Help me decide what 2 credit cards to get with the highest possible limits?

[Anonymous]

I will be applying June 10th (once my other 2 cards are paid to under 10% usage and bureaus update)

My credit file:

Average age of accounts 57 months

0 negatives

$1k visa secured, 6 months old, never late

$1k visa secured, 6 months old, never late

cpl paid off older items, paid off, never late

My Fico scores:

TU will be 799 on the 10th of June   (currently showing 669 with high balance)

EQ will be about same on the 10th of June  (same as above)

EX will be about the same on the 10th of June (same as above)

Income $75K a year no payments showing on report besides what i listed above.

Goal: # 1 Im 75% complete with a commercial building remodel to open a business, id like a high balance Menards card so i can knock out the remaining remodel quickly (without paying cash as ive done thus far)

Goal: #2 Apply at exact same time for the highest possible credit card I can get to use for stocking business materials, buy $4k worth on first and pay all or almost all toward end on month. Grow shop tooling when not buying stock for business, pay off same way.

Its been a tough road ( $180k spent in cash the last 2 years funding this without any loans, buying it all cash and doing without to keep it that way) but Im close enough now and more than ready to finish so I can open shop and watch the money roll in (or waddle in slowly, i'll take either!) .

I want high limits so if i buy a $2500 load of material i dont max a card and have an ugly credit score for a month till I pay it off! Id rather stay below 40% usage and keep things neat.

HELP!!! Please!

[HeavenOhio]

You might want business cards rather than personal cards. The inquiries will show up on your personal credit report, but the cards themselves won't.

[Anonymous]

Are you using score simulators to predict a 130 point bump after paying your cards (each with 1k CL) down to < 10%?

[pipeguy]

OP, given your limited current card portfolio (2 low-limit secured cards) and your current credit scores which won't go from 669 to 799 if/when you pay down your utility, I would suggest "high limit" credit cards are out of the question for the short term. Given the situation, you have laid out in this and your previous posts, I think you would be better off talking to a local bank or credit union about a business line of credit - I assume you have an ownership interest in the building you are refurbishing - this equity could secure your line of credit. 

As far as the Menards card, it is a Capital One backed store card such as Kohls - these (store cards) generally don't start as high credit limits and typically carry higher interest rates. Capital One lending standards for their proprietary branded cards and those that are Cap-1 serviced like Kolhs are not the same. Capital One does offer "business" cards under their brand, but again I caution you about using a credit card for financing a business venture (a $10,000 balance at a modest 18% paid in full over 12 months would be payments of $923 and you'd pay almost $1100 in interest at 27% it would be payments of $966  and just under $1600 in interest).  

Your best bet is to talk to a commercial bank about a business line of credit secured by the equity in the business/building. 

[Anonymous]

So the simulator is not accurate? It shows, that my increase will be what I had typed previously...

Not sure if it will show up automatically but below is link to before after my payoff. I have $1900 of $2k used on 2 seperate cards.

https://imgur.com/a/z6GOeNz

[Anonymous]

Thanks Pipeguy! I also am considering having my wife open a home equity line of credit, i talked to a friend this morning about those (he has one for like $30 but said he hasnt used it much. This will be my first year showing any income with this business so I dont think Id be able to get any type of business credit line yet, in the next week Im due to sit down with a friend and apply for all the state/Federal #s.

[AverageJoesCredit]

Good advice here from people who understand business. As just an average joe, I'll just add even if by miracle you credit score jumped that much, which it wont, it would be the thinnest 799 and not even comparable to a thick profile with a 799 score. Being your cards are secured, unless you are able to join a CU like Navy who could give a huge limit off the best the odds are low for high limit cards. Best bet would maybe be Discover and Amex who seems to love thin files. Eventually a Lowes credit card might be great as you can get that card up to 35k quite easily with the right score and income. Best of luck on your new business

[Anonymous]

Im looking for a $5k limit minimum. Sad to hear that sim isnt dead on, with it being a myfico I figured it had the right calculations. Im looking to pay off each month and only run these cards temp in the begining, not use them long term or start to leave a balance on them. I just need something to fill in the blanks a cpl 3 weeks here and there.

And btw, Lowes is pretty much useless unless Menards closes its doors, which will never happen.

I did read about Amex on the board, It was the card i had planned to apply for along with Menards, unless you experienced folks suggested otherwise. Guess ill see what my actual score is on the 6th or so....

Any suggestions on how much i should leave on each card? 9% sound ok?

[kshurika]

I agree with everyone else that the likelihood of a 130 point jump in your TU approaches 0%. A few weeks ago, I got a 99 point TU jump in the span of about 8 days, but that was from the removal of a federal tax lien that reported only on TU. Last year, though, for reasons I still can't fathom, I got a 74 point boost in one flash on Experian. It enabled me to increase, with one phone call the 1K SL on a Chase FU that had been approved the day before (reconned from a denial) to 6K . So, miracles do happen.

You're obviously a hard worker, So, quite soon you will have cards with good limits. Best of luck with your business.

[Anonymous]

Thank Kshurika, i disputed a 7 year old closed account that carried a $121 balance, within 12 hours TU replied dispute closed, it was resolved and deleted. Also on the report ive purchased through Myfico my (2) $1k limit cards do not show as secured, would they show differently on a lender report? I may just have my wife add me to the 10 year old mortgage on our home to increase my AAoA.

Ive also read a dozen people saying the simulator was dead on or below the actual increase it predicted. If i see a 750 when my balances go down, i will be happy.