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Who should I apply to for highest Credit Limit?

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user967354
Established Member

Who should I apply to for highest Credit Limit?

My Experian credit monitoring score is 715.  My average age of accounts is over 10 years.  I only have 2 credit cards.  One is Citibank and I've had it for over 15 years with a $6,000 limit.  The other is a department store card for $3000 that I am an authorized user.  I want to get another credit card, but potentially a higher limit, or at least the same.  Bonus if I can write a cash advance check on it.  Should I only apply for 1 card, then wait several months?  I would also like to apply for a Home Depot card, so hopefully that would get approved after applying for a standard card?  This isn't perfect timing, as I will also need to apply for a mortgage, but that is going to be another month or 2 before I can even get my lumber bid where it needs to be as the lumbermill is still quoting me at the high for the year.  I was really hoping I could have applyed for the mortgage first, then the cards as my mortgage guy doesn't run the score a 2nd time....but the timing just isn't working and I need the funds to finish my current property to sell before the market slows.  But bonus for any decent cards that do a soft pull!  Thanks!

Message 1 of 21
20 REPLIES 20
dragontears
Senior Contributor

Re: Who should I apply to for highest Credit Limit?

If you have to get a card that is "good" for cash advances, go with a credit union. 

 

For the record, opening a new card could drop your MMS enough to result in a higher interest tier. 

Message 2 of 21
jmw1
Frequent Contributor

Re: Who should I apply to for highest Credit Limit?

You need all three of your mortgage scores and disregard every other FICO or non-FICO score. If you are borderline in the MMS, you could cost yourself a ton of money by applying for a credit card and getting that -2 to -5 hit in the MMS and maybe utilization. Call a few different lenders and brokers with your current MMS and see what they say as far as loan pricing current vs if your MMS drops by -5. Make sure your updated DTI prior to closing doesn't get you denied after getting the lumber.

 

In many markets, you missed the boat already and home prices are declining a bit.

Message 3 of 21
Anonymous
Not applicable

Re: Who should I apply to for highest Credit Limit?

My highest CL is at Barclays Bank. The Luxury Card is my only card where I do pay an annual fee. All my other cards have no annual fee.

 

When Barclays opened my Luxury card, I was floored by the high CL. It is many times higher then my other cards.

Thanks

Mark

Message 4 of 21
Crowhelm
Established Contributor

Re: Who should I apply to for highest Credit Limit?


@user967354 wrote:

My Experian credit monitoring score is 715.  My average age of accounts is over 10 years.  I only have 2 credit cards.  One is Citibank and I've had it for over 15 years with a $6,000 limit.  The other is a department store card for $3000 that I am an authorized user.  I want to get another credit card, but potentially a higher limit, or at least the same.  Bonus if I can write a cash advance check on it.  Should I only apply for 1 card, then wait several months?  I would also like to apply for a Home Depot card, so hopefully that would get approved after applying for a standard card?  This isn't perfect timing, as I will also need to apply for a mortgage, but that is going to be another month or 2 before I can even get my lumber bid where it needs to be as the lumbermill is still quoting me at the high for the year.  I was really hoping I could have applyed for the mortgage first, then the cards as my mortgage guy doesn't run the score a 2nd time....but the timing just isn't working and I need the funds to finish my current property to sell before the market slows.  But bonus for any decent cards that do a soft pull!  Thanks!


I would also say a credit card app is not advisable before a mortgage app. But if you have to try FNBO. They have a prequalification page where they soft pull your credit and I was approved for 15k right away with one year 0%APR on purchases or balance transfers. Did the app and was approved as promised. Obviously, be honest in your pre-approval. As with everything, results may vary







Message 5 of 21
SouthJamaica
Mega Contributor

Re: Who should I apply to for highest Credit Limit?


@user967354 wrote:

My Experian credit monitoring score is 715.  My average age of accounts is over 10 years.  I only have 2 credit cards.  One is Citibank and I've had it for over 15 years with a $6,000 limit.  The other is a department store card for $3000 that I am an authorized user.  I want to get another credit card, but potentially a higher limit, or at least the same.  Bonus if I can write a cash advance check on it.  Should I only apply for 1 card, then wait several months?  I would also like to apply for a Home Depot card, so hopefully that would get approved after applying for a standard card?  This isn't perfect timing, as I will also need to apply for a mortgage, but that is going to be another month or 2 before I can even get my lumber bid where it needs to be as the lumbermill is still quoting me at the high for the year.  I was really hoping I could have applyed for the mortgage first, then the cards as my mortgage guy doesn't run the score a 2nd time....but the timing just isn't working and I need the funds to finish my current property to sell before the market slows.  But bonus for any decent cards that do a soft pull!  Thanks!


