topic Re: Is it Possible... Pls Guide Me in Credit Cards

Is it Possible... Pls Guide Me

pip3man — Fri, 16 May 2014 16:46:24 GMT

is it possible to get approved for a Visa Signature initial CL of $5k without any prior card having a similar limit? trying to round off my application spree for the year with one last app that would hopefully be approved for $5k at the least. I know Chase is out of the question cos they could only approve me for a $500 Freedom card, Amex & BOA definitely got me blacklisted. Im still a new customer at Citi & Discover so im not sure they would be willing to approve me for a second product until I have built up some history with them. Which bank do I have a better shot with?? I would want a hotel rewards CC ideally but I'm flexible on that so long as I can get an approval. Thanks for any suggstion/input.

Re: Is it Possible... Pls Guide Me

PlasticOrPlastic — Fri, 16 May 2014 16:48:48 GMT

@pip3man wrote:
is it possible to get approved for a Visa Signature initial CL of $5k without any prior card having a similar limit? trying to round off my application spree for the year with one last app that would hopefully be approved for $5k at the least. I know Chase is out of the question cos they could only approve me for a $500 Freedom card, Amex & BOA definitely got me blacklisted. Im still a new customer at Citi & Discover so im not sure they would be willing to approve me for a second product until I have built up some history with them. Which bank do I have a better shot with?? I would want a hotel rewards CC ideally but I'm flexible on that so long as I can get an approval. Thanks for any suggstion/input.

I'd have to say with the right profile anything is possible. Whats income, scores, and CR looking like?

Re: Is it Possible... Pls Guide Me

pip3man — Fri, 16 May 2014 17:21:29 GMT

Thanks for ya response, below is ma stats:

Income: $42,000

TU 736, EX 721, EQ 752

EX 5 INQ, EQ 3 INQ, TU 6 INQ

No negatives at all

AAoA: 1.3YRS

Oldest account: 3-4YRS

Utilization: 4%

Already got Discover, Citi, Barclay and Chase but only Cap1 (2nd oldest open account), BOA (closed by credit grantor/never late), Discover and Barclay are currently reporting.

Re: Is it Possible... Pls Guide Me

Creditaddict — Fri, 16 May 2014 17:27:28 GMT

sounds like you are fresh to credit or rebuilding and since it looks like you got most of the primary banks already and you mention chase only giving you $500 you might need to wait 6 or so months so you have the establish credit from some of these big banks and then CLI or get a 2nd card to achieve your $5k+... chase is pretty known to give much higher lines on 2nd cards

Re: Is it Possible... Pls Guide Me

mongstradamus — Fri, 16 May 2014 17:32:40 GMT

@pip3man wrote:
Thanks for ya response, below is ma stats:

Income: $42,000
TU 736, EX 721, EQ 752
EX 5 INQ, EQ 3 INQ, TU 6 INQ
No negatives at all
AAoA: 1.3YRS
Oldest account: 3-4YRS
Utilization: 4%

Already got Discover, Citi, Barclay and Chase but only Cap1 (2nd oldest open account), BOA (closed by credit grantor/never late), Discover and Barclay are currently reporting.

Just put some time into gardening what you have for 6-9 months and give it an go would be my opinion. BTW i didn't have any really high CL CC because i applied too early when i should have still been gardening and rebuilding, and I just recently got CSP visa sig, so its possible.

Re: Is it Possible... Pls Guide Me

pip3man — Fri, 16 May 2014 17:52:22 GMT

@Creditaddict wrote:
sounds like you are fresh to credit or rebuilding and since it looks like you got most of the primary banks already and you mention chase only giving you $500 you might need to wait 6 or so months so you have the establish credit from some of these big banks and then CLI or get a 2nd card to achieve your $5k+... chase is pretty known to give much higher lines on 2nd cards

thats right but i seen several folks on here with much less than perfect profiles getting better approvals, hell this other guy had like 1 year worth of history and got over $5k coming from only $1500 prior credit I think but i knw it's all about YMMV. Chase happens to be my lowest limit at this time, they really low-balled me big tme and I feel like closing up that account. And the thing is I dont wanna apply for any more credit until 2016, the max number of CC I'm ok with is 6 and I already got 5. So I wanna take the hit once and for all... US Bank or Wells Fargo maybe. But I need a card exclusively for Hotel Rewards/Benefits and I like I said im also flex with that.

