Next Credit Card On My Journey

[Anonymous]

Hi all,

I would like advice on my next CC applications for a general use card just to build my CL. It appears (I may be wrong) that having higher limits affect the CL you get on the cards you really want and doesn't depend on income level. I currently have:

Amazon Prime signature visa card $500 (October 2018)

Wells Fargo secured card $300 (early 2017)

My scores from Credit Check Total (Fico 8) are (before I got the Amazon card):

Equifax 778  (1.6 years)
TransUnion 784 (oldest 1.8, average 1.7)
Experian 784 (oldest 1.8, average 1.7)

Since then I got the Amazon card in October 2018 and I had a rental payment account closed since I moved, which would have affected my age of accounts.

Ideally I would like max 4-5 cards to cover my needs (dining, travel, amazon ordering, etc.) and I'm not chasing sign up bonuses; I don't want to sign up for useless cards as I don't want to close them later on. However, I need some cards in the meantime to build up my credit limit. For example, I really want to get the Uber Visa card for most of my expenses (food and entertainment), but worried I'd get a low starting limit. I heard (correct me if I'm wrong) that it's easier to get higher initial limit than to get recon and get CLI.

Thanks for your time!

[CreditInspired]

Since your credit profile is thin and young, you may not get a CC above $1K until you’ve had a longer history of on time payments. Have you asked WF about unsecuring their card. It’s almost 2 yrs old.

I suggest checking Discover and AmX prequal sites to see if there’s anything there. Also, do you belong to a CU? That may be a good place to start for a higher CL.

And FYI, everything credit related depends on one’s income. Higher limits come from strong credit profiles that involve longevity (AAOA), low utilization, on time payments, and no negatives. No lender wants to be the first one to hand out a high CL without seeing one’s history with high CLs.

GL2U

[Anonymous]

What do you normally spend the most on in a month? That should be probably the top factor in your choice of cards. It doesn't matter if your card has the best rewards system on the planet if the rewards structure doesn't fit your spend.

For example, I thing the Amec BCP is one of the best cards out there, but I do a lot of grocery shopping and prefer cash back. If you're the type that eats out rather than cook at home, the annual fee would probably make that card pretty worthless to you since your grocery spend would most likely not be enough to make up for it.

It has been my experience that Amex is very good about rewarding regular spending and payments with pretty generous credit limit increases. From what I've seen here, and through my own experience, I'd say that it is probably easier for most people to build a high CL over the course of a year or so with them than it is to get a high starting limit.

[Anonymous]

If you have military affiliation (self or family), NFCU is a great choice. If not, PenFed is a good second. PenFed would probably do quite well by you with those scores as they’re pretty impressive for what would be considered a thin file. 

As for the Uber card... I would be shocked if Barclays decided to be your first large SL. You have a much better chance of pulling that off with Discover (they like thin files with high income so they can become your primary - they started me at $7500 last March when my highest card was $6250 and they’re now my highest card after giving me a CLI of $3000 last month) or a credit union. 

[Anonymous]

---

@CreditInspired wrote:
Since your credit profile is thin and young, you may not get a CC above $1K until you’ve had a longer history of on time payments. Have you asked WF about unsecuring their card. It’s almost 2 yrs old.

I suggest checking Discover and AmX prequal sites to see if there’s anything there. Also, do you belong to a CU? That may be a good place to start for a higher CL.

And FYI, everything credit related depends on one’s income. Higher limits come from strong credit profiles that involve longevity (AAOA), low utilization, on time payments, and no negatives. No lender wants to be the first one to hand out a high CL without seeing one’s history with high CLs.

GL2U

---

I am fortunate to have a low six figure income. I was quite disappointed when Amazon/Chase only gave me $500 CL, but I don't blame them since my other card was a $300 secured. Hence I'm looking to build up on CL before getting cards I really want e.g. Uber credit. I'll look into Discover and AmX.

Edit: I'm prequal'd for discover it; seems like a good everyday spending card so I'm considering going for it.

[Anonymous]

---

@Anonymous wrote:

If you have military affiliation (self or family), NFCU is a great choice. If not, PenFed is a good second. PenFed would probably do quite well by you with those scores as they’re pretty impressive for what would be considered a thin file. 

As for the Uber card... I would be shocked if Barclays decided to be your first large SL. You have a much better chance of pulling that off with Discover (they like thin files with high income so they can become your primary - they started me at $7500 last March when my highest card was $6250 and they’re now my highest card after giving me a CLI of $3000 last month) or a credit union. 

---

If Uber/Barclay gave me a high SL I'd be done as my Amazon card and that would cover everything I spend on, but I have a thin file; I know I have to build my limits with an intermediate card before that. I'll look into PenFed, Discover, and AmX. 

[Anonymous]

---

@Anonymous wrote:

What do you normally spend the most on in a month? That should be probably the top factor in your choice of cards. It doesn't matter if your card has the best rewards system on the planet if the rewards structure doesn't fit your spend.

For example, I thing the Amec BCP is one of the best cards out there, but I do a lot of grocery shopping and prefer cash back. If you're the type that eats out rather than cook at home, the annual fee would probably make that card pretty worthless to you since your grocery spend would most likely not be enough to make up for it.

It has been my experience that Amex is very good about rewarding regular spending and payments with pretty generous credit limit increases. From what I've seen here, and through my own experience, I'd say that it is probably easier for most people to build a high CL over the course of a year or so with them than it is to get a high starting limit.

---

If Amazon gave me a CLI and Uber (I don't cook) gave me a high SL, I'd be done for my everyday spending. I'm looking for my first real high CL card that I can build up and fatten my file before going for the cards I really want. It seems Discover, AmX, or PenFed may be what I'm looking for.