topic Re: Help with breaking the $10k benchmark? in Credit Cards

Help with breaking the $10k benchmark?

nvrgvupnvrsrndr — Sat, 15 Mar 2014 07:04:29 GMT

Any suggestions on how to get to the $10k initial CL benchmark? I have an AAoA of almost 2 years with oldest account at 7. I have over $100k in CL's but it's spread out across 18 cards. My utilization hovers between 1% and 5%. Over the holidays I went up 18% but have since paid down to less than 1%. My highest CL's are 7k and make up about half of my cards. My income is $98k but do not own a home. That's something I hope to make happen before the end of the coming summer. Informative/detailed answers/suggestions are appreciated.

Re: Help with breaking the $10k benchmark?

sailor_mercury — Sat, 15 Mar 2014 07:11:10 GMT

@nvrgvupnvrsrndr wrote:
Any suggestions on how to get to the $10k initial CL benchmark? I have an AAoA of almost 2 years with oldest account at 7. I have over $100k in CL's but it's spread out across 18 cards. My utilization hovers between 1% and 5%. Over the holidays I went up 18% but have since paid down to less than 1%. My highest CL's are 7k and make up about half of my cards. My income is $98k but do not own a home. That's something I hope to make happen before the end of the coming summer. Informative/detailed answers/suggestions are appreciated.

If you want to own a home this year I would not be pulling a new credit card if you have 18 cards already. The inquries and AAoA will hurt your score. I would work getting soft pull credit limit increases on the cards I would want to keep and then picking ones I want to close. I don't know how closing the cards impacts your score or mortgage (or even if closures would hurt you), but I would at least set those to the side for now.

AFTER the loan funds, you get the keys, move into your new home, etc and want a 10K+ card I would look at credit unions you are qualified for, they tend to hand out higher starting limits. Do you have any AMEX cards? You can request a 3X CLI if you have not received a CLI in 180 days or if you have not been declined for one for 90 days. You can easily take a $5k card to $15k.

Re: Help with breaking the $10k benchmark?

nvrgvupnvrsrndr — Sat, 15 Mar 2014 07:24:19 GMT

I have no intention of applying for additional cards for the foreseeable future. I recently acquired a few more good cards with AMEX BCE being one of them. Ironically it's my lowest limit...only $2k so at 61 days it will only go to $6k. It'll be at least a year or more, a good six months after home purchase, before I would see a need for a new card. The only reason I would even consider one then is that' will be about the time my last introductory 0% APR on new purchases offer expires.

Re: Help with breaking the $10k benchmark?

sailor_mercury — Sat, 15 Mar 2014 07:33:17 GMT

@nvrgvupnvrsrndr wrote:
I have no intention of applying for additional cards for the foreseeable future. I recently acquired a few more good cards with AMEX BCE being one of them. Ironically it's my lowest limit...only $2k so at 61 days it will only go to $6k. It'll be at least a year or more, a good six months after home purchase, before I would see a need for a new card. The only reason I would even consider one then is that' will be about the time my last introductory 0% APR on new purchases offer expires.

I would bet that 181 days after your BCE increase to $6K you could get another 3x CLI to $18k.

Re: Help with breaking the $10k benchmark?

eagle2013 — Sat, 15 Mar 2014 08:56:46 GMT

@nvrgvupnvrsrndr wrote:
Any suggestions on how to get to the $10k initial CL benchmark? I have an AAoA of almost 2 years with oldest account at 7. I have over $100k in CL's but it's spread out across 18 cards. My utilization hovers between 1% and 5%. Over the holidays I went up 18% but have since paid down to less than 1%. My highest CL's are 7k and make up about half of my cards. My income is $98k but do not own a home. That's something I hope to make happen before the end of the coming summer. Informative/detailed answers/suggestions are appreciated.

How many of the 18 are store cards?

Whenever you start getting lower credit limits relative to your income, it is probably something in your file that indicates risk (in your case, short AAoA, high # of inquires, etc.). At this point, the best thing you can do is garden the cards you have now, sp clis only, especially if you are going for a mortgage in the near future.

Re: Help with breaking the $10k benchmark?

Peteyglad — Sat, 15 Mar 2014 11:28:10 GMT

Is it possible to combine limits on some of your current cards?

Re: Help with breaking the $10k benchmark?

lg8302ch — Sat, 15 Mar 2014 13:43:55 GMT

@Peteyglad wrote:
Is it possible to combine limits on some of your current cards?

Re: Help with breaking the $10k benchmark?

