How to Get High Starting Limits on Credit Cards...

[Blessed2Be1]

Hey @NoMoreE46 what is DP's?

[Blessed2Be1]

Hey @Aim_High 

I am the VP of Sales and Marketing for a Small Executive Search Firm here in MN. My income is 120K. I am a Single Mom to 3. I am also a Small Business Owner. I have a industrial temp agency on the side, but it's mainly friends and family and I dont make alot if anything from it.  I hope to eventually get a grant or loan one day so I can really invest in it and make it profitable. I have some banking relationships with many banks but I barely use most of them. I dont have real assests with them though so, Im glad you brought that up. I should start to do that. All of my real assets are invested throuh my job. 

Right now:

These are the Credit Cards I have:

First Premier $400 Used $337

Credit One AMEX: $450 Limit Used $443

I recently opened a Credit One Visa with a $1K starting limit Used $100, but it’s not reporting yet.

Chime: NO Credit Limit It Is A Secured Credit Card: Balance Usually Under $60

Right now, I have high credit card utilization due to my Ex, but I’ve already disputed the charges. I’m unsure of when or if they will credit the $ back though. I will pay it off the next billing cycle if they haven't. 

I also have:

Deferit Line of Credit: $1200 Limit Reporting No Utilization

Stellar Finance Line of Credit: $1K Limit Reporting No Utilization

Upstart Loan: $1K Opened 6/2023 Have $850 left to Pay. I plan to pay $250 - $350 this month. I am trying to get it down quickly, so around the holidays it will hopefully be paid off and I can reapply and hopefully get a higher limit.

Grow Line of Credit: Reports $1800 Limit Reporting No Utilization

Kickoff: Reports as a Credit Card on Equifax and TransUnion, but as a Line of Credit on Experian. 

Right now, my Fico Score 8 for Equifax is 711, Transunion is 701, and Experian is 616 as of 7/24/2023. 

I’m working to correct my Experian and hopefully it will be up to the low 700’s in the next month or so. I will wait to apply for anything until then. I have high credit card utilization due to my Ex, but I’ve already disputed the charges. I’m unsure of when they will credit the $ back though.

Thanks for your response @Aim_High your profile is my GOALS!!!

[Aim_High]

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@Blessed2Be1 wrote:

Hey @NoMoreE46 what is DP's?

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@Blessed2Be1, DPs are "data points."   That basically means pertinent facts about your credit profile and finances (such as you just provided in Message number 10) that help give us an insight into factors that lenders may consider when underwriting a credit limit. That could include things like FICO score, age of credit cards, credit-seeking behavior with new applications in 6/12/24 months, Hard Pull (HP) inquiries by each credit bureau in 6/12/24 months, credit limits, lenders, any derogatory information (including bankruptcy, late payments, collections, etc.), approximate income, other debts such as student loans, auto loans, mortgages, personal loans.   When we post about getting new credit card approvals, that info helps us to compare our profile more accurately to each other to see what lenders might be looking for (or not looking for) to approve our cards.  In a case like this, it gives us insight into what might be holding a profile from growth.  

[Blessed2Be1]

Wow! Your Signature is definitely the goal @MarkintheHV! I had to Google what ymmv meant. I'm learning something new every day! I appreciate your response @MarkintheHV !

[Blessed2Be1]

Wow your so clear in your responses thanks @Aim_High !!!

[Blessed2Be1]

THANKS FOR SHARING @md_rebuild! I really apprecate it! Its incredible you did that in less than 4 years! Your the second person I've seen with a large limit at Navy Federal Credit Union. I need to open a checking with them and work up slowly to getting a credit card. It sounds like a great bank to have!

[Blessed2Be1]

Thanks for your THOROUGH response @SouthJamaica! Thats a lot of cards you have! I want more cards but I guess I just have to pace myself! Thanks for all that info @SouthJamaica !

[NoMoreE46]

Your scores are quite decent @Blessed2Be1 even with the debt from your Ex. 

You want higher limit cards (who doesn't?)  !!!

Given your recent approvals and their low SL, you should probably wait at least 6 months before applying for another credit card. 

You mentioned Mo's insistance on having low utility on her Secured card; this applies to unsecured cards too.  Having an overall utility under 9% is ideal but realistically, under 29% reporting is very good.  

NFCU would be a great place for you to focus on.  Hoping your are eligible to join   <Membership Eligibility | Navy Federal Credit Union >

If you decide to make NFCU your main bank (depositing your paycheck into), it won't be a bad move.  As you noticed, it can offer decent SL and moreover,  reward you with CLI across their suite of cards. 

