I'm surprised you got 5k from WF with a collection showing. Disco giving 2k is normal considering the derog showing. Derogs will be a big factor in SL as it shows you are a risk.
I had perfect recent history, fico 764, when I app'd WF, but a single 30d late that was 6.9yo and they hit me with the minimum SL (1.5k) and held my available credit 7days after each payment to insure they cleared.
@Anonymous wrote:How are current credit limits considered on apps? Was suprised they gave me such low limits even though I have high limit with Chase.
This is a topic of interest for me. Learning more about it was part of what drew me to My Fico and I've realized it's a lot more complicated than I ever imagined. No single factor is at play and as reiterated, it's extremely profile-dependent as well as lender-dependent. High limits do help grow high limits but even with existing higher limits, high scores, high income, no derogatories, and a long thick credit file, my limits on a run of ten recent approvals over about 18 months ranged from $35K all the way down to $1K! And that low approval wasn't on a store card that might be typically one to give lower limits; this was on a Discover Card, with whom I already had a $50K limit card! So in my case, I think my limits declined in part due to recent new credit applications, as well as that I had not run up large purchases on the existing Discover Card, causing the new card to get a lower limit. The amount of recent credit-seeking may inhibit credit limits.
In your case, the previous delinquency and moderate utilization (both on individual and total calculations) probably held you back, along with the fairly young 2.5 years oldest credit line and recent credit-seeking. Your prior banking relationships with both Chase and Wells Fargo probably gave you better results than you could have expected with a cold, no-relationship application. That possibly accounts for why WF gave you $5K but DS only went to $2K.
Discover isn't so much known for high Starting Limits as they are known for giving really good CLI's. This is moreso after you've kept a card for awhile, used it regularly, and built payment history. With time and your other limits, that Discover card should grow pretty quickly if you use it. (For example, my Discover card is almost 27 years old but has grown to that $50K limit over time and the highest limit I ever used was a BT for about 1/3 of that amount.)
I have written some messages with my observations about factors at play with Credit Limits that you might find helpful, so I won't repeat them here. (in deferral to , who so loves my so-called "informative essays." Lol 
)
See this message and then the accompanying links.
https://ficoforums.myfico.com/t5/Credit-Cards/How-to-get-high-CL-s/m-p/5814975#M1682042
@Aim_High wrote:
@Anonymous wrote:How are current credit limits considered on apps? Was suprised they gave me such low limits even though I have high limit with Chase.
This is a topic of interest for me. Learning more about it was part of what drew me to My Fico and I've realized it's a lot more complicated than I ever imagined. No single factor is at play and as reiterated, it's extremely profile-dependent as well as lender-dependent. High limits do help grow high limits but even with existing higher limits, high scores, high income, no derogatories, and a long thick credit file, my limits on a run of ten recent approvals over about 18 months ranged from $35K all the way down to $1K! And that low approval wasn't on a store card that might be typically one to give lower limits; this was on a Discover Card, with whom I already had a $50K limit card! So in my case, I think my limits declined in part due to recent new credit applications, as well as that I had not run up large purchases on the existing Disover Card. The amount of recent credit-seeking may inhibit credit limits.
In your case, the previous delinquency and moderate utilization (both on individual and total calculations) probably held you back, along with the fairly young 2.5 years oldest credit line. Your prior banking relationships with both Chase and Wells Fargo probably gave you better results than you could have expected with a cold, no-relationship application. That possibly accounts for why WF gave you $5K but DS only went to $2K.
Discover isn't so much known for high Starting Limits as they are known for giving really good CLI's. This is moreso after you've kept a card for awhile, used it regularly, and built payment history. With time and your other limits, that Discover card should grow pretty quickly if you use it.
I have written some messages with my observations about factors at play with Credit Limits that you might find helpful, so I won't repeat them here. (in deferral to , who so loves my so-called "informative essays." Lol
See this message and then the accompanying links.
https://ficoforums.myfico.com/t5/Credit-Cards/How-to-get-high-CL-s/m-p/5814975#M1682042
Very informative and great points @Aim_High. Definitely good reads for those who seek some perspective on these kinds of topics and DPs.
I'll also add to the above, with regard to the lender specific piece.
With the CC lending environment being cyclical in nature, based on a variety of factors including the economic landscape, internal UW policies, etc., when a known lender is discovered (FOTM) or known to be fairly liberal with their UW and hand out fairly large SLs can suddenly shift or change. For instance, Capital One used to be known for handing out several cards in the upper SL ranges including $50K limits years ago. Not so much any more. Their highest SLs are now in the norm of $30K. Similarly, PenFed was known to be generous (and to an extent they still can be), but most new CC approvals tend to be capped around $10K with some exceptions.
@Anonymous wrote:My file has a couple retail tradelines, a few thousand limits each and a few loans paid or close to paid off. Lowest loan 1,500 and highest loan (secured) of 9,400. Oldest tradeline of 2.5 years. I already had a 29,300 CL with my CSP 4 months ago before I began to apply for a few cards recently. I had banking relationship with Chase and started with a Slate SL of 4,300 a year ago. It grew to CL 11,900. I then got a 17,400 SL CSP 4 months ago which I then combined with my Slate CL 11,900 for a CSP of 29,300 CL. My EX is clean. EQ and TU have one collections each. The CSP had utilization of 51%. Slate had 29% and Amazon Synchrony had 49%. After the apps...
- Citizens Bank denied me their balance transfer card. Pulled EQ, 2 inquiries. (Got letter saying because of previous delinquency)
- Wells Fargo approved me for a 5,000 SL Platinum. (Had a secured loan with them for 8,900, almost fully paid off). Pulled EX, 6 inquiries
- Discover approved me for 2,000 CL Discover it Cash Back. Pulled EX (7 inq) + EQ (4 inq)
I know WF is a conservative creditor but heard Discover is more open to giving higher limits. How are current credit limits considered on apps? Was suprised they gave me such low limits even though I have high limit with Chase. Was the collections really such a detrimental factor regardless of all the other positive tradelines? Or was it the utilization? Should I try one more app or just garden for a while? Thanks for any input.
Are those utilizations temporary reported figures or are you carrying balances? That's what stands out the most to me, aside from having derogatories. You didn't mention any credit scores either. Lenders look at the whole picture and not just any one thing. Sure, your current credit limits can set a certain standard for SL, but only if the rest of your profile justifies it with that particular lender.
I'd say considering that your newest Chase card is only 4 months old, I would hold off on any additional apps. Instead, I'd focus on paying off balances and aging your new cards.
@FinStar wrote:
@Anonymous wrote:Thanks for the feedback to everyone. The utilization was due to the credit lines being used for business. Had been carrying a balance. Will garden for a while. Was wondering what difference would it make if I apped for business credit cards next round? My business credit reports are all excellent. How would they consider it if I apped for business CCs next round?
It depends on what types of biz CCs you're applying for and how your business structure is set up.
The great majority of major biz CCs would require a PG (e.g. AmEx, Chase, BoA, etc.). In other words, they're still going to HP your personal CRs as part of the review process.
+1 I think a lot of business card credit line depends on the specific business and declared revenues and cash flow needs. Business lines can go very high, especially if they get heavy spend-and-pay use over time, regardless of what your personal credit lines are valued. On the other hand, they can be quite low compared to personal. I had been approved for $21.9K to $35K personal lines of credit with Chase. I applied for an INK card based on a small sole proprietorship type business with low annual revenues and was approved for only $9K on that card, so quite different. Whatever you do, I would be prepared to give them documentation that supports your declaration. From my experience as well as what I've read, it seems business card underwriting can be a little more thorough and strict with some lenders (like Chase.)