What to do to "breakthrough" for that first high CL?

[granny031350]

As many of you know, I am in the rebuilding phase.  I have increased my scores and so applied for some new cards.  I was just approved for Hooters for 500.00  Haven't heard on the speedway gas card (not mc or visa) yet but the inquiry is there.  My highest right now is Kays, at 1600.00  So now I have plenty of cards but HOW do I get that "first" high cl card?  (my highest is 850 which is my Tribute MC, all others are 250 to 600 cl) Many here have said to go to your CU.  Well my CU wanted me to close out all of my other cards and BT over to their card and my limit would be exactly what I owed on my other cards.  Well that wouldn't work cause my util would go up to 100 percent then.  So how did you breakthrough the barrier?  I am on fixed income of 3008.00 a month but I do get an 80.00 a month increase beginning every October.  I am not eligible for ss until I turn 62 (only 58 now) So what would be the next step? 

Message Edited by granny031350 on 03-21-2008 05:35 AM

[Anonymous]

I would have to guess that you have expenses -

Take your credit report- add the Min payments of all the items

Add your rent payment if not included in the above-

Take this number and subtract it from you Gross monthly income- What do you get?

If this number is over 50% of gross- you are going to have a hard time getting high initial CL's without Good or Very good scores.

[granny031350]

so it is my income that is the limiting factor and not necessarily my credit scores?  My total payments for all cc and student loans is average 250 a month.  And my rent is 675.00  So that is 925.00 a month.   oh well.  I enjoy being retired.  And when I turn 62 in 4 years, I will also have my 1400 a month ss payment to add to the mix.   My car is paid for.  a 1999 Ford Taurus that is beginning to rust.    

Message Edited by granny031350 on 03-21-2008 06:47 AM

[Anonymous]

I'm in a similar situation, fixed income, retired. Have 5 CC. Total CL is now over 100% of annual income. It took time for the limits to increase after a credit meltdown and repair/rebuild. Keep at it.

edit- specifics

A $300 HSBC cl in 2002 is now nearly $5k

A $500 Cap1 cl in 2004 is now over $5k

Other CC that I've received since the above began with $2k cl and have doubled/tripled in short order

a quote from the dark side- 'Higher limits beget higher limits'

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granny031350 wrote:

so it is my income that is the limiting factor and not necessarily my credit scores?  My total payments for all cc and student loans is average 250 a month.  And my rent is 675.00  So that is 925.00 a month.   oh well.  I enjoy being retired.  And when I turn 62 in 4 years, I will also have my 1400 a month ss payment to add to the mix.   My car is paid for.  a 1999 Ford Taurus that is beginning to rust.    

Message Edited by granny031350 on 03-21-2008 06:47 AM

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Message Edited by Anderson on 03-21-2008 01:13 PM