Credit Limit Increases and new credit card

[maverick9]

I requested my CLI's today:

 

Amex - requested to 28.5k from 9.5k and they approved me to 28.5 instantly.

NAVY - requested to 25k from 4.5k and they approved me to 12.5k instantly. I asked for a reconsideration but they told me I received the max. 

Disco - requested any increase from 3k as they don't allow you to request a certain limit. They declined me immediately.

Cap 1 - $600 limit and I'm sure I'm bucketed. Should I ask for a CLI, cancel this card, or leave it for aging purposes? 

 

In February, I have a few small CO's and all my blemishes will fall off then. 

 

I did a prequalify app with Chase as I want to get in with them but I didn't have any offers. Should I not try and app with them based on me not getting any prequal offers?  

[Big Bear]

Congrats on the CLIs. 

 

How old is the Cap1? If no AF, you could leave it around to age, but with that limit it might be best to cull.  You're other limits are looking healthy, and clean(er) reports are just around the corner. 

[maverick9]

14 hours ago, Big Bear said:

Congrats on the CLIs. 

 

How old is the Cap1? If no AF, you could leave it around to age, but with that limit it might be best to cull.  You're other limits are looking healthy, and clean(er) reports are just around the corner. 

Thanks @Big Bear!!!

 

Cap 1 was opened 6/2020 so as of this post date, 27 months. No AF. 

 

Might be best to cull? You mean close it? Would you close it if you were me? 

[PotO]

7 hours ago, maverick9 said:

Thanks @Big Bear!!!

 

Cap 1 was opened 6/2020 so as of this post date, 27 months. No AF. 

 

Might be best to cull? You mean close it? Would you close it if you were me? 

 

They probably have you in a bucket.  With no AF, it doesn't hurt keeping it.

 

To get out of the bucket, you need to app another CapOne.  Wait until your reports are completely clean.

[Big Bear]

Agreed with PotO. If no AF, it's not hurting you to keep it open and throw a small charge at it every few months to avoid closure (I'm not sure if Cap1 is one to close due to inactivity).

 

Missed commenting on Chase previously... If it were me, as I am all in on Chase as my preferred rewards, I would wait until Feb when the reports will be cleaner before applying. Which also brings up working through a strategy of rewards that best fits your spending profile. 

[PotO]

4 minutes ago, Big Bear said:

Agreed with PotO. If no AF, it's not hurting you to keep it open and throw a small charge at it every few months to avoid closure (I'm not sure if Cap1 is one to close due to inactivity).

 

...

 

I believe Al Capone will shut down accounts without activity after a certain period of time.  

 

It's really easy to use  cards that you wouldn't otherwise want to use just to avoid inactivity.  I use a spreadsheet that shows in which month each card was last used.  Then, did you know ... that if you have, for example, a $100 AT&T cell phone bill every month that you can pay it with 20 $5 payments each on a different card?  Just sayin.  

[maverick9]

FWIW.......

 

As you all know I've been aggresive in rebuilding my credit profile and now the limits. In an earlier post on this thread I acheived the following: 

 

Amex - requested to 28.5k from 9.5k and they approved me to 28.5 instantly.

NAVY - requested to 25k from 4.5k and they approved me to 12.5k instantly. I asked for a reconsideration but they told me I received the max. 

 

I just received, via mail, that Disco declined my CLI immediately for the following: 

 

"LOW USAGE ON EXISTING LINE OF CREDIT IN PREVIOUS MONTHS" 

 

I had this card maxed out for several months with a $1,500 limit. I paid it off and they gave me a CLI to 3k automatically. I didn't expect this and was going in for a CLI even prior to them giving me this auto CLI. 

 

So is the only way to grow the Disco from here to use it a lot?

 

Cap 1 - Think I'll just shelf it and charge it from time to time but it only has a $600 limit and I'm sure I'm bucketed.  

 

I want to get in with Chase products and will wait to app next month once my reports adjust with these new limits. 

 

Probably will app the biz line of credit with Wells that they offered me even though the offer expired. 

 

I need to get a new car (lease or purchase for finance). Should I do the car first or the CC's? 

Edited September 20, 2022 by maverick9

[centex]

30 minutes ago, maverick9 said:

FWIW.......

 

As you all know I've been aggresive in rebuilding my credit profile and now the limits. In an earlier post on this thread I acheived the following: 

 

Amex - requested to 28.5k from 9.5k and they approved me to 28.5 instantly.

NAVY - requested to 25k from 4.5k and they approved me to 12.5k instantly. I asked for a reconsideration but they told me I received the max. 

 

I just received, via mail, that Disco declined my CLI immediately for the following: 

 

"LOW USAGE ON EXISTING LINE OF CREDIT IN PREVIOUS MONTHS" 

 

I had this card maxed out for several months with a $1,500 limit. I paid it off and they gave me a CLI to 3k automatically. I didn't expect this and was going in for a CLI even prior to them giving me this auto CLI. 

