I have one collection that was paid off 6 years ago it will fall off next january 
, my auto loan is for 30k from toyota motor and my mortgage is from wamu at 165k. I do make 60k a year no lates on anything credit cards mortgage or auto loan.
I have had a auto loan on my credit since late 04 and always paid on time.
@Anonymous wrote:
B Of A has approved me for a rewards platinum card with a limit of $3400.
this is close to what I wanted and is a lot better then any of other credit cards.
Congrats! You are on your way. Use the BoA card as much as possible (PIF) and you will most likely get auto increases to at least $10K if not $20K or more. BoA's Luv will really kick in after January when the baddie falls off and / or your scores jump up. BoA will still have the baddie in your bank credit history but other future creditors won't see it. For that reason, I would wait to apply for additional credit cards until your credit files are completely clean. That would be a good time to try a CU like PenFed. 
@Anonymous wrote:I have one collection that was paid off 6 years ago it will fall off next January
I have had a auto loan on my credit since late 04 and always paid on time.
The fact that BoA issued you a card with a $3,400 limit with your profile is very interesting. It seems that a sub 700 FICO score and an old collection in file is not that much of a hindrance for a decent credit card limit from BoA. You didn't even have that high of a credit limit with Chase. That was the reason I had guessed a $1,000 initial BoA CL.
It seems that BoA liked your mortgage and car loan perfect repayment history. Your income should be good for up to a $25,000 credit limit.
It looks like Bank of America is getting back to basics. Income and a manual review of your credit history seems to be more important than credit scores alone these days.
You might want to open a checking or savings account at either BoA or Chase. Make sure you have a few thousand in the account and watch how the credit limits go up.
I know you wanted to have a $5,000 CL for emergencies. While you wait for the collection to fall of, I would try to save a few thousand for emergencies. That will enable you to build credit limits higher and faster by always having plenty of cash on hand to PIF.
My guess is that you can get Chase to raise your limits substantially a year from now. After all Chase will have your mortgage info in file from WaMu and will see your CLs with BoA go up, up, up.
Chase was a little late showing me a lot of Luv, but once I was nailing CLIs from BoA twice a year, for a couple of years, Chase played catch up really fast. I believe that Chase will wake up and smell the coffee now that it can see that BoA is romancing you with a starting limit of $3,400.
BoA definitely wants to have all your banking business and Chase will soon be well aware of that. You might even be one of those rare blessed Chase customers who receive unrequsted auto CLIs.
In these days of tight credit and adverse actions, your story should be an inspiration to more than a few people.
In case anybody misses the "moral of the story". You had paid off all revolving debt. You had zip, ziltch, nada... balance on credit cards. Bank of America decided that you were an outstanding credit risk even though you had a sub 700 FICO score and a paid collection in file.
You definitely earned the $3,400 credit limit by your responsible credit management.
