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I need help, I can't win :(

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lhova2000
New Contributor

I need help, I can't win :(

I've been using this site religiously for the last year and I'm proud to say that I raised my credit score from 550 to 775 across the board. I thought I was doing the right thing and that I would be able to be in a position to actually get decent credit but my **bleep** Cap1 card is holding me down. I got it when my credit was horrible and it was a secured card with a $200 limit. I've had it for 7 years, never been late and its not even secured anymore but my limit has stalled at $500.  I use to keep a 80% util on it just to keep the payment history up and I figured that they would raise it (since they won't give me the option of asking for a CLI) but they still haven't Smiley Sad Now I go to apply for an Amex blue cash and a Chase Freedom and both initially declined me base on the low balance with Cap1. They don't care that I paid off a car, no negs, pay as agreed on SL and excellent credit scores.. I called the back office of Chase and got a reconsideration approval for $500 based on the Cap1 Smiley Sad I just don't know what to do, whats the point of excellent scores if you can't get anything with it.. Any suggestion would be greatly appreciated..
EQ 782
TU 782
EX 785
Message 1 of 13
12 REPLIES 12
itsjustmeibe
Regular Contributor

Re: I need help, I can't win :(

I suggest you research a credit union that you may qualify to join, and apply for a credit card through them.
Message 2 of 13
Anonymous
Not applicable

Re: I need help, I can't win :(


lhova2000 wrote:
I've been using this site religiously for the last year and I'm proud to say that I raised my credit score from 550 to 775 across the board.

 

Congrats!  What are your EQ and TU scores from myfico?

 

I thought I was doing the right thing and that I would be able to be in a position to actually get decent credit but my **bleep** Cap1 card is holding me down. I got it when my credit was horrible and it was a secured card with a $200 limit. I've had it for 7 years, never been late and its not even secured anymore but my limit has stalled at $500.  I use to keep a 80% util on it just to keep the payment history up and I figured that they would raise it (since they won't give me the option of asking for a CLI) but they still haven't Smiley Sad Now I

 

What's your current utilization on this card?

 

go to apply for an Amex blue cash and a Chase Freedom and both initially declined me base on the low balance --Are you meaning low credit limit?  --

 with Cap1. They don't care that I paid off a car, no negs, pay as agreed on SL and excellent credit scores.. I called the back office of Chase and got a reconsideration approval for $500 based on the Cap1 Smiley Sad I just don't know what to do, whats the point of excellent scores if you can't get anything with it.. Any suggestion would be greatly appreciated..


Hi lhova - sounds like you've been working hard.  Would you be willing to fill us in on some of the above info? 

Message 3 of 13
Anonymous
Not applicable

Re: I need help, I can't win :(

Ack. It sounds like you got saddled with one of the Cap1 dead/end rebuilders that will never be eligible for an increase. I had one of those. I dumped it when it outlived its usefullness.

 

It is difficult when a "low limit" on one product is preventing you form obtaining the credit products that you really want. Sometimes, some lenders want to see that you can demonstrate responsible use on a card w/o training wheels. Problem is getting someone to be the first. I agree with itsjustmeibe-- go credit union. Another alternative is to get a secured card.

 

Nice scores btw! That's an amazing rise. Are your reports clean? As beamMEup suggested, if you can give us more detail, we might be able to make more specific suggestions.

Message 4 of 13
Cotton_Britches
Frequent Contributor

Re: I need help, I can't win :(

A major credit card company reaches its decision on your new credit line based on what credit lines you've had previously?

 

That doesn't sound correct, unless I'm misunderstanding something here.

“Faith is taking the first step even when you don’t see the whole staircase.”
Message 5 of 13
BungalowMo
Senior Contributor

Re: I need help, I can't win :(


@missypants wrote:

A major credit card company reaches its decision on your new credit line based on what credit lines you've had previously?

 

That doesn't sound correct, unless I'm misunderstanding something here.


Often times...yes.  I had 1 rebuilder with something like a $500 limit on it, and one day I was balancingmy checkbook & on my bank site they were always advertising to app for their visa.  My scores were low to mid 600's & I figured...why not, so I apped.  I checked my reports about 5 days later & BANG!  New, shiny 7k card!!! 

 

Do you have a bank you deal with for all your bills?  Who are they??  I've been with this one for years, but it was also thru several name changes/buy outs.  Wachovia had only owned them & knew me for maybe 4 or 5 years.

 

Just another option....

BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 6 of 13
Anonymous
Not applicable

Re: I need help, I can't win :(


@missypants wrote:

A major credit card company reaches its decision on your new credit line based on what credit lines you've had previously?

 

That doesn't sound correct, unless I'm misunderstanding something here.


 

Absolutely.  CL's are often going to be the result of previous TL's history, including payments, existing CL's, etc.  It is important to remember that FICO is a risk prediction model.  That risk is associated to the CL's you have or have had.  A CL granted substantially above past/current CL's would not be accurately covered by FICO.

 

Therefore, history of CL's and payments is important.  As is income, housing (own or rent), mix of credit types, etc.

 

There are many cards that you cannot qualify for unless you all ready have an existing account with a high CL and/or have held the account for a minimum time period.  For example, CapOne prime high CL cards require that you all ready have at least 1 card with more than $10k CL and have had cc accounts more than 5 years.  So if you are building/rebuilding and your oldest account and AAoA are young, and your highest CL is a builder card....you are not going to qualify for many prime cards at any CL....and those who do approve will probably not grant a CL substantially higher than existing CL's.

 

There are exceptions to this, especially with the likes of NFCU and some other CU's and CU like banks. 

 

IME, it was NFCU that put me into the big leagues when they granted me a $25k CL.  Soon after that I received several other approvals at $20k+ through PSECU & USAA, and higher than normal CL's on CareCredit (now almost $15k).

 

IMO IME  Smiley Happy

 

 

Message 7 of 13
Kiwill
Frequent Contributor

Re: I need help, I can't win :(

This is good stuff!!  My 3 largest cc balances are:

 

$9500

$5300

$2200

 

They are all store cards, will this matter in being offered high CL's by prime cards?  I'm sure if I asked for another cli later this year, they would approve and this would put me over the $10,000 limit mark. 

 


Starting Score: EQ 729, TU 752, EX ? (1/1/2011)
Current Score: EQ 696, TU 718, EX 686 - PSECU (5/17/2011)
Goal Score: ALL 800+ by December 31, 2011

Take the FICO Fitness Challenge
PROUD MEMBER OF THE 700 CLUB!
Message 8 of 13
BungalowMo
Senior Contributor

Re: I need help, I can't win :(


@Kiwill wrote:

This is good stuff!!  My 3 largest cc balances are:

 

$9500

$5300

$2200

 

They are all store cards, will this matter in being offered high CL's by prime cards?  I'm sure if I asked for another cli later this year, they would approve and this would put me over the $10,000 limit mark. 

 


I think you mean that your 3 largest limits are.......  Smiley Tongue

 

According to the #'s you show, you're already at 17k

 

If you do, in fact have those limits, & no recent baddies (5+ years give or take) you should be approved for a prime card.  What are your FICO's??

BK 7 discharge 06.24.2020 No Fico score at all. Smiley Sad
Message 9 of 13
Anonymous
Not applicable

Re: I need help, I can't win :(

Just for clarification, in case it wasn't understood, the CapOne and other prime cards I was referring to required a single account with more than $10k CL....not combined CL's.

 

This is not to say you cannot get a card with a prime lender....I was just referring to certain prime cards that want to see a history of high CL card(s).

 

 

Message 10 of 13
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