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CLI or no?

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lambo003
Contributor

CLI or no?

So, I've had my student credit card from my local credit union for three years now and I decided to pay them a visit today to see if the card would graduate to one of their main credit cards, and if so, how long would it be before it happened. Well, come to find out the card does not graduate or upgrade to another card as per the representative helping me. So I considered a CLI until the representative told me I'd have to complete a credit card application as if I were applying for a new credit card. They pull Transunion and as of 7/31/15 my Transunion score is 766 (FICO). The current CLI on my card is $500, which is fairly low in comparison to my other cards. My question is, would it be worth the hard pull (drop in credit score) and the inquiry for the CLI or should I keep my student card at its current limit and apply for one of their regular credit cards? The representative told me I'm above their tier 1 (of 750) and would be approved for any limit I opt for.  Any advice would be much appreciated, thanks ! 

Barclaycard Ring $5,000 | Discover It $2,000 | Bank of America Cash Back Rewards $1,500 | TeachersFCU $500
Message 1 of 18
17 REPLIES 17
OmarGB9
Community Leader
Super Contributor

Re: CLI or no?

If you're taking an HP anyway, then you may as well apply for a better card.

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 2 of 18
Anonymous
Not applicable

Re: CLI or no?


@OmarGB9 wrote:
If you're taking an HP anyway, then you may as well apply for a better card.

I totally agree. What other cards do you have? You have a good score, maybe it's time to move on to other lenders?

Message 3 of 18
Anonymous
Not applicable

Re: CLI or no?

get a better one from them or someone else
Message 4 of 18
lambo003
Contributor

Re: CLI or no?

I have a bank of America student card ($1,500 limit) and discover it student card ($2,000 limit). Ive had both of these cards for a year now and only received CLI from discover. I don't know if I should apply for a credit card from one of my credit unions or an outside bank (i.e. Chase, Capital One, etc.). I want a card that has a low interest rate (i.e. 8%-9%), which is why Im thinking of getting one from the credit union.
Barclaycard Ring $5,000 | Discover It $2,000 | Bank of America Cash Back Rewards $1,500 | TeachersFCU $500
Message 5 of 18
takeshi74
Senior Contributor

Re: CLI or no?


@lambo003 wrote:

My question is, would it be worth the hard pull (drop in credit score) and the inquiry for the CLI or should I keep my student card at its current limit and apply for one of their regular credit cards?


Your call to make.  The existing card may be limited because of the type of product that it is.

 


@OmarGB9 wrote:
If you're taking an HP anyway, then you may as well apply for a better card.

HP's are arelatively small factor despite the obsession over them here and on other credit discussion sites. HP's aren't the only impact from a new account. A new account will reduce AAoA as well. Effect on revolving utilization will depend on the limit that one qualifies for, the balance reported on the card and the individual's existing revolving utilization.

 


@lambo003 wrote:

The current CLI on my card is $500


That's a CL.  The I in CLI is for Increase.

Message 6 of 18
Anonymous
Not applicable

Re: CLI or no?

^ lol
Message 7 of 18
Anonymous
Not applicable

Re: CLI or no?

Keep the Student card as is for AAOA, helping your util rate etc. But go ahead and apply for a regular card. That's a great score and you should be approved with a nice CL. Credit unions are the way to go. 

Message 8 of 18
Anonymous
Not applicable

Re: CLI or no?

depends on the credit union Smiley Wink some are overly conservative or even use outside companies (like elan) to back up their credit cards.
Message 9 of 18
lambo003
Contributor

Re: CLI or no?

Instead of increasing the credit limit on the student card I decided to app for another card today. I was approved for Barclay's Ring card with a $5,000 credit limit instantly after applying onlin ! I was really surprised that I received a limit so high. Now I'm going to garden for another 6-12 months being that I don't forsee any other loans in the near future other than more student loans.
Barclaycard Ring $5,000 | Discover It $2,000 | Bank of America Cash Back Rewards $1,500 | TeachersFCU $500
Message 10 of 18
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