Why is my credit limit so low? What are my chances of getting a prime card??

[bichonmom]

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@Anonymous wrote:

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@SwiftTone wrote:

So I’m frustrated at my low CLs, and can’t really figure out why.

I have 3 cards:

Capital One Platinum(11/2008): CL $1000

Capital One Platinum(02/2011): CL $1250

Chase Slate(11/2011): CL $500

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The reason for your low CLs is highlighted in red. Capital One just isn't going to give you good limits. Especially if you started with one of the subprime products (like the Platinum cards), they're just not going to grow. At least your card is up to 4-digits. My Cap One platinum card from 12/2010 is still at $750.

Chase at least has a chance of growing with you over time - but Capital One won't.

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+1 Cap One just doesn't give CLIs on their sub-prime cards, with the VERY rare exception.

[Anonymous]

I agree with what others have posted. It takes awhile to build up the length of credit history that comes with higher CLs. CLs are set in part based on income (which you're fine) and in part based on creditworthiness. Someone new to credit with a thin file presents much more of a credit risk than someone seasoned in maintaining reasonable balances and paying their CC bills on time for years. I am fairly new to credit and it took me about 4-5 years to get all the cards/CLs you see in my siggy. Patience is key!

In 6-12 months you may want to open an account with a lender like Citi that is known for more generous starting CLs and giving CLIs. That will set you up for some growth. Good luck!

[LS2982]

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@Anonymous wrote:
I have a one year credit history (and a month) with an annual income of 16000 and was approved today for a discover more with a 3k limit! My previous highest was a cap 1 platinum at 750 lol
My your overall credit score is better than mine.. My TU is at 736 but EQ is 525.. Because I'm an authorized user on a credit card gone bad... Give discover a shot and see
Oh my overall utilization is 18% and have 6 inquires before discover I hear they're good on cli too

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Have you gotten the account removed??

[TBOY012]

+ 1 I was an authotized, user on two Chase accounts that were hurting me bad.. I gave Chase csr a ring and it
Was removed a about a week later.. No special backdoor number was needed for
Me, just like called the number on back of my current card.. Ymmv but worth a try

[haulingthescoreup]

OP, I'd suggest getting in with a credit union that offers CC's. Credit unions are often more generous than the big banks, especially for builders and rebuilders.

Your EQ FICO of 705 is a Beacon 5.0. Many CU's (not all) pull Equifax, and they would be pretty happy with a 705.

I'd pull a fresh EQ FICO, print it out, and visit some local CU's (not the big national ones yet.) Show them the score and report, tell them it's a Beacon 5.0, and ask if based on that, you'd qualify for a card.

They would have to pull a real one (= hard) if you applied, but many loan officers will give you an informed guess.

Once you get another 4-digit CL, you'll look more attractive to lenders.

Actually, having two 4-digit CapOnes is nearly miraculous. But I agree, they won't grow, and Chase nearly always pulls a hard for customer-initiated CLI's.

[SwiftTone]

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@haulingthescoreup wrote:

OP, I'd suggest getting in with a credit union that offers CC's. Credit unions are often more generous than the big banks, especially for builders and rebuilders.

Your EQ FICO of 705 is a Beacon 5.0. Many CU's (not all) pull Equifax, and they would be pretty happy with a 705.

I'd pull a fresh EQ FICO, print it out, and visit some local CU's (not the big national ones yet.) Show them the score and report, tell them it's a Beacon 5.0, and ask if based on that, you'd qualify for a card.

They would have to pull a real one (= hard) if you applied, but many loan officers will give you an informed guess.

Once you get another 4-digit CL, you'll look more attractive to lenders.

Actually, having two 4-digit CapOnes is nearly miraculous. But I agree, they won't grow, and Chase nearly always pulls a hard for customer-initiated CLI's.

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I should have listened to you. I applied for a Sapphire Preferred, and got denied after a recon. Reason being my other CLs were not large enough.

So I guess I'll do what you suggested and head to the CUs. If I get approved for a CU CC with a good CL, how long should I wait before applying again?

Thanks

[Anonymous]

LOL. Your cap one plat has higher limit than mine. My credit limit is 200 xD.

Chase and Boa both gave me 5k credit limit. My capone is the oldest account, therefore I don't want to close it. I just buy a pack of gum everymonth and leave 5% balance on the card. I had no LUCK with cap one at all. Just go with differrent companies.

[haulingthescoreup]

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@SwiftTone wrote:

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@haulingthescoreup wrote:

OP, I'd suggest getting in with a credit union that offers CC's. Credit unions are often more generous than the big banks, especially for builders and rebuilders.

Your EQ FICO of 705 is a Beacon 5.0. Many CU's (not all) pull Equifax, and they would be pretty happy with a 705.

I'd pull a fresh EQ FICO, print it out, and visit some local CU's (not the big national ones yet.) Show them the score and report, tell them it's a Beacon 5.0, and ask if based on that, you'd qualify for a card.

They would have to pull a real one (= hard) if you applied, but many loan officers will give you an informed guess.

Once you get another 4-digit CL, you'll look more attractive to lenders.

Actually, having two 4-digit CapOnes is nearly miraculous. But I agree, they won't grow, and Chase nearly always pulls a hard for customer-initiated CLI's.

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I should have listened to you. I applied for a Sapphire Preferred, and got denied after a recon. Reason being my other CLs were not large enough.

So I guess I'll do what you suggested and head to the CUs. If I get approved for a CU CC with a good CL, how long should I wait before applying again?

Thanks

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I honestly can't say, because this is a Chase issue, not a scoring issue. Also, Sapphire Preferred is a more elite card (I hate that term, but you know what I mean. They're competing with the Plat, etc.) So you probably don't really fit their profile yet.

Was there a particular reason that you wanted that card? (You've probably posted this elsewhere, but I have kind of given up keeping track of CC threads. )

[aussiesareforever]

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I should have listened to you. I applied for a Sapphire Preferred, and got denied after a recon. Reason being my other CLs were not large enough.

So I guess I'll do what you suggested and head to the CUs. If I get approved for a CU CC with a good CL, how long should I wait before applying again?

Thanks

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In my opinion, I think you should wait at least a year before you apply for any other cards. Let your accounts grow and the inquires age off. Three revolving credit cards is PLENTY to build your credit history. Keep your utilizations low on those cards and pay your accounts on time. Even if it means paying off your card multiple times a month. My two cents.

[LS2982]

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@daisydvm wrote:

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I should have listened to you. I applied for a Sapphire Preferred, and got denied after a recon. Reason being my other CLs were not large enough.

So I guess I'll do what you suggested and head to the CUs. If I get approved for a CU CC with a good CL, how long should I wait before applying again?

Thanks

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In my opinion, I think you should wait at least a year before you apply for any other cards. Let your accounts grow and the inquires age off. Three revolving credit cards is PLENTY to build your credit history. Keep your utilizations low on those cards and pay your accounts on time. Even if it means paying off your card multiple times a month. My two cents.

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+1

My agents are looking into this advice for my portfolio as well.