@Anonymous wrote:
Hi this is my first time posting anything in myfico, and I was looking to get some advice on my recent card openings. I recently decided to pursue a new business idea and decided to open a few 0% cards to get it started. My credit profile is fairly thin due to me being 20 and my oldest cc is only 2 yrs old. Knowing this, I did my best to apply for cards that could get me to my goal of $7,000 in lines of credit. I applied for the following cards, all getting approved for the listed limits.
Cap One Venture One: 1k
Alliant CU platinum rewards: 2.5k
Amex cash magnet: 1k
I was grateful to be approved for all these, but honestly a little disappointed with the low SL. Especially after thinking the minimum SL for Cap One Venture One was 5k. I was thinking that maybe I could request a higher starting limit with any of these cards or possibly Cap one would let me move some of my CL with my current quicksilver card to my Venture? If anybody has any experience with this, or has advice to share I would love to hear it! Im willing to do anything I can to get closer to my target CL goal.
*some backround*
Around 90k current income
Credit scores pulled based on disclosures
Transunion: 729 Equifax:746
Around 10 inquires in past 2 yrs on both.
Current Cards: quicksilver one 4.5k limit, fifth third: 1.3k
Also only have about 6% utilization and a car loan originally for 15k thats down to 12k
I think your getting the Venture and Venture One confused. The Venture has a minimum SL of 5K. Venture One is 1K. I think if you are looking for that higher limit try Discover or Chase. Maybe they will shock you and give you a nice SL.
I know you said that the credit scores you listed were from credit applications. What scoring model are they ? FICO 8 ? How recent ?
Do you have any negative items on your CR?
You didn’t list Experian’s score. Since you have an Amex card you can find it for free on Amex’s website when logged in.
Capital one and Amex normally do hand out higher limits. Since both of them gave out limits that are on the small side.
Is there anything on your CR that would make them cautious ?
AAoA ?
AoOA ?
Amex is good for 3X CLI if they like your profile but with a 1K SL. It may be hard to increase it until 6 months. Normally 500-2000 limits with them are barely approved.
Capital one may have put you credit steps with a smaller limit. You can call and ask if you are.
If you are, you will get a CLI after your 5 statement as long as you meet the conditions of the program. The amount you will receive is anyone’s guess. Some get $200 and I’ve seen some people get a couple thousand
To address the comment above me.
Discover may give you a nice SL but with so many other lower limits cards. Something is making most lenders cautious right now. But discover is a weird beast and they could give you 10K or they could give you $500.
Chase isn’t the lender you want to apply for, for high limits unless you have several other high limit cards.
Chase isn’t known for being a lender that likes to give out higher limits then what you already have.
They like to see a year of history and comparable limits on other cards before handing out credit.
Do you have any negative items on your CR?
You didn’t list Experian’s score. Since you have an Amex card you can find it for free on Amex’s website when logged in.
Capital one and Amex normally do hand out higher limits. Since both of them gave out limits that are on the small side.
Is there anything on your CR that would make them cautious ?
AAoA ?
AoOA ?
Amex is good for 3X CLI if they like your profile but with a 1K SL. It may be hard to increase it until 6 months. Normally 500-2000 limits with them are barely approved.
Capital one may have put you credit steps with a smaller limit. You can call and ask if you are.
If you are, you will get a CLI after your 5 statement as long as you meet the conditions of the program. The amount you will receive is anyone’s guess. Some get $200 and I’ve seen some people get a couple thousand
To address the comment above me.
Discover may give you a nice SL but with so many other lower limits cards. Something is making most lenders cautious right now. But discover is a weird beast and they could give you 10K or they could give you $500.
Chase isn’t the lender you want to apply for, for high limits unless you have several other high limit cards.
Chase isn’t known for being a lender that likes to give out higher limits then what you already have.
They like to see a year of history and comparable limits on other cards before handing out credit.
Welcome, @Anonymous. 
I think an immediate solution might be to combine your QuicksilverOne into the VentureOne. Before attempting that, if you haven't had a credit limit increase on the QS1 in the past six months, request that. Then make sure the balance in the QS1 is zero, and you'll probably be good to go for a combination.
Don't apply for Chase right now. They're not fond of new accounts, and you have three. You might also be at 5/24 (five new cards within the past 24 months), which would result in a likely denial. The ideal time to apply for Chase is:
- when you're under 5/24
- when your oldest card is at least a year old (you're set there)
- when your youngest card is at least three to six months old (with three new cards, I'd lean toward six months)
You’re AAoA will still remain intact even if you close the account for as long as the account remains on your credit report.
You would have to call capital one and see about a credit reallocation. Certain lenders like Amex make it very easy but others do not (requires a HP) and some don’t allow it at all.
It can take 30 days to generate a score with Amex. It just depends on when they decide to do the first SP of your CR. After that they typically pull your credit 1-3 times during the first month or two of membership and then after that. It’s normally right after your statement closing date for each card.
You would have to call capital one and see about a credit reallocation. Certain lenders like Amex make it very easy but others do not (requires a HP) and some don’t allow it at all.
It can take 30 days to generate a score with Amex. It just depends on when they decide to do the first SP of your CR. After that they typically pull your credit 1-3 times during the first month or two of membership and then after that. It’s normally right after your statement closing date for each card.