My credit scores are pretty good, but i can't seem to get decent CLs.
I have 8 cards currently QS $600, Savor one $1000, Cap one Walmart $300, Mercury Visa $1750, Credit One (blue) $650, (black) $1200, Avant $600, Merrick $1300.
I recently closed Milestone $700, Indigo $300, First Premiers $700 & $600. Id ultimately like to close my other annual fee cards, for obvious reason. Should I? My CUR is 0 I can't seem to get approved for substantial credit limit increases. Capital One. almost all but refuses to, save for the occasional $100 increase.
My oldest card is the QS formerly the Capital One Platinum it's 2 years and 8 months old my newest card is savor one, Aug. Average age of credit one year three months. I used to carry how I balances now everything is paid off in full. I'm able to spend a decent amount about $1,000 a week for work on my personal cards and then I'm reimbursed and pay the cards off in full before they report any balance. I heard this is wrong is that the case? Should I let them report a balance?
My scores are Ex 777 Tu 772 Eq 781 these are all up from the mid 500s in about a year. I'm still not sure how that happened like I said I used to carry pretty heavy balances then I paid them all off within about 2 months my scores were in the mid- 700s now I'm kicking 800 in the butt. I'd appreciate any insight you guys can give me I think my total credit limit of under $8,000 is not proportionate with my credit scores thanks very much
@Shmike wrote:My credit scores are pretty good, but i can't seem to get decent CLs.
I have 8 cards currently QS $600, Savor one $1000, Cap one Walmart $300, Mercury Visa $1750, Credit One (blue) $650, (black) $1200, Avant $600, Merrick $1300.
I recently closed Milestone $700, Indigo $300, First Premiers $700 & $600. Id ultimately like to close my other annual fee cards, for obvious reason. Should I? My CUR is 0 I can't seem to get approved for substantial credit limit increases. Capital One. almost all but refuses to, save for the occasional $100 increase.
My oldest card is the QS formerly the Capital One Platinum it's 2 years and 8 months old my newest card is savor one, Aug. Average age of credit one year three months. I used to carry how I balances now everything is paid off in full. I'm able to spend a decent amount about $1,000 a week for work on my personal cards and then I'm reimbursed and pay the cards off in full before they report any balance. I heard this is wrong is that the case? Should I let them report a balance?
My scores are Ex 777 Tu 772 Eq 781 these are all up from the mid 500s in about a year. I'm still not sure how that happened like I said I used to carry pretty heavy balances then I paid them all off within about 2 months my scores were in the mid- 700s now I'm kicking 800 in the butt. I'd appreciate any insight you guys can give me I think my total credit limit of under $8,000 is not proportionate with my credit scores thanks very much
1. Welcome to the forum.
2. FICO scoring has an "all zero penalty". If all of your revolving accounts report zero balances, you get penalized, typically 15-20 points, so it is a better practice to let one of the bank cards report a small balance, then you can pay it off the next day after the statement has cut.
3. Yes it's ok for you to close annual fee sub prime cards.
4. You should refrain from making too many new credit applications. Just do it once in a while, and only for a quality card -- no more sub prime cards for you.
5. Capital One probably has your cards bucketed, and getting CLI's will be very difficult, so put that out of your mind.
6. You've got enough Capital One cards for now, so start looking elsewhere for your next addition.
Thanks very much for the information, I really appreciate it. I'm relatively new to this I just stumbled across this forum because I wanted to I have a better understanding of intricacies of credit I was on Reddit forums someone made a comment that people there were dumb and they should go over to my FICO for obvious reason I also like the comprehensive data in my fico's app and the fact that it's from the FICO company itself so adventure to Guess that they're accurate scores is that the case? As I said I'm relatively new at this but I would like to grow my credit limit but not at the detriment to my scores is that going to be a contributing factor? I think I left out pertinent information on my first question I do have quite a few inquiries 7 EQ 8 TU & 16 EX I was just recently offered VIA mail the bread card on the AmEx Network is this a viable card should I take the offer? I've read some places that it's an SP not an HP. Can I take another HP? Perhaps just this last one and then fall back for a little while perhaps a long while and let my garden grow so to speak I'm sorry I'm just trying to answer questions that I wasn't able to find myself in the forums I don't mean to take you hostage but again any insight you can offer I'd appreciate greatly. Thanks very much once again! I apologize for my punctuation or lack thereof as I dictate my messages
@ShmikeI'm going to agree with what others have said and add that in regards to Capital One, the reason they are likely in a low "bucket" very likely is tied to what your credit profile was at the time you opened them. Cap One is one of the more welcoming lenders to those who are rebuilding (and to those pretty new to their credit journey), however if you get multiple cards with them while your scores are still depressed those cards may not grow much. The linked post from a number of years ago has a nice explanation regarding asset backed securities in regards to Capital One.
There are exceptions but it gives a good general idea of what happens with many Cap One cards. That being said, for those who are past the beginning stages of the rebuild or are relatively new to credit (but not brand new), there is potential with them to get decent cards with solid limits. Since you already have multiple Cap One cards fully agree with the others about not applying for anything else with them (or anything in the near term given your number of inquiries), just wanted to point out some info related to them.
Hey thanks so much for the reply and the information! It's just really a new build I did write a letter to First Premier Bank because I had a 30 day late missed payment I was able to get it changed to closed by grantor with no missed payment it did raise my score substantially but I was well on my way even before this was removed. I know I have quite a few cards in a short period of time that was kind of my plan only because I knew I needed the diversity to raise my score substantially in such a short period of time and it worked out the only detrimental effect that had was the amount of my inquiries I'm really kind of itching to accept the offer to this bread card on the AmEx Network only because I want to start to build a relationship with them I know it's not a true Amex card however it is on their Network so I'm considering it my last hard pull for at least a year what would you do? I have seven hard pulls for TransUnion 8 hard pulls for Equifax and 16 hard pulls for Experian two should be coming off Experian by December. Any more insight you could offer I'd greatly appreciate thanks very much!
Hey thanks so much for the information I really appreciate you taking the time! I will absolutely scrutinize that link when I get a chance. As I mentioned earlier in the thread I just recently got an offer from the bread card on the AmEx Network I really want to begin to build a relationship with Amex I know it's not an actual AmEx card however it is on their Network so perhaps this last one? It's basically a give me and I've heard it's a soft pull maybe a hard pull on the credit limit increase? At least that's what someone mentioned in one of the forums specifically for that card. Do you think I can get away with one more card to add to my garden? I really would like to reflect some Amex! They mailed me the offer there's no annual fee and I've just closed two annual fee cards from First Premier as I mentioned above and I have two more annual fee cards from credit one that I'd like to get rid of but I haven't "exceptional" credit diversity as per my FICO and I want to keep that so do you think adding that one last card would be okay and then fall back for about a year? Again thanks so much for taking the time out to answer my questions I'd appreciate any further Insight thanks very much!
Yeah it was a couple years ago it was a total miscommunication during covid anyway I got it taken off but I absolutely agree I really scrutinize all my accounts and I also have them on autopay currently so it won't be an issue again so you think the bread card would be a no-go? I'm sure when applying for AMEX they will see it's an Amex networked card so that might work in my favor right? Or do you think I should just fall back and wait to apply for anything new at all?