Higher Credit Limits

[Tito1183]

Will having a higher limit credit card open the doors for CLIs and potential higher limit cards?

Current Lender/Balance/Limit

Discover $900/$3800

PP MC $0 / $2000 (put all my monthly spend here for the 2%, payoff multile times prior to statement cut)

AMEX Blue $0 / $1,000

AMEX ED $0 / $1,000

Chase FU $0/$500

Wayfair Comenity $185/$2000

All above accounts are around 1 year 3 months, except AMEX ED which will be 1 year 3/23.

Approved yesterday for MidFlorida CU VISA - $10,000.

Will having this card reporting now open the doors to better credit limits?

FICO 8 EQ 668 TU 643 EXP 664

Goal is decent limit on a VISA or MC with no foreign trx fee when I go to Europe next year around May. Working on cleaning up some old medical bills.

Current inquiries EQ/EX/TU 15/13/10 which are from rebuild, closing on new house Feb 2018 and getting a new car. Won’t be applying till Mar or Apr 2020, should be at EQ/EX/TU 7/5/5. The MidFlorida VISA does not offer free foreign transactions. Opened an account at the CU and figured might as well use the HP they use for the account, which resulted in a $10K limit. Income is $105,000/year.

[Anonymous]

Yes, having that high of a limit card should open the door from other issuers after a few months. 

[Physh1]

For me, since PenFed bumped me up to $50k & BofA Alaska was bumped up to $42.5K (both about 10 months ago) many of my other creditors (like Comm DSW, CitiBank, & Chase have either auto CLI'd me considerably or been very generous with soft cli requests).

Not much else has changed with my credit profile. Util has been 6-9% over the last year, no new acounts since October 18, & scores have been in the 780-800 range steadily for the last year.

Since the 2 above cards were bumped to 50k & 42.5k respectively, Commentity bumped by DSW card from 10k to 20k on a cli request, Chase bumped my Amazon card from 13k to 26k on auto cli, Brittish Airways went from 16.5k to 21.5k on auto cli, & Citi bumped both my AA & Costco card from 10k each to 15k each last week via request.

[JaseT]

Isn't the PP CB Rewards a no FTF card? I would think you could get the limit up higher in the next 14 months on that card with as generous as Synch can be.

[xaximus]

It's a bit hard to say. I would definitely to SP CLIs on the Paypal, Discover and Amex if you havn't done so already. Also, I would try to get those medical bills cleared as soon as you can, they definitely are holding your scores down. Also, review your credit reports and see if there's anything else in there that shouldn't be there. Depending on how many medical bills and amounts, you may be losing anywhere between 50-100 points. I would concentrate on removing the baddies prior to anything else.

[Anonymous]

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@Tito1183 wrote:

FICO 8 EQ 668 TU 643 EXP 664

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IMO, the constraint to you getting higher limits is related to the above... profile strength.  Your utilization seems to be fine, so your scores are suggestive of negative items present (payment history) on your CR.  Being the most important sector of the FICO pie, this is almost certainly the constraint to your credit limits.  Clearly the one lender with which you just obtained a $10k card was willing to look past those negatives, but it doesn't mean that the others will.  Having that higher CL tradeline can only help though, that I agree with.

[Tito1183]

Agreed and you are correct, there are some old medical derogs that I’m working thru

[Tito1183]

Thanks!

[Anonymous]

Working on getting those medical derogs removed will dramatically improve your profile in the eyes of lenders.

[zerofire]

While having a 10k card on your report will pull other lenders into that area as a match incentive there is a high probability that your new account has not reported yet. There are very few banks that report overnight and CU's are known to be even slower. Your best best is to wait for the first statement to cut for it to report. Then the CU will be the one that will be seen as the one to beat. Naturally it does not work for all lenders but for some it is a motivation.

You will want to work on cleaning up any late, charge off, or even BK's. Those will hurt bad. Also utilization can get you if you do not pay attention at low limits.

The PayPal 2% Cashback that you have actually does not have any FTF. I remember looking at the paperwork and going wow that will need to be my international card.