Getting higher credit Limits.

Use the cards. Always pay more than the minimum.
Make sure you keep all balances to no more that
30-50% of the credit line and wait a reasonable time
to request an increase-at least six months. This
route has worked for me.

H

 

The first tip would be to: stop applying for so many cards, in such a short time period!!

When you apply for credit, they pull a credit inquiry on your credit report, which lowers your credit score.

After you lowered your score to a certain point, they see you as a higher credit risk, thus denying your for more credit. This reasoning is also used if you open several new aco****s in a short period of time.

There is a phrase used by one of our trusted members, "Excercise your Credit", (creditworks) .
I suggest you make this your main focus, if you want to obtain more credit or credit line increases.

In order to get limit increases, some companies want to see you carry a balance, be careful of this tactic...especially with those who have 2-cycle billing.
Others want to see your payment history and ability to handle credit over time.

The time limits usually range from 4 months to a year. Some companies, will not increase your lines after a year or for many years to come.

So let your accounts age and I suggest that you try to refrain from applying for more credit. And pay down your balances.

Good Luck,

and i hope that this was helpful.

 

Brenda,
If I may ask, why in the world would you want to use credit cards to start a business? The intrest that you would pay will kill you. Why not get a loan?

 

Brenda,

I think you appllied for 7 credit cards and it is too amny. They thought that you're going to scam them or you're in financial trouble.(you need money). Most bank score your credit report and too many inquiries will lowered your scores.Lowered your scores less chances to get credit cards.



Ron.

 

Brenda--

There are a few tips for getting higher limits. It could be that in your case, the creditorsare getting scared off by the large number of recently opened accounts. I would not open any more for at least a year unless you get a preapproved offer for a prime card. You might also consider dumping some cards because they may be hurting you. If you tell us which cards you have, and the limits, APRs and annual fees, the collective wisdom of the people here will probably help you to decide which cards are not worth carrying. In general, it is not a good idea to carry 7 low limit cards especially if each of them is charging an annual fee.

Here are some tips:

1. Never be late with a payment or go over limit. Credit card companies love people who are late. They charge the customary $29 late fee and jack the interest rate into the ionosphere. Don't pay by mail. This leaves you vulnerable to poor postal service or slackers in the payment center. Instead, pay on line, print out the confirmation number and put it in a file maintained for that particular card. In that file, you will keep every piece of correspondence you get from the creditor except advertising junk. Watch out for inserts that say "Notice of Change of Terms". They are easy to mistake for garbage. Read them and file them.

2. Keep track of all account activity in a program such as Money or Quicken. This keeps you conscious of your spending and how much available credit you have.

3. Avoid cash advances except in a true emergency.

4. Never make just the minimum payment unless that's all you owe. You want to make large payments to show that you can handle a larger credit line. You also save alot of interest by avoiding the minimum payment trap.

5. Charge each card up to about 80% of the limit for that card but don't use all of them this way at once. Then pay down the balance over a few months (like 3-6 months). When the balance gets to zero, let the account sit without activity for a couple of months. Then charge and pay in full for a few months. Repeat the cycle.

6. Do not let your balance to limit ratio on all cards exceed 50%. Better if it stays below 30%. This may not be easy if your limts are low. That's why alternating card usage and letting each account sit at zero from time to time may help.

7. After doing these things for 6-9 months, call the creditor and ask for an APR reduction. Sometimes the creditor may refuse the APR reduction but will increase the line to make you happy. Always ask for waivers of annual fees after a year of good performance. Try to get some concession out of them each time you call. Tell them that you would love to give them more business but the low limit gives you little flexibility.

8. You may find that some of your creditors just won't do anything for you. Tell these creditors to close the account. At that point, they may try to keep you by offering some incentive. If this is OK with you, keep the account. If not, dump it.

 

yes

 

Brenda,

If you got 7 cc in a year and applied for 10 more, every potential company you apply with is thinking scam or desparate. I'd give it up. Further apps will only hurt your credit rating and those comapnies that issued you cards might start to get nervous and begin cutting your credit limits and raising your interest rates.