards card

Started with 2000 limit

Today, Did the CLI request online, went from 2000 to 3200

Spoke to the Credit analyst, and they bumped me to 6000 total.

My income is in the six figures, but I am guessing they are capping the limits because I only had these cards open for 5-6 months.

Was all of this worth the possibility of the HP's?

Re: Question about Credit Limit Increases and Credit Recon

myjourney — Thu, 05 Sep 2013 01:23:26 GMT

@CenturionBound wrote:
New to the forum. Quick question:

I just opened two cards 5-6 months ago and requested a 10k limit on each.

I have a Chase Freedom.
Started with 1500 limit.
3 months later, they auto CLI'ed to 1800.
2 days go, Did the CLI request with a CSR, went from 1800 to 2300
Spoke to the Credit analyst, and they bumped me to 5000 total.

I then called Bank of America for the Cash Rewards card
Started with 2000 limit
Today, Did the CLI request online, went from 2000 to 3200
Spoke to the Credit analyst, and they bumped me to 6000 total.

My income is in the six figures, but I am guessing they are capping the limits because I only had these cards open for 5-6 months.

Was all of this worth the possibility of the HP's?

Welcome to the forum

It's a great start so yes it was worth it

Re: Question about Credit Limit Increases and Credit Recon

Anonymous — Thu, 05 Sep 2013 09:25:29 GMT

I'm not sure if I agree, but it is too late now.

From your cards, your next credit goal is to get card above 10k. Funny thing about credit limits. No one wants to be first, but once you are at that new limit, then everyone else wants to be there.

In any case, to help you reach the 10k+ goal, I would recommend you get an AMEX credit card. They have one of the best CLI policies around. With CLIs being SPs and 3X possible, no other card will help you get above 10k. However, you might want to wait till Jan to app so as to maxmize backdating. In mean time, put some volume through that AMEX charge card.

Re: Question about Credit Limit Increases and Credit Recon

maiden_girl — Thu, 05 Sep 2013 09:37:46 GMT

@Anonymous wrote:
I'm not sure if I agree, but it is too late now.

From your cards, your next credit goal is to get card above 10k. Funny thing about credit limits. No one wants to be first, but once you are at that new limit, then everyone else wants to be there.

In any case, to help you reach the 10k+ goal, I would recommend you get an AMEX credit card. They have one of the best CLI policies around. With CLIs being SPs and 3X possible, no other card will help you get above 10k. However, you might want to wait till Jan to app so as to maxmize backdating. In mean time, put some volume through that AMEX charge card.

So true!

Re: Question about Credit Limit Increases and Credit Recon

Anonymous — Thu, 05 Sep 2013 09:45:29 GMT

@Anonymous wrote:
I'm not sure if I agree, but it is too late now.

From your cards, your next credit goal is to get card above 10k. Funny thing about credit limits. No one wants to be first, but once you are at that new limit, then everyone else wants to be there.

In any case, to help you reach the 10k+ goal, I would recommend you get an AMEX credit card. They have one of the best CLI policies around. With CLIs being SPs and 3X possible, no other card will help you get above 10k. However, you might want to wait till Jan to app so as to maxmize backdating. In mean time, put some volume through that AMEX charge card.

BTW, really suggesting that AMEX credit card since you already have charge card.

Re: Question about Credit Limit Increases and Credit Recon

CenturionBound — Fri, 06 Sep 2013 00:12:11 GMT

You made the comment: I'm not sure if I agree, but it is too late now.

What would you have done differently?

I'll take your advice and apply Jan for the '13 backdate. I used the Gold for almost all expenses and put maybe 1-2 small charges on the other two to keep balances going.

If I apply for an AMEX credit card, which one should I pick up?

Re: Question about Credit Limit Increases and Credit Recon

CreditScholar — Fri, 06 Sep 2013 02:09:34 GMT

@Anonymous wrote:
@Anonymous wrote:
I'm not sure if I agree, but it is too late now.

From your cards, your next credit goal is to get card above 10k. Funny thing about credit limits. No one wants to be first, but once you are at that new limit, then everyone else wants to be there.

In any case, to help you reach the 10k+ goal, I would recommend you get an AMEX credit card. They have one of the best CLI policies around. With CLIs being SPs and 3X possible, no other card will help you get above 10k. However, you might want to wait till Jan to app so as to maxmize backdating. In mean time, put some volume through that AMEX charge card.
BTW, really suggesting that AMEX credit card since you already have charge card.

+1. I would have used Amex's 3x CLI on their revolvers, and then once you had that used that CL to get similar ones from other lenders.

The other option would have been to apply for a 2nd Chase card, get the signup bonus, then close one and consolidate the CLs before the AF is due.