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

Regular Contributor

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

It seems like you are focusing in on that score which is fine but there are other factors that can dictate your starting limits. For example if you only have the 2 cards at 1K and they have shown recent high usage, that can be a red flag to other lenders as well.

 

As an aside, I'm no bussiness expert by any stretch of the imagination, but with my talks with my former employer it seems risky to tie your personal finances in with your bussiness finances. Best of luck with your fledgling bussiness.

Message 11 of 29
Valued Member

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

Thanks. Im new to the credit thing and how it works, just been reading here as much as I can. Ive been at it for 8 years now, part time for the most part but actually kept us afloat while my wife successfuly attended nursing school. This year will be our first year with a store front on the main drag. I honestly dont need these cards or any credit, I can achieve the last little bit with cash, Im just getting antsy and ready to wrap up all the loose ends, focus on jobs at hand, relax and do my thing. 

Starting Score: 669
Current Score: 773
Goal Score: 850


Take the myFICO Fitness Challenge
Message 12 of 29
Super Contributor

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


@boatwelder wrote:

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!

 


1. You should only apply for business credit cards when you apply. Do not mix personal and business.

2. You should apply for the Capital One Spark card, as that is the easiest one to get. If you don't get it, then forget about credit applications for now. The downside of the Spark card is that it reports to personal credit.

3. If you have particular suppliers you are going to be using, apply for net 30 accounts with them. That may be the only credit you will get.

 


FICO8 EQ 746 TU 773 EX 743 Total revolving limits 618800 (508800 reporting)
Message 13 of 29
Super Contributor

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


@boatwelder wrote:

Thanks. Im new to the credit thing and how it works, just been reading here as much as I can. Ive been at it for 8 years now, part time for the most part but actually kept us afloat while my wife successfuly attended nursing school. This year will be our first year with a store front on the main drag. I honestly dont need these cards or any credit, I can achieve the last little bit with cash, Im just getting antsy and ready to wrap up all the loose ends, focus on jobs at hand, relax and do my thing. 


If you don't need the credit, do it without credit.


FICO8 EQ 746 TU 773 EX 743 Total revolving limits 618800 (508800 reporting)
Message 14 of 29
Valued Member

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

Thank you!! I will research the Spark card and net30. I also like your suggestion on skipping the credit all together, its kept me with zero payments thus far and forced me to find deals on equipment others would have just paid CC and later dealt with big monthly payments. A few more monthly sacrafices and i'll be where I need to be and debt free as well. Thanks again, i really appreciatte your time.

Starting Score: 669
Current Score: 773
Goal Score: 850


Take the myFICO Fitness Challenge
Message 15 of 29
Contributor

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

With almost 6 years AAoA, 2 open credit lines, 2 paid off/never late accounts, no negatives, probably a mid 750+ score this time next month, and your telling him "forget about applying for credit?" Seriously? He can probably pull $5k limits on 2 cards in less than a month!

Message 16 of 29
Valued Member

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

You guys were right!!!!!!! The simulator isnt dead on! it was 26 points off!!!

 

So im just at a 773 TU, others have not updated the paid off balances nor the measely $121 7 year old paid/closed..FEELS GOOD, so good!

 

Thanks to all the Myfico posters, everyday something can be learned lurking these posts!

 

773 baby.jpgYa Baby!

 

 

Starting Score: 669
Current Score: 773
Goal Score: 850


Take the myFICO Fitness Challenge
Message 17 of 29
Valued Member

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

Another bureau just updated!! TU updates fastest for me, not sure why when others comment it seems slower.

 

ya bababbbby.jpg

Starting Score: 669
Current Score: 773
Goal Score: 850


Take the myFICO Fitness Challenge
Message 18 of 29
Regular Contributor

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


@boatwelder

 Congratulations!!! That's a great starting limit, especially for Disco. All the best with the business.

Work In Progress:
Current Revolving Personal CL: ~$362K


Current Revolving Business CL: ~$75K

Gardening Until Dec 2019 or Until All Scores are back above 800s

Message 19 of 29
Valued Member

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

Exp finally update...138 POINT JUMP!!!

 

last one 138 point jump.jpg138 points! Ya baby!

Starting Score: 669
Current Score: 773
Goal Score: 850


Take the myFICO Fitness Challenge
Message 20 of 29