Road To Higher Credit Card Limits?

For just about anything you want to get off your chest about credit cards.
15 posts
zrussell
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Postby zrussell » Mon Oct 14, 2013 11:12 am

DoingHomework,

You're 100% right, I messed up with the inquiry thing and business needs caused me to run up my CLs. I'll have the cards paid of by the end of November latest, we'll see how my score looks. I really don't need to spend any more on the card.

Thanks
Zach


travisrauh
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Postby travisrauh » Mon Oct 14, 2013 1:38 pm

A few others have said the same thing but I wanted to also throw my two cents in.. try not to close cards unless it's illogical to keep them (high fees, unlikely to get a CLI, etc.). Another factor into your score is the age of your accounts. The longer you've had the card(s), the better. Like everyone else has said, your biggest concern, which is fortunately only temporary, is your ~30 inquiries which will eventually fall off, and your high utilisation. Pay down the maxed cards, starting with the one with highest APR. Your goal, like others have said, is 10-30%. Once you get a CLI, do not even try asking again on the same card before at least 6 months have gone by.
I am an employee of American Express. All posts are those of my own and do not reflect the actions or opinions of AXP. While all efforts are made to ensure accuracy in my posts, for official statements or responses, please consult with @AskAmex on Twitter or dial the number on the back of your card.

hwturner
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Postby hwturner » Mon Oct 14, 2013 5:27 pm

I'd only hack a card if the balance is $0, it's not a card you think you will keep long term and it's a younger card. Older cards that you don't think you will use serve an important purpose.

Or just let it sit until it closes as long as it doesn't have an AF.

Secondly, as everyone has said, utilization is killing you. Once you get your utilization lower you can get some better cards and dispose of the ones you don't like or don't think you will want long term

Remember, you really can't control how long your credit history is but, you can control your utilization, inquiries and payment history. It just takes time and patience. Keep your old cards until your history is so old that you can ditch pretty much anything and not be destroyed by it. That takes a few years.

I'm of the opinion that ideally, a person should have a couple cards from major issuers. Cards that are considered staples. Some would say those are Chase, Amex, Discover, Signature Visa and maybe a Mastercard from a good issuer. It gives you options and they are all great cards/companies (depending on who you ask) Ultimately, the cards you get should be based on your need or needs.
NFCU Visa Signature Flagship $8.5k
Home Depot Consumer Card $2.5k
PNC Bank Card(AU) $2.5k
AMEX BCE $2.5k
Discover IT $3.5k
Chase Slate $5.4k


Experian: 771
Transunion: 715
Equifax: 680 (as of 08/01/2013)

zrussell
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Postby zrussell » Fri Oct 18, 2013 4:17 pm

Yea I get that I messed up with the inquiries, and racked up some debt. I'm paying the cards of at about $500+ per week so i'll be at 0 in a matter of months. I'm okay without applying for new cards, but I would like to try to get my credit limits up on my cards so I can actually spend money on them without running up my credit limits.

While running a business, I incur expenses all the time (transportation, meals & entertainment, monthly software subscriptions, accounting services, payroll, etc...). I would like to have these things on my credit card(s) and pay them off by the end of the month. With a 500-1000 limit, I will get utilization up to 80-100% quickly even if I just pay them off at the end of the month.

What is the best way for me to try to get CLIs that can help me work within my spending needs?

Thanks

MemberSince99
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Postby MemberSince99 » Mon Oct 28, 2013 10:54 am

A lot of good advice has been posted here, BUT you don't have to wait 2 years to do anything. Most creditors pay little attention to inquiries at 6 months or more, and they have no effect on your score at one year and most creditors give very little if any weight to them at that point.

The killer is your utliization as others pointed out. You either need to make sure you pay BEFORE the balance posts to the credit bureau, OR if you can't do that you need to budget so you can bring those balances down, or you will be stuck in low limit hell. From the creditors point of view which is what they care about, why would they extend you more credit when you can't manage what you have very well?

Once you've paid those off and made sure the new low balances report, and your inquiries are 6 months old, THEN is the time to go for new lines of credit. As mentioned GE is great about CLIs IF you manage your account well, and that means NOT doing what you are doing right now. Also OCCU is giving out decent limits but you have to take care of business first.

Not much else we can tell you - if you are looking for a magic solution there isn't one. Do the fundamentals right and the rest takes care of itself. And don't go for CSP until you have taken care of things and preferably you have another line already 5k or higher for best odds of approval. A year's history with low utilization and another 5k tradeline should be able to get it for you at least on recon.



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