My credit limit is too low!

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5 posts
jowill1026
 
Posts: 1
Joined: Thu Sep 27, 2012 2:04 pm
Location: FL, USA

My credit limit is too low!

Postby jowill1026 » Thu Sep 27, 2012 2:12 pm

Hello,

I am a recent graduate with about $5k of student loan debt, and about $150 debt on an Amazon Store card that I've had for a couple years, I use it quite a bit but always keep it around $150. It has a $3200 limit. I just recently was hired to a new job and make a decent amount of money, and also just recently moved and pay $955/m rent.

Anyways, I just got approved for my first credit card last week, the Chase Freedom. They only gave me a Credit Limit of $500. This simply is not enough..I am making a lot of big purchases now since I've just moved and I make enough money to handle a larger limit.

I'm thinking about applying for a second card, is there any that typically offer higher credit limits? I believe my score was listed as 651 on the report Chase sent with the card.


Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Sun Sep 30, 2012 1:40 am

Normaly I would say chase is stupid which they are. But however they are right in only giving you a 500.00 limit. First you metioned
to us that you have about 5,000 in student loan debt, 150 .00 in debt on a amazon card and your paying 955.00 a month in rent.

since your a recent college graduate , you should be thankful that you got a Freedom

when credit reports list cards people have they go under the major finincial company, so the freedom it would say chase
Macys American Express it says Macys, the clear it would only say American Express. so your very lucky to have the Freedom
If I was looking at your credit report from what you wrote I would have denied you.

rember your a recent college graduate , I'm sure you have a nice job, but your not the president of Ruby Tuesdays, Fridays, the president
of JC pennys, your not Derek Jeter, Patrick Kane, Jeff Carter Lebron James. the Chase Freedom with a 500.00 limit is very appropiate for
you.

WS6R6
Platinum Member
Platinum Member
 
Posts: 60
Joined: Tue Sep 25, 2012 11:52 am
Location: Kansas

Postby WS6R6 » Sun Sep 30, 2012 1:51 am

I'm a lot like your situation and my Freedom is my lowest CL. Mine are Penfed, Discover, Citi, Chase in order of CL so there are plenty out there that will go higher. From what I've read Freedom for the most part either gives out the high limits (10k+) for high income/big spenders and then real low for everyone else (2k and below) compared to a lot of other cards that seem to more go directly related to income if that makes sense
Travel 3x, Groceries + Gas 2x: [color=Orange"]AmEx PRG[/color] (Closed)
Restaurants + Travel 2x: [color=navy"]Chase Sapphire Preferred[/color]
Groceries 3%, Gas + Department Stores 2%: [color=blue"]AmEx BCE[/color]
Dining + Entertainment 2x: [color=navy"]Citi Thank You Preferred[/color]
Hotels 5x: [color=Black"]Chase Marriott Rewards Premier[/color]
Rotating 5%: [color=darkorange"]Discover It[/color], [color=blue"]Chase Freedom[/color]
Restaurants 5x: [color=lime"]Citi Forward[/color]
Gas 5%: [color=gray"]PenFed Platinum Rewards[/color]
Future: [color=red"]US Bank Cash +[/color]

kcarter609
Centurion Member
Centurion Member
 
Posts: 423
Joined: Thu Aug 09, 2012 7:54 am
Location: VA

Postby kcarter609 » Sun Sep 30, 2012 6:54 am

jowill1026 wrote:Hello,

I am a recent graduate with about $5k of student loan debt, and about $150 debt on an Amazon Store card that I've had for a couple years, I use it quite a bit but always keep it around $150. It has a $3200 limit. I just recently was hired to a new job and make a decent amount of money, and also just recently moved and pay $955/m rent.

Anyways, I just got approved for my first credit card last week, the Chase Freedom. They only gave me a Credit Limit of $500. This simply is not enough..I am making a lot of big purchases now since I've just moved and I make enough money to handle a larger limit.

I'm thinking about applying for a second card, is there any that typically offer higher credit limits? I believe my score was listed as 651 on the report Chase sent with the card.


Just keep paying it off every week or whatever you need, and if you need to make a purchase over $500, pay Chase that amount so you have a credit to boost your CL, then buy what you need. After 6 months or so, apply for a CLI (Hard pull though).

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)

jlam572
Centurion Member
Centurion Member
 
Posts: 494
Joined: Wed Aug 01, 2012 12:04 am
Location: Hawaii

Postby jlam572 » Sun Sep 30, 2012 8:05 pm

Congrats on finishing college with so little student loan debt. If youre making plenty of money and not getting enough credit, try amex. Thats what I did...went green and have no regrets. They started me off around 1500 a month purchasing power and within a year i was around 30k. If you dont like low limits, avoid capital one in your situation too. But like others have said, youre just starting off...make your payments on time and wait a year and see what happens...plus if youre making plenty of money, just use your debit card or cash.
American Express Platinum
Chase Sapphire Preferred
Hawaiian Airlines BOH MC
USAA Amex
Capital One Visa Platinum
Citi Diamond Preferred MC



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