@Anonymous wrote:I do have a credit union acct that I don't use often. I'll look into their credit products. Thanks!
I find that credit unions can be a little bit more generous with starting limits if one's income, DTI are inline.
Since you are a member of one, hopefully you'll be pleasantly surprised.
@Anonymous wrote: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 😁
Okay, cool! Keep in mind that the easiest AMEX cards to get are usually the cobranded versions to include the Delta Airlines and Hilton Honors. And right now, AMEX just enhanced the SUB on their Hilton cards, so they might be a good target for you if you can use Hilton points!
See this link to My Fico thread:
https://ficoforums.myfico.com/t5/Credit-Cards/New-AMEX-Hilton-card-SUB-Offers/td-p/6242994
@Aim_High wrote:
@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?
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!
OP said he/she started in the 500's. I suppose those Cap One cards were acquired when credit wasn't optimal and cards are just bucketed. FICOs aren't necessarily tied to high or low limits. The high scores are the result of the rebuild, but bucketed cards are just difficult to grow. Plus, it's Cap One, which isn't the most generous with CLIs even with the better cards.
Considering the possibility of not getting a high limit off the bat, I'd try to focus on lenders that offer CLIs via SPs. But, I'd also focus on cards that I'd like to have in my wallet. We don't really know the rest of OP's financial profile or spending habits. $5k may or may not be plenty...
OP, Amex, BofA, Citi, etc., offer SP CLIs. But again, think of the type of rewards you're after and try to avoid cards that you have no interest in. Your current limits may be low, but you're not really a rebuilder anymore.
@imaximous wrote:
@Aim_High wrote:
@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?
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!
OP said he/she started in the 500's. I suppose those Cap One cards were acquired when credit wasn't optimal and cards are just bucketed. FICOs aren't necessarily tied to high or low limits. The high scores are the result of the rebuild, but bucketed cards are just difficult to grow. Plus, it's Cap One, which isn't the most generous with CLIs even with the better cards.
Considering the possibility of not getting a high limit off the bat, I'd try to focus on lenders that offer CLIs via SPs. But, I'd also focus on cards that I'd like to have in my wallet. We don't really know the rest of OP's financial profile or spending habits. $5k may or may not be plenty...
OP, Amex, BofA, Citi, etc., offer SP CLIs. But again, think of the type of rewards you're after and try to avoid cards that you have no interest in. Your current limits may be low, but you're not really a rebuilder anymore.
I agree and I think we're saying the same thing, just differently. No, he's not a rebuilder any longer and I wasn't trying to suggest that FICO scores are tied to limits. But at the same time, the low-limit bucketed cards could inhibit a good approval with the largest banks since they are uncharacteristically low with the highest at only $700. The soft-pull lenders are a good suggestion but I still think BofA and Citi would be harder sells than AMEX, Discover, NFCU, or the local CU. And Discover and NFCU both do SP-CLIs as well. Either way, definitely get cards that are desirable and useful, not just to be adding new cards and lenders!
@Aim_High wrote:
@imaximous wrote:
@Aim_High wrote:
@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?
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!
OP said he/she started in the 500's. I suppose those Cap One cards were acquired when credit wasn't optimal and cards are just bucketed. FICOs aren't necessarily tied to high or low limits. The high scores are the result of the rebuild, but bucketed cards are just difficult to grow. Plus, it's Cap One, which isn't the most generous with CLIs even with the better cards.
Considering the possibility of not getting a high limit off the bat, I'd try to focus on lenders that offer CLIs via SPs. But, I'd also focus on cards that I'd like to have in my wallet. We don't really know the rest of OP's financial profile or spending habits. $5k may or may not be plenty...
OP, Amex, BofA, Citi, etc., offer SP CLIs. But again, think of the type of rewards you're after and try to avoid cards that you have no interest in. Your current limits may be low, but you're not really a rebuilder anymore.
I agree and I think we're saying the same thing, just differently. No, he's not a rebuilder any longer and I wasn't trying to suggest that FICO scores are tied to limits. But at the same time, the low-limit bucketed cards could inhibit a good approval with the largest banks since they are uncharacteristically low with the highest at only $700. The soft-pull lenders are a good suggestion but I still think BofA and Citi would be harder sells than AMEX, Discover, NFCU, or the local CU. And Discover and NFCU both do SP-CLIs as well. Either way, definitely get cards that are desirable and useful, not just to be adding new cards and lenders!
You're both correct 🙂 All my cards were rebuilders from 2018 and they are stuck where they are. I've been working hard to get my CR squeaky clean because we knew we'd be buying a home February 2021. Thanks so much for the advice. I've been reading the approvals here and am going to go for the affinity fcu card because we shop heavily on Amazon and probably the Everyday Blue Amex which says I am already prequalified. We shall see once we close 🙂