When to Apply for the PayPal MasterCard?

[Beast26]

Stats are in my signature.  I am eligible for a CLI on my Quicksilver which is at $500 currently.  It started as a platinum at $300 and the credit steps CLI took it to $500 after I completed it.  I product changed to a Quicksilver in the third month. I already know it's bucketed.  At around September 25th I will ask for a CLI which will be the 6 month mark since I got my last one.

My next card is the PayPal MasterCard.  But I'm wondering if I need to wait until my Quicksilver CLI reports which could take up to a month to report (seems like my credit steps CLI took almost a month to report) to apply for the PayPal MasterCard.  So if I wait until that reports that would put my PayPal application somewhere around November 1st!  Or I could just not wait and apply next month before the CLI on September 1st?  

I'm not sure how much the capital one CLI will effect the PayPal MasterCard starting line and if PayPal will use what my current credit limits are on my existing cards to determine their starting limit.  I use my Quicksilver heavy at $1400 spend per month and always leave less than 9% utilization when it reports.  So I'm expecting a $3000 CLI increase if they continue with what I have read in many threads on this forum when a user has heavy usage on their starter capital one. 

By the way I closed my open sky credit card which had a $200 limit.  I was also thinking of applying for 2 cards at once and app for the Walmart MC and this at the same time.  Would that be a bad idea?  These are 2 cards on my "goal card list." I've only opened 2 accounts in the last 12 months.  One was a car loan and one was a fingerhut card that graduated and reported as a brand new revolving account.  The fingerhut reported open on April 17th if that matters.  Any thoughts?

[Anonymous]

Is your report clean? If it is, the card shouldn't be hard to get, even without your Cap1 reporting a higher limit

[Beast26]

I have a CLI on my Quicksilver coming up on September 25th, and being that it takes about a month for capital one to report a CLI on your credit report that would put me getting the PayPal card around November.  Stats in my signature.  If I don't wait until the CLI I can apply on September 1st but I'm not sure if synchrony base their starting limits on your existing credit limits.  When should I apply?

I got a car loan in march and I got a fingerhut revolving account that graduated in April which are the only new accounts I've added in 12 months.  Also do you think I could apply for capital one Walmart MasterCard AND PayPal MasterCard right after?  Or should I just get one at a time?  I know capital one has tightened up a little.

[AverageJoesCredit]

Imo, Sync does not base sl from your other cards. Honestly i think you will be ok to try for PPMC in Sept if you want. You might get their famous $300 starter or they might suprise  you with a bigger limit. Its a great card imho

[Anonymous]

Should be fine looking at your signature but who knows with the economy right now. 

[Beast26]

Are u referring to the part about applying for both cards?  

[Anonymous]

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@Beast26 wrote:

Are u referring to the part about applying for both cards?  

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Yes I am. 

[Credit12Fico]

Here's an interesting datapoint on the Paypal Mastercard. You'll need to do some highschool math here. Calculate the average value of your current  revolving credit lines. This is most likely the upper limit on what Sync gives as a starting limit after which they take deductions for risk factors in your report. That average should tell you the maximum possible you might be able to get ahead of time, deductions outstanding.

To calculate the average, I added up the credit limits on all my cards, divided by the number of cards I had, and this number was the same number that Sync gave me for my credit limit on the Paypal card. Coincidence? No way. Clean report and new to Sync when I applied so it's stand to reason they have an upper limit (average of existing lines), and then make deductions based on recent hard pulls, baddies, other Synch accounts, and the like for which I had none.

So as you pointed out, the CLI (As long as it's a soft pull I guess) on your Cap One card should increase the starting limit on your Paypal card if approved. But wait for the Cap One card to report the higher limit to apply.  and who knows if Sync is using a report from 1 month or 2 months ago so you might wait 1-2 months even after you get the Cap One CLI if the Cap One CLI is sizeable (in the thousands). 

[OmarGB9]

OP, I also want to chime in and say to manage expectations accordingly. A CLI is by no means guaranteed, let alone a $2500 one, even with heavy spend and PIF. Sure some people see nice jumps, but everyone's profile is different, and in the current economic climate, it is quite possible to not get any CLI, or get a very small one. Not trying to be a downer, just realistic.

[Beast26]

Based on that I think I will wait it out and see if I get a CLI.  If I don't it will be fine I will just apply anyway but if I do I will wait til it reports like you guys suggest.  I don't want to have any more super low limit cards.