Credit Line Increase and new credit cards?

[OmarGB9]

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@Maverick3 wrote:

So my wife prequalifed with the following:

Cap 1 - 3 different cards

Disco - secured card

Navy  - all cards

She has no cards currently in her name but is an AU on my Navy card. 

Should she apply in any order? 

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Navy's prequal isn't accurate, and if she has no existing relationship with them (i.e. banking), she likely won't get approved, unfortunately. 

Order otherwise doesn't matter in this case, IMO.

[Maverick3]

Ok. So I don't know what to think anymore because of where I am with my credit vs my wife's. 

She just got approved for the same card I got with NAVY but SHE GOT APPROVED FOR $25,000!!!!!!!

While I am more than elated for her, I am perplexed how the credit world works. She is retired and I am the sole income earner. When I apped for my CC's, I had the same scores as her but got approved for only 3k. She does have the 1st mortgage solely in her name with impeccable payment history. We are both on the HELOC that shows UTI of 60%. I had 2 CC's that I had settled with and a 14k CO with CITI. I guess this is the reason for my limit vs her's??

She has an Experian FICO 8 score of 624, has no credit cards (outside of being an AU on my NAVY CC), has a 16k CO with CITI, some old small CO's almost 7 years old, hasn't worked in 6 years, and gets approved with a hugh limit. 

I want to get her 3 credit cards in total. I was thinking to go with Disco but now that she got approved with this huge limit, I'm thinking to go with Chase or AMEX. 

What do you think? 

Lastly, do I remove her as an AU on my NAVY now or leave her? 

[OmarGB9]

If your Navy CC has a low utilization, you can leave her on. As far as other cards, any of those lenders would be good. Amex and Discover are easier to grow than Chase though. 

[Maverick3]

I requested my CLI's today:

Amex - requested to 28.5k from 9.5k and they approved me to 28.5 instantly.

NAVY - requested to 25k from 4.5k and they approved me to 12.5k instantly. I asked for a reconsideration but they told me I received the max. 

Disco - requested any increase from 3k as they don't allow you to request a certain limit. They declined me immediately.

I did a prequalify app with Chase as I want to get in with them but I didn't have any offers. Should I not try and app with them based on me not getting any prequal offers?  

[coldfusion]

In general, not getting a prequalification with Chase only means that based on an initial look-see your odds of approval aren't Top Tier.  

I didn't see where you have shared specifics regarding what if any derogs between 2015 and 2 years ago are reporting but if there is a bankruptcy still reporting don't bother applying for a Chase card as that is an automatic disqualifier. 

Beyond that, Chase will approve applications if files are dirty and given that it sounds like you haven't had a new derog report at least within the last 2 years I think you'd have a shot.   If it were me I'd probably try for one of the Freedom cards once your reports were updated to show your newly updated credit limits but I'm also someone who doesn't lose sleep at night over inquiries or denials. 

[M_Smart007]

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@Maverick3 wrote:

Ok. So I don't know what to think anymore because of where I am with my credit vs my wife's. 

She just got approved for the same card I got with NAVY but SHE GOT APPROVED FOR $25,000!!!!!!!

While I am more than elated for her, I am perplexed how the credit world works. She is retired and I am the sole income earner. When I apped for my CC's, I had the same scores as her but got approved for only 3k. She does have the 1st mortgage solely in her name with impeccable payment history. We are both on the HELOC that shows UTI of 60%. I had 2 CC's that I had settled with and a 14k CO with CITI. I guess this is the reason for my limit vs her's??

She has an Experian FICO 8 score of 624, has no credit cards (outside of being an AU on my NAVY CC), has a 16k CO with CITI, some old small CO's almost 7 years old, hasn't worked in 6 years, and gets approved with a hugh limit. 

"I want to get her 3 credit cards in total. I was thinking to go with Disco but now that she got approved with this huge limit, I'm thinking to go with Chase or AMEX."

What do you think? 

Lastly, do I remove her as an AU on my NAVY now or leave her? 

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@Maverick3, If under 5/24 .. I would go with Chase, the likelihood of a larger credit limit is more likely than a first card with AmEx. IMO

Pick a card that would best fit your spend style, one you can maximize the rewards and SUB.

[Maverick3]

@coldfusion Thanks for your input!

I have no BK's.

No derogs or CO's since end of 2016. Perfect payment history. 

I want the Chase Freedom. 

I was thinking as you stated......to wait until my next billing cycle to show my new limits and hence updated (higher) scores. 

[M_Smart007]

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@Maverick3 wrote:

@coldfusion Thanks for your input!

I have no BK's.

No derogs or CO's since end of 2016. Perfect payment history. 

I want the Chase Freedom. 

I was thinking as you stated......to wait until my next billing cycle to show my new limits and hence updated (higher) scores. 

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The Chase Freedom Flex is an Awesome card. Use Mine all the time.

https://creditcards.chase.com/cash-back-credit-cards/freedom/flex

[Mdowning30]

Congrats on the Discover CLI and work on getting a 2X or 3X CLI with your Amex. You should apply for either the Chase Freedom cards or the Sapphires.

The CSP minimum is $5000 and CSR is $10,000. If you get one of the Freedom cards, you might get a CL less than $5000.

[Maverick3]

Just applied for the Chase Sapphire Preferred card and it looks like I got denied given the following message: 

Thanks for your request. Unfortunately, we couldn't approve your application.
We'll provide more detailed information explaining our decision by U.S. mail in 7 to 10 days.

I applied because my new CLI's hit my all 3 bureaus for October. 

My current FICO 8 scores:

EX - 710

EQ - 718

TU - 711

I am aware of Chases's 5/24 rule. I only applied for 1 card within the last 24 months so I'm good there.

I guess now I should wait until all the bad credit falls off my reports in February, right?