Credit Card Center Advertiser Disclosure†
02-27-2013 05:39 PM
I've had my Costco AMEX for a while - almost 2 years, and I have not asked for a CLI. I JUST read about the 3X CLI thing and I'm planning to try it. I want to do it NOW. However, until my balances refresh in the next week-ish, I have about 55% utilization. I also JUST got a car loan, which SW has not yet told me is reporting. Should I pull the trigger with the high util and no car loan listed, or should I wait until the util drops to just over 30%? Also, how often do they do soft pulls on accounts that have been active for a while? I'm also planning to refi my mortgage (opened 2011, right before the card), but I probably won't try to do that for another 2-3 months. (Doing a costs-rolled-in refi should get me out of PMI, and even if it doesn't, by my and the CU's calculations, the payment will go down by 2-300/mo and for not a ton more, I can pay it off in the same amount of time)
02-27-2013 06:41 PM
Thats a good question. Most would say to get your util under 10% but maybe it wont matter if you have a good established history already.Im intersted to see how it goes down.
02-27-2013 06:54 PM
Yeah, under 10% isn't doable in the near future - I did just use my Federal refund, the cash I got for my old car, and I've got it set up to use my bonus / retroactive raise to pay down my overall utilization to that 30%. Buying a house alone and then having to pay for appliances, an expensive insulation upgrade, gutters, and having your property taxes spike 29% really takes it out of you. Honestly, if I can get the refi worked out (my main fear: house not appraising for enough - I should qualify otherwise), I'll be putting the extra cash towards paying off utilization.
I've decided that I'm going to wait for my current payment to get that card's balance to $0 (I use it almost exclusively for gas at Costco right now), and then pull the trigger. Since I got the notice this morning that the payment had been received, that should be either tomorrow or Friday. I guess it's not the end of the world if I have to try again in 90 days because it was declined...and the increased CL would help bring down the overall util, so there's that....
02-27-2013 07:02 PM
I know how it is. I bought a house, but I have no furniture. I have two chairs my old room mate gave me and a table my mom gave me for christmas. I have no insulation. I still need to buy a microwave. oh and a TV. Thats why im always here on the forum. I got my trusty macbook and a pink chair.
02-27-2013 07:23 PM
My CRT is sitting in my bedroom, not being used. My microwave is one of the appliances - I bought a foreclosure and the initial appraisal came in low so I couldn't fund the fridge / dishwasher / oven / microwave(recirculating exhaust) / washer / dryer in my rehab loan. I overbought on my appliances a little, just because I felt it was a waste of money to buy ones that were cheaper but would be temporary.
02-28-2013 02:59 PM
Paid my balance down to $0 (well, it finally processed, that is)
Still have, on record, about 50% utilization - almost all of my 7 cards are updating in the next 10 days.
Approved! $2000 -> $6000!
This should help with my utilization, which is pretty exciting - and without a hard pull!
I should start my 180 day countdown now, huh?
Capital One: $500
Target Visa: $1000
Chase Slate: $4000
UMCU Visa: $5000
Chase BP: $5800
AMEX True Credit: $6000
Discover More: $8300
02-28-2013 04:32 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. 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.