Starting Credit Lines

[happypill]

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@Anonymous wrote:

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@Anonymous wrote:

Hello all!  

I have been repairing my credit for a few years now.  I've gone from high 500s/ low 600s to current low to mid 700s (all except EQ which is taking a lot of effort to raise - now around 698).  I started with a Cap One secured card for $500 but I no longer use it, and I have three unsecured cards: Cap One Quicksilver, $5,500, Amex Blue Cash, $5,500, and Discover It,  $5,500.  I am considering closing the secured card and applying for a new card but I want to receive a higher starting line (perhaps $10k and up)  I am hoping for a little advise.  

Thanks in advance!!

(this might belong in another section, if so my apologies)!

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close the cap1 secured card. check prequalified offers at all banks.  You need to hit up chase first, I would do CSP, CIP, maybe Freedom or CSR.  Then after you're over 5/24, get in with BOA, get a merrill+.

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Is the Merrill+ card still available?  How do you apply for it?

To the OP, I think you'd have a good shot at $10k+ on a Venture card with Capital One.  I'd also suggest NFCU as a lender that hands out high limits to people who may have a few derogs in their past.

[Anonymous]

Understood, but I do have bad items in my file, I would hate to be denied after a hard pull no doubt.

I currenty have 2 inquiries on my report, one for an auto loan back in 2014 and the other a rental application. The auto inquiry will be removed in November of this year. The main thing Im trying to do is get a higher starting CL. 😊

[Anonymous]

KayKay mentioned one of the 2 suggestions I was going to offer: getting another Cap 1.  The venture may likely give you a higher limit, but seems like it might have a bit tougher underwriting standards for acceptance, compared to the QS.  That's just something to consider, but if you were approved for either, you could always combine them.  I think the wait time is 6 months.

NFCU(Navy Federal Credit Union) would be my other suggestion.  They give out very high/generous limits, and have a decent variety of cards to choose from.  You no longer even have to go through the proper process that some of us had to do to become a member(for me, it was getting various family members to sign up until I had a direct family member as a member....but I did it!), and the easy method is outlined somewhere on here.

I'm not here to judge your reasons for wanting a high SL, even if it was prestige.  I think NFCU may be your best bet to get it now, with Cap 1 being a pretty safe bet that you could combine for you 10k+ in 6 months.  Maybe give both a shot.   May as well see what your preqalifid for on Cap1  https://findmycard.capitalone.com/en/PageVersions/LandingPages/LP_ONE_V01.aspx

Data point: After 2 recent EX inquries and a 2.5k balance jump(EX still at 747), although only 2 in the last year I think, I just now checked and got platinum and QS1 as my prequalified offers, whereas I was getting QS and maybe Venture before.  I almost want to start a thread for that, because it rather caught me off guard.  

Anyhow, those would be my 2 recommendations if SL is your main focus and your reports arent clean yet.  If you're really hellbent for a higher SL, some folks might suggest that the better the income to rent/mortgage you report, the higher your SL is likely to be.  Of course I am not encouraging anyone to fib, I'm just reminding folks that credit scores are far from the only consideration that's used in making SL decisions.  Please let us know what you decide to do and how it turns out.  Many of the threads Ive read recently and gotten into, left out the ending.  

[jawbrkr]

Keep in mind, even though you are prequalified for that Venture, a 10K+ SL is not guaranteed. They could very well start you at the card minimum of 5K if your profile isnt strong enough.

[Anonymous]

My son is an army vet and i just saw I could join only if he has an account. I touched base with him to see what he could do. After this, and if he joins, I am guessing I should join - but how long would i need to wait to apply for a CC? Thanks!!

[Anonymous]

@Anonymous.

If approved,  you could apply immediately after setting up your account.  NFCU is a good option.  Wished that they would have opened up the floodgates at the begining of my rebuild.  Became a member almost a year, but I have a lot of available credit for my incomes, so I believe that is holding me back. 

[Anonymous]

Thanks! My son has an account with USAA but agreed to open one with NFCU for my benefit.

I think the only other things weighing me down is my auto loan, and school loan balance - total 27k.

Thanks all for helping me wade through the water 😊

[Anonymous]

I've just read many bad reviews about NFCU - curious why so many forum members have nothing but great reviews?

Also, which is really the better option - Chase, or NFCU? Thanks Many,

[medicgrrl]

Your son doesn't need an account, you just need to qualify by having an eligible family member. I joined NFCU based on my dad's veteran status. He's not a member. I just sent his DD214 along with the other documents they requested.

[Anonymous]

When i was fillling out application, it said i needed his account info... whats a dd214? I will ask him. Maybe i am not filling out correct app?