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Help to get higher credit limit

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Anonymous
Not applicable

Re: Help to get higher credit limit

I will wait friday until I ap for Discover, Cap 1 will report on thursday my new credit limit of 400$ and 10%utl, now on report is still 200$ and 21%utl
Message 21 of 24
newhis
Valued Contributor

Re: Help to get higher credit limit


@Anonymous wrote:
Ok, I have Capital One secured card 3 months already with limit of 400$.
I trying to figure how to get higher limit as possible when I get unsecured card.
I know that Cap 1 give deposit back only when you close account, but I don't want to do that because it will be my oldest card and I don't want to have a lot of money deposited without getting it back, so my limit on Cap 1 will stay 400$ unless they give me 100$ CLI.
So I am thinking to get BofA secured card and in next 12 months to raise limit to maximum (4900$) and then I guess they will give me unsecured card with at least 4900$ and deposit back, right? And after I get BofA unsecured I will apply for Chase and Cap 1 credit cards, will I get then a similiral limit as BofA?
I am not planning to accept any pre qualified offers in that 12 months because I guess I will get lesser limit then I can get after getting BofA unsecured. Or you think I should accept pre qualified offers in that 12 month period and ask for CLI when I get BofA unsecured?
Last two questions, does BofA do a hard pull when you deposit money to raise limit?
And does BofA secured report credit limit?

Basically I don't need unsecured card in next 12 months, but after that I need higher limit as possible I can get, so I am asking for help how to do that, I read a lot of threads here but I don't anything for sure.
I every month pay on time and in full, on report date my card is 10-20% utilized.
I am also planning to get auto loan around September.
Thank you for your help

You can deposit up to 10k. My DW put 5k a few months before card graduation (the card graduated after 9th statement) and now the card is Visa Signature.

 

I read here that other user also put 5k and asked for Visa Signature and they sent the new card, and the card haven't graduated yet.

 

Yes, you will get your money back. Just remember that any CLI request will be a HP and if you ask for early graduation will be another HP.

 

EDIT: if you get the BofA secured, make sure they include the Cash Rewards option, if not, you can ask for it by chat/phone. You'll get more than the AF. Also online you can have Bankamerideals for extra 5-15% cashback in some local shops. If your card graduate before 12 months, you can call the backdoor numbers and ask for the AF to be removed. I was able to remove mine, and my wife hers, and lower the APR too.

Message 22 of 24
takeshi74
Senior Contributor

Re: Help to get higher credit limit


@Anonymous wrote:
I know that Cap 1 give deposit back only when you close account, but I don't want to do that because it will be my oldest card 

Keep this in mind:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true

 

Message 23 of 24
Anonymous
Not applicable

Re: Help to get higher credit limit

Yes I know, I wouldn't like to close some CC in near future, that's reason why I don't want to have to many CC.
Message 24 of 24
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