 

So is the only way to grow the Disco from here to use it a lot?

 

Cap 1 - Think I'll just shelf it and charge it from time to time but it only has a $600 limit and I'm sure I'm bucketed.  

 

I want to get in with Chase products and will wait to app next month once my reports adjust with these new limits. 

 

Probably will app the biz line of credit with Wells that they offered me even though the offer expired. 

 

I need to get a new car (lease or purchase for finance). Should I do the car first or the CC's? 

Considering there is about to be another fed rate hike, the suggestion would be the item that you are incapable of buying outright...

[shifter]

1 hour ago, maverick9 said:

So is the only way to grow the Disco from here to use it a lot?

Seems to be the way they work. 

[maverick9]

I want to get in with Chase and waiting to app with them in October for the Chase Freedom Unlimited meanwhile, I received an offer in the mail for the Chase Ink Business Unlimited card. Does this mean they like me? Is this a good card to start with within Chase?

Edited September 26, 2022 by maverick9

[maverick9]

On 9/26/2022 at 10:33 AM, maverick9 said:

I want to get in with Chase and waiting to app with them in October for the Chase Freedom Unlimited meanwhile, I received an offer in the mail for the Chase Ink Business Unlimited card. Does this mean they like me? Is this a good card to start with within Chase?

Anyone????

[StarkRaven$]

52 minutes ago, maverick9 said:

Anyone????

For years I kept getting an invitation to apply for a Chase business card but I never got an offer online to apply for a personal card like the Freedom. Strange since I don't run a business. Last year I decided to apply for the Freedom and I was instantly approved and it was my highest limit. I don't know the answer but it does strike me as curious that you are receiving offers for business cc's like I did. When I tried their prequal site, I always got the message that there were no offers.I

 

I know, my answer isn't helpful.

 

 

[maverick9]

11 minutes ago, StarkRaven$ said:

For years I kept getting an invitation to apply for a Chase business card but I never got an offer online to apply for a personal card like the Freedom. Strange since I don't run a business. Last year I decided to apply for the Freedom and I was instantly approved and it was my highest limit. I don't know the answer but it does strike me as curious that you are receiving offers for business cc's like I did. When I tried their prequal site, I always got the message that there were no offers.I

 

I know, my answer isn't helpful.

 

 

Thank you at least for sharing your experience. I do have my own business though so it makes sense that I would get a business CC offer. 

Edited September 27, 2022 by maverick9

[StarkRaven$]

4 minutes ago, maverick9 said:

Thank you at least for sharing your experience. I do have my own business though so it makes sense that I would get a business CC offer. 

I've had a personal checking account with Chase for years.

[PotO]

I have a Chase biz card.  

 

AFAIK, the underwriting for personal and biz is the same.  I am not sure if Chase will allow you to move credit limits between personal and biz in the same way as you can between personal cards, but I think you cannot.  

 

Also, the biz card does not report to the credit bureaus ... unless you screw up and default.  

 

Although it does not report, I have heard rumors that the Chase biz cards are included in their 5/24 calculation.  

[maverick9]

18 hours ago, PotO said:

I have a Chase biz card.  

 

AFAIK, the underwriting for personal and biz is the same.  I am not sure if Chase will allow you to move credit limits between personal and biz in the same way as you can between personal cards, but I think you cannot.  

 

Also, the biz card does not report to the credit bureaus ... unless you screw up and default.  

 

Although it does not report, I have heard rumors that the Chase biz cards are included in their 5/24 calculation.  

Thanks @PotO!

[Knight]

On 9/14/2022 at 7:59 AM, maverick9 said:

I requested my CLI's today:

 

Amex - requested to 28.5k from 9.5k and they approved me to 28.5 instantly.

NAVY - requested to 25k from 4.5k and they approved me to 12.5k instantly. I asked for a reconsideration but they told me I received the max. 

Disco - requested any increase from 3k as they don't allow you to request a certain limit. They declined me immediately.

Cap 1 - $600 limit and I'm sure I'm bucketed. Should I ask for a CLI, cancel this card, or leave it for aging purposes? 

 

In February, I have a few small CO's and all my blemishes will fall off then. 

 

I did a prequalify app with Chase as I want to get in with them but I didn't have any offers. Should I not try and app with them based on me not getting any prequal offers?  

 

How did you make the requests (online or over the phone), and how old is each TL, and what are your credit scores? Also did they pull a new credit report per request?

 

I am asking because I am planning to do the same thing hopefully soon.

[Knight]

Please define cull for me?

Edited September 30, 2022 by Knight

[shifter]

7 hours ago, Knight said:

Please define cull for me?

Trim the fat. 

