Thread: Advice to apply for a high limit card

Background:
I am a married 21 year old pre-law college student. I have been working on my credit for some time now, building it from scratch. I have begun with many of the basic steps, such as opening 2 low credit store cards (Kohls + JCPenny). I also have a discover cards with a basic $2000 limit (Increased from the $1500 limit of three years ago). I understand that one of the things to advance my score is to increase my overall limit.


Facts:
My FICO score is 776 (Never a late payment)
My wife's Fico score is 724 (One 30 day late payment several years ago).
My wife graduated in May, so she is working full time now. Our new yearly income will be >$45,000 from this point onwards.
Although I still am and my wife was a student, we have no current loans. I did have a $3500 federal loan, but that has since been paid off.
I have bank accounts with both Key and Wells Fargo.
I always pay the balance in full, so interest rates are of no concern.

Questions:
1. My father suggested getting a Visa as the best long term card. I know it is harder to gain high limits from a company I have never dealt with before, so should I try to get a high limit Discover card instead?

2. I want to get a card with >$5,000 limit. Is this possible? Where should I look?

3. Is my best bet for a high limit from a "Platinum" credit card?

4. Is it best to get the cards from Key or Wells Fargo (I.E. Wells Fargo Platinum Card or Platinum MasterCard Credit Card from Key Bank)?

5. When applying should I include my wife on the application or add her later
(will it hurt my chances)? Can I list my income as what we will be earning, rather than previously?

6. If I shop around to see what limits I am approved for, will it appear on my credit report as shopping for credit?

Originally Posted by zapper_89

Background:
I am a married 21 year old pre-law college student. I have been working on my credit for some time now, building it from scratch. I have begun with many of the basic steps, such as opening 2 low credit store cards (Kohls + JCPenny). I also have a discover cards with a basic $2000 limit (Increased from the $1500 limit of three years ago). I understand that one of the things to advance my score is to increase my overall limit.


Facts:
My FICO score is 776 (Never a late payment)
My wife's Fico score is 724 (One 30 day late payment several years ago).
My wife graduated in May, so she is working full time now. Our new yearly income will be >$45,000 from this point onwards.
Although I still am and my wife was a student, we have no current loans. I did have a $3500 federal loan, but that has since been paid off.
I have bank accounts with both Key and Wells Fargo.
I always pay the balance in full, so interest rates are of no concern.

Questions:
1. My father suggested getting a Visa as the best long term card. I know it is harder to gain high limits from a company I have never dealt with before, so should I try to get a high limit Discover card instead?

2. I want to get a card with >$5,000 limit. Is this possible? Where should I look?

3. Is my best bet for a high limit from a "Platinum" credit card?

4. Is it best to get the cards from Key or Wells Fargo (I.E. Wells Fargo Platinum Card or Platinum MasterCard Credit Card from Key Bank)?

5. When applying should I include my wife on the application or add her later
(will it hurt my chances)? Can I list my income as what we will be earning, rather than previously?

6. If I shop around to see what limits I am approved for, will it appear on my credit report as shopping for credit?

This should probably go in a new thread instead of hanging on the end of this one, Mods can you help out?
To answer:
1. Visa might have slightly better worldwide acceptance. Yes some companies will be more likely to give you high limits if you have a good history with them. Whether a checking account history will help your CC account depends on the bank. Discover, though, can be kinda stingy with their credit limits.
2. Stay away from Capital One and others marketed toward less than excellent credit. Try USAA, AmEx, Chase, Citi, etc.
3. In general if you are approved for a MasterCard with a <5K limit, it will be a Platinum, >5K it will be a World card. Visa does the same thing with Platinum vs Signature. Platinum is second best.
4. I dunno, never dealt with either of them.
5. Usually there is only a space for one person to apply and get approved for the card, the other can be added as an authorized user. You can put her on as an AU it shouldn't hurt your chances.
6. Yes. Shopping for mortgages or car loans is OK in the FICO model. Credit cards are not.

Chase, Discover and US Bank offer student cards, they’re very good cards and because you’re a student you already meet one of the requirements.
While you have a good credit score, it might be possible they only grand you 2000.00. If you are approved for two American express cards, you can consolidate the credit lines. Check with the bank you are going to apply with if this is an option.
Platinum, titanium or iron ore card a credit line is a credit line. My US bank card is just the regular flex card, the interest rate is great, no AF and 8500 CL.
I like WF Bank, I do all my banking with them but you should get the card that is most appealing to you.
I believe only US bank now offer the option of joint accounts. Most of the major banks that I have joint accounts with I had to apply and add later. You seem to have a better score so I will recommend that you apply and add her.
If you shop around, it will appear on your CR and unfortunately it will not show that you are shopping around for a higher CL but an indication that you are a credit risk

Originally Posted by zapper_89

Background:
1. My father suggested getting a Visa as the best long term card. I know it is harder to gain high limits from a company I have never dealt with before, so should I try to get a high limit Discover card instead?

