New card or CLI

[Anonymous]

Hello all,

I am new to the forum and just wanted to get some thoughts. A little bit about myself is that i'm a college grad in Dec and in Jan started my full time job. I have about 20k in student loans and the cards and balance i have are:

Cap1: 0/750 received in 02/08

BofA cash rewards: 230/900 received in 02/11

Authorized user on:

BofA cash rewards: 1150/1900 received in 06/11

Discover More: 1900/2600 (still in intro period of 0%) received in 05/12

My original Cap1 limit was 500 and went to 750 in 6 months and I have never asked for a CLI

The BofA card solely in my name was originally a local bank credit card but was transferred to BofA last summer. Also have never asked for CLI.

The two cards that im a AU were just automatically increased within the last few months.

The reason my utli % is high is because I was in college and lacked a meaningful income. I used my first paycheck to pay off the balance of Cap1 of $600. And I just paid of roughly $800 btw the two BofA cards this last week. I am going to continue to pay these off significantly in the next few weeks to get that utli% to 20% and below. Note, these balances have only been this high from about the September thru December as I knew I had a job lined up and did a little bit of celebrating (vacation, and few outdoor activities that were priceless). I have 4 INQs, all of which are from student loans and 2 will fall off at the beginning of May. I also have never been late on a payment and no collections. AAoA is 2.4 years and i do not plan on getting a mortgage for at least another 2 years.

I am looking to get another card that is solely in my name and was wondering what your thoughts were on which one and if I should wait few weeks until I get these balances down. I am looking at Chase Freedom, Discover IT, or an AMEX. Even though it doesn't mean much, I get preapprovals for these and several others all the time. Or if in the meantime if I should call BofA and ask for a CLI on that one, (im giving up on Cap1 because lack of rewards). Or if I should try for the CLI and apply for new card.

All comments are appreciated! Thanks

[Anonymous]

You can try for the Chase Freedom. Your history just barely makes the cut and I think you have a good chance of approval for that one.

[Anonymous]

Also, the Discover IT card is probably the most likely for approval. You do have a good Chance at the Freedom too but I'm not sure about your approval odds with AMEX.

[zerobacan]

I'll advise you to try to get a CLI in the cards you got using the backdoor, all those are usually SP, which will not hurt you. then you will have a better picture in about applying for a new card.

[chnceit]

Always ask for a CLI on your cards before apping. Requesting for a CLI tends to be a SP with most lenders. Just ask the CSR will it be a SP or HP first.

Email the EO for Cap One to request a CLI is the best way for this CCC.

You have a good chance to get approved for Freedom, IT or CITI Thank You.

Good luck!

[negg]

Discover is the way to go. 100% us based CS. Can't beat the IT card   

[Anonymous]

Thanks guys! I just called the backdoor number for BofA and asked for CLI to $3,000 on the card with a limit of 900. Granted immediately! Now, since this will help my util rate tremendously, how long should i wait to app for the IT or Freedom?

[LS2982]

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@Anonymous wrote:

Thanks guys! I just called the backdoor number for BofA and asked for CLI to $3,000 on the card with a limit of 900. Granted immediately! Now, since this will help my util rate tremendously, how long should i wait to app for the IT or Freedom?

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CONGRATS!!!!

Was it a HP??

[Anonymous]

SP

[LS2982]

I wouldn't app for anymore cards until you get the util. down to under 15% then go for it.