No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hey MyFico. It's been a while since posting here and re-establishing credit THANKS TO YOU GUYS.
I just noticed my Sears Citi card was pulled from $20k to $2k and according to the phone rep its because the car had zero activity in the past year. Who ever shops at Sears anymore? Anyway, moving forward. I'm looking for two or three cards that give large limits for the sake of padding my utilization since the Sears was cut back.
Cards currently in possession
Amex Platinum - i know this doesnt help
Amex Gold - Yeah yeah yeah, i have these top two for wallet bling...
Chase Sapphire Preffered - $24k
DCU Platinum - $20k
Capital One Quicksilver - $14k
Sears - $2k
I hear Lowes is good. From what i hear, it's initially a low limit but can be increased sometimes 10 fold with a quick phone call. What else should i look into? And what are the tricks with that particular card?
Also, if it matters, i'm a PenFed and Costco member. Don't know if thet have a good card with high limits.
Thank you!
Utilization padding is not the best reason to get a card but the Lowe’s card, Navy Federal cards, Savor, First Tech Odyssey come to mind.
@Anonymous wrote:Utilization padding is not the best reason to get a card but the Lowe’s card, Navy Federal cards, Savor, First Tech Odyssey come to mind.
Seconded.
I'd also strongly recommend looking into the Ikea Projekt card, which you can prequalify for (sorry I don't have the link handy) and they'll even give you an estimated limit. It should be noted that many have reported prequalifying for more than what their limit ultimately was, but I prequalified for 10k and got 10k, and it's already up to 16k just a few months later. In my case, we're looking at doing a kitchen reno in the next 9-12 months so the card will come in handy, and until then the extra util does nicely as well.
Thanks for those credit card recommendations. Why is it NOT a good idea to pad my credit card limits?
Some lenders will look at your large limits as risky, and others might question why they should extend you credit when you have such high limits that aren't utilized already.
If you want to give up a HP, Chase can consider raising the limit on the CSP.
PenFed is a good place to find low-fee cards that can grow limits.
I think the comment about padding utilization is, that by itself is not a good reason to open another card, with the need to monitor and use the card. A better reason to add an account is if there is a set of features you can benefit from. You already have three revolvers, and the charge cards can easily help with utilization by running most charges through them.
The other aspect is you have three AF cards. I’ve got the same three and more with AF, but adding those accounts should be a decision for the card features, not utilization. At least, that’s how many of us feel. You can add any card you want regardless what anyone else thinks.
You can probably get an AMEX revolver, and build that up to a high limit eventually. The EveryDay card would earn MR points with no AF, EDP has an AF. The accelerator on those cards can help earning some more general spend points.
A lot of what you’re wanting is going to be score and profile dependent...well maybe not with Navy as they’re known for handing out huge limits to just about anybody but I’ve even read post where they can be stingy from time to time so you never quite know what you’ll get with them.
You mentioned Lowe’s and Synhrony can be known for large limits but I’ve read of folks getting cards, even Lowe’s and have them stuck at lower than desired limits despite having a fairly decent TU score.
All of this is going to be a YMMV type of situation but best of luck in whatever you decide to do.
not a direct answer but if utilization is an issue why not just get a few business cards that dont report...the ax bbp is great and easy to get and high limits are a non-issue. ditto with chase, massive limits can be hand on the inks if one has the income to support it. the only consumer card I still use is the csr and sometimes one of the freedoms, everything else is on an ink. just a thought
The BBP won’t do the OP any justice if he’s already carrying a balance that he needs the utilization to pad. And with Chase you have to be careful about putting personal on business cards...they’ll send you a nice reminder if you do it too much.