10-01-2012 11:23 PM - edited 10-01-2012 11:25 PM
I would like to see what you credit guru here have to say about this. I have had my Chase Ink for 11 months and is carrying abalance of 4,500 nad my credit limit is 5K. What are the chance of getting approved for a CLI without bringing the balance down?
Edit: I have a 15 months 0% interest on this card, that is why I have not been too worry about paying it off.
10-02-2012 04:32 PM
Has your balance been increasing each month?
Put yourself in the seat of the lender and see what they are seeing. They don't know you, your intentions, or your moral standards. They know a little but probably not too much about your financial situation. The bulk of what they know is that in 11 months your balance has increased (I assume) nearly every month and now you are asking for more credit. Those are good reasons for red flags, whether they are warranted or not in your situation. Unless you can show them some solid balance sheet or something I doubt they'd be very receptive. OTOH if your business is very successful and you can prove that to them and explain that you are carrying a balance only because it is 0%, they might be willing to extend. But just telling them it's because it's 0% without giving them some other securities I don't think is enough. Just think what you would see if you were them.
Best of luck!
10-02-2012 10:32 PM
Just so you can get a genereal idea of where i sit. I have my business checking with them. My business generate close to 40k in credit and debit transaction per month that is not including cash transaction. As you can see that they do know I have more than needed to pay them off at any given time.
As for your assumption of my balance is increasing every month. This is not true. I do not carry a balance on any other cards of mine. Like I said I am only carrying a balance on this card is because it's still 0% interest.
Hope I made this clear.
10-03-2012 08:51 PM
I would talk to the person at the branch who handles your business account. Even though he may have little/nothing to do with CLI approval, he'd probably be able to suggest the line of action that can best get you what you want or can suggest another avenue.
If you have the cashflow available to do it then I'd pay off the balance, then just recharge expenses to the card after you apply for a CLI. This is assuming you are still getting 0% on new purchases so it should wash out for you when you make the new purchases, and 4k in purchases doesn't sound like it would be difficult to do if you have 40k/month in transactions.
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.