Do you know if you want any other perks besides a higher SL?    With three kids, I bet groceries are a large part of your monthly spend.  

[Aim_High]

Glad to help, @Blessed2Be1, and thanks for the compliment.   I hope my postings about CL factors was informative to you.  I agree with the postings above that the best thing right now is to "garden" (not apply for new credit or take any hard pull inquiries) and pay down that high utilization.  Time is your friend and one saying we often repeat is to remember that building credit is a Marathon, not a Sprint!    Slow and steady wins the race.  

Your sister Mo sounds like someone who thinks outside-of-the-box.  That can be a good thing sometimes, but when it comes to finances it sounds like she enjoys playing fast-and-loose without a lot of thought of the longterm repercussions.  Borrowing from either an IRA or a life insurance policy to try to improve credit scores or limits can be a very risky strategy.  There's a lot to be lost in either situation, and if lost cannot be easily replaced.  I wouldn't hire her as my financial advisor!    

We do use a lot of abbreviations on My FICO as you've noted - DPs and YMMV to include others.  There are some master reference lists to help you break down the lingo.  Refer to >THIS Link< (From User Guidelines and General Information)  and also >THIS link for updated abbreviations<.

[Traveler101]

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@Blessed2Be1 wrote:

Hey @Aim_High 

I am the VP of Sales and Marketing for a Small Executive Search Firm here in MN. My income is 120K. I am a Single Mom to 3. I am also a Small Business Owner. I have a industrial temp agency on the side, but it's mainly friends and family and I dont make alot if anything from it.  I hope to eventually get a grant or loan one day so I can really invest in it and make it profitable. I have some banking relationships with many banks but I barely use most of them. I dont have real assests with them though so, Im glad you brought that up. I should start to do that. All of my real assets are invested throuh my job. 

Right now:

These are the Credit Cards I have:

First Premier $400 Used $337

Credit One AMEX: $450 Limit Used $443

I recently opened a Credit One Visa with a $1K starting limit Used $100, but it’s not reporting yet.

Chime: NO Credit Limit It Is A Secured Credit Card: Balance Usually Under $60

Right now, I have high credit card utilization due to my Ex, but I’ve already disputed the charges. I’m unsure of when or if they will credit the $ back though. I will pay it off the next billing cycle if they haven't. 

I also have:

Deferit Line of Credit: $1200 Limit Reporting No Utilization

Stellar Finance Line of Credit: $1K Limit Reporting No Utilization

Upstart Loan: $1K Opened 6/2023 Have $850 left to Pay. I plan to pay $250 - $350 this month. I am trying to get it down quickly, so around the holidays it will hopefully be paid off and I can reapply and hopefully get a higher limit.

Grow Line of Credit: Reports $1800 Limit Reporting No Utilization

Kickoff: Reports as a Credit Card on Equifax and TransUnion, but as a Line of Credit on Experian. 

Right now, my Fico Score 8 for Equifax is 711, Transunion is 701, and Experian is 616 as of 7/24/2023. 

I’m working to correct my Experian and hopefully it will be up to the low 700’s in the next month or so. I will wait to apply for anything until then. I have high credit card utilization due to my Ex, but I’ve already disputed the charges. I’m unsure of when they will credit the $ back though.

Thanks for your response @Aim_High your profile is my GOALS!!!

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Welcome to the forums. I wanted to make a suggestion to you. While your profile is young yet you are on a great path to asking questions. I wish you all the best on your journey. I remember my first 300.00 limit in my rebuild. I would look at others in awe of their limits. You can get there too in time.

If I were you, I'd take a glance at First Tech federal credit union. I would clean up the experian report and pay down your utilization then apply for a membership. Soft pull EX. I would park a couple of bucks into a savings account with them and get on their radar. You want to go in on your best light. Util and EX cleaned up.

I would reach out to them afterwards. They are a great institution. I would explain to them, you are relatively new in building your credit. They should tell you what you are going to need in a history to be considered. An example was for me at fecca, was 2 lines of credit for 2 years to be considered for credit products. 

First Tech is outstanding for those with high wages like yourself. Great for those who are building a history and also for those who do not have an abundance of cards. 

They are one of the few who could potentially blow any lender out of the water compared to current limits. Example, there was a guy, high wages, bankruptcy, little over 4 years rebuild. I think his highest limit was a cap one at 5k and a few little starter cards. Approved for 30k. 

It can happen with due diligence and and good history. No, not overnight, but it can be done. 

Do consider them. I honestly feel you will not be sorry. Best of luck on your path.