Is a high limit from Menards holding me back?

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forrestst
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Is a high limit from Menards holding me back?

Postby forrestst » Mon May 22, 2017 5:16 pm

I'm trying to figure out what's going on here. About 3 months ago I was approved for a Menards store card with a $2500 limit. Today I was offered a CLI, so my new limit is $3700! I can't figure out how I get such a high limit from them.

I have a Cap1 Platinum card with a $750 limit and they won't consider me for another CLI for 6 months. I tried to get a second Cap1 card hoping to get a QS1 for rewards but they won't approve me for a second card. FNBO was my first card from a little over a year ago, it started as a secured card but unsecured several months back, however it's still stuck at a lousy $300 limit.

I've heard that it looks bad to have store cards so I was wondering if having that big limit from Menards is holding me back. I do shop at Menards and buy some stuff there, I realize the Menards card wasn't the best one to get but I didn't want an inquiry and denial from a better card. I originally applied for the Menards card because I was planning on working for someone and thought I might need it but it turned out I applied for a consumer account and what I really needed was a contractor account, so now I'm just using it for a few small personal purchases. In other words, I applied for the wrong card and no longer need my own consumer big card. Last month I charged $33. I could have just paid cash and not had to worry about paying another bill.

I don't currently need a contractor card because my employer got a commercial card. It doesn't show up on my credit reports but I can use it to purchase what is needed for work. If I need laundry detergent, etc. I can use my big card but my debit card would do the same thing. So, I was wondering if ditching the Menards card would help.


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CarefulBuilder14
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Re: Is a high limit from Menards holding me back?

Postby CarefulBuilder14 » Mon May 22, 2017 7:28 pm

What income did you report?

I think it's unlikely that a $3,700 store card is holding you back. I've only heard of "too much available credit" being a problem when someone has many tens or hundreds of thousands in available credit without much in income/assets/spending to need it. Even if you were earning minimum wage and working part time, I can't imagine a $3,700 CL putting lenders off.

Any updates about the unauthorized accounts opened in your name?

How many inquiries do you have? It could be those...or maybe Capital One figures your options are limited and they would rather keep you as a more profitable no-rewards customer.
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forrestst
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Re: Is a high limit from Menards holding me back?

Postby forrestst » Mon May 22, 2017 9:02 pm

$28,000. What I was getting at was a friend of mine told me it looks really bad when you have a retail card with a high limit and 2 major cards with pathetic limits.

What I was told was I should have applied for a Walmart card as they look better to potential creditors since they can convert to a major credit card. Nothing much I can do about that for a long time.

As far as the other accounts, I have the Victoria's Secret card, never used it, checked the balance online and it's $0. Somehow she did manage to place a $20 order with Overstock but I never did get a card from them. I think my mail is permanently screwed up as long as I'm living here and can't be fixed. The post office keeps saying they'll look into it but nothing happens. I finally rented a PO Box and had my mail forwarded. As it is, some of my mail gets forwarded to the PO Box and some goes back "Moved, Left No Address" , "Return to Sender". However, if you write my address on a envelope by hand, the mail carrier brings it to my door. I had one heck of a time getting my Menards card sent to me, I had to put my name on my mom's address and have the card sent there. If you send something Fex Ex or UPS, I'll get it delivered to my door. If you send it USPS, they'll say I moved and left no address. I'd feel better if they could get me the card so I could shred it .

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CarefulBuilder14
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Re: Is a high limit from Menards holding me back?

Postby CarefulBuilder14 » Mon May 22, 2017 9:27 pm

Have you looked at your credit report lately? You could have a late payment (maybe on Overstock?) or a bunch of inquiries.

Your income sounds like it could easily support additional credit.

Some friends know about credit. Others think they do but are quite clueless.
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Travel insurance: Prestige, CSP
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kcm7
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Re: Is a high limit from Menards holding me back?

Postby kcm7 » Tue May 23, 2017 11:33 am

forrestst wrote:$28,000. What I was getting at was a friend of mine told me it looks really bad when you have a retail card with a high limit and 2 major cards with pathetic limits.


I've never heard anything to suggest that would be the case. As CarefulBuilder says, it may be the number of recent inquiries, or perhaps your length of credit history.
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forrestst
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Re: Is a high limit from Menards holding me back?

Postby forrestst » Tue May 23, 2017 11:51 pm

I think part of me is in disbelief that Menards actually offered me a CL of $3,700 when my Cap1 Platinum only gave me $750. When I asked for a CLI from FNBO it was a HP and they declined it, so the card is stuck at $300 CL. I'm wondering if Menards screwed up or something.

I don't like most store cards because I don't shop at most stores enough to justify it. I also remember my mom got talked into applying for a JC Penny card at the register. Her bill came out to $148.95 and they gave her a $150 CL. I wonder what they would have done if her purchase was $155? Would they make you pay them $5 cash then give you a fully maxed out card? My mom quit using store cards years ago because there are just too many stores to shop at and I don't think she's been to JC Penny in years. Myself, I could likely make use of a WalMart card, but I could only justify that if it would help my credit. Hopefully by the time my recent inquiries fall off my credit report, I'll be able to get something much better.



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