Revelate — Sat, 15 Mar 2014 14:23:35 GMT

@eagle2013 wrote:
@nvrgvupnvrsrndr wrote:
Any suggestions on how to get to the $10k initial CL benchmark? I have an AAoA of almost 2 years with oldest account at 7. I have over $100k in CL's but it's spread out across 18 cards. My utilization hovers between 1% and 5%. Over the holidays I went up 18% but have since paid down to less than 1%. My highest CL's are 7k and make up about half of my cards. My income is $98k but do not own a home. That's something I hope to make happen before the end of the coming summer. Informative/detailed answers/suggestions are appreciated.
How many of the 18 are store cards?
Whenever you start getting lower credit limits relative to your income, it is probably something in your file that indicates risk (in your case, short AAoA, high # of inquires, etc.). At this point, the best thing you can do is garden the cards you have now, sp clis only, especially if you are going for a mortgage in the near future.

That's just Amex being Amex; for the large majority of people 2K is on the higher end of their initial limits seemingly.

If it were me in this situation, I'd take a look at the cards that I had, and if some weren't being used I'd either consolidate or close them: this is especially true of store cards in my opinion.

I strongly suspect my limited overall exposure is mostly what earned me the second Amex CLI and likely would be my third one too if I were in a position report-wise to pull the trigger in two weeks.

Re: Help with breaking the $10k benchmark?

eagle2013 — Sat, 15 Mar 2014 16:30:37 GMT

@Revelate wrote:
@eagle2013 wrote:
@nvrgvupnvrsrndr wrote:
Any suggestions on how to get to the $10k initial CL benchmark? I have an AAoA of almost 2 years with oldest account at 7. I have over $100k in CL's but it's spread out across 18 cards. My utilization hovers between 1% and 5%. Over the holidays I went up 18% but have since paid down to less than 1%. My highest CL's are 7k and make up about half of my cards. My income is $98k but do not own a home. That's something I hope to make happen before the end of the coming summer. Informative/detailed answers/suggestions are appreciated.
How many of the 18 are store cards?
Whenever you start getting lower credit limits relative to your income, it is probably something in your file that indicates risk (in your case, short AAoA, high # of inquires, etc.). At this point, the best thing you can do is garden the cards you have now, sp clis only, especially if you are going for a mortgage in the near future.
That's just Amex being Amex; for the large majority of people 2K is on the higher end of their initial limits seemingly.

If it were me in this situation, I'd take a look at the cards that I had, and if some weren't being used I'd either consolidate or close them: this is especially true of store cards in my opinion.

I strongly suspect my limited overall exposure is mostly what earned me the second Amex CLI and likely would be my third one too if I were in a position report-wise to pull the trigger in two weeks.

I have around 40% of the OPs income and my AMEX starting limit is $7.4k. Coincidentally, it is the median of my total credit lines plus $100. YMMV, but I completely agree with everything you said/suggested.

Re: Help with breaking the $10k benchmark?

Kenny — Sat, 15 Mar 2014 17:10:31 GMT

As with every issuer -- the more solid, stable, aged profile the higher the inital CL.

The honest answer is most get the 10k CL with time. Of course, if you have multiple cards with Chase, that's an easy way to get a 10k CL -- just consolidate them all together. And another thing: this might sound VERY silly and I'm sorry if it comes across this way, but people get 10k CLs when they don't have any to begin with by asking. I've never asked for a 10k CL in my life until I asked for a 15k CLI -- it was granted for a total CL of 22k. So I completely skipped having a 10k CL so I can't even say I have one! Now of course, that's just one card of mine -- none of the others break the 10k line.

So in conclusion, being persistent with asking and time. lol

Best of luck and patience! They will come -- I wouldn't worry about getting them too much.

Re: Help with breaking the $10k benchmark?

nvrgvupnvrsrndr — Wed, 18 Feb 2015 19:33:42 GMT

Talk about reviving your old thread! I've been busy, busy, busy with work. Haven't even logged on to myfico in almost a year but had to share the news. The AMEX BCE that started at only $2k just 11 months ago has, as of last night, a new CL of $12k. I received the 3x CLI at 61 days, made good use of the card and after 6 months had it automatically increased(didn't request it - system generated it - no hard pull) to $8.4k. Well, logged on to pay the bill last night and there was a love button. Thought, what the heck, it appears to be a soft pull. I hadn't applied for anything new in 11 months and while having a couple CL's close to $10k I still didn't have a $10k. I pondered whether to just ask for the $10k or go for something like $15k. Utimately, I decided to keep it reasonable and ask for $12k...wham, bam, instant approval. Just thought I'd share.

Re: Help with breaking the $10k benchmark?

