topic Re: What is more valuable: in General Credit Topics

What is more valuable:

Creditin — Mon, 14 Jun 2021 18:33:46 GMT

A Quicksilver with 1kCL, or a co branded with 4KCL and older for 1yr.

BTW, co branded cards are worth less that straight bank acc for the credit report?.

Help me decide please. Thank you.

Cheers.

Re: What is more valuable:

blossom_rebuilding — Mon, 14 Jun 2021 18:48:16 GMT

@Creditin wrote:
A Quicksilver with 1kCL, or a co branded with 4KCL and older for 1yr.
BTW, co branded cards are worth less that straight bank acc for the credit report?.
Help me decide please. Thank you.
Cheers.

Credit bureaus are perfectly agnostic on co-branded cards vs. straight bank cards. What matters is their utilization and age of account.

Re: What is more valuable:

SouthJamaica — Mon, 14 Jun 2021 19:17:51 GMT

@Creditin wrote:
A Quicksilver with 1kCL, or a co branded with 4KCL and older for 1yr.
BTW, co branded cards are worth less that straight bank acc for the credit report?.
Help me decide please. Thank you.
Cheers.

I don't understand the question.

Valuable for what? Each person has their own lifestyle, and values different things in a card.

If you're talking about credit scoring, @blossom_rebuilding is correct in saying that the credit scores treat core cards and cobranded cards the same.

So if you're asking whether a $4k card is better for one's credit scores than a $1k card, I would say yes.

But if you have both, why would it matter?

Re: What is more valuable:

Horseshoez — Mon, 14 Jun 2021 19:52:18 GMT

@Creditin wrote:
A Quicksilver with 1kCL, or a co branded with 4KCL and older for 1yr.
BTW, co branded cards are worth less that straight bank acc for the credit report?.
Help me decide please. Thank you.
Cheers.

The only thing which really matters is which is more valuable to you.

Re: What is more valuable:

Creditin — Mon, 14 Jun 2021 20:21:30 GMT

I've been having 'low credit limits' in my applications. They approve me (sometimes)

but apparently it affects the CLs they grant.

I'm stuck at 5K CL per card.

Besides, I'm an ingrate and hate CAP1.

The very same company who gave me my 1st unsecured card after BK.

Bye Quicksilver.

Thank you for your replies.

Cheers.

Re: What is more valuable:

Horseshoez — Mon, 14 Jun 2021 20:00:35 GMT

@Creditin wrote:
I've been having 'low credit limits' in my applications. They approve me (sometimes)
but apparently it affects the CLs they grant.
I'm stuck at 5K CL per card.
Besides, I'm an ingrate and hate CAP1.
The very same company who gave me my 1st unsecured card after BK.
Bye Quicksilver.
Thank you for your reply.
Cheers.

If you have multiple 5K cards, do you really need higher limits?

Re: What is more valuable:

coldfusion — Mon, 14 Jun 2021 20:17:06 GMT

@Creditin wrote:
I've been having 'low credit limits' in my applications. They approve me (sometimes)
but apparently it affects the CLs they grant.
I'm stuck at 5K CL per card.
Besides, I'm an ingrate and hate CAP1.
The very same company who gave me my 1st unsecured card after BK.
Bye Quicksilver.
Thank you for your reply.
Cheers.

There are a lot of variables that are in play when it comes to establishing one's starting limits and ability to secure CLIs.

Credit history, number/type/age of derogs reporting, amount if any of recent activity tied to trying to obtain additional credit, relative conservatism of the card issuer, and income are only some of the things taken into consideration.

We'd have to know more specifics about your own profile but being perpetually offered low limits when approve is a concern often addressed by maintaining a clean profile and allowing existing derogatories to age out as well as pacing oneself and being selective about what cards to apply for.

Re: What is more valuable:

AverageJoesCredit — Mon, 14 Jun 2021 20:24:29 GMT

@Creditin wrote:
I've been having 'low credit limits' in my applications. They approve me (sometimes)
but apparently it affects the CLs they grant.
I'm stuck at 5K CL per card.
Besides, I'm an ingrate and hate CAP1.
The very same company who gave me my 1st unsecured card after BK.
Bye Quicksilver.
Thank you for your replies.
Cheers.

I guess you answered you'r post. Though i wonder what prompted closing your QS so suddenly?

Re: What is more valuable:

Creditin — Mon, 14 Jun 2021 23:35:04 GMT

CAP1 has given me $100 in CI increase in three cards. Total. In three years.

In the worst. The Platinum.

I've the Platinum with $600 now.

The Walmart card has a CL of $700.

Quicksilver 1k.

No increase in any of the 2 no matter what I try.

They want more action. More payment, more interest.

I have bigger fish to fry now. So I don't spend as much as before. Or carry a balance.

