Question about applying for credit?

[Anonymous]

Hey folks, I'm in a pickle that I would like to cover to ease my mind somewhat. I am 22 and have a year and 2 months average age of accounts. No baddies, lates, etc. 

I have a Bank of America card, Discover, and a Chase Freedom. I had an AMEX but I closed it a few months ago due to the high AF. All together, I have $15,800 in credit lines all together. I am using 17% utilization of that as my Freedom has a $3.5k limit and I am holding a balance of $2.7k. That is my only card that is reporting a balance. 

I want to apply for a new card, but also want to get a good starting limit. Is that 17% utilization really going to affect the limit they give me? Here is my list of cards I am considering: 

Citi Double Cash 

Capital One Quicksilver 

AMEX Blue Cash 

Capital One Venture 

EDIT: I have 1 Transunion inquiry and 3 Equifax with FICO scores around 720-730.  

[Anonymous]

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@Anonymous wrote:

Hey folks, I'm in a pickle that I would like to cover to ease my mind somewhat. I am 22 and have a year and 2 months average age of accounts. No baddies, lates, etc. 

I have a Bank of America card, Discover, and a Chase Freedom. I had an AMEX but I closed it a few months ago due to the high AF. All together, I have $15,800 in credit lines all together. I am using 17% utilization of that as my Freedom has a $3.5k limit and I am holding a balance of $2.7k. That is my only card that is reporting a balance. 

I want to apply for a new card, but also want to get a good starting limit. Is that 17% utilization really going to affect the limit they give me? Here is my list of cards I am considering: 

Citi Double Cash 

Capital One Quicksilver 

AMEX Blue Cash 

Capital One Venture 

EDIT: I have 1 Transunion inquiry and 3 Equifax with FICO scores around 720-730.  

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Welcome to MyFico.

While 17% isn't ideal, it probably won't affect your starting limit that much.  Of course there are more factors involved that determine your starting limit such as credit scores and income.

Citi DC is not known for giving out high limits and Amex can be so so.  Of the cards you listed your best chance for a decent limit is the Venture card.  I'd suggest you check their prequalified page and see what it says there.

Good luck.

[Anonymous]

While 17% overall Util is not the worst, the 77% util on the single card is not good and will affect your score and be a sticking point when apping for a new card.

Get that balance down to < 30% of the freedom CL and then apply

[Anonymous]

I would wait and age your accounts longer.... You could probably get approved, but most likely 3-5k amount IMO. I messed up at your age by having a lots of card with small amount.... Wait 1 year and go for Cap1 venture and maybe they will give you 15-20k, or if you can get into Navy Federal , with a clean report maybe get 25k. IMO, patience will give your 6 card with 150k , instead of having 10 cards with only 30k.....Good Luck

[SouthJamaica]

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@Anonymous wrote:

Hey folks, I'm in a pickle that I would like to cover to ease my mind somewhat. I am 22 and have a year and 2 months average age of accounts. No baddies, lates, etc. 

I have a Bank of America card, Discover, and a Chase Freedom. I had an AMEX but I closed it a few months ago due to the high AF. All together, I have $15,800 in credit lines all together. I am using 17% utilization of that as my Freedom has a $3.5k limit and I am holding a balance of $2.7k. That is my only card that is reporting a balance. 

I want to apply for a new card, but also want to get a good starting limit. Is that 17% utilization really going to affect the limit they give me? Here is my list of cards I am considering: 

Citi Double Cash 

Capital One Quicksilver 

AMEX Blue Cash 

Capital One Venture 

EDIT: I have 1 Transunion inquiry and 3 Equifax with FICO scores around 720-730.  

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1. I don't think you should be apply for a new card at this time. You should let your accounts age.

2. You shouldn't apply for anything while your utilization on one account is 77%.

3. When you are ready to apply, which IMHO should be 6 months or more down the road, (a) don't apply for double cash because they are known for low starting limits,

and (b) although I like quicksilver, it is not known for big starting limits,