Having a tough time understanding why I can't get a high CL credit card.

[jamesdwi]

of course hindsight is 20/20, with Lowes and all other GE/Syncrony based cards, you call the Credit Solutions number in the back door number sticky and request a CLI to 10 or even 25k, they should counter. The same process with the Home Depot card, but they are backed by Citi Bank, since they like giving large limits on Lowes and Home Depot if you ask. 

[TheGardner]

My 08 scores do drop when my PRG reports with a high balance. Maybe 08 model scores differently.

I would pay everything 3 days prior to statement cut date except for 1 revolver, let that report $5.

That month, when everything reports, apply at a CU. Penfed, Nasa or the like.. Credit unions are most likely to give your first high starting limit, 15k +. Also look into Venture card, capital one has been good about high starting limits of late.

720 score is pretty low, have any derogatory remarks on your reports? Something is keeping you low. Maybe The amount of accounts reporting a balance vs number of open accounts is your issue.. Try paying everything off and reporting 0 balance I bet you will have good success.

Once you get one over 10-15k others will come, I can't stress Credit Unions enough on this point.

[JSS3]

720 is considered "pretty low"??????

[Anonymous]

Someone mentioned Navy Federal, but if that's not an option what about some other Credit Unions? It seems like a lot of people on here have very high lines with NASA. I personally think PenFed is very nice as well but I'm not sure if they're as generous. Hopefully someone with more experience can recommend, but it does seem like other CUs might be worth a shot for higher lines.

[TheGardner]

Low with no baddies / derogatory information. Clean reports should be higher unless fairly young or other issues either util, number of reporting accounts or very low AAoA.

People with BK have gotten to 720 if that helps put it into perspective. Not saying 720 is bad, you will get approved for most cards if it was only score dependent with a 720 but with the information we have it doesn't make sense and is likely the reason for lower limits.

[Anonymous]

I will try a credit union probably before I try the Cap One Venture. After reading through this thread, it seems like some of the knowledge i accumulated on credit is being debunked. The general consensus of this thread is report low balances, or $0 on credit report. If I do this, I won't have a high balance post on my CC tradelines. That being said, wouldn't i want to have some significantly high balances showing on my credit report. Doesn't this show a new potential lender, "Hey, this guy had a $7k balance on his discover, but it is now reporting $0 balance; he's got the dough? VS. This guy has a $7k limit, but spends $1k, what the hell does he need a $15k limit from us for?I know this helped when I was getting my approvals for my cars. For instance, on the current auto lease;  chase automatically denied the application through an automated dealer financing network. The finance manager got on the phone, and spoke to an underwriterwhile leaving the phone on speaker for me to listen in. The underwriter did a manual review, and approved me with no Proof of income. I heard him as he was going through the tradelines, and he mumbled "$13k paid in full amex gold, he's good.....he's approved".

[Anonymous]

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@JSS3 wrote:
720 is considered "pretty low"??????

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My EQ and EX are in that range and, I consider them low.

[jamesdwi]

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@Anonymous wrote:

I will try a credit union probably before I try the Cap One Venture. After reading through this thread, it seems like some of the knowledge i accumulated on credit is being debunked. The general consensus of this thread is report low balances, or $0 on credit report. If I do this, I won't have a high balance post on my CC tradelines. That being said, wouldn't i want to have some significantly high balances showing on my credit report. Doesn't this show a new potential lender, "Hey, this guy had a $7k balance on his discover, but it is now reporting $0 balance; he's got the dough? VS. This guy has a $7k limit, but spends $1k, what the hell does he need a $15k limit from us for?I know this helped when I was getting my approvals for my cars. For instance, on the current auto lease;  chase automatically denied the application through an automated dealer financing network. The finance manager got on the phone, and spoke to an underwriterwhile leaving the phone on speaker for me to listen in. The underwriter did a manual review, and approved me with no Proof of income. I heard him as he was going through the tradelines, and he mumbled "$13k paid in full amex gold, he's good.....he's approved".

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If a lender wants to know your spend habbit most credit report the total amount of payments made on your accounts for the last several months, as well as the high balance on each card. So even if the card reports a 0 balance for best reporting potential lenders can see you made X thousands of dollars in payments for the last X months. 

when you ask for a CLI and they say you don't let balances report, you can say i will feel better and can relax that It won't impact my credit score if  i do let my typical use report because I miss the cut off date when I am traveling. 

That is the big difference from automated approvals vs manual approvals. When you get humans involved they can see patterns they like, even when the automated system see's things it doesn't like.  Clean reports and long histories are what underwriters love. 

[TheGardner]

Most cards report high balance even without the statement being cut, that was still your high balance.

Your accounts already show good high payments, I wouldn't worry about that at this point anyway.

[TheGardner]

Have one card report a balance, a small balance less than 9% of the credit limit, rest report 0 balance for highest score improvement.