topic Can't get a decent credit limit for nothing in Credit Cards

Can't get a decent credit limit for nothing

clgray — Fri, 02 May 2008 03:59:15 GMT

Anyone else going through what I'm going through. I just apped for Patelco and got approved/w stipulations. I asked for a 2000.00 dollar limit and they offered me 300.00 little dollars. I am thankful that I have been able to obtain some credit. I am recovering post BK7 discharged June 2005. Everyone else gets the good limits.

They pulled experian

scores Jan 2008- ex 589 eq 538 tu 558

scores Apr 2008-ex 661 eq 603 tu 619 pushing for the 700' club

Re: Can't get a decent credit limit for nothing

jmbfl — Fri, 02 May 2008 04:16:53 GMT

You are less than three years out of BK. BK is the ultimate baddie. If you want a larger CL you will have to earn it. Get a secured card from BofA if you can and pay it religiously. It will grow with you. Remember the CCC's you IIB have probably blacklisted you and are not candidates. You should also develop a relationship with a CU.

Re: Can't get a decent credit limit for nothing

bott6698 — Fri, 02 May 2008 04:19:44 GMT

With an EX score of 661 I would go for BK friendly cards and ones that ONLY pull EX. Patelco is a CU and they always pull EQ atleast all the CU's I have seen so if you want to try one more time I would go for a company that only pulls EX

Message Edited by bott6698 on 05-01-2008 09:19 PM

Re: Can't get a decent credit limit for nothing

clgray — Fri, 02 May 2008 04:41:54 GMT

Patelco pulled my experian. Maybe I should have waited a little longer. I am not going to app again for 12 months depending on my score.

But so far I have

Cap 1 500.00 limit

Hooters

Re: Can't get a decent credit limit for nothing

clgray — Fri, 02 May 2008 04:52:11 GMT

Let me try I again. hit the wrong key

Patelco pulled my experian. Maybe I should have waited a little longer. I am not going to app again for 12 months depending on my score.

But so far I have

Cap 1 500.00 limit new not reporting

Hooters 500.00 new

Orchard 300.00 limit new not reporting

HSBC 400 limit 1 yr

Macys 200 limit 2 yrs

Target 200 limit new not reporting

Credit One Bank 350. limit

Crown jewelers 1500. new not reporting

HSBC car loan 26,000. had for a year (co signer)

I have never been late. I wanted to get a high credit limit to transfer my balances, but you're right 2 yrs BK is not a long time. I know my credit score will take a hit with all the new accounts. I was declined for credit by my credit union and a couple of others for not having enough established credit. I hope in a few months they will help my score

Re: Can't get a decent credit limit for nothing

Anonymous — Fri, 02 May 2008 07:25:18 GMT

STOP GETTING MORE CARDS.

Seriously after a BK CC providers are going to be gunshy. You can apply to 50+ cards and likely end up with 50+ cards with 200-500 CL.

I would do this
1) Sock drawer all the cards except 3-4. With 10+ cards the chances of missing a bill and getting a negative are too high. One 30 day baddy will destroy months worth of work.

2) Use each card during the month and PIF.

3) Every 3-4 months ask for CLI. It is much easier to get CLI (especially if you stop applying for new credit) than it is to get a CCC to give you a $2K-$5K limit right now.

Your other option is to get a bank of amercia secured card. After a year it goes unsecured. After another 6 months you likely will get CLI and another after another 6 months.

Now here is the bad news. Most of those cards will never go to $5K even with a 750+. So it is a 3 step plan
STEP 1: Get some new TL (you have done this and more)
STEP 2: Grow those TL to $1K (maybe $2K if lucky)
STEP 3: All that good credit plus 12-18 months you can get a card from 2nd tier provider and hopefully get CL of $2K-$3K. Ask for CLI ever 6 months and you could have a $5K card in 2-3 years.

Re: Can't get a decent credit limit for nothing

Anonymous — Fri, 02 May 2008 13:47:03 GMT

I have a Lowe CC that I got back in 2005 according to my CR but seems like I have had it since 2003 but not sure with a CL of 1200. I have never requested a CLI and they sure haven't offered one either. I have 2 other CC's one with 10K CL through my CU and one through Wells Fargo that started with 7500 CL now has 10500 CL and I never requested CLI. Wonder why Lowes don't do CLI like other creditors?

Re: Can't get a decent credit limit for nothing

Anonymous — Fri, 02 May 2008 14:12:14 GMT

Have you ever tried asking. I don't think Home Depot ever gave me a CLi without asking however both times they gave us an increase without credit pull just by asking ($10K CL when opened. Asked for bump to $15K after 6 mo (wanted to get util% down and was holding about $3K on 0% plan). When we did major remodeling we asked for another bump this time instead of saying how much told customer service whatever they could authorize. They bumped us from $15K-$25K. I am sure we would still be at $10K today if we didn't ask.

Just be smart when you ask. Asking when you score is at an all time low = no great time. Asking when your card is maxed out or overall util% is high or right after missing a payment aren't great ideas either.

Re: Can't get a decent credit limit for nothing

Anonymous — Fri, 02 May 2008 14:21:02 GMT

I have never asked for CLI with any account. My EQ 775/ TU 783 as of May 26th but I know that has or will change once my new auto loan hits CR. I currently have a 0 balance and haven't used the card since 2006 my CR says Date of last activity was Sept 2007. I use my Wells Fargo card because I carry my mortgage note with WF and I get a 2% principal payment when using that card. Wonder how long they let card set dormant without closing?