ADVICE: Best first higher limit card

[Anonymous]

** UPDATE** - Thank you all so much for the advice! I went with Affinity FCU and was approved for 10k SL. All I needed to do was upload my last 2 years' tax returns. I also applied for Citi Double Cash Rewards and received a pending notice. I called the recon number and they told me I will receive a letter and I have to call the number on the letter to verify my info. I'm assuming that is a conditional approval. We shall see!

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Hey all,

I've spent the last 2 years rebuilding my credit from the low 500's to the high 700's. I currently have no negative accts or charge offs. I have a 11k student loan in good standing, 2 Cap1 QS cards $600 & $700, a Cap1 Business card $700, and a OpenSky secured for $200.

Utilization is at 1% and Aaoa is 4 years. I have 5, 2 and 9 hard inquiries - 6 will drop off soon and 3 are in the last year in the last year. I am purchasing a home and got an incredible rate and will close the end of February.

I'm looking to get my first higher limit card after we close. Which cards would you recommend to app for? 

[AllZero]

Are you a member of a credit union? If not, have you considered joining one?

CU's to join for Savings Rate now and possible Credit Products later!

[Anonymous]

I do have a credit union acct that I don't use often. I'll look into their credit products. Thanks!

[imaximous]

If you're in the high 700's with no negatives, you're really in a position to go with any lender. It doesn't seem like you have many new accounts either. The only thing I noticed is low limits with your current cards. Have you tried to grow your Cap One cards?

[Anonymous]

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@imaximous wrote:

If you're in the high 700's with no negatives, you're really in a position to go with any lender. It doesn't seem like you have many new accounts either. The only thing I noticed is low limits with your current cards. Have you tried to grow your Cap One cards?

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I started at $300 with all of those cards since 2018. They've grown but VERY slowly. For the past 8 months or so I've been using them more and then PIF before reporting.

[Anonymous]

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@Anonymous wrote:

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@imaximous wrote:

If you're in the high 700's with no negatives, you're really in a position to go with any lender. It doesn't seem like you have many new accounts either. The only thing I noticed is low limits with your current cards. Have you tried to grow your Cap One cards?

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I started at $300 with all of those cards since 2018. They've grown but VERY slowly. For the past 8 months or so I've been using them more and then PIF before reporting.

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If you are paying all your cards to $0, you're actually looking like you're not using credit and hurting your score and potentially future limits with other creditors. Let less than 10% report and PIF that if you are wanting to micromanage but honestly I have found since I stopped micromanaging that it was never worth doing in the first place. I don't let more than 50% report now. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@imaximous wrote:

If you're in the high 700's with no negatives, you're really in a position to go with any lender. It doesn't seem like you have many new accounts either. The only thing I noticed is low limits with your current cards. Have you tried to grow your Cap One cards?

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I started at $300 with all of those cards since 2018. They've grown but VERY slowly. For the past 8 months or so I've been using them more and then PIF before reporting.

---

If you are paying all your cards to $0, you're actually looking like you're not using credit and hurting your score and potentially future limits with other creditors. Let less than 10% report and PIF that if you are wanting to micromanage but honestly I have found since I stopped micromanaging that it was never worth doing in the first place. I don't let more than 50% report now. 

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I actually do leave a small balance every month so it reports so basically AZEO. I just checked my FICO 2 card score and it is 825 Ex 802 EQ 799 TU. I'm excited to app for a few cards and then garden. The advice on this forum is so valuable.

[Anonymous]

I'd probably suggest an Amex card.  While it may not be the greatest SL out there you've got massive growth potential with their 3X CLIs early on.  They will pull EX8 if you apply.

[Aim_High]

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@imaximous wrote:

If you're in the high 700's with no negatives, you're really in a position to go with any lender. It doesn't seem like you have many new accounts either. The only thing I noticed is low limits with your current cards. Have you tried to grow your Cap One cards?

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While I agree with the potential for 'any lender,' I do find the super-low limits in sharp contrast to the reported FICOs.  That might concern or shape some lender's approvals.  I would suggest a more lenient next card with a mainstream prime lender, definitely something away from Capital One based on the current cards.  Discover, an entry-level AMEX like Delta Airlines or Hilton Honors, that unspecified OP credit union, and Navy Federal cards all come to mind as the best next moves.  I would grow into some higher limit cards ($5K +/-) before applying with Chase, Bank of America, Citi, or Wells Fargo. 

Welcome to My Forums, @Anonymous! 

[Anonymous]

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@Aim_High wrote:

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@imaximous wrote:

If you're in the high 700's with no negatives, you're really in a position to go with any lender. It doesn't seem like you have many new accounts either. The only thing I noticed is low limits with your current cards. Have you tried to grow your Cap One cards?

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While I agree with the potential for 'any lender,' I do find the super-low limits in sharp contrast to the reported FICOs.  That might concern or shape some lender's approvals.  I would suggest a more lenient next card with a mainstream prime lender, definitely something away from Capital One based on the current cards.  Discover, an entry-level AMEX like Delta Airlines or Hilton Honors, that unspecified OP credit union, and Navy Federal cards all come to mind as the best next moves.  I would grow into some higher limit cards ($5K +/-) before applying with Chase, Bank of America, Citi, or Wells Fargo. 

Welcome to My Forums, @Anonymous! 

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Thanks! I'm going to go with the credit union suggestion and possibly an Amex. Definitely have no intention to go crazy. I'd rather have 1 to 2 great cards and just grow them 😁