Credit limit way to low

[jackhughes]

Hey guys!

I started my credit jouney on a AU chase freedom unlimited in July 2023 so now 1yr and 9months old which had a small credit limit of $500 which allowed to me to open my own freedom unlimited in December 2023 which started with 500$ and now has a $1000 from a credit limit increase and I also have a Capital One Quicksilver One card with only a $500 credit limit which i started from $300 and my most recent card is a PayPal Cashback Mastercard with $1,700 which im really happy with but currently has a disputed transaction on due to a company refusing to refund me. I also have a 730 credit score.

The problem is I max out these credit cards literally every month or close to it because the credit limit is way to low and chase and capital one all say I dont qualify for a credit limit increase which to me is ridiculous considering my income and use and the money i hold in both banks seperately. 

I feel like i've hit a deadend and kind of stuck in my situation now and looking for some advice what I should do to proceed in my credit journey!!

Another weird side note my own personal chase freedom unlimited has stopped being reported too all major credit bureaus in July last year but the card still works and is in good standing.

Hard pulls:
Equifax: 7 all expire by Decemeber this year

Transunion: 14 same thing expire by decemeber other than 1 due to paypal hard pull

Experian: 6 all expire by December this year too

I think hard pulls are currently ruining my credit too but obviously i was very unexperienced and was applying to the best cards obviously i didnt qualify for

[AndySoCal]

@jackhughes @The inquires represent the pursuit of new credit either a new credit card etc or a hard pull CLI.  With number that you have may cause a lender to have concern. You may want to investigate a secured credit card and or make multiple payments a month some lenders do not like that from some posts I have read. If I was in your situation I would wait till after the first of the year to appy for another card. Also, check to see if the lender has a pre-qualify option as well. Hope this helps.

[Patient957]

---

@jackhughes wrote:

I feel like i've hit a deadend and kind of stuck in my situation now and looking for some advice what I should do to proceed in my credit journey!!

---

IMO, it's those HPs holding you back.  Once they fall off December, you'll have a better chance at CLIs.  In the meantime, use your 3 cards a lot and pay the statement balance in full monthly, or even weekly if you wish to cycle more spend on them each month.

Also stop applying for cards, especially ones you know you don't qualify for.  Once you're able to start getting CLIs on your existing cards, consider adding new cards at a reasonable pace to thicken your file.

[Varsity_Lu]

So, you have three cards with low limits and you have a bunch of hard pulls. Your solution is time and discipline.

Time: don't apply for anything until all the inqs and new accounts are at least a year old. Freeze your credit so no more hard pulls can occur.

Discipline: pay off your cards in full each week so that you can keep using them for normal things. Find out when your statements post and make sure 2 of them are fully paid off and one only has a little bit on it when they post. Your low limits don't give you a lot of wiggle room, so track this diligently and make sure nothing slips through.

If you do those things, your credit score will improve. Once the inq and new accounts drop off, you can find a card that you are pre-approved for and get a better card. Then, rinse and repeat steps one and two for another year. 

[Gregory1776]

By expire by December, is that falling off your report in December, or no longer scorable?

[GZG]

I mean, go take $5k, put it on a secured card and your limit problems should stop for a bit

[coldfusion]

Your Chase Freedom Unlimited card no longer reporting is most likely due to an error made on their end, since Chase is normally a reliable reporter and all 3 CRAs were affected at the same time.    IMO you should try contacting them directly ( https://www.chase.com/digital/resources/complaints-feedback ) to complain that they haven't updated the information with any of the credit reporting agencies since last July, once they confirm that they are (now) reporting correctly wait 30 days and if a report hasn't been updated file a dispute with the relevant CRA due to incorrect reporting.

[jackhughes]

They fall of my report in December its would have been 2 years at that point.

[jackhughes]

Any recommendations for a secure card to put that much money it, becuase i've always thought previously you couldnt put more than 1k in.

[jackhughes]

Is there any possible negatives of me contacting them or any problems that could occur because i reply heavily on that card on a daily basis and dont want like my card to be reissued or something similar.