Advice on a getting a better limit

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Advice on a getting a better limit

Postby quadsport09 » Tue May 14, 2013 4:27 pm

I have a capitol one platinum rewards card that I have had for about 3 years. I have paid it off every month except for the first few months but like I said Now I pay the balance monthly as well have a scheduled minimum payment.

I tried applying for a car loan from my bank but they turned me down and said my $500 credit limit does not show well enough that I can pay my bills. I have been at a good job now for the past 9 months and make good money. My bank recommended that I get another credit card with a higher limit. I am 22. Besides my credit card that I pay off monthly I do not have any debt or loans but because of lack of loans or anything else I have not built much credit.

Any recommendations for a Good card with a higher limit that I could get without the best credit?

PS I tried getting a raised limit with capitol one but they turned me down I heard they usually do.

Thanks everyone.

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Postby chan35 » Tue May 14, 2013 10:47 pm

Did you call Capital One's executive office or the number on the back of your card? I reached out to the EO a few weeks ago and they increased the limits on both my cards.
FICO Scores:
EQ 704
TU 789
EX 781 (via Amex on 6/11/13)

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Postby Daniel » Wed May 15, 2013 4:49 pm

Seeing as you mention that you have very few tradelines, it isn't a bad Idea to open up a secured card with a bank like BoA or Wells. They allow deposits of up to 2k if I remember correctly, and convert the card to unsecured after responsible use of it and all other tradelines on your report after a short period of time. It is quite common for installment loans to require at least a few tradelines and/or at least X months of credit history. See Lending Club as an example lender requiring both types of criteria.

What does everyone else think is a good idea for this sort of situation?

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Postby beef.stu » Thu May 16, 2013 2:16 am

I would look into getting a card from the bank that you bank with.

My WF platinum was the first card that I got because they called me and asked if I wanted a credit card when I was 18 and had no credit history whatsoever. This card was also the first credit card (and still the only card) for a lot of my friends. If no luck from your bank, then I would maybe try the secured route

edit: I missed the part where you said you already tried for the bank secured would be my suggestion, although I personally would have difficulty in tying money up like that for a secured deposit, maybe try for a store card or a gas card
(01/10) - Wells Fargo VISA Platinum
(05/10) - Techron Advantage
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae WMC
(09/15) - Citi Double Cash WEMC
(09/16) - US Bank Cash+ VISA Signature

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