Approved for card with Higher Limit

[creditguy321]

Hello all!

Question about strategy. So After a couple of years of rebuilding my credit and carrying 2-3 cards with $500 limits to do so, I was finally approved for a card with a higher limit ($2,000) through Discover Card. I'm very happy as I feel like I'll finally gotten the breakthrough to get past the low limit cycle. With that said, I'm curious as what to now do with the other cards. Here is a breakdown of the cards

Captial One Platinum Card- $500 Limit opened 2 years ago

Capital One Quicksilver Card- $500 Limit Opened 6 months ago 

Merrick Bank Card- $550 Limit Opened 4 months ago

Capital One Savor Card- $500 Limit Just approved card hasn't arrived yet

Discover Card- $2000 Just approved Card has not arrived yet. 

Ideally I'd like to get apply for another premier card in 6-8 months. Ideally through Chase since that's also who I bank with. 

What would you recommend I do with the other lower limit cards if any? I don't want those lower limits to affect my ability to continue to qualify for better higher limit cards and Capital one has been a bit stingy with credit line increases. 

Any advice would be greatly appreciated! 

Best

[bigseegar]

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@creditguy321 wrote:

Hello all!

Question about strategy. So After a couple of years of rebuilding my credit and carrying 2-3 cards with $500 limits to do so, I was finally approved for a card with a higher limit ($2,000) through Discover Card. I'm very happy as I feel like I'll finally gotten the breakthrough to get past the low limit cycle. With that said, I'm curious as what to now do with the other cards. Here is a breakdown of the cards

Captial One Platinum Card- $500 Limit opened 2 years ago

Capital One Quicksilver Card- $500 Limit Opened 6 months ago 

Merrick Bank Card- $550 Limit Opened 4 months ago

Capital One Savor Card- $500 Limit Just approved card hasn't arrived yet

Discover Card- $2000 Just approved Card has not arrived yet. 

Ideally I'd like to get apply for another premier card in 6-8 months. Ideally through Chase since that's also who I bank with. 

What would you recommend I do with the other lower limit cards if any? I don't want those lower limits to affect my ability to continue to qualify for better higher limit cards and Capital one has been a bit stingy with credit line increases. 

Any advice would be greatly appreciated! 

Best

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IF you want a Chase card then you need to stop applying for any other card until you apply for it. Because even with that first Cap1 card being 2 years old you're still at 4/24 right now because of the two latest limit cards and Chase has their 5/25 Rule. Also to answer your question we need more DP's because there's a reason somewhere in those DP's you only getting very low starter level limits.

[Trini88]

I would upgrade the platinum to a quicksilver.

I would then proceed to close the quicksilver u got 6 months ago.

I would keep Merrick but get rid of it after a Chase approval.

[creditguy321]

What does DP mean?

[FinStar]

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@creditguy321 wrote:

What does DP mean?

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DP = Data Points

For your reference:

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

[creditguy321]

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@Trini88 wrote:

I would upgrade the platinum to a quicksilver.

I would then proceed to close the quicksilver u got 6 months ago.

I would keep Merrick but get rid of it after a Chase approval.

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And you'd keep the Savor One Card? 

[sarux3]

Is that Merrick a "double your line" card?  It's only 4 months old, so if you hold it open for a couple more at least, you'll get an automatic 2X CLI on that card.  That should help considerably with getting a better SL on the next application.

In general, I wouldn't recommend that you close anything right now... your credit profile appears to be very new and you can use all the help you can get from those open accounts to build positive history.

[creditguy321]

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@sarux3 wrote:

Is that Merrick a "double your line" card?  It's only 4 months old, so if you hold it open for a couple more at least, you'll get an automatic 2X CLI on that card.  That should help considerably with getting a better SL on the next application.

In general, I wouldn't recommend that you close anything right now... your credit profile appears to be very new and you can use all the help you can get from those open accounts to build positive history.

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Yes, that's exactly what the Merrick bank card is, so I'm anticipating the double credit line fairly soon. Should have mentioned that. 

I'm concerned about the lower limits affecting the ability to get larger lines on newer cards in 6 months to a year etc. 

[creditguy321]

As an update. I was able to call Capital One and the upgraded the Platinum Card to a Quick Silver Card. I requested a CLI and they only gave me an extra $100 so $600 total (eye roll)

Haven't closed any cards yet. Waiting for more advice/input. 

[creditguy321]

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@bigseegar wrote:

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@creditguy321 wrote:

Hello all!

Question about strategy. So After a couple of years of rebuilding my credit and carrying 2-3 cards with $500 limits to do so, I was finally approved for a card with a higher limit ($2,000) through Discover Card. I'm very happy as I feel like I'll finally gotten the breakthrough to get past the low limit cycle. With that said, I'm curious as what to now do with the other cards. Here is a breakdown of the cards

Captial One Platinum Card- $500 Limit opened 2 years ago

Capital One Quicksilver Card- $500 Limit Opened 6 months ago 

Merrick Bank Card- $550 Limit Opened 4 months ago

Capital One Savor Card- $500 Limit Just approved card hasn't arrived yet

Discover Card- $2000 Just approved Card has not arrived yet. 

Ideally I'd like to get apply for another premier card in 6-8 months. Ideally through Chase since that's also who I bank with. 

What would you recommend I do with the other lower limit cards if any? I don't want those lower limits to affect my ability to continue to qualify for better higher limit cards and Capital one has been a bit stingy with credit line increases. 

Any advice would be greatly appreciated! 

Best

---

IF you want a Chase card then you need to stop applying for any other card until you apply for it. Because even with that first Cap1 card being 2 years old you're still at 4/24 right now because of the two latest limit cards and Chase has their 5/25 Rule. Also to answer your question we need more DP's because there's a reason somewhere in those DP's you only getting very low starter level limits.

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Is the Chase rule based on applications/inquiries are actual cards acquired?