$5K CL Hurdle

[aynot4fitness]

Maybe someone can help with my curiosity. I have 3 cards with CL just under $5K. I'm happy with how my credit rebuild has been going, I'm just wondering why none of my CLs go over $5K. My highest CL is with Merrick Bank. It was the first card I got after a BK and the CLIs have steadily risen from $300 to $4.6K. I also have a Cap1 QS1 card that has been at $4K for more than 3 years. I recently applied for a Chase Freedom and was approved for ... wait for it ... $4.5K. So today I went online to Cap1 and requested a CLI for the QS1. It was increased to $4.4K. I'm not complaining, just wondering if there is some logic I don't know about.

[Meanmchine]

Look at the Penfed and NFCU threads to see if maybe you are a match for them.  If so, they would easily be your first $5k lender, maybe higher.  Also, check out Amex pre-qual site as a $2k CL can easily grow to $18k in less then a year

Good kuck

[Anonymous]

You’re a perfect candidate for Disco assuming your utilization is low on all of these cards. Disco leapfrogged my Capital One and became my largest SL at $7500 and it was also my first $10K+ card (now at $11,200). 

Since its basically 2% back on everything and 10% back on categories for the first year (1%/5% up front and 1%/5% at your one year anniversary), just get a Discover IT and put all of your other cards into the sock drawer and toss them a charge every few months. Disco loves thin profiles, they love being your primary, and they have no problem being your first higher limit although it doesn’t always happen. 

NFCU is practically guaranteed if you have low DTI and you’re eligible. Even if they don’t start you with a huge SL, their cards have crazy growth potential. I went from $3000 on one card when I joined in September to $14,700 between two cards in December. 

[HeavenOhio]

That's a high limit for Merrick. I don't recall seeing one any higher. I'd be surprised if it increased any further.

Chase has a reputation for not wanting to grant one his highest limit. They came close in your case, though.

How much are you spending on your Capital One card? Spending is usually the key to Capital One CLIs. Some Capital One cards are stuck in a starter bucket and never grow. But with your current limit, I'd bet against your card being one of those.

You didn't ask about this, but you should really look into upgrading your QS1 to a no-fee Quicksilver. Call in or chat. It's possible that you have an offer right now. If not, use the card each and every month. And call in to check for upgrade offers each and every month. A handful of datapoints indicate that consecutive months of usage may help to coax an offer. I was able to upgrade two QS1s after 12 or 13 consecutive months of usage.

I second the credit union and AMEX suggestions. You might get 5-digit limits from the credit unions. With AMEX, I'd guess you'd start in the 4k to 6k range (maybe better). But the key is that you'd very likely qualify for up to a 3X CLI 61 days after opening the card. If you haven't done so yet, read the first few pages and the last few pages of this topic:

The Definitive Amex 3X CLI Guide

[aynot4fitness]

Thanks for that info. Right now my priority is to get my utilization under 30% which will take 1-2 months. Maybe I'll apply to AMEX or Disco then.

[HeavenOhio]

Definitely don't apply until your utilization is at 28.9% or below on each card. The reason for this is that FICO rounds all percentages up, e.g. 29.0000000001% is rounded up to 30%. When that happens, you're no longer "under" 30%.

If you're paying interest, pay down to 27% to ensure that the next month's interest charge won't bump you back up over the 28.9% threshold.

[EAJuggalo]

Chase was my highest limit twice, once when I got my Freedom with an $800 limit and again when they approved me for a CSP.  At that point my highest other CL was Cap One at 4500.  I now have a Flagship from Navy Fed with a $10k limit.

[Shooting-For-800]

check for prequal for venture NOT ventureone.

if prequal'd your next card with Cap One would probably be over $5k in fact probably $10k+.

Venture's min SL is $5k (99% sure).

GL!

[aynot4fitness]

Thank you so much for the advice - check my siggy, there's now a disco there! I decided to try disco yesterday - I figured I'd get all the HPs out of the way now and see what happens. I was approved for $8400! My UTIL dropped from 32% to 23%. Mission accomplished!

[Anonymous]

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@aynot4fitness wrote:

Thank you so much for the advice - check my siggy, there's now a disco there! I decided to try disco yesterday - I figured I'd get all the HPs out of the way now and see what happens. I was approved for $8400! My UTIL dropped from 32% to 23%. Mission accomplished!

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Congrats! I had a feeling Disco would open the door for you!