What would you do?

[Booner72]

Right after we closed on the house my CU gave us a joint VISA w/ a LOUSY 300 dollar limit and said after 6 months we can ask for more.  She also said to get a limit that matched my gross monthly, I had to get to 659 (EQ).  I'm currently sitting at 633 5.0 Beacon EQ, which they use.

My new CU where I got the car loan offered me a 1000.00 VISA and in six months can renegotiate.  The EQ score they got was 647, and that day I had a SW alert at 633, so I know for sure it's not the beacon 5.0, and of course the CU lady has no idea what scoring model is used.

So the 300 dollar limit has aged, the new one would ding AAoA and amount of new credit.  I never did get a hard inquiry from "New CU" so the inquiry "hit" doesn't play into this scenario.

So, keep the old, go on w/ the new higher limit?  What would you do and why, thanks in advance.

(While I want the 1000 dollar limit bc it's a "big girl-ish" and not so humiliating as 300, my overall goal is to get my scores as high as they can go.)

[LS2982]

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@Booner72 wrote:

Right after we closed on the house my CU gave us a joint VISA w/ a LOUSY 300 dollar limit and said after 6 months we can ask for more.  She also said to get a limit that matched my gross monthly, I had to get to 659 (EQ).  I'm currently sitting at 633 5.0 Beacon EQ, which they use.

My new CU where I got the car loan offered me a 1000.00 VISA and in six months can renegotiate.  The EQ score they got was 647, and that day I had a SW alert at 633, so I know for sure it's not the beacon 5.0, and of course the CU lady has no idea what scoring model is used.

So the 300 dollar limit has aged, the new one would ding AAoA and amount of new credit.  I never did get a hard inquiry from "New CU" so the inquiry "hit" doesn't play into this scenario.

So, keep the old, go on w/ the new higher limit?  What would you do and why, thanks in advance.

(While I want the 1000 dollar limit bc it's a "big girl-ish" and not so humiliating as 300, my overall goal is to get my scores as high as they can go.)

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I would stick with the 300 card and get some age with it, as your scores improve that card will grow.

[dharalex]

Keep your eye on the prize! If the $300 card helps your score more, take it. You know with time it will increase. Good luck, my friend!

[LS2982]

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@dharalex wrote:
Keep your eye on the prize! If the $300 card helps your score more, take it. You know with time it will increase. Good luck, my friend!

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+1

[CS800]

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@LS2982 wrote:

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@Booner72 wrote:

Right after we closed on the house my CU gave us a joint VISA w/ a LOUSY 300 dollar limit and said after 6 months we can ask for more.  She also said to get a limit that matched my gross monthly, I had to get to 659 (EQ).  I'm currently sitting at 633 5.0 Beacon EQ, which they use.

My new CU where I got the car loan offered me a 1000.00 VISA and in six months can renegotiate.  The EQ score they got was 647, and that day I had a SW alert at 633, so I know for sure it's not the beacon 5.0, and of course the CU lady has no idea what scoring model is used.

So the 300 dollar limit has aged, the new one would ding AAoA and amount of new credit.  I never did get a hard inquiry from "New CU" so the inquiry "hit" doesn't play into this scenario.

So, keep the old, go on w/ the new higher limit?  What would you do and why, thanks in advance.

(While I want the 1000 dollar limit bc it's a "big girl-ish" and not so humiliating as 300, my overall goal is to get my scores as high as they can go.)

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I would stick with the 300 card and get some age with it, as your scores improve that card will grow.

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+1 . Age ...age ..

[frogfan12]

Keep the $300 card. As your scores go up, so will your CL. One of my first CCs had a limit of $300 and now it is $4K.

[namvet]

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@frogfan12 wrote:
Keep the $300 card. As your scores go up, so will your CL. One of my first CCs had a limit of $300 and now it is $4K.

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+1  Nothing to gain by closing the card. 

[Creditaddict]

Kind of shocked by all the responses but okay that is the point, many different views!

Is this $300 CU card the only credit you have other then the Mortgage and Car?

I would take the $1k in a second and still keep the $300 also, I really don't believe you will notice much in a negative impact of credit score, I would actually think a gain based on util going down.... Furthermore if you do see small dip that should wear off probably in less then 6 months which is when both would be elegible to get increases!

I also say go with the 1k because they seem to be more leanant on lending which means you are probably going to see larger CLI in the future then the CU that only gave you $300 now.

[laboi_22]

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@Booner72 wrote:

Right after we closed on the house my CU gave us a joint VISA w/ a LOUSY 300 dollar limit and said after 6 months we can ask for more.  She also said to get a limit that matched my gross monthly, I had to get to 659 (EQ).  I'm currently sitting at 633 5.0 Beacon EQ, which they use.

My new CU where I got the car loan offered me a 1000.00 VISA and in six months can renegotiate.  The EQ score they got was 647, and that day I had a SW alert at 633, so I know for sure it's not the beacon 5.0, and of course the CU lady has no idea what scoring model is used.

So the 300 dollar limit has aged, the new one would ding AAoA and amount of new credit.  I never did get a hard inquiry from "New CU" so the inquiry "hit" doesn't play into this scenario.

So, keep the old, go on w/ the new higher limit?  What would you do and why, thanks in advance.

(While I want the 1000 dollar limit bc it's a "big girl-ish" and not so humiliating as 300, my overall goal is to get my scores as high as they can go.)

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I was in the exact same position as you. I had a credit score of 649 when I purchased my home through the FHA program. I had no credit whatsoever. No credit cards, no loans, etc. My first thought, after I closed on my home, was to open a credit card. I finally deserved one. So I applied with BofA since I have my home loan through them. To my surprise I was declined. My thought process was if I can get approved for a 100,000+ home loan, why couldn't I get a credit card with even a small limit. WELCOME TO THE WORLD OF CREDIT CARDS.

I waited an entire year before applying for an Orchard bank because no one else would approve me. I had not checked with a CU as I was not aware of this forum yet. I received a $300 CL. I began using the card with all I had and after a year before I had to pay the AF again, I dropped them. I was then approved for the cards listed below. It just takes time. Let accounts age and let hard inquiries fall off. Once that happens, you will enter the prime market!! Good luck!!

[Booner72]

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@Creditaddict wrote:

Kind of shocked by all the responses but okay that is the point, many different views!

Is this $300 CU card the only credit you have other then the Mortgage and Car?

I would take the $1k in a second and still keep the $300 also, I really don't believe you will notice much in a negative impact of credit score, I would actually think a gain based on util going down.... Furthermore if you do see small dip that should wear off probably in less then 6 months which is when both would be elegible to get increases!

I also say go with the 1k because they seem to be more leanant on lending which means you are probably going to see larger CLI in the future then the CU that only gave you $300 now.

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I am so happy to have so many responses.  I knew this would be the board to ask this question.  And I welcome any further opinions cuz I still don't know.

No, it's not my only.  I have Carecredit  w/ a 2500 limit, JCP 2000 limit *or these could be vise versa ---- PLOC at 200 for overdraft protection (gggrrrr - too small and embarrassing) and Walmart w/ 800 limit (rose from 400 in 2 months w/o even asking).  I had a FP but closed that cussword.

So it is my only bankcard credit card and I tend to agree that the 1000.00 might be worth the loss in AAoA.  But I signed papers for it last Friday, and came home w/ "buyer's remorse" which is why I rethought it - then she screwed up the loan papers so I have to go resign. 

The deal is I have to close my 300 CU Visa bc they are worried about all my new credit. (House, car, truck refi, walmart, 300 Visa, and 200 PLOC are all in the last 2-5 months).