Moving On Up?

For just about anything you want to get off your chest about credit cards.
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Joined: Tue Mar 12, 2013 10:10 pm
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Moving On Up?

Postby JoDa » Tue Mar 12, 2013 10:34 pm

Hi all!

So, it's been a wild ride for me over the last several years. I came out of college like most people, with high credit card balances and a shaky, if not terrible, payment history and credit scores to match (high 600's). But I got employed, got my act together, bought a couple of properties, and I'm now pushing 800 with my credit scores and have what most would consider a pretty comfortable income (I live in DC, so it's marginally less comfortable than one might think...not bad, but not extravagant).

The problem I have is that most of the credit cards I have I got when I was younger and poorer and less credit worthy. About few months ago, I went on a spree of trying to get my limits increased, and had decent success. I went from a total revolving credit line of $4700 to $8500, but that's still pretty low considering (a) my credit, (b) my income (over $100K with 20% debt-to-income all-in, even with TWO mortgages), and (c) what I know my friends have. The only "better credit" advice I've gotten is to reduce my revolving usage ratio, which is all well and good, but it's not like I max my cards out. I charge regular stuff for my income (and pay it all off each month), it's just more of my total limit than my peers in similar situations (speaking both statistically and knowing what my friends have).

I'm not willing to give up my miles (I also travel for work and earn 3-4 free domestic flights between work travel and the credit card each year...basically, I pay $95/year for 3-4 vacation flights) nor risk inactivity cancellations (I lost a credit card to that a few years back) to live all- or mostly-cash, so I'd like whatever advice you have on getting those limits up, so that my regular charges come down to the 5-7% usage ratio recommended.

Should I wait a bit and ask for additional increases, and if so, how long (my credit-limit-increase spree was in October, 2012) and how much should I ask for (I kind of feel like I low-balled the increases in the last round)? Should I apply for another card, and if so, what card and should I wait a bit because of the inquiry for the increases (I did them all at once, so it only appears as one inquiry)? FWIW, I have no plans to buy anything involving credit for at least another year, probably more.

I've been toying with the idea of buying a house next summer (2014...not *incredibly* likely, more of an investment property pipe dream, but I thought the same about my rental property and before I knew what happened I was signing paperwork and writing a very large check), so I'd like to keep my credit high enough to keep my options open for that.

Thanks a bunch!
CSP $19K
UMP $11.5K
Target Visa $1.5K

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