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Rebuilt credit score but have limited credit available

gabbyk822
New Member

Rebuilt credit score but have limited credit available

Hello,

 

My scores just went up to 774,778,780 (Eq, Tu, Ex) after having removed some collections but my two credit cards that I have are both small limits. One is $750 the other $1150. I worked both of them up from $500. My question is even though my income is over 100k will I only be approved for cards that are $1,000? The only "negative" on my report at the moment is that my credit cards are all under 4 years old (2 ys and 3ys 6mo) Other than that my utilization is 1% . 

9 REPLIES 9
AllZero
Mega Contributor

Re: Rebuilt credit score but have limited credit available

Have you tried lender's pre-qualification site, e.g. Disover, AmEx, etc?

 

Who you bank with? Do you have a credit product with them?

 

CU's to join for Savings Rate now and possible Credit Products later!

Message 2 of 10
gabbyk822
New Member

Re: Rebuilt credit score but have limited credit available

The pre approval sites- I tried capital one and discover but it doesn't show how much I'd be approved for. Is there a pre qualification site? Is it a hard pull? 

I'm with Bank of America and no. 

Message 3 of 10
Dumbee
Established Contributor

Re: Rebuilt credit score but have limited credit available

You should probably be able to get 5 figure limits if you're report is clean now, and DTI not excessive

 

https://ficoforums.myfico.com/t5/General-Credit-Topics/List-of-Soft-pull-PREAPPROVALs-New-Link-10-21... 

 

Check out the list, soft-pulls so you can test the waters

 

I suggest trying Amex, Chase, Cardmatch, BBT, HSBC, BBVA, US Alliance, Discover, and Apple/Goldmans


Smiley Embarassed
Personal/40.15K Biz/23K POT/17K
Message 4 of 10
SouthernCredit
Valued Member

Re: Rebuilt credit score but have limited credit available

Without knowing who your card issuers are and what your scores were like when you got them, you very likely are bucketed, and those cards will never grow much more. However, with 2+ years of positive history, good scores, and high income, you should be able to access higher limits going forward. A major issuer would likely get you into the 5-10000 range for a new application, with growth opportunity from there. 

Message 5 of 10
AllZero
Mega Contributor

Re: Rebuilt credit score but have limited credit available


@gabbyk822 wrote:

The pre approval sites- I tried capital one and discover but it doesn't show how much I'd be approved for. Is there a pre qualification site? Is it a hard pull? 

I'm with Bank of America and no. 


The majority of lenders do not disclose the starting limit. Apple or BB&T may show a starting limit.

 

If you apply, yes, it will be a hard pull inquiry. If it's for pre-qualification, no it is not a hard pull inquiry.

 

BoA pre-qualification site isn't really a pre-qualification site. It's more like a recommendation.

 

I would recommend you do your due diligence. Research which credit products fits your needs, e.g. low APR, cash back, travel, points, etc.

 

If you have questions, feel free to ask and members will guide you along.

 

I would recommend reading the below from credit_is_crack
The "Which Banks Pull Which Report For Apps" list

Message 6 of 10
gabbyk822
New Member

Re: Rebuilt credit score but have limited credit available

Thanks to all for your help! 

Message 7 of 10
AllZero
Mega Contributor

Re: Rebuilt credit score but have limited credit available


@gabbyk822 wrote:

Thanks to all for your help! 


BoA has a selectable category cash rewards card, 0% purchase APR, $200 sign up bonus that may interest you. https://www.bankofamerica.com/credit-cards/#filter

 

Also, CLI Credit Limit Increase request are SP Soft Pull, which is a nice perk. For your reading pleasure BoA to stop HPs for CLI’s

Message 8 of 10
Harvey26
Valued Contributor

Re: Rebuilt credit score but have limited credit available

@gabbyk822  I would def go for a BOA Card. Since you bank with them and have a deposit relationship and I am sure your salary goes there. I would think you would get at least a 3K or more SL. But of course check all your options and prequalified offers as well. BOA may not have had any offers due to your previous file being dirty.

Message 9 of 10
AverageJoesCredit
Mega Contributor

Re: Rebuilt credit score but have limited credit available


@gabbyk822 wrote:

Hello,

 

My scores just went up to 774,778,780 (Eq, Tu, Ex) after having removed some collections but my two credit cards that I have are both small limits. One is $750 the other $1150. I worked both of them up from $500. My question is even though my income is over 100k will I only be approved for cards that are $1,000? The only "negative" on my report at the moment is that my credit cards are all under 4 years old (2 ys and 3ys 6mo) Other than that my utilization is 1% . 


Having cards under 4 yo is not a negativeSmiley Wink. 100k opens alot more doors than a low income so those big limits will come. Just depends on lenders you choose to pursue, what cards and rules you must follow, and time.  Best of luckSmiley Happy

Message 10 of 10
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