[maverick9]

On 9/30/2022 at 1:43 AM, Knight said:

 

How did you make the requests (online or over the phone), and how old is each TL, and what are your credit scores? Also did they pull a new credit report per request?

 

I am asking because I am planning to do the same thing hopefully soon.

Did one online (pc) and the other on the app.

TL's are just over 2 years old. 

706 is what my experian scores were. 

Don't know if htey pulled credit.

[maverick9]

@PotO, @StarkRaven$, @shifter

 

I think all that's left for me is to get in the Chase family of credit cards. As of now, I have the following:

 

Amex Blue Cash

NFCU cashRewards

Cap 1 Quicksilver

Discover

 

Outside of these, I don't see a need to get any other credit cards. 

 

I don't know how many credit cards or how much credit limit you all have but what is the point of getting more than 3-5 cards and 100k in limits?

 

I see many people having 10+ cards with 500k+ in limits. What is the point to have all that if you're never going to use it all?

 

Am I missing something? 

[TheVig]

8 minutes ago, maverick9 said:

@PotO, @StarkRaven$, @shifter

 

I think all that's left for me is to get in the Chase family of credit cards. As of now, I have the following:

 

Amex Blue Cash

NFCU cashRewards

Cap 1 Quicksilver

Discover

 

Outside of these, I don't see a need to get any other credit cards. 

 

I don't know how many credit cards or how much credit limit you all have but what is the point of getting more than 3-5 cards and 100k in limits?

 

I see many people having 10+ cards with 500k+ in limits. What is the point to have all that if you're never going to use it all?

 

Am I missing something? 

 

Higher limits beget higher limits.

 

Better to have it and not need it, then need it and not have it, or can't get it when you need it.

[hdporter]

3 minutes ago, maverick9 said:

I don't know how many credit cards or how much credit limit you all have but what is the point of getting more than 3-5 cards and 100k in limits?

 

A key reason for signing up for a card is that it offers superior cashback in a purchase category.

 

Amex Blue Cash Preferred:  6% on groceries, up to $6k in annual purchases (we have 2)

Chase Sapphire Reserve:  3% (up to 4.5%) on dining/travel

Bank of America Customized Cash:  3% on online purchases (up to $2500/qtr, I think ... we have 2)

US Bank Cash +:  5% on select purchase categories (up to $2000/qtr ... we have 2)

various retail cards with specific premium rebates/benefits with that retailer

and of course an "all purchase" 2% cb card.

 

8 minutes ago, maverick9 said:

I see many people having 10+ cards with 500k+ in limits. What is the point to have all that if you're never going to use it all?

 

I have about $25k in total balances currently (monthly purchase balances that will be paid in full prior to the next statement and a couple of balances that I'm paying off over time on promotional rates (for the sake of financial flexibility).

 

With $100k in total limits, my overall utilization would be 25%, which is considered rather high and would depress my credit score.  With $500 in total limits, that drops to 5%.  With $1 mil in limits, util drops to 2.5%, where < 3% is a particularly sweet spot for credit scoring.  (AZEO buys more points, the the difference on FICO 8 can be modest)

 

Setting that benefit aside (some people aren't inclined to run up significant credit card balances), there are the very attractive sign up bonuses on some card that, at times, exceed $1000 in value.  Whenever one of these shows up on the radar, I'm likely to be first in line ... and then even if I never use it again, I'll nurse the card along.  Every now and then an attractive promo will show up on a card I've otherwise mothballed.

 

 

 

[TheVig]

On 9/27/2022 at 6:02 PM, StarkRaven$ said:

For years I kept getting an invitation to apply for a Chase business card but I never got an offer online to apply for a personal card like the Freedom. Strange since I don't run a business. Last year I decided to apply for the Freedom and I was instantly approved and it was my highest limit. I don't know the answer but it does strike me as curious that you are receiving offers for business cc's like I did. When I tried their prequal site, I always got the message that there were no offers.I

 

I know, my answer isn't helpful.

 

 

 

For awhile now I've been getting pre approvals from Bank of America for business versions of their cards, along with still getting pre approvals for their personal cards. In my case I wonder if it has to do with certain categories I spend in that's the cause? I don't know.

[StarkRaven$]

7 hours ago, maverick9 said:

@PotO, @StarkRaven$, @shifter

 

I think all that's left for me is to get in the Chase family of credit cards. As of now, I have the following:

 

Amex Blue Cash

NFCU cashRewards

Cap 1 Quicksilver

Discover

 

Outside of these, I don't see a need to get any other credit cards. 

 

I don't know how many credit cards or how much credit limit you all have but what is the point of getting more than 3-5 cards and 100k in limits?

 

I see many people having 10+ cards with 500k+ in limits. What is the point to have all that if you're never going to use it all?

 

Am I missing something?