Starter cards and limit ceilings?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Volcanon
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Starter cards and limit ceilings?

Postby Volcanon » Wed May 07, 2014 5:03 pm

Hey,

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.


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otter
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Postby otter » Wed May 07, 2014 9:03 pm

Volcanon wrote:Hey,

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.


You don't need to keep your oldest card open. It will still report for 10 years as long as it has no baddies. Don't keep a card open simply for AAoA if the card is a dog...

But really I would sockdrawer the card since it has no annual fee. Cap One might be another card to consider ditching because Cap One is stingy with credit limit increases. And really, you have no reason to be jealous of anyone here... you seem like you're off to a good start even though it may seem to be slower than you might want. The key is to do all the right things... never miss a payment, keep utilization low, and get cards which maximize your rewards based on your spending patterns.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

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jumbo
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Postby jumbo » Thu May 08, 2014 10:11 am

otter wrote:The key is to do all the right things... never miss a payment, keep utilization low, and get cards which maximize your rewards based on your spending patterns.


Well said.
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Volcanon
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Postby Volcanon » Thu May 08, 2014 4:08 pm

Thanks. Your insight is appreciated.

Looks like I won't waste time and possible hard inquiries chasing increases on these cards.

thom02099
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Postby thom02099 » Thu May 08, 2014 9:54 pm

Volcanon wrote:Hey,

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....
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

Volcanon
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Postby Volcanon » Fri May 09, 2014 11:57 am

thom02099 wrote: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....


That's great advice, and you're preaching to the choir.

I actually went into my calendar yesterday and put an alert to apply for a better card in September that is likely to give a decent credit limit. I just got my Barclay's Arrival (my first decent CC) in April and know I should wait before another app.

flan
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Postby flan » Sat May 10, 2014 9:42 pm

otter wrote:You don't need to keep your oldest card open. It will still report for 10 years as long as it has no baddies. Don't keep a card open simply for AAoA if the card is a dog...



With the exception of keep it if it's your only open credit card account. While FICO doesn't differentiate between open and closed accounts for account age, FICO will not generate a score for anyone who does not have an open tradeline. doesn't matter if you have 50 years of history, if nothing is open for at least six months, you don't get a score. And most lenders consider a person without an open credit card account a bad risk.

Once you've got something better, then you can close it. You may want to get the six month overlap, to keep a score, or you might not. Depends on your plans, and what the terms of the bad card are, and if you have anything else that's reporting (student loans, car, etc).



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