@Tinkiegrrl wrote:
@ZackAttack wrote:
@Tinkiegrrl wrote:
@sugarcreek67 wrote:I would not close the cap one card if it is your oldest card. I have the same quicksilver card @ 500SL and they will not give even a 10 cli. but it is my oldest and so I sock drawer it. I use it for a 20ish dollar subscription to show use and to do all zero except one. I also agree with previous post about letting your accounts age. If you really want that affinity card going to take time and patience to obtain. its a great card 2% flat + the rotating hi 5 categories every quarter. You could call affinity and talk to a LO about it. they are very friendly and helpful when I have called in. Good Luck!
Oh I know I need to let my cards age. What's new to me is the average credit limit thing. I didn't know that was a factor unless your utilization was high. I know how to manipulate that before applying for a card so the credit limits never concerned me before now. In order to ever qualify for this card, not only do I need to let my cards age, I'll likely need to apply for another one before then to get my average credit limit up. Apple is pretty reliable for credit limit increases but others aren't so much.
edited to add: Perhaps I should consider some of the Amex offers being sent to me for high credit limits. I hear they're good for that, but I'd basically only be using the card for the limit. I don't travel so their rewards aren't appealing to me
All lenders can do anything they want to evaluate you. I doubt opening a $10,000 CL would be that much benefit because I just don't see why a lender would approve you.
For example, if you tried to apply at Chase for a min $10k card, they would deny you because they see no revolving account with $10k or higher. If the min was $5k, they may see 1 account ... but that all depends on how the lender wants to evaluate you.
As for opening random accounts, I would encourage you to keep your mind open, applying cards that sever no benefit usually ends up as a waste of time.
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You are more welcome to try @sugarcreek67 idea about calling, but I suspect that would occur a Hard Pull assuming there is no pre-approved offer in the online banking. Even if they approve you right now, I bet they would give you just $5,000 CL because of history/age.
I'm just going to abandon the idea of this card. I got a good, local to me, credit union account out of the deal so I still made out. The Chase Amazon card will be within my reach sooner then this one I think. They just seem to look for a years worth of credit building. I don't have any late pays or collections, so that one might be possible when I hit a year. If I still want this one a couple years down the road maybe I'll revisit it, but who knows what I'll want then.
That is up to you, but I hear Chase wants to see at least one year of history.
@Tinkiegrrl wrote:How does anyone get to those high limits if you need the high limits to get the high limits? I could eventually see getting Apple to go that high with time. But it's the only card in my line up right now that might go that high with time. If I didn't have it then maybe in like, 5 yrs or so Discover might be, maybe. I suppose that it though huh? Garden for years...
Usually, the best way to gain those limits is usually by CLI and accounts aging to show history. If a lender likes your history, they may compete for ur business by offering a high CL. Others may want to start where your established accounts are at.
@Tinkiegrrl wrote:
@ZackAttack wrote:
@Tinkiegrrl wrote:
@ZackAttack wrote:
@Tinkiegrrl wrote:
@sugarcreek67 wrote:I would not close the cap one card if it is your oldest card. I have the same quicksilver card @ 500SL and they will not give even a 10 cli. but it is my oldest and so I sock drawer it. I use it for a 20ish dollar subscription to show use and to do all zero except one. I also agree with previous post about letting your accounts age. If you really want that affinity card going to take time and patience to obtain. its a great card 2% flat + the rotating hi 5 categories every quarter. You could call affinity and talk to a LO about it. they are very friendly and helpful when I have called in. Good Luck!
Oh I know I need to let my cards age. What's new to me is the average credit limit thing. I didn't know that was a factor unless your utilization was high. I know how to manipulate that before applying for a card so the credit limits never concerned me before now. In order to ever qualify for this card, not only do I need to let my cards age, I'll likely need to apply for another one before then to get my average credit limit up. Apple is pretty reliable for credit limit increases but others aren't so much.
edited to add: Perhaps I should consider some of the Amex offers being sent to me for high credit limits. I hear they're good for that, but I'd basically only be using the card for the limit. I don't travel so their rewards aren't appealing to me
All lenders can do anything they want to evaluate you. I doubt opening a $10,000 CL would be that much benefit because I just don't see why a lender would approve you.
