04-03-2014 06:53 AM - edited 04-03-2014 07:08 AM
Greetings, I just wanted to update on the Barclays card CLI and it has been roughly 7-8 months since I received the card. I went ahead and applied for CLI by pressing the online button and was subsequently denied. The next logical step was to call the backdoor number and after some conversation was also denied.
I know I spend much more than $500 a month and was denied from every single one of my credit card providers although I have been keeping my utilization low by paying full before the due date and not maintaining a revolving balance. I think the reason is because I had recently received a loan on a new $30,000 vehicle 2 months after I received the barclays card, plus I am a student and my student loans show up on my credit report.
Instead of crying about it I went ahead and applied for a Discover card, and although I was denied an unsecured card they gave me an opportunity for a secured card and so I went ahead and took matters into my own hands and made a one-time deposit/credit limit of $2,000, which is 4 times more than the barclays card and will be enough for my monthly spending needs for now.
I have a feeling that when I do this that the other credit card companies will follow suite and raise their limits, because these companies are drones that follow formulas, and since they see I have a higher limit they will assume that I can handle more money. Additionally, life is too short to wait another 6 months to a year and I won't be using those cards any more until the credit card companies raise my limit.
All my credit cards before my new discover card equaled to $2,750. I predict that a new card at $2,000 will most likely raise my credit by at least 20 points within the next few months and bring me over the 700 Fico threshhold.
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