Trying to make my next move my best move

[Anonymous]

Hi everyone!

So I started my credit journey last year. I had been avoiding credit for many years and finally started taking actions to manage my credit profile. When I started this I had FICO scores in the 550 range and have worked to get to FICO Bankcard 8 scores of EQ 701, TU 785, EX 696. My path to this point, however, was not the most intelligent one I could have taken. I have 2 cards with a $300 limit, 1 with a $500 limit, and one with a $1,200 limit. I want to get a rewards card with a $5,000 + limit so I can just utilize that and leave the other cards in a drawer. Right now I am at 13% utilization despite the super low limits. I keep it that low by periodically paying the balances down before the due date.

My idea is to apply for the CSP since that has a minimum limit of 5k and I think my income of 57k can support that. My theory is once I show I have managed that limit well I will be free to get another card in 6 months and not be stuck with a 1k limit. Is this a reasonable assumption?

One note the only negative mark on my profile right now is a paid collection from 2017 that is reported on EQ and EX, but not TU. Thank you for your input. 

[ccquest]

I'd say see if you can get any of your current card limits up with soft pulls at all, then move into other cards. CSP might be a bit farfetched if they pull EX/TU like me because you have a big discrepancy between the two which might trigger a manual review, whether that's good or bad.

And get your reported utilization under 9% and consolidated on one card prior to application. It's two small things that can give you a score bump.

Any chance you can get the collection removed with a goodwill letter?

[Anonymous]

I have tilted with that windmill multiple times over the past 6 months and they just refuse to remove it. I was offered the CSP on Chase's site, but I assumed that was just marketing. My overall goal is to maximize the increase to my available credit with the next card while getting decent rewards (or cashback) and I just want to avoid another 1k limit. 

I have considered cards that reportedly just pull from Transunion Like the Verizon Visa or the PenFed Cash Rewards card that I think pulls from the FICO 9 scores. 

[ccquest]

PenFed did pull TU for me, could be a good option and it's a general card with real cashback compared to the Verizon Visa.

For me, the Chase pre-qual offer was solid, not sure if that is true for everyone though.

[Anonymous]

Eligible for Nfcu? That's the best option for high limits for low scores and rebuilders

670+ EQ5 score and decent/low DTI? SECU MD will dish out something. YMMV dependent on which loan officer you speak with.

[Anonymous]

I am not eligible for NFCU, unfortunately. I have heard of them in legends. 

[Anonymous]

So I applied for the card and wasn't approved. I waited a few days and called the reconsideration line and I was approved. I guess the pre-approval wasn't far off. 

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[FinStar]

Congrats on the reconsideration approval @Anonymous.

Locking this thread as you have been approved.  Feel free to start a new thread with any additional information about your reconsideration success in the Approvals forum if you would like to do so.