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increasing credit limits/decreasing rates - negotiate or new credit?
Hi All,
I have a specific goal in mind - I'd like to have access to lower interest credit with higher limits, but not sure how to get there from here.
Currently I have 5 cards, all of which are now paid off. 4 have limits at 2500, one is 1000. the lowest interest rate is 17.5 - of course on the card with the lowest limit. the rest are between 22-24.
10 years ago I filed bankruptcy, and that has a lot to do with these cards having low limits/high rates. In 2017 alone, I increased my score by nearly 100pts (credit karma score)and now have a score approaching 750 (again using the CK model).

I've got some big-ticket purchases in the short term future (1-3 years) as I am close to making a home purchase and will need to get furniture, appliances, remodel etc. However in my current financial situation, these types of credit purchases would hurt my credit score by going over the 30% utlization, and some purchases wouldn't be possible due to the current limits on the cards I have.

Which strategy is likely to be more successful - calling my current CC companies and attempting to negotiate rates/limits? Or applying for new credit based on my much better financial profile now (good to excellent credit, no credit debt)? I'm concerned that new credit will just issue me a card similar to the products I have, which defeats the purpose and impacts credit score (1 pull in 2 years currently on file). However current cards don't seem likely to lower rates, and while some have provided credit increases over the last few years, they've been nominal at best ($500 range).



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