Anonymous — Wed, 18 Feb 2015 19:58:38 GMT

@nvrgvupnvrsrndr wrote:
Talk about reviving your old thread! I've been busy, busy, busy with work. Haven't even logged on to myfico in almost a year but had to share the news. The AMEX BCE that started at only $2k just 11 months ago has, as of last night, a new CL of $12k. I received the 3x CLI at 61 days, made good use of the card and after 6 months had it automatically increased(didn't request it - system generated it - no hard pull) to $8.4k. Well, logged on to pay the bill last night and there was a love button. Thought, what the heck, it appears to be a soft pull. I hadn't applied for anything new in 11 months and while having a couple CL's close to $10k I still didn't have a $10k. I pondered whether to just ask for the $10k or go for something like $15k. Utimately, I decided to keep it reasonable and ask for $12k...wham, bam, instant approval. Just thought I'd share.

You shorted yourself $13,200.

Re: Help with breaking the $10k benchmark?

nvrgvupnvrsrndr — Wed, 18 Feb 2015 21:21:27 GMT

Please enlighten me.

@Anonymous wrote:
@nvrgvupnvrsrndr wrote:
Talk about reviving your old thread! I've been busy, busy, busy with work. Haven't even logged on to myfico in almost a year but had to share the news. The AMEX BCE that started at only $2k just 11 months ago has, as of last night, a new CL of $12k. I received the 3x CLI at 61 days, made good use of the card and after 6 months had it automatically increased(didn't request it - system generated it - no hard pull) to $8.4k. Well, logged on to pay the bill last night and there was a love button. Thought, what the heck, it appears to be a soft pull. I hadn't applied for anything new in 11 months and while having a couple CL's close to $10k I still didn't have a $10k. I pondered whether to just ask for the $10k or go for something like $15k. Utimately, I decided to keep it reasonable and ask for $12k...wham, bam, instant approval. Just thought I'd share.
You shorted yourself $13,200.

Re: Help with breaking the $10k benchmark?

Anonymous — Wed, 18 Feb 2015 21:31:47 GMT

@nvrgvupnvrsrndr wrote:
Please enlighten me.
@Anonymous wrote:
@nvrgvupnvrsrndr wrote:
Talk about reviving your old thread! I've been busy, busy, busy with work. Haven't even logged on to myfico in almost a year but had to share the news. The AMEX BCE that started at only $2k just 11 months ago has, as of last night, a new CL of $12k. I received the 3x CLI at 61 days, made good use of the card and after 6 months had it automatically increased(didn't request it - system generated it - no hard pull) to $8.4k. Well, logged on to pay the bill last night and there was a love button. Thought, what the heck, it appears to be a soft pull. I hadn't applied for anything new in 11 months and while having a couple CL's close to $10k I still didn't have a $10k. I pondered whether to just ask for the $10k or go for something like $15k. Utimately, I decided to keep it reasonable and ask for $12k...wham, bam, instant approval. Just thought I'd share.
You shorted yourself $13,200.

I'd say $12,999.

Re: Help with breaking the $10k benchmark?

Anonymous — Wed, 18 Feb 2015 21:32:49 GMT

@Anonymous wrote:
@nvrgvupnvrsrndr wrote:
Please enlighten me.
@Anonymous wrote:
@nvrgvupnvrsrndr wrote:
Talk about reviving your old thread! I've been busy, busy, busy with work. Haven't even logged on to myfico in almost a year but had to share the news. The AMEX BCE that started at only $2k just 11 months ago has, as of last night, a new CL of $12k. I received the 3x CLI at 61 days, made good use of the card and after 6 months had it automatically increased(didn't request it - system generated it - no hard pull) to $8.4k. Well, logged on to pay the bill last night and there was a love button. Thought, what the heck, it appears to be a soft pull. I hadn't applied for anything new in 11 months and while having a couple CL's close to $10k I still didn't have a $10k. I pondered whether to just ask for the $10k or go for something like $15k. Utimately, I decided to keep it reasonable and ask for $12k...wham, bam, instant approval. Just thought I'd share.
You shorted yourself $13,200.

I'd say $12,999.

Yeah, good point.

Re: Help with breaking the $10k benchmark?

Anonymous — Wed, 18 Feb 2015 21:36:11 GMT

@nvrgvupnvrsrndr wrote:
Please enlighten me.
@Anonymous wrote:
@nvrgvupnvrsrndr wrote:
Talk about reviving your old thread! I've been busy, busy, busy with work. Haven't even logged on to myfico in almost a year but had to share the news. The AMEX BCE that started at only $2k just 11 months ago has, as of last night, a new CL of $12k. I received the 3x CLI at 61 days, made good use of the card and after 6 months had it automatically increased(didn't request it - system generated it - no hard pull) to $8.4k. Well, logged on to pay the bill last night and there was a love button. Thought, what the heck, it appears to be a soft pull. I hadn't applied for anything new in 11 months and while having a couple CL's close to $10k I still didn't have a $10k. I pondered whether to just ask for the $10k or go for something like $15k. Utimately, I decided to keep it reasonable and ask for $12k...wham, bam, instant approval. Just thought I'd share.
You shorted yourself $13,200.

