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It's too late, your scores already took a hit. To be honest, your scores are barely in fair territory so you don't really have very many options that won't rip you off. Without more info about your credit like accounts, lates, collections, etc, we can't help you. Post the details of your credit report and we can start pointing you in the right direction.
Can't i call them and demand a higher credit line? I just got $5000.00 from Discover 5 months ago. $300? Credit report to come soon!
Hey,
Like it was said before, without your credit profile it is hard to help you. You CS is very very limited, I am not impressed at all that they only gave you $300 as a CL, to be honest. Again, like it was said before, it is too late, you credit report already took the hit BUT that's not all bad!
Think about it, now you have an additonal $300 for your credit utilization ration. What I mean by that is:
If you have $1000 and use $100 a month (let's say), your utilization ratio is 10%. Now you have even more of a credit line overal. Only $300, I get it BUT let's imagine that you already have another credit card that has $600 CL, your new credit card just gave you an extra $300 which is actually 50% if your other credit line so you increased your overal credit available 50%!
The number of credit cards/ loans that you have open also play a big role. Banks like to give credit cards to people that already have credit cards. The first 3 credit cards are the hard ones to get because the banks don't "know" you, they don't know if you can handle a credit card and, in your case, based on your credit score, they may not trust you with a high credit line YET. Capital One was my first credit card and I still have it. I started with 1k Credit line and after 6 months they increased to 1.5k. I don't use that card because I get more value out of my other cards, I only have that one because it is my oldest acount. Anyways, back to you!
Like we said before, without knowing your credit profile is hard to help you. How many cards do you own? What is your utilization ratio? Have you ever missed a payment? What is the credit line available? With a low 600s credit score, you will need to fix that before applying for a card and expect high limits. I wanna say that high limits (let's consider high limits over 1k in your case), you will need an avaerage score of 680 at least. I hope that was helpful!
Congrats on the Capital One card!
Thanks for your replies. Ok here we go Five open accounts
2 Credit cards
Discover: Available Credit: $1,070 Total Credit Line: $4,500
MCU Visa: Credit line $800.00 Maxed out
One Car Lease: Just started $16,331.00 Over 39 Months
Two Collections One for $150.00 the other for $100.00
Payment History: Excellent
Utilization: Horrible 66% of Credit Card Limit Used
Negative Marks: As stated above two accounts in collections
Age of Credit: Poor 7.3 years MCU Visa being the oldest
Credit Inquiries: Good very low
Available credit: Poor $1,797.00 of Available Credit
I did not mention the new Capital One Platinum $300.00 Credit Line untouched
Bottom line much work is needed, thanks much to all providing advice!
@Anonymous wrote:
I know that I just mentioned “don’t get more hard pulls” BUT a way to reduce your credit ratio is actually getting more credit, haha! If you wanna go this route, you could apply for like the Amazon store credit card or some other store credit cards (as those are extremely easy to get because they want you to be loyal to that store and spend money there) and expand your credit line. Let’s say you get an Amazon STORE credit card (don’t go for the visa one, you won’t be approved!) and let’s say that they give you a $500 credit line. Your utilization ratio would go down because now you have more credit available. You could use that card to make a couple of purchases but as it doesn’t have an annual fee (like the majority of store credit cards) it could be a sock drawer card!
But that would be one more hard pull
@Chala wrote:Can't i call them and demand a higher credit line? I just got $5000.00 from Discover 5 months ago. $300? Credit report to come soon!
No, you can't. Cap1 doesn't do recon. I only glanced at the financials posted, but need more info. An excellent payment history can still have lates with the most recent being at least 2 years old. The types of lates will determine the impact. 30 days fade over time. 60+ will stay strong until they fall off. Open collection accounts count towards your DTI ratio and can be used in factoring utilization by some lenders. Need to know how old they are and how much you owe. If they're recent enough, that will explain the low SL. You can't compare to Discover as their decisions don't make any sense. We have people here with 800+ scores and over $250k income that have been denied for discover. I'm on my 15th month of a secured discover while people with mid-500 scores get graduated at 7 months. Discover is a wild card and you can't base how good your credit is with what they give you.