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High Income, low credit score, zero debt, 15% debt to income. What card would you get?

visualfxpro
Regular Contributor

High Income, low credit score, zero debt, 15% debt to income. What card would you get?

My score is 650. Largest unsecured limit is $1000. My other cards are tiny. $500/$750, so hard to use without risking high utilization. Is my income any significant advantage? At least it clearly has not been, but that is relative to what I've done (cards I've applied to). I only have one 'store card', Amazon, BTW with 2100 limit, so guess that is the highest unsecured. Does putting a lot of cash on a secured card help other than a way to cheat the low limits and avoid utilization hits? Does having a $5000 secured card, help you get a $5000+ unsecured one?

I'm thinking about applying for Navy Federal Credit card after I buy a house next March.

 

Also does it help if I use up a lot of my credit but don't carry balances? Like with my $3000 limit card. Which is better to increase chance of gettin higher limits in future?

-Spend $200-$400 a month on the card, but always pay full balance before it gets reported.

 

-Spend $2900 a month, but never reporting more than $100 to $200 balance

May 2022: TU Fico 8: 692 | EQ Fico 8: 713 | EX Fico 8: 708
NFCU Flagship Rewards $25,000 | Capitol One $750 | TD Bank $1000 | Bank of America $3000 | Wells Fargo $500 | Amazon $4000

Charge Off from 2015: Municipal Credit Union $5300 ($6500 limit)[PAID IN FULL]
Credit Age: 4 years | Inquiries (6/12/24 month): 12 mo | Debt to Income ratio: 10%
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3 REPLIES 3
Anonymalous
Frequent Contributor

Re: High Income, low credit score, zero debt, 15% debt to income. What card would you get?

A high income is a big advantage, when it comes to high credit limits. And while your scores aren't very good, they're not terrible. So what's preventing financial institutions from issuing you higher limits? It could be that CO. Which should fall off your credit reports next year. So if you're waiting until you buy a house before applying for a new card (smart choice, BTW), why not wait a little longer until the baddie vanishes?

 

You could spend the time productively by cultivating a relationship with Navy Federal. They're an excellent choice for high limits, but like most CUs, they like to see a relationship. So open up some accounts, set up direct deposit, make them your primary financial institution, and so on. And then when you do apply, you might get even better results than me (the CL on my Navy Fed card is more than 27x higher than the CL on my first card).

Message 2 of 4
SUPERSQUID
Valued Contributor

Re: High Income, low credit score, zero debt, 15% debt to income. What card would you get?

I really dont have any advice except i have read a lot of posts if you are about to get approved for a mortgage cool your heels and do nothing financial until after the mortgage transaction takes place.

btw - you may want to edit the inquiries part of your post. i read it 3 plus times and still dont understand what it means - 6/12/24 12 month ??

anyway, best of luck.

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>/ nfcu platinum 1k, BABY NEEDS NEW SHOES !!!!!
Message 3 of 4
mark3038
Established Contributor

Re: High Income, low credit score, zero debt, 15% debt to income. What card would you get?


@visualfxpro wrote:

My score is 650. Largest unsecured limit is $1000. My other cards are tiny. $500/$750, so hard to use without risking high utilization. Is my income any significant advantage? At least it clearly has not been, but that is relative to what I've done (cards I've applied to). I only have one 'store card', Amazon, BTW with 2100 limit, so guess that is the highest unsecured. Does putting a lot of cash on a secured card help other than a way to cheat the low limits and avoid utilization hits? Does having a $5000 secured card, help you get a $5000+ unsecured one?

I'm thinking about applying for Navy Federal Credit card after I buy a house next March.

 

Also does it help if I use up a lot of my credit but don't carry balances? Like with my $3000 limit card. Which is better to increase chance of gettin higher limits in future?

-Spend $200-$400 a month on the card, but always pay full balance before it gets reported.

 

-Spend $2900 a month, but never reporting more than $100 to $200 balance


With that CO you are going to have a hard time getting a high CL card. Is that charge off for a credit card or what?

I am pretty sure when you apply for a mortgage they will want you to pay off that charge off before you can close.

The CO is also what is keeping your score so low. I have seen others on here with a thin file like yours but with scores over 750.

Before you do any kind of new credit apps you need to address that CO.

Thanks

Mark

Please note; My postings are my opinion only. You can accept them or reject them. Thanks, Mark
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