You should have gone for the full 3xCLI. They might have granted you a CL of $25,200. But, as Nixon noted, maybe $12,999 to keep it under the magical potential FR number of $25K.

Re: Help with breaking the $10k benchmark?

Anonymous — Wed, 18 Feb 2015 21:40:06 GMT

@Anonymous wrote:
@nvrgvupnvrsrndr wrote:
Please enlighten me.
@Anonymous wrote:
@nvrgvupnvrsrndr wrote:
Talk about reviving your old thread! I've been busy, busy, busy with work. Haven't even logged on to myfico in almost a year but had to share the news. The AMEX BCE that started at only $2k just 11 months ago has, as of last night, a new CL of $12k. I received the 3x CLI at 61 days, made good use of the card and after 6 months had it automatically increased(didn't request it - system generated it - no hard pull) to $8.4k. Well, logged on to pay the bill last night and there was a love button. Thought, what the heck, it appears to be a soft pull. I hadn't applied for anything new in 11 months and while having a couple CL's close to $10k I still didn't have a $10k. I pondered whether to just ask for the $10k or go for something like $15k. Utimately, I decided to keep it reasonable and ask for $12k...wham, bam, instant approval. Just thought I'd share.
You shorted yourself $13,200.

You should have gone for the full 3xCLI. They might have granted you a CL of $25,200. But, as Nixon noted, maybe $12,999 to keep it under the magical potential FR number of $25K.

This is with 24K CL.

Re: Help with breaking the $10k benchmark?

Anonymous — Wed, 18 Feb 2015 21:49:02 GMT

cap one venture ?

Re: Help with breaking the $10k benchmark?

nvrgvupnvrsrndr — Wed, 18 Feb 2015 22:03:07 GMT

@Anonymous wrote:
@nvrgvupnvrsrndr wrote:
Please enlighten me.
@Anonymous wrote:
@nvrgvupnvrsrndr wrote:
Talk about reviving your old thread! I've been busy, busy, busy with work. Haven't even logged on to myfico in almost a year but had to share the news. The AMEX BCE that started at only $2k just 11 months ago has, as of last night, a new CL of $12k. I received the 3x CLI at 61 days, made good use of the card and after 6 months had it automatically increased(didn't request it - system generated it - no hard pull) to $8.4k. Well, logged on to pay the bill last night and there was a love button. Thought, what the heck, it appears to be a soft pull. I hadn't applied for anything new in 11 months and while having a couple CL's close to $10k I still didn't have a $10k. I pondered whether to just ask for the $10k or go for something like $15k. Utimately, I decided to keep it reasonable and ask for $12k...wham, bam, instant approval. Just thought I'd share.
You shorted yourself $13,200.

You should have gone for the full 3xCLI. They might have granted you a CL of $25,200. But, as Nixon noted, maybe $12,999 to keep it under the magical potential FR number of $25K.

Is it too late to call in and request a better CL even though I just did the automated CLI last night? I don't want a hard pull.

Re: Help with breaking the $10k benchmark?

Anonymous — Wed, 18 Feb 2015 22:31:59 GMT

@Anonymous wrote:
@Anonymous wrote:
@nvrgvupnvrsrndr wrote:
Please enlighten me.
@Anonymous wrote:
@nvrgvupnvrsrndr wrote:
Talk about reviving your old thread! I've been busy, busy, busy with work. Haven't even logged on to myfico in almost a year but had to share the news. The AMEX BCE that started at only $2k just 11 months ago has, as of last night, a new CL of $12k. I received the 3x CLI at 61 days, made good use of the card and after 6 months had it automatically increased(didn't request it - system generated it - no hard pull) to $8.4k. Well, logged on to pay the bill last night and there was a love button. Thought, what the heck, it appears to be a soft pull. I hadn't applied for anything new in 11 months and while having a couple CL's close to $10k I still didn't have a $10k. I pondered whether to just ask for the $10k or go for something like $15k. Utimately, I decided to keep it reasonable and ask for $12k...wham, bam, instant approval. Just thought I'd share.
You shorted yourself $13,200.

You should have gone for the full 3xCLI. They might have granted you a CL of $25,200. But, as Nixon noted, maybe $12,999 to keep it under the magical potential FR number of $25K.
This is with 24K CL.

Wow! I just checked and my $2K limit card says it's approved to spend - wait for it! $2K.