It's the chicken or the egg story. No increase, no spending. And viceversa.

My point is that I have 2300 CL total in three cards. Without a chance for a change.

Without the cards, my AAoA will be better. More attractive to the banks.

They are telling me that they don't give more credit because I have "low credit limits".

If I eliminate this three, my next credit card limit is 3,500. Then 4K and 5K each in 4 cards.

So CAP1 is impeding my progress, IMAO.

Sometimes I don't understand myself, so if you didn't get, blame me.

Thank you all.

Cheers.

Re: What is more valuable:

OmarGB9 — Tue, 15 Jun 2021 01:51:08 GMT

@Creditin wrote:
CAP1 has given me $100 in CI increase in three cards. Total. In three years.
In the worst. The Platinum.
I've the Platinum with $600 now.
The Walmart card has a CL of $700.
Quicksilver 1k.
No increase in any of the 2 no matter what I try.
They want more action. More payment, more interest.
I have bigger fish to fry now. So I don't spend as much as before. Or carry a balance.
It's the chicken or the egg story. No increase, no spending. And viceversa.
My point is that I have 2300 CL total in three cards. Without a chance for a change.
Without the cards, my AAoA will be better. More attractive to the banks.
They are telling me that they don't give more credit because I have "low credit limits".
If I eliminate this three, my next credit card limit is 3,500. Then 4K and 5K each in 4 cards.
So CAP1 is impeding my progress, IMAO.
Sometimes I don't understand myself, so if you didn't get, blame me.
Thank you all.
Cheers.

What do you mean by the bolded statement? The cards have already been opened. Closing them now wouldn't increase your AAoA.

Also, future lenders *may* take current credit limits into consideration, but that's not always the case. Usually what determines your limit is your income and your file as a whole. The truth is, lenders will extend whatever credit they're comfortable with, regardless of existing limits on your other cards.

Re: What is more valuable:

Creditin — Tue, 15 Jun 2021 18:41:18 GMT

OmarG9,

I apologize for the bold letters. I don't know how to do that. I must have press some key.

You are right in your statement. The AAoA will not be higher.

However, I forgot to mention that I'm AU in two cards. One with 18yrs, the other 16yrs.

If I divide into 10 cards instead of 13, the AAoA will be higher. So it is my fault for not clarifing that.

Thank you for your reply.

Cheers.

Re: What is more valuable:

Brian_Earl_Spilner — Wed, 16 Jun 2021 04:35:46 GMT

He bolded it to highlight his question's focus.

AAoA accounts don't drop as you close accounts on Fico. They will continue to be included after closure for about 10 years. VantageScore removes closed accounts from that metric, but most lenders don't use it. In addition, many lenders will remove AU accounts from calculations.

Re: What is more valuable:

Creditin — Wed, 16 Jun 2021 00:24:20 GMT

Love your pic of Eddie Murphy in Coming to America!.

AUs may or may not help with some banks, but can also hurt

with Chase 5/24.

According to The Points Guy, they count AUs when reported.

Like it's a "new account" the day you become one. Open or closed.

I have no interest in Chase, but it's good to know.

Cheers.

Re: What is more valuable:

Yasselife — Thu, 17 Jun 2021 13:54:54 GMT

History wins

Re: What is more valuable:

AverageJoesCredit — Thu, 17 Jun 2021 14:05:09 GMT

@OmarGB9 wrote:
@Creditin wrote:
CAP1 has given me $100 in CI increase in three cards. Total. In three years.
In the worst. The Platinum.
I've the Platinum with $600 now.
The Walmart card has a CL of $700.
Quicksilver 1k.
No increase in any of the 2 no matter what I try.
They want more action. More payment, more interest.
I have bigger fish to fry now. So I don't spend as much as before. Or carry a balance.
It's the chicken or the egg story. No increase, no spending. And viceversa.
My point is that I have 2300 CL total in three cards. Without a chance for a change.
Without the cards, my AAoA will be better. More attractive to the banks.
They are telling me that they don't give more credit because I have "low credit limits".
If I eliminate this three, my next credit card limit is 3,500. Then 4K and 5K each in 4 cards.
So CAP1 is impeding my progress, IMAO.
Sometimes I don't understand myself, so if you didn't get, blame me.
Thank you all.
Cheers.

What do you mean by the bolded statement? The cards have already been opened. Closing them now wouldn't increase your AAoA.

Also, future lenders *may* take current credit limits into consideration, but that's not always the case. Usually what determines your limit is your income and your file as a whole. The truth is, lenders will extend whatever credit they're comfortable with, regardless of existing limits on your other cards.

This, plus Cap One is very conservative and getting $100 from them is the equivalent of getting 25k apprival from Navy lol. Run with it and dont look gift horses in their mouth😁