Starting High Limit Credit Card suggestions?

Anonymous · ‎03-15-2020

This is my first post on the forum, new to the community after reading a ton of great threads.

I'll get right to it. I started rehabbing my credit a year ago. March 15th 2019 my TU was 601 and is now 717. And EQ was 692, now 768. In that time frame I have 5 inquiries. One for a mortgage lender I was in the process of looking for a home as an investment but eventually backed off. I was pre-approved for FHA at 215k I believe. After that I opened up my first unsecured card after 4yrs of only having a secured WF card. My secured card had a $700 limit, now it is unsecured for $900. However my newly approved card, at the time March 2019, was with Capital One for $1500, it's been upgraded twice. The first time by $3000 and the next time an additional $1500 for a total limit of $6000. In September of 2019, I applied for another Capital One card and was approved for a $3000 limit now $3500. So in December 2019, I applied for a Citi Double Cash with a limit of $6900. In January I wanted to see if Wells Fargo would raise my limit more than $200 so they did a hard pull and denied my increase and at that time my FICO was a 730! I didn't understand it or take the chance to see what new card I could be offered if they weren't going to increase my current limit, which by the way I still think is a joke.

Because I am going to pay off my car soon and lose that 4yr+ history, I want to add another card to reduce my utilization % and have an account that I can keep open virtually forever.

I have a combined limit between 4 cards of $17,300 with a $1500 balance on one card at 0% for 18mo.

If I am going to apply for another card I want to know if I should hold off since I've read about 5/24 rules etc?

I bank with Chase and their app has me "Pre-Approved" for a 3k limit with an interest rate that I'm not too interested in, but I don't tend to keep balances overall.

Citi gave me the highest intro limit so far at $6900. I'm not sure if I'll be able to get a card with that same limit or higher? Suggestions? By the way all my cards have no annual fee, I am being cost conscious about that right now.

AAoA (TU) - 5yrs 8mo

TU - 717

EQ - 768

FICO 3 - 739

Current Credit Cards:

WF Platinum Visa - $900

Capital One Venture One - $6000

Capital One QuickSilver - $3500

Citi Double Cash - $6900

Nomad3 · ‎03-15-2020

You have history with WF so you could app one of their other cards, the Propel is nice. They can be conservative though the history with them will probably help the SL.

Amex you can try for the 3x increase after 61 days

AllZero · ‎03-15-2020

Where are you obtaining your scores? Are they FICO 8? What about your Experian score?

$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AllZero · ‎03-15-2020

Have you considered joining a credit union? Are you eligible for membership at Navy Federal Credit Union?

Other considerations are e.g. your local CU, PenFed, Langley, DCU, etc.

Anonymous · ‎03-15-2020

I use Credit Karma for my TU and Equifax. But I have Experian providing the FICO Score 8 at 756. There is an option to see the other FICO models for auto, home, cc lending etc. I discovered that the FICO Bankcard Score 3 (which is primarily used for credit card lending) is 739. I don't have my Experian score just yet.

blindambition · ‎03-15-2020

@AllZero wrote:
Where are you obtaining your scores? Are they FICO 8? What about your Experian score?

$1 you can obtain your 3 bureau FICO 8 reports at Experian.com or creditchecktotal.com. Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

If you have a good EXP score, possibly Amex. BCE with 8-10k not uncommon. Also not guaranteed though.

Anonymous · ‎03-15-2020

Yes it is true that I have history with WF which is what I relied on to give me a limit increase or unsecure my card before being forced to apply at other lenders. They would not release my deposit/unsecure my card which is why I applied at Capital One. You mentioned the Propel Card I have some interest but I'm hesitant as to what WF will decide after keeping my security deposit from Oct 2014 to Jan 2020. And after a hard inquiry didn't suggest any other card I could have even after denying my limit increase. I feel like it was a wasted hard pull.

Also, does the Amex 61 day increase require a soft or hard pull?

AllZero · ‎03-15-2020

@Anonymous wrote:
I use Credit Karma for my TU and Equifax. But I have Experian providing the FICO Score 8 at 756. There is an option to see the other FICO models for auto, home, cc lending etc. I discovered that the FICO Bankcard Score 3 (which is primarily used for credit card lending) is 739. I don't have my Experian score just yet.

CreditKarma is great for following your credit reports. Disregard VantageScore provided.

Majority of the lenders base their decision on FICO scores. I would recommend you use those scores to gauge your creditworthiness for future applications.

Anonymous · ‎03-15-2020

I do have a credit union I haven't done much business with. GO FCU, they don't have a lot of offerings last time I checked. I can visit with them, I believe they pull my report without impacting my score and if so they can give me an idea of what I qualify for I suppose.

Anonymous · ‎03-15-2020

@AllZero wrote:
@Anonymous wrote:
I use Credit Karma for my TU and Equifax. But I have Experian providing the FICO Score 8 at 756. There is an option to see the other FICO models for auto, home, cc lending etc. I discovered that the FICO Bankcard Score 3 (which is primarily used for credit card lending) is 739. I don't have my Experian score just yet.
CreditKarma is great for following your credit reports. Disregard VantageScore provided.

Majority of the lenders base their decision on FICO scores. I would recommend you use those scores to gauge your creditworthiness for future applications.

+1 Exactly