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Some background for this question is that I began my credit journey last year in September with an Apple Card, starting limit was $250. In December I added a discover it card with starting limit of $500. Then in March I opened an Amex cash magnet with $1000 starting limit. In April I CLI'ed from $250 to $500 on the Apple Card. I also added a SSL loan through NFCU in May or June. All other CLI requests from discover and Amex have been denied. I was approved and accepted a platinum card a couple of weeks ago and will be using that almost exclusively to reach the $5000 spend for 60,000 points.
my issue is that with the credit limits all being so low I find it difficult to manage my spending and tracking everything with needing to constantly make payments on the cards. Like last month I put $3300 on my Amex and before that $2900, so it's just frustrating constantly needing to make payments to no exceed my limit. Is there a good reason why I shouldn't just exclusively use the platinum card since it has no pre-set spending limit? Based on my understanding with a previous relationship with Amex they usually allow you to spend 3x your highest month's spend in the last 3 months, which would be more than enough in my case.
The reasons that they keep proving for denying my CLI is that My accounts are too young, lack of revolving credit lines, lack of information on new credit lines, too many recent credit inquiries, and other things that just don't make much sense. I have only had 1 inquiry since I opened my Amex in March and my FICO was 734 on the SP that Amex did for my Platinum card a couple of weeks ago.
I got my first accounts in Sep last year, and have Disco/Amexs, so here's my take
Disco wants a year before CLI, now, I think is the case
$1000 SL Amex cards are hard to bring up, more so now, I got my last 2 attempts denied, 61 day and 90 day fails. I put decent spend on my Amex cards, too. Yes there is data where people bring this SL up high, but it takes time
Try the Apple Card CLI, again. I've seen some getting it bumped it a second time already, if not third time?
If you want high limits so bad... you're in NFCU, the most notorious FI for giving out high limits to anyone
And yes if you want flexible charging power that will probably not decline, the Platinum card will do you the best of your current cards
my opinion - don't try to leverage low limit cards for beni's. It's a pain to keep up with, and is to easy to let a high util rate pop up on your report. I would use them to hopefully get higher limit's cards or CLI. That's just my opinion though.
As pointed out, NFCU is notorious for high limits. When all i could get was $200 commenity cards, NFCU gave me a 12k limit.
It can definitely be stressful! I just hit the 3,000 spend SUB in 2 months on my NFCU Amex, with a $500 limit. One thing I have found to help with this, is if I know I will be spending heavy in the next day or two, I will make a payment that will increase my available balance. I don't know if this is frowned upon, but if I have $300 available, I will make a $400 payment, and my available balance will be $700. Then I can make larger/more purchases without getting declined. There is a bit of finesse that goes with it, but I make my statement cut at $0 regardless of how much spend I run through the card.
While it is kind of annoying, I know that it is only temporary. I am not interested in other cards at this time, so I will have to wait until graduation/CLI's to get more spending power.
The platinum should solve all these issues for you, though, and you can use your other cards for their specific category spend to still get the most out of your lineup!
It can be VERY frustrating when you're just starting out and getting toy limits. Unfortunately, it takes time for the bigger banks to open up their purses. Your best bet is to spread out your applications more and give it time. Also, try getting a credit union card. I had a $300 Cap1 Platinum and $500 Discover when DCU gave me a $5,000 limit. After I hit a year of history, I got 2 cards with $8k limits each. Of course things are tighter now, so results vary, but patience is key.
My advice is to use that Platinum to your hearts content and garden. Don't forget to show your other cards love too. Before you know it, this will be a distant memory.
Not knowing all the details about your credit profile, as mentioned up thread, seek credit unions. They may be more generous in starting limits.
CU's to join for Savings Rate now and possible Credit Products later!
@manateemark that's normal and to be expected. Your credit is not even a year old. Higher limits come naturally, but it takes time and patience.
Applying for more cards to see if there will be a different outcome is counterproductive, and it leads to perpetual toy limits mixed in with denials.
Best you can do is let time do it's thing.
Try going one year without an application, and you"ll be pleasantly surprised at the change.
If you continue adding useless cards, you will bump into various limitations lenders put on how many cards they will approve, and you will be sitting in a naughty chair even longer (that's my personal experience).
I know patience is not something anyone wants to hear, but that's the biggest "secret" ingredient, time.