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for 2015: fewest cards with highest limits?

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Fico2Go
Established Contributor

for 2015: fewest cards with highest limits?

I'm planning for 2015.  I have all the cards I need now  and any new apps will be for the purpose of maximizing CLs. 

 

Many of you know that I've just started getting back into the credit card world after over 10 years using debit cards.  What got me interested in CCs again are rewards programs. 

 

All the cards in my siggy are from this year alone.  My scores are in the mid 700s and I'm looking for strategies to increase my CLs with the existing products I have. 

Would love to start seeing 20K limits across the board but would like to keep total cards under 7. 

 

Any tips would be appreciated.

 

 

 

 

Discover IT $19,000 == 12/2013
AMEX 12/2013 ---BCP $12,000 === BC $23,000 ----- 04/2014
CHASE SLATE $5,700 === 12/2013
BoA 123 $6000 === 12/2013
Barclay Rewards $1500 == 12/2013
Message 1 of 5
4 REPLIES 4
Luscher
Valued Contributor

Re: for 2015: fewest cards with highest limits?

Start slow, get a card use and let the CL grow. Then repeat
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 2 of 5
Networth
Frequent Contributor

Re: for 2015: fewest cards with highest limits?

Show usage, I just got a unexpected bump on my Freedom for another 6k, because I have been using it heavily the past couple of months I suppose. I do have great credit but in my experince with the 3 auto CLI I have gotten from Chase they like usage, them an Amex. 

 

Improve your scores and use use use the cards to increase those limits. 

Chase Sapphire Reserve - American Express Blue Sky - Chase Freedom - - Chase Freedom Unlimited - BankAmericard Travel Rewards -

TU 813 EX 809 EQ 812
Message 3 of 5
Fico2Go
Established Contributor

Re: for 2015: fewest cards with highest limits?

For me having a bunch of $2000 limit cards would become a major headache.  So I'm trying to avoid falling into this trap. 

i have read that apping for new cards may be a quicker way to acheive higher limits than waiting for existing cards to grow via auto CLIs. 

 

If this is true then I would like to app for new cards and reallocate CLs to the new cards for speed.  But doing this would reduce AAoAs. 

 

 

 

 

 

 

 

 

 

Discover IT $19,000 == 12/2013
AMEX 12/2013 ---BCP $12,000 === BC $23,000 ----- 04/2014
CHASE SLATE $5,700 === 12/2013
BoA 123 $6000 === 12/2013
Barclay Rewards $1500 == 12/2013
Message 4 of 5
takeshi74
Senior Contributor

Re: for 2015: fewest cards with highest limits?


@Fico2Go wrote:

Any tips would be appreciated.


There's no magic trick to all this.  Limits are based on credit and income.  Work on the usual factors (most just require time and responsible usage):

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

 

...and do what you can to improve your income.

 

Message 5 of 5
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