I need a little advice on what to do with my starter credit card. Maybe someone is more familiar with these low limit beginner type cards.
Its a Bank of America Platinum Plus Visa card and is bare bones. $1500 limit, small annual fee, no rewards. It started as a secured card, then a modest limit. Its my oldest account and I need it for maintaining a good score.
A few weeks ago, I called and asked if I could "upgrade" the account to a better BoA rewards card. They said no, the platinum plus stays a platinum plus, and that's that.
Is it worth burning a hard credit inquiry to ask for a credit limit increase on this card? Or is BoA unlikely to raise the limit much on a lower credit card product? My credit is good - high 700s with only one other hard inquiry. I'm just trying to get my limits up (I'm jealous of you guys!)
My other cards are a 1k Cap One (would I have better luck asking for an increase on this one?), and a 5k Barclays Arrival.
Assuming the high 700s scores are true FICO and not FAKO's, you may want to consider applying for a new/different card from which you can benefit. Unlike some "other" places, this is not to encourage an app spree or drapp spree (drunken apping - the height of irresponsibility). Look at cards out there, see what would be a good addition to your portfolio. Consider doing this every six months or so if you want other cards, or stop with whatever you choose and let your cards age.
Since BofA said you couldn't PC to another card, consider another BofA product and apply for it, if you like BofA. Otherwise, consider Chase, Citi, Discover, AMEX. An AMEX charge could be something to consider, or one of their co-branded cards. Charge cards from AMEX have more relaxed underwriting, compared to their revolvers. Discover can also be a good card to get when one is building their portfolio.
Just some ideas to think about....