For example, if you tried to apply at Chase for a min $10k card, they would deny you because they see no revolving account with $10k or higher. If the min was $5k, they may see 1 account ... but that all depends on how the lender wants to evaluate you.
As for opening random accounts, I would encourage you to keep your mind open, applying cards that sever no benefit usually ends up as a waste of time.
-------------------
You are more welcome to try @sugarcreek67 idea about calling, but I suspect that would occur a Hard Pull assuming there is no pre-approved offer in the online banking. Even if they approve you right now, I bet they would give you just $5,000 CL because of history/age.
I'm just going to abandon the idea of this card. I got a good, local to me, credit union account out of the deal so I still made out. The Chase Amazon card will be within my reach sooner then this one I think. They just seem to look for a years worth of credit building. I don't have any late pays or collections, so that one might be possible when I hit a year. If I still want this one a couple years down the road maybe I'll revisit it, but who knows what I'll want then.
That is up to you, but I hear Chase wants to see at least one year of history.
@Tinkiegrrl wrote:How does anyone get to those high limits if you need the high limits to get the high limits? I could eventually see getting Apple to go that high with time. But it's the only card in my line up right now that might go that high with time. If I didn't have it then maybe in like, 5 yrs or so Discover might be, maybe. I suppose that it though huh? Garden for years...
Usually, the best way to gain those limits is usually by CLI and accounts aging to show history. If a lender likes your history, they may compete for ur business by offering a high CL. Others may want to start where your established accounts are at.
I was planning to try for Affinity when I hit a year. That why I opened the credit union account. Never intended to apply today or anything like that. So, waiting until I hit a year for the Chase Amazon card will be fine, especially as it sounds like it'll take a NUMBER of years for me to get the affinity card. Apple is really the only reliable bet I have for regular credit limit increases and it'll still take a good amount of time to get that card high enough where the others won't bring my average credit limit under $5k. Opening new cards to get higher limits that way will hurt average age of credit. Either way, this card is out of my reach for long enough where frankly, I'll probably want something else by then. Who knows, I might stop spending so much at Amazon by then.
Good news is that I really like my Affinity checking and savings account so far so this still wasn't a waste.
SP CLI is a good idea too. Also, CU may be forthcoming compared to a bank. You never know who is doing the analysis.
My MSGCU started as Classic 1k -> 3k -> 5k w/ PC to Plat -> PC to Rewards ... 4 HPs and was worth it while I was poking Discover like 3 days after every statement cut.
Discover $500 -> 1.7k -> 2.3k -> 3050 -> 3550 -> months later -> 6550 all SP CLIs.
I had 5 cards going into Oct 2020 (MSGCU 5K, Discover <5k, Best buy 3k, Amex 3900, Chase 1k ish) and did a credit spree. Highest HP was from DCU and got a 5.99% personal loan and 8k CL w/ 8.5% APR with membership started Summer 2020.
@Tinkiegrrl wrote:SP CLI is a good idea too. Also, CU may be forthcoming compared to a bank. You never know who is doing the analysis.
My MSGCU started as Classic 1k -> 3k -> 5k w/ PC to Plat -> PC to Rewards ... 4 HPs and was worth it while I was poking Discover like 3 days after every statement cut.
Discover $500 -> 1.7k -> 2.3k -> 3050 -> 3550 -> months later -> 6550 all SP CLIs.
I had 5 cards going into Oct 2020 (MSGCU 5K, Discover <5k, Best buy 3k, Amex 3900, Chase 1k ish) and did a credit spree. Highest HP was from DCU and got a 5.99% personal loan and 8k CL w/ 8.5% APR with membership started Summer 2020.
How much spend were you putting in the Discover card for those increases? Also, did you pay anything down before statements were cut, or did you let the your real utilization report? Apple will get me a SP CLI around every 91 days and that was with pay some of it down before the statement cut. Apple is also currently my daily driver though, and the card my son uses as well. He's 16, and I'm teaching him about credit as I go. Discover gets used for tbe 5% quarterly bonuses, rather then for everything. Will that be a problem when I go for CLI's?
I usually ended up trying to do at least 10%+ on the card when I found the letter stating something else than "not enough experience with current line of credit". When it's something else, I tend to let it cut as that statement instead of paying it down early.
Discover CLIs can be hit or miss, but every time that I have seen something else besides the experience, I let it report vs paying it off early.