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First high limit on a card! Question also

arizplu
Established Member

First high limit on a card! Question also

I've been lurking the forums for about a year now. Started working on my credit just about a year ago this month. So far when from mid 500's on all my scores to about 620-640 currently. I got a few accounts deleted in the past year and that has put me all the way up to the 680's on some bureaus but it comes back down. No new derogitory accounts for a few years now. Just the old ones that keep reporting.

I joined Navy Federal Credit Union in September 2018. I opened the checking account and I believe I got the platinum card right after that. Low limit $500. No rewards. I just product changed it last week to the AMEX card that they have. The rep confirmed that the old cards credit history stays.

Around late november, I applied for a car loan. Immediate approval for $27,000 at 4%. I bought a new car. I was so happy. My last car rate was 17%!

 

I've been paying my car early every month. I've been paying the card off and early every month. I don't know what came over me but yesterday I decided to apply for the Flagship Rewards Visa Signature card after seeing someone in the forum get approved for 20k. I know my scores are low and I'd probably not get it. I had seen the card on the Credit Shifu youtube channel and he mentioned it was for people with good credit. I don't know why I made the dumb decision to apply and waste a HP but I GOT APPROVED! 10k starting limit!

 

My cards before are

Discover IT $1250

Capital One Platinum $500

Capital One Journey $300

NFCU Amex $500

 

I know now I'm past Chase 5/24 but I'm ok with that because I know Chase isn't going to show me any love anytime soon. I'm just amazed that NFCU gave me a 10K SL on their best card. I think the minimum is 5K on that card and I thought I couldn't get it. I have a great relationship going with NFCU. I have checking, Savings, money market, 2 credit cards, car loan and a pledge loan with them now. I'm grateful for the love they are showing me and I'm not going to ruin this. I was young, dumb and didn't know anything about credit and now that I learned I am having to clean up this mess.

 

I also had a question. Will this high credit limit help me build my credit faster? I understand utilization is a metric per each card, but do they also take into account your overall available credit and overall usage? Thanks for the responses.

 

For those curious, my scores are between 620-640, I have 4 negative accounts reporting about 10 positive accounts with the oldest being 7 years old. According to CK, NFCU pulled my Equifax report. 

 

 

13 REPLIES 13
Iambecomedeath
Contributor

Re: First high limit on a card! Question also

As for whether it will help you grow faster... Ive heard its hard to "break through" certain thresholds with some lenders. Once the lender knows someone else trusts you with a certain level (and you've been responsible) they are more likely to approve you again with another bank...

You know, where you start dating someone and 1000 girls all start hitting on you :-D
Message 2 of 14
arizplu
Established Member

Re: First high limit on a card! Question also



You know, where you start dating someone and 1000 girls all start hitting on you :-D

 

I gotcha! haha Thanks.

Message 3 of 14
Cred4All
Valued Contributor

Re: First high limit on a card! Question also


@Iambecomedeath wrote:

You know, where you start dating someone and 1000 girls all start hitting on you :-D

Couldn't say this any better...  so true!   Congrats on the success Op!


Message 4 of 14
arizplu
Established Member

Re: First high limit on a card! Question also

Thanks!

Message 5 of 14
VoltronM
Senior Contributor

Re: First high limit on a card! Question also

Congrats on your approval and very nice SL!!!

 

8-2019 / Fico 8 EX 8013 , EQ 8016 , TR 810
Amex ED 22k , CSP 17k , Discover iT 12.5k , Fifth Third Bank S2C 12k , BofA Cash Rewards 10k , Avianca Vida 10k , State Farm Good Neighbor Visa 10k , Citi DD 6k , Union Bank Rewards 5k
Message 6 of 14
arizplu
Established Member

Re: First high limit on a card! Question also

Thanks! I love the gif. Lol
Message 7 of 14
CivalV
Established Contributor

Re: First high limit on a card! Question also

Congratulations 🎈

Your profile is similar to mine. I am curious what is your overall UTL %? Im knocking my overall UTL down. So far I am 67% and the rest of my statements with balance decreases have not reflected on Myfico just yet. Trying to get my total UTL down to 30% by March 💪🏼
Sept 18: EQ: 578 TU: 583 EX: 576
Sept 19: EQ8: 640 TU8: 645 EX8:640 April 20': EQ8: ??? TU8: 680 EX8: 673
Goal by June 2022: First Time Home Buyer
AA:


Goal Completed: Auto Lease 2020 Mazda CX-5 No Income Verification


The Line Up
Marriott Bonvoy: $5000
Amazon Prime Now Sig: $2800
CITI Costco: $5500
CITI Double Cash: $6100
Navy Rewards: $2000
Amex Delta Plat: $1700
Amex Hilton Honors: $1000
Target Red Card: $2000
Victoria Secret Gold: $1200
HSN: $2500
Overstock: $2750
Kohls: $900
Capital One: $2750
Capital One #2: $500

Penfed Personal Loan: $20K
NFCU Secured Loan: $285


Total CL:$36,700
Total UTL: 25%
Current Scores: EQ: 698 TU: 706 EX: 696
Message 8 of 14
n_la
Frequent Contributor

Re: First high limit on a card! Question also

Congratulations, OP 👏🏾 Nice progress 👌🏾

06.2019

03.2018

NFCU CLOC: $15,000
Message 9 of 14
arizplu
Established Member

Re: First high limit on a card! Question also

Mine is usually at 20ish every month. I forgot one statement close date and it closed at 50% but that was only one time
Message 10 of 14
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