Re: Is it Possible... Pls Guide Me

Creditaddict — Fri, 16 May 2014 17:56:22 GMT

@pip3man wrote:
@Creditaddict wrote:
sounds like you are fresh to credit or rebuilding and since it looks like you got most of the primary banks already and you mention chase only giving you $500 you might need to wait 6 or so months so you have the establish credit from some of these big banks and then CLI or get a 2nd card to achieve your $5k+... chase is pretty known to give much higher lines on 2nd cards
thats right but i seen several folks on here with much less than perfect profiles getting better approvals, hell this other guy had like 1 year worth of history and got over $5k coming from only $1500 prior credit I think but i knw it's all about YMMV. Chase happens to be my lowest limit at this time, they really low-balled me big tme and I feel like closing up that account. And the thing is I dont wanna apply for any more credit until 2016, the max number of CC I'm ok with is 6 and I already got 5. So I wanna take the hit once and for all... US Bank or Wells Fargo maybe. But I need a card exclusively for Hotel Rewards/Benefits and I like I said im also flex with that.

the OP that got those huge approvals with tiny limits before had those low limits i believe for a year that is your difference.

your first app spree with no previous credit or bad credit usually won't result in huge lines, that can happen once you have established base accounts for 6-12 months.

Re: Is it Possible... Pls Guide Me

pip3man — Fri, 16 May 2014 18:06:44 GMT

But I don't even have bad credit or no credit at all... I mean the only negative I see there could be the 5 INQs and low AAoA. My closed account - BOA, had it roughly for 4yrs, the open account CapOne has been around for 3 1/2yrs perfect payment history and current utility at 4% so I don't quite get it. I guess I'll just push my last luck and go for Wells Fargo but thanks for sharing ya thoughts

Re: Is it Possible... Pls Guide Me

Creditaddict — Fri, 16 May 2014 18:10:44 GMT

@pip3man wrote:
But I don't even have bad credit or no credit at all... I mean the only negative I see there could be the 5 INQs and low AAoA. My closed account - BOA, had it roughly for 4yrs, the open account CapOne has been around for 3 1/2yrs perfect payment history and current utility at 4% so I don't quite get it. I guess I'll just push my last luck and go for Wells Fargo but thanks for sharing ya thoughts

if you don't bank with wells don't apply for wells.

you could try for a 2nd chase card... I see many get huge 2nd lines compared to first.

did you say you got amex, remember that can be 3x cli at just 61 days.

Re: Is it Possible... Pls Guide Me

takeshi74 — Fri, 16 May 2014 18:27:33 GMT

@pip3man wrote:
I would want a hotel rewards CC ideally but I'm flexible on that so long as I can get an approval.

Don't just apply for approvals. Stick to applying for cards that will benefit you. We can't tell you what you'll be approved for anyway.

@EndlessRoad wrote:
I'd have to say with the right profile anything is possible.

^ This. Credit varies. It would certainly be possible for the person with the appropriate credit and creditor while it could also not be possible in other situations.

@pip3man wrote:
Utilization: 4%

Is this actually reported utilization? in other words, not utilization as of this moment in time but based on what's currently on your reports.

@pip3man wrote:
I know Chase is out of the question cos they could only approve me for a $500 Freedom card, Amex & BOA definitely got me blacklisted.

There's definitely something in your reports making creditors leery of you. Creditors don't just choose to pick on certain consumers. It sounds like you probably have a lot of new credit for your credit profile. If that's the case then you'll just need to put in the time and responsible usage. When did you acquire all your cards? Why were you blacklisted? What are the reasons stated in the letters if you didn't get the best terms?

@pip3man wrote:
Chase happens to be my lowest limit at this time, they really low-balled me big tme and I feel like closing up that account.

They gave you what was appropriate for your profile versus their underwriting criteiria. Closing it won't help you.

@pip3man wrote:
>thats right but i seen several folks on here with much less than perfect profiles getting better approvals, hell this other guy had like 1 year worth of history and got over $5k coming from only $1500 prior credit I think but i knw it's all about YMMV.

You could be glossing over other important details for comparison as well so be careful comparing yourself to others. It's not just a matter of one or two factors but everything that's taken into consideration when evaluating credit.