Better Limit Card

[EaglesFan2006]

Hi,

I currently have four credit cards.  All are in good standing but all carry relatively low limits ($600-$1200).  I would really like to get one card that carries a higher limit, but I have a few questions.

1) If I do get a new card, would it be a good idea to close out one of the other ones?  I am not sure what is worse for a credit score...having 5 CC's or closing out an account that might impact aging...

2) My credit still isn't perfect, scores are in the high 600s to low 700s.  Are there good issuers out there that might give a more flexible limit?  I don't want to try Capital One because I am afraid I'll just get another card with a low limit.

[Chris123nTx]

As a DALLAS Cowboys fan i would suggest you get a First Premiere and a high fee orchard card. This is the perfect plan for any eagles fans out there! Really though, what do you show as far as negatives go? Late payments, charge offs.etc, depending on when they last occured can make a big difference with the various cards out there. Some are more forgiving than others, but in order for anyone to make helpful suggestions that info would be important. You know though that by being an eagles fan you are one step below even those pathetic giants fans. Sorry, truth hurts i know. Cowboys take the division this year easily.

[EaglesFan2006]

Haha not unless Romo learns to win a big game.

The only negatives I have is 1 or 2 old collections, both slated to drop off in 2013. I have no negatives on the CC. As for balances, I can make sure they are reported 0 before applying. I also have somewhat high student loan balances, but no negatives there either.

[Mike360]

Yeah don't even bother with anything CapOne in regards to high limits. My advice would be to garden til the collections fall off. You could try to get credit limit increases on your current cards. I also don't suggest closing accounts that have no fees. Barclays might be one that could give you a really good limit if you do decide to app for a new card. Just make sure you don't have alot of new accounts or alot of inq's at time of app'ing.

[tmbr10]

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@EaglesFan2006 wrote:
Haha not unless Romo learns to win a big game.

The only negatives I have is 1 or 2 old collections, both slated to drop off in 2013. I have no negatives on the CC. As for balances, I can make sure they are reported 0 before applying. I also have somewhat high student loan balances, but no negatives there either.

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Definitely allow the collections to rotate off before going for the "better card". I would also suggest working all your other credit card balances to zero and then using one for purchases, etc. If you are paying an AF on a sub-prime card then it may be soon time to discontinue business with then as long as your Score is improving.

[bichonmom]

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@EaglesFan2006 wrote:

Hi,

I currently have four credit cards.  All are in good standing but all carry relatively low limits ($600-$1200).  I would really like to get one card that carries a higher limit, but I have a few questions.

1) If I do get a new card, would it be a good idea to close out one of the other ones?  I am not sure what is worse for a credit score...having 5 CC's or closing out an account that might impact aging...

2) My credit still isn't perfect, scores are in the high 600s to low 700s.  Are there good issuers out there that might give a more flexible limit?  I don't want to try Capital One because I am afraid I'll just get another card with a low limit.

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Depending on the CCs you have, you may try for CLIs with your existing cards before apping for a new one. New CCs will just lower your AAoA and your FICO could take a hit.

Closing an acct won't impact your aging until it falls off in 10 yrs., but getting a new acct will lower your aging.

Stay away from Cap One. Unless you qualify for their prime cards, which are hard to get, you're in sub-prime land and will be stuck w/low limits.

You might look at local CUs. They are usually more lenient for approvals and more generous w/CLs. Not always. Some are very conservative. You'd need to call around and see what they have to say.

Depending on when your CAs are due to fall off, you might be better off waiting. If you have paid CAs, you could try to GW them. Sometimes it takes persistance, but people here have had luck getting stuff removed from their CRs that way.