2. I want to get a card with >$5,000 limit. Is this possible? Where should I look?

3. Is my best bet for a high limit from a "Platinum" credit card?

4. Is it best to get the cards from Key or Wells Fargo (I.E. Wells Fargo Platinum Card or Platinum MasterCard Credit Card from Key Bank)?

5. When applying should I include my wife on the application or add her later
(will it hurt my chances)? Can I list my income as what we will be earning, rather than previously?

6. If I shop around to see what limits I am approved for, will it appear on my credit report as shopping for credit?

1. A Visa or MasterCard will be the better bet. Discover will likley issue a small credit line; however, this would increase with usage. Discover likes to see usage before they initiate auto CLI's.

2. I would try for a NON STUDENT Visa or MasterCard from a local credit union or from Citibank/Bank of America/Chase. It has been reported that Citibank is very good about giving CLI's without hard pulls in a short amount of time. If you have any way to join USAA or Navy Federal Credit Union you should totally do it. Again, NON STUDENT!!! If you apply for a student card you will undoubtedly receive a toy credit line.

3. Platinum is basically the new standard, basic card. I really have not seen many Classic or Gold accounts these days. You will want to steer clear from rewards cards as most issuers issue rewards cards as Visa Signature and World MasterCard. Most banks do not report a credit line on Signature and World. (Citibank does report the limits on Signature/World, Chase and BofA do not). It sounds like you want a good rate and mostly a higher credit line. So rewards should not matter to you as much.

4. As far as I know, Key does not issue their own credit cards and Wells Fargo is a joke. I would avoid a credit card with Wells Fargo and frankly, I would advise a new bank all around.

5. Since she has a 30 day late, I would wait until the card is approved and then add her as an AU.

6. You may "shop around" by looking at the terms and conditions on the banks' different websites. Please do not apply for any credit card you find just for grins and giggles. If you apply for too many cards-and are approved-you will end up with a ton of inquiries (this is a bad thing) as well as several new accounts (very bad thing) and this will kill your FICO. It will also likely kill any chances of obtaining the higher credit line you are after. Again, I would suggest checking into a credit union.

Here is a credit union finder:

America's Credit Unions: Where people are worth more than money.

You can join many credit unions based on where you live, work, attend school or even worship. And if you or anybody in your family has military service, I would check into USAA (federal savings bank) and Navy Federal Credit Union (and Pentagon Federal Credit Union for that matter). USAA, Navy FCU and Pentagon FCU are outstanding and generally issue larger limits.

In all honestly due to your limited credit history, you may still be issued a card under $5K. Credit takes years to build and maintain and only a few moments to ruin. Your best bet in my opinion will be a Citibank card: Platinum Select, Simplicity or Forward. You probably will be given $2K or so, but within a year you can probably get that increased to $4K to $5K by asking for soft credit line increase or they may give you auto increases. Also look into the credit unions. Even if you dont get a card from one, they are absolutely fantastic for auto loans.

Thank you so much for your reply Deville! You have virtually confirmed all of the research I have done over the last several days.

3. Thanks for the heads up about "signature" and "world" cards. I had only heard whispers about this fact, excellent to confirm.

4. I will certainly avoid Wells Fargo. Does it make a difference if I get a card from the Key website? They have a basic MC Platinum which I am interested in, who issues the card then?

6. I am going to make sure I decide what is the best, and then go for it. I wish I could actually "shop" around, but it is what it is.

7. Are credits unions that much better than large banking institutions? I have always heard the big banks are my best shot. What exactly do credit unions bring to the table?

8. While in reality my credit is very "young," on my credit report it states that it is 17 years old. My father wisely placed me on credit cards at a young age to get me "started" and my average length per credit line, as of now, is 4 years. I understand that my credit limit
"may only be $2,000." But I will be happy with whatever I get, as long as it was the best chance.

9. I have narrowed my search down to five cards. I honestly would prefer a visa over a MC, so the Forward or the Slate looks appealing. What would you recommend?
a. Citi Platinum Select MasterCard
b. Citi Forward Visa Card
c. Chase Freedom Credit Card (Is this MC or Visa?) (Does this have a preset limit, or is it like a Visa Select?)
d. Chase Slate by Visa (Does this have a preset limit, or is it like a Visa Select?)
e. Platinum MasterCard Credit Card (Listed on the Key website)

10. As step two, I want to open a credit line with Amex to "get my foot in the door." Should I apply for
American Express Blue Cash or the American Express Clear Card?

11. As step three, I plan on manually asking discover for an increase in credit on my existing account.

12. I know about the "Back door numbers" in case I am denied. But If I am only approved for $2,000 or $3,000, should I bother to manually ask for an increase after approval?

Well, I applied today for both the Citi Platinum Select (MC) and the AMEX Blue Cash Everyday. I just checked tonight and found that my AMEX was approved with a $2,000 limit. Still no word on the Citi card, I can't imagine I would have been turned down. Strangely, the application process does not seem to recognize that I have an application pending. I will have to call in tomorrow to see if I can expedite things.

