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How can I identify and avoid non CLI CCs?

nothingman02
Valued Contributor

How can I identify and avoid non CLI CCs?

Could anyone let me know what are the prime and subprime cards with CLIs from;

1) HSBC

2) Capital One

 

In other words, my understanding is that some rebuilder cards would never grow and would never fetch CLIs. Whereas some cards from these same banks, would grow and there would be periodic CLIs. 

 

I would like to app for one of the two, HSBC or Cap 1 and would like some help regarding what to avoid. I really dont want to get stuck with a $300 CC forever as I already have 2 (and only) such cards. 

 

HSBC preapproval returns a $59 AF Platinum MC with 2% cashback. Ive done a lot of searching but cant find any relevant information. Am unable to figure if thats a kind of a card that grows. 2 Months back, I was pre-approved online for the same card but with a $79 AF and the CSR told me it was a 320CL CC. 

 

TU - 640 (1 unpaid baddie)

EQ -611 (2 unpaid baddies)

 

The baddies will take a long more time to resolve. Probably by the end of this year and I would like to open another card meanwhile. For credit as well as credit building. If not the above two, any other cards? I dont have the option for my local CU or local bank right now.They want me to pay those baddies off. But thats a differnet story. I have been banking with wachovia for some years now but I think they need good to excellent credit.

Thanks for the help. 

 

 

Message Edited by nothingman02 on 05-26-2009 09:04 PM
Message 1 of 10
9 REPLIES 9
wmarat
Valued Contributor

Re: Prime and Subprime cards

HSBC Saks World Elite MC is probably prime, but HSBC Discover is most likely subprime

 

Cap 1 Prestige is prime (I think), but some Cap 1 with $300CL, AF and no CLI policy is subprime.

IN VINO VERITAS.
Message 2 of 10
nothingman02
Valued Contributor

Re: Prime and Subprime cards

How do you identify which ones will fetch CLIs?

I called both Cap 1  and HSBC today evening and spoke to supervisors/managers and they say they have no idea about any card that would 'not grow' or fetch CLIs. They said all their cards WILL fetch CLIs after demonstrating good usage and that they have no cards whose credit limits would not change or would not grow. One of them actually tried to explain to me how his Cap 1 grew from 350 to 550 in 2 months. Incidentally thats the card I would qualify for if I do. 

 

I didn't expect much but still thought something might come out of these phone calls. I just dont want to app for a card and get stuck with a 200 or a 300 CL forever. I know Cap 1 has this credit steps program but am not sure if that program extends to all the Basic Cards or if its just invitation only.  I know HSBC would never grow significantly to a 4 digit CL so I am thinking more about the Cap 1 card. Just trying to figure out the right card whose CL would increase. But ive read numerous posts here where the CLs never budged (from $300) despite the FICOs moving onto 750s and above. Any info? 

Message 3 of 10
Ulan
Established Contributor

Re: Prime and Subprime cards

I hope it doesn't sound harsh, but with scores in the lower 600's, prime cards are still high hanging fruit. I guess that, at that point, it's still part of the credit building process that you will get cards of which you know that you will probably get rid of them a year or two later.

 

Do you already have anything like a Macy's card? That would be an example of a card that definitely grows. Capital One, even if you get the credit steps, will probably still not give you a card that will grow to high limits at some point. They like it when people apply for new cards, over and over.

 

Edit: I heard of some people who had Household Bank cards that grew to over $4,000. That's definitely no prime card, but seems to grow sometimes.

Message Edited by Ulan on 05-26-2009 08:42 PM
Message 4 of 10
nothingman02
Valued Contributor

Re: Prime and Subprime cards

FWIW I spoke to this discover CSR online at their website as she pooped  popped up while I was browsing their cards. Not looking to apply of course but was just curious about their low end cards. Some sort of pre qual thing they have there where you can pick your credit profile and you'd have an idea of what you could app for. Anyways, I mentioned my profile and she stated that "...to be considered for any of the Discover CC products, a FICO score of 650 or higher is required". If not, they will use the same application to see if one would be eligible for the HSBC Discover.

Message Edited by nothingman02 on 05-26-2009 09:02 PM
Message 5 of 10
nothingman02
Valued Contributor

Re: Prime and Subprime cards


@Ulan wrote:

I hope it doesn't sound harsh, but with scores in the lower 600's, prime cards are still high hanging fruit. I guess that, at that point, it's still part of the credit building process that you will get cards of which you know that you will probably get rid of them a year or two later.

 

Do you already have anything like a Macy's card? That would be an example of a card that definitely grows. Capital One, even if you get the credit steps, will probably still not give you a card that will grow to high limits at some point. They like it when people apply for new cards, over and over.


 

 

Ah! I think I misused that term. Not prime cards of course! I have my eyes on a prime card or two such as BOA or CITI down the line after my CBRs are all clear. I am expecting that to be sometime around of this year or early next year.

 

What I was trying to mean really was if there are any CCs not as sub prime as say, FP.

