Only a 500 limit on both DUCK and BEAVER

[Anonymous]

You and several others assumed I got my Duck card approval for $500 and decided to apply with the same lender again. No. Don't assume. What happened was I got my Duck card (7-10 days) and then I applied for my Beaver card (7-10 days) minutes after.... Similarily with my previous cards, I got 3000+ offers on 7-10 day messages so I thought the Duck and Beaver would be the same (if not more) but I was surprised, as are some others here about the whole thing.

[FinStar]

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@Anonymous wrote:

So I fell into a trap of thinking I was going to get some nice limits with my DUCK and BEAVER apps. I thought, "well if other banks give me a $3000-$5000 limit, Duck and Beaver will surely match or top that!" I guess my credit history looks risky to them? I had low 700 scores when applying. My assumption is that because I applied for several cards before them, they were hesitant to give me a big (or decent) limit. Im really upset about the limits. I almost want to close the accounts....

Not sure what I want to do, as I promised myself the garden after those two apps. I've been in the garden since Jan 1 2014 and I plan on staying here until Jan 1 2015.... How much would I have to use these two cards to get a decent CLI in 2015? I always pay in full on all my cards and no baddies or anything. I just think Ive applied for a little too much credit. Also Im a student and make $20,000 since I work part time so that may have factored in the decision, but only a $500 limit..... Oh well! Adapt and overcome!

Anyone think I should close the acconts or just one of them?

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I think you pretty much answered your own question.  Risk (amongst a few other factors) would have played into their decision, especially if you went back to back in attempting to obtain a second product from the same lender in such a short time frame.  It is what it is.  Just use the cards accordingly and hopefully they might grow toward the end of the year.

[CreditMagic7]

Ok that puts the facts in better perspective OP. My bad. I'm too new to offer you the best alternatives so I'll concede that advice over to the much better members who can offer you their views.

FWIW, i appd only the Duck card with my scores from TU + EXPat hand but not EQ, and luckily i suppose eeked out a reasonable starting cl with them.

Low new card starting cl's are especially frustrating when already sporting comfortable limits you have. There must been something else that they considered with their internal models to have set a low limit.

[SunriseEarth]

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@score_building wrote:

As a student with part time income, several new accounts/INQ/ limited history managing CLs no surprise your multi app may've given them some pause...recommed using the cards to get the promo bonuses for both and then continue to use periodically and PIF.

In the next 12-24 months, the establishment of a stronger overall profile will most assuredly prompt nice growth with this generous issuer.

The approvals can be viewed as a vote of confidence and value for the INQs, even at somewhat modest CLs to start. Chalk it up as a reminder of the importance of building a richer more highly developed credit profile going forward (while in the garden) and enjoy better app/CLI outcomes, which are likely to follow.

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+1 to this...very well put.

OP, the CLs may not be as generous at the others for the moment, but they did approve you and clearly would like to see how you manage credit with them.   If there is a spending bonus, I'd complete that before you SD and research.