As @jmw1 pointed out, you should not be applying for anything now. You have to wait until after you close on the mortgage.

 

When the time comes to apply for a card, my sense is that you should go for a credit union non-rewards platinum card with no cash advance fee and no balance transfer fee. Examples: NFCU, Consumers, Chartway, Unify, Digital.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Message 6 of 21
ChargedUp
Senior Contributor

Re: Who should I apply to for highest Credit Limit?

NASA FCU has a pre qualification page. They pull EX.

 

As others have said, if you're going after a mortgage, a few points either way can make a sizeable difference in your interest rate. On a loan that large, this could add up to thousands of dollars over time. It's highly adviseable to wait on apping for credit until after the mortgage process has ended.

Message 7 of 21
user967354
Established Member

Re: Who should I apply to for highest Credit Limit?

Thank you everyone!  

My profession keeps me well informed on both mortgage banking info and the housing market.  For my construction loan, I get no breakpoint for anything above 700.  And my DTI is amazing. I was hoping to be able to get the mortgage app going before the end of this month (as then my credit card will show a higher balance).  But, I have to get my house finished and on the market within 4 weeks or so as well.  Our housing market has slowed down some, but still doing amazing.  I also need to get the equity that is tied up in my house.  I don't need the equity for my construction loan or DTI.  Just one big balancing act...where I knew I was going to be screwed come Fall...but had really hoped that lumber bid could come down.  Lumber closed under $600 last Friday, but my bids are still being ran at $1600 pricing...I need them ran around $1,000 to make it all work.    (Even though I could do loan at $1600 pricing with my DTI, that would put me into a Jumbo mortgage, and I already have enough hoops to jump through and it isn't a "standard" construction loan either.) 

I will look at FNBO for the soft pull.  Would appreciate any additional suggestions.  I'm not applying until next week anyway, just incase the lumbermill can get that number updated!  A card that can do advances or balance transfers would be great as well, as I am tight next month...and my card will be showing a balance on my credit report then that I can't clear off until September..which means, I can't start the mortgage app until October when I clear that.  I could at least time a balance transfer to not report until after the app.  (I can also pay off everything in October regardless of selling my house...it is just September that is my killer month) 

Message 8 of 21
brk1971
Frequent Contributor

Re: Who should I apply to for highest Credit Limit?

The boards are filled with advice that boils down to "don't do anything before a mortgage app" but the reality is that life happens. I had taken a personal loan out less than a month before I found myself home shopping (and mortgage shopping). There was no drop in the MMS for me at all when the new account posted. You will have to explain any new debt or accounts, but if it's not putting you at a DTI risk, and your utilization will be taken care of before the mortgage app there is no reason to not move forward.  Literally, I typed three words on their explanation form ("consolidated previous debt") and never heard another word about it during my mortgage app process.

 

Having said that, you mentioned a balance transfer as an option. Many cards have a 0% balance transfer promo, and many credit unions have $0 transaction fees for such transfers.

Fico8 = EQ 779, TU 802, EX 771 (6/22/2022), util = 6.5% ish
INQ in 12 mo: EQ 4, TU 4, EX 7
Cards: NFCU: Flagship VS $45k, Plat $24.3k, Plat $10.7k | Amex: Delta Reserve $50k | Citi: DC WE MC $28.8k | Discover: It $22.5k | Barclays: Juniper $15.25k | USAA: PCR VS $15k, RA $5k | UMB: SR VS $15k | PenFed: Path VS $20k, Plat Rew VS $15k | Synchrony: Lowes’s store $25k | Truist: Bright $10.5k, Bright $6.5k | Cap1: Venture1 Plat MC $10.3k, Kohls store $3k | Comenity: MyCash MC $17.5k | Wells Fargo: AC $10.3k | TD Bank: Target MC $6k (Reports as retail card despite now being MC) | BoA: CCR VS $30k | Affinity FCU: Premium VS $25k
Message 9 of 21
NYC_Fella
Frequent Contributor

Re: Who should I apply to for highest Credit Limit?


@user967354 wrote:

I want to get another credit card, but potentially a higher limit


My recent approvals have been Barclays Aviator for $7.5K, Apple for $4K, and WF (in response to a mail preapproval offer) for a whopping $22K (which I admit floored me). I have no idea if that means that WF offers higher SLs, or if I just got lucky. FWIW I'm in rebulding mode after a Ch7 less than 5 years ago and have just barely inched past 700 (FICO 8) with all the CRBs.


Message 10 of 21
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