I would take any CC that would eventually get to say $1000 CL. As I think thats a card and CL I wouldn't  try and get rid of in the future.I seriously despise my$200 FP and Orchard cards. I know I will hate them even more when I get them prime cards. I suppose they are helping me build now however. 

 

I was thinking about Cap 1 for 2 reasons;

1) They might grow on upto decent CLs. Even very low 4 digits is fine as they have their applications.

2) There is a possibility to combine their CCs into one. 

 

I am just trying to figure out a card with which both of the above are absolutely possible. Ive read a lot about some Cap 1 cards never changing apropos their CLs.

 

Message 6 of 10
WishIKnewThen
Regular Contributor

Re: How can I identify and avoid non CLI CCs?

Just from my own experience...

I had an Orchard, started at 300 cl in May 08, auto increased to 320 in Sept I think.  Nothing since.  I've called for cli always advised of the possibility of a hard inquiry so I never went through with it until recently.  My overall util was 1% on my credit reports, past SL baddies, but nothing current and my balance with Orchard was 0 - they denied me any increase.  I asked what should I do better with my use of the card other than running about twice the cl each month, always PIF, they basically said keep up the good work and in another 6 months we should be able to offer something.  The rep actually admitted though that the card likely won't grow much with me and suggested that I app for another and then combine.  Thanks but no thanks.  I called the next day to cancel before the annual fee ($79) was due and they offer to cut it in half and credit a previous $12 payment to lower the annual fee to about $25.  I declined their offer and cancelled the card.

 

I have a Captial One, started at 300 cl in June 08.  I read about requesting a cli before credit steps kicks in and about the 3-4 month I called and received a $300 increase to $600 cl.  Credit steps kicked in at boosted me to $1100.  I have remained here since Nov 08.  I have requested cli in March?, the letter said I must maintain cli for 6 months.  Recently called for increase, I treat this card just as orchard, run about the cl through, pay in full and request cli when my balance is 0 and credit report util is as low as possible - they denied my most recent request.  I will be patient with them a while longer though.

 

You may want to research the BoA 99/500 partially secured card.  After 11 months, they unsecured mine with a auto $500 cli - though because I initiated the unsecuring it cost me a hard inq.  I have read good things about the opportunity for cli with this card after it unsecures, usually after 9 months, and product changing.

 

Though I agree that Orchard is a good rebuilder, I would suggest Cap1 before Orchard in terms of cli, based on my experience - as they say YMMV.

 

Best Wishes

 

eta:  My orchard was not the cash back one, but my Cap1 was their cash back rewards.

Message Edited by WishIKnewThen on 05-27-2009 08:48 AM
Message 7 of 10
nothingman02
Valued Contributor

Re: How can I identify and avoid non CLI CCs?

WishIknewThen,

Thanks for the information. I do have an idea but need some confirming advice. I am not going to touch any of the HSBC cards now. Hate them anyway.

The BOA 99/500 is a darn good option but I am not eligible. Thats a very good option and I tried for it but was not approved. Not even for the fully secured. I was told that I would have to show some more positive payment history in this second credit life of mine. NP. I will wait. I want their CCs.

The Cap 1 though. You said it started off with $300. So it did grow to a reasonable level and combining a couple of such cards in the future certainly does not look bad. But how do you know it WILL grow? Ive read lot of posts where members were stuck at their $300 CLs forever. Some even 10 years. I did read one post where the $300 was suddenly bumped to 15000 for one after 10 years but Id imagine thats unusual. But how do you determine and avoid those CCs which would never grow? What is the card type that you received from Cap 1. Standard platinum MC? This credit steps thing, is it guaranteed for all their low end cards? I need another CC and Cap 1 is the only one I would be approved for(atleast a good chance) in a good while but at the same time I dont want to jump into it if its a lousy rebuilder that would never grow.I will wait it out if its not worth it but want to make sure. Thanks for the info again.

Message 8 of 10
WishIKnewThen
Regular Contributor

Re: How can I identify and avoid non CLI CCs?

Certainly keep asking questions, with that you will make an informative choice.

 

My Cap1 is the Standard Platinum MC with cash back rewards.  Started with $300 and about a month and a half later I received the credit steps letter.  I have only received a credit "step" though, not sure if any more are guaranteed, but with $1100 rebuilder is less than a year, I am willing to be patient. 

 

You may also want to look into the Macys store card, that has potential for cli or guideline increase as they call it every 3 months.  Research here should turn up positive info.

 

I recently read about the Best Buy store card as another good card.  I apped today at received a 2200cl, I'm still in shock.  Apparently there is more room for growth with the store card than the MC that they offer.

 

That is the limit of my personal experience BoA 99/500, Cap1, Orchard (NOW CLOSED!!!), Macys and Best Buy.

 

Best Wishes to you and I hope that you see clearly and with peace the path that is best for you.

Message 9 of 10
nothingman02
Valued Contributor

Re: How can I identify and avoid non CLI CCs?

Thanks for the information again. I will likely give cap 1 a shot. See how it goes.
Message 10 of 10
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