I appreciate the help of this forum. It has make this dreadful process relatively exciting and easier.

I just called into Citi, the platinum select was approved with a $5,900 limit. I asked about increasing the limit and was given the number 800-950-5114. However, they need 24-48 hours for the information to be in the system.

I also tried to contact the American express representative to see about increasing the limit and was told that I could not ask for a higher limit without physically having the card, is this true?

Originally Posted by zapper_89

I just called into Citi, the platinum select was approved with a $5,900 limit. I asked about increasing the limit and was given the number 800-950-5114. However, they need 24-48 hours for the information to be in the system.

I also tried to contact the American express representative to see about increasing the limit and was told that I could not ask for a higher limit without physically having the card, is this true?

Awesome! Way to go with Citibank! Now that you got the $5,900 with Citibank, just let it grow with you naturally. With American Express they will not issue a CLI until the 61st day of being a cardholder. So, on the 61st day, you can go online or call for a credit line increase. They generally will increase 3x your limit (so ask for a total limit of $6,000).

Congrats!

Originally Posted by zapper_89

4. I will certainly avoid Wells Fargo. Does it make a difference if I get a card from the Key website? They have a basic MC Platinum which I am interested in, who issues the card then? Elan Financial issues the Key Bank credit cards. Elan issues and services a ton of smaller banks and credit union's credit cards. They are very closely tied to US Bank.

6. I am going to make sure I decide what is the best, and then go for it. I wish I could actually "shop" around, but it is what it is.

7. Are credits unions that much better than large banking institutions? I have always heard the big banks are my best shot. What exactly do credit unions bring to the table? Honestly I have never had any real trouble with the bigger banks. BofA has been very good to me as has Chase. In terms of loans, credit unions generally have better interest rates on car loans, personal loans and HELOCs. Credit unions are generally known to have fewer fees and better service.

8. While in reality my credit is very "young," on my credit report it states that it is 17 years old. My father wisely placed me on credit cards at a young age to get me "started" and my average length per credit line, as of now, is 4 years. I understand that my credit limit
"may only be $2,000." But I will be happy with whatever I get, as long as it was the best chance.

9. I have narrowed my search down to five cards. I honestly would prefer a visa over a MC, so the Forward or the Slate looks appealing. What would you recommend? If you are looking for a higher limit and lower APR, go with a non reward card
a. Citi Platinum Select MasterCard great intro APR if you needed a balance transfer, decent ongoing APR
b. Citi Forward Visa Card I too prefer Visa cards for some reason, but Platinum Select has better APR
c. Chase Freedom Credit Card (Is this MC or Visa?) (Does this have a preset limit, or is it like a Visa Select?) Generally it is a Visa-but again, most reward cards like Freedom will be a Visa Signature or World MasterCard, Chase does not report the limits.
d. Chase Slate by Visa (Does this have a preset limit, or is it like a Visa Select?) I would avoid this, it is a funky vertical card, go with Citi platinum Select instead
e. Platinum MasterCard Credit Card (Listed on the Key website)

10. As step two, I want to open a credit line with Amex to "get my foot in the door." Should I apply for
American Express Blue Cash or the American Express Clear Card? Blue Cash (looks like you already did!)

11. As step three, I plan on manually asking discover for an increase in credit on my existing account.This will result in a hard inquiry. From personal experience I will tell you that Discover likes usage. If you use it regularly for 6 months they generally issue a CLI automatically. The auto CLI will probably be better than what they will give you if you ask. They will also see the new accounts and inquiries and may be scared off by it.

12. I know about the "Back door numbers" in case I am denied. But If I am only approved for $2,000 or $3,000, should I bother to manually ask for an increase after approval?

Looks like Citibank gave you a great limit (what you were after) so I would just let that one go for now. You can press the luv button on their site in 6 months or so to get a larger limit. As far as Amex goes, they won't give a CLI until after you have been a member for 61 days. On the 61st day you may go online or call for a CLI. The general rule of thumb is that they will increase 3x your current limit (so ask for $6,000).

Sorry for the delay, I didn't realize you had posted new questions. Congrats on your Amex and Citibank cards!

I love my Discover card since it was my first card. I went ahead and called to increase my limit. As I suspected, the main issue everywhere has been the income. I had to answer about 20 minutes of questions about our jobs before it was approved. With all that said and done, Discover bumped my CL up to $6,000! I was stoked, it was exactly what I was hopping for.

It has been fun watching my credit grow from the measly $3,000 (of my own credit) to $15,000. Granted, it is still only fraction of what I have in savings.

I know you are not recommending that I ask Citi for a bump to $10,000, but I do not see a reason to wait. It shouldn't need to apply another inquiry to my credit report. I might as well do it now, rather than wait 6 months when everything will show on my account. Granted it might reduce my chances of getting an increase from AMEX in 61 days, but I am willing to risk it.

I don't plan on applying for any type of new credit in the next two year. I might ask AMEX and Discover to bump it up every once in awhile without doing a full credit inquiry, but that is it.