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

[SwiftTone]

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

I actually received a CLI of $200 on my Chase Slate over the weekend. The CSR told me it’ll be a SP, but from reading on the forums, it is highly unlikely it’s a SP. I also couldn’t get a straight answer from CS via secured messaging on their online banking.

So if they did in fact do a HP to give me a CL of $500 on the Slate, then I am in a lot worse shape than I thought. I wanted to apply for a Freedom and/or Sapphire/Preferred in the coming months. But if they can only grant me a $500 CL after a HP, I have no chance of getting approved for those cards, right?

Here are my stats:

AAoA: 1 year 8 months

Utility: 11-13%

Income: $48k

2 inquiries in last year on my Experian report. One from the landlord in August, and one from Chase for the Slate

Last late for CC was 01/2010. Before that, 2 CC 30 day lates(05/09, 06/09)

Auto payment history goes like this: 5 30 day lates(03/09, 04/09, 05/09, 10/09, 12/09) and 4 60 day lates(06/09, 07/09, 08/09, 09/09)

So as you can see, I really cleaned up in the last 2 years. I really want to move onto prime cards, but don’t know if it’s the right time yet.

Some advice would be appreciated! Thanks!

[Anonymous]

Hi Swift,

Based on your profile, you aren't ready for a prime yet.

Your AAoA is too low and the baddies are too recent.

My recommendation is to keep your current CC util down, pay on time every month and let your AAoA grow.

Then in about a year or so, check your scores again and see how much improvement you have made.

My guess is that you should be in better shape.

The key to repairing credit is patience.  I can't stress that enough.  

Take it from someone that has had low credit scores and low CLs.  If you are patient, it will come.

Best of luck.

[LS2982]

The lates on the CC's and the thin AAoA may be hurting you more than you think. Time will heal those wounds. Best advice would be garden your accounts for at least 6 months (a year would be better) and you should be fine for prime lenders and decent CLI's.

[Creditaddict]

Apply at Citi.

[vizon]

^ Yes, citi gave me a generous limit with all other companies offering something puny.

[Anonymous]

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

[Repo-ed]

Citi declined me, but anything can happen.

[SwiftTone]

I called the backdoor number for the executive office and spoke to a very nice woman name Marie.

She confirmed that my CLI was infact subject to a HP. She also called some people and confirmed that the CSR did in fact tell me that it was going to be a SP(through phone recording I'm assuming), and they are going to send a letter to Experian to have the HP "masked". I think that means they are going to recode it or something.

She also had an analyst look over my files, and gave me another CLI. So now my Chase CL is $750, up from $300, and no HP!! yay!

I asked her why the analyst couldn't extend more credit, and she told me that they feel my AAoA is too low. Also said that the analyst didn't mention the baddies were an issue. She said call in a few months and see if they can extend more credit or do a PC.

I'm super impressed how Marie handled the situation. I feel like she cared about my concerns and resolved my issues with reasonable results. She also said I can call her any time at her direct number in the future for CLIs, PC, or just general banking needs. I think I will too

[Anonymous]

Your Chase slate is a card that will grow with you over time. The Capital One's are also helping your utilization. I wouldn't count on the Capital One cards going very much higher at all. Capital One is a good lender to use to get your scores ready for prime territory, which it looks like they did, as evident from your Slate. I would definitely leave them open until you are able to find a replacement card(s).

[Anonymous]

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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.