How long should I wait for to request a higher credit line?

[Lasardo]

When I started this a couple of months ago my score was 554 and I had 23 negative items. I am down to 2 and my score is now 637. When should I ask for higher credit line or should I just wait? I would like to be able to use my card but at a $300 credit line I can't otherwise it could be maxed out therefore decreasing score.

[pipeguy]

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@Lasardo wrote:
When I started this a couple of months ago my score was 554 and I had 23 negative items. I am down to 2 and my score is now 637. When should I ask for higher credit line or should I just wait? I would like to be able to use my card but at a $300 credit line I can't otherwise it could be maxed out therefore decreasing score.

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Generally 6 months to a year, but given the single card with a  current $300 CL I assume you have a very basic rebuilder card - those don't tend to increase in CL much if at all. I woud suggest if you can manage it to open a secured credit card for $1000 for 6 months to  a year. The secured card will report as a regular credit card and will open a path (positive tradeline) to apply for $1000-$2000 CL unsecured cards in a year or so

[AZHeather]

With a $300 cl, I am guessing that it is through Orchard or Cap One (both are actually Cap One now).  If so, they generally will not consider a cli until after 6 months of usage and perfect payments.  Even then, they are tough to get.  If you do request one, be prepared for a hp.

[Lasardo]

Just realized my typo, sorry about the "howling"".so for now open a secured card at 1k and after a year or so I will receive a 1- 2k CL? It's my understanding that I will get that money back after I close the secured card right? My deposit?

[Lasardo]

It is through first premier 36%. APR ,,,!!!!!! Can you believe that they can do that?

[pipeguy]

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@Lasardo wrote:

It is through first premier 36%. APR ,,,!!!!!! Can you believe that they can do that?

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I was hoping it wasn't FP or Credit One. My advise is to open a secured card for as much as you can afford to tie up for a year (yes they give it back to you when you close the account). I would suggest at least $1000, but you can start at $500 and add to the "deposit" to build your credit limit (so called credit limit, its actually borowing your own money). Once you get the secured card, close that 36% APR FP card. You can also attempt to open a Capital One or Orchard unsecured card now, you might get it even with a small CL its better than FP no grace period at 36% APR. Invest a year using your own money (secured card) and I think you'll see your over all credit picture improve.

[Lasardo]

Alright, going to take your advise seriously..thank you so much, ..just one question; why do you feel at least 1k?

[Dagansinferno]

I would try also Citibank. I know fairly recently (within the past 6months - 1 year) they had a secured card. I wasn't sure what the APR was, but I'm pretty sure it was far better than the 36%. Plus, I thought (if I recall correctly) that after 12-18months of on-time payments it could be transferred to a standard unsecured card. It's worth a shot, take a look. While Citi has had problems before, in terms of secured cards, I'd likely feel much better going with Citi...GL!

[pipeguy]

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@Lasardo wrote:
Alright, going to take your advise seriously..thank you so much, ..just one question; why do you feel at least 1k?

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Starter cards generally have $250, $500, even $750 credit limits, intermediate cards $1000 to $2000, prime cards $2500+. These amounts are just general observations of credit limits, not set in stone. If you are going to tie up your money for a year, you want a "real" credit limit showing, not a starter card amount for when you apply for a better card (unsecured) in a year. A $1000 limit will also allow you to have some flexibility in your utilization percentages and will allow you to actually use the card rather than run into your credit limit every week.

[kjm79]

Another reason for larger deposit secured cards is that when you have some history under your belt and start app'ing for the "prime" cards, MOST will try to at least match your highest current limit.  Also, having a larger limit (even with a secured card) allows you just a little more breathing room when playing with utilization. It allows you to make larger purchases without maxing out your card or coming really close to the limit.