Reply
Established Member
10243406
Posts: 27
Registered: ‎05-27-2009

Best Strategy for New Barclays Card Auto CLI within 6 Months

[ Edited ]

I have a low starting limit at $500 dollars before my credit jumped to high 600's. 

 

I will be waiting 6 months for the increase with 0% apr and was thinking about what waas the best way to use the card before the increase?

 

I was thinking about maintaining a low balance of $1-$5 so I can keep scoring on the credit report and not utilizing more than 20% on a monthly basis.

Thanks for the help!




EQ: 685 TU: TBD
EX: TBD
Goal:
700

Take the myFICO Fitness Challenge
Valued Member
johnstics
Posts: 72
Registered: ‎03-25-2010

Re: Barclays CLI first six months usage and payment strategy for increase?

You just answered your own question in your last sentence:smileytongue:

$200 $500 $1500 $2000 $5500
Established Member
10243406
Posts: 27
Registered: ‎05-27-2009

Re: Barclays CLI first six months usage and payment strategy for increase?

[ Edited ]

I was just drawing assumptions and giving my strategy. But I am not sure if that is correct and I needed either verification or some type of fruitful feedback.




EQ: 685 TU: TBD
EX: TBD
Goal:
700

Take the myFICO Fitness Challenge
Valued Member
johnstics
Posts: 72
Registered: ‎03-25-2010

Re: Barclays CLI first six months usage and payment strategy for increase?

Oh ok I see you have a good strategy above just my .02  Maybe the credit gurus can shed somemore light on your question!  I'v read paying on time and using the card frequently can help. Unless you want to call before hand and ask for cli with some strong backing about good history, income  and such.

$200 $500 $1500 $2000 $5500
Established Member
10243406
Posts: 27
Registered: ‎05-27-2009

Re: Barclays CLI first six months usage and payment strategy for increase?

[ Edited ]

I'm just going to go ahead and wait it out 6 months and after that time frame I will go ahead and conduct multiple credit card and credit installment applications at the same time since Barclays may do a hard pull if I dont get an auto CLI anyway. ( I will also ask for credit increases on the rest of my cards except for one all at the same time using the backdoor numbers listed elsewhere on these forums. ) 

 

If I get denied credit increases, which I doubt, I will just go ahead and start a secured lin of $5,000 credit limit and show the card companies I can handle much more than paltry  <1,000 credit because I still have 5 credit cards that are all below $1k each and that needs to change, now.... I spend over 3 k a month on just bills and living expenses and I want to spread that evenly under low utilizations across credit lines. 




EQ: 685 TU: TBD
EX: TBD
Goal:
700

Take the myFICO Fitness Challenge
Frequent Contributor
Stralem
Posts: 413
Registered: ‎10-08-2011

Re: Best Strategy for New Barclays Card Auto CLI within 6 Months

[ Edited ]

Well... I received a modest $700 auto CLI this morning on my Financing Visa.

 

I got it to finance a MacBook Pro needed for university 6 months ago, and pretty much had it maxed out from day one. But I've been paying down the balance to the tune of $150-$250 per month (even though I have 18 months of 0% interest to work with), making a few iTunes/App Store purchases along the way just to show some sort of activity.

 

So... yeah. My util has always been high, but I guess Barclay's found the 10x minimum payments and steady downward trend of my balances acceptable enough.

 

But see what works for you.

            
なかなかいいコレクションだよな~
Established Member
10243406
Posts: 27
Registered: ‎05-27-2009

Re: Best Strategy for New Barclays Card Auto CLI within 6 Months

[ Edited ]

@Stralem, thanks for the advice. By the way, how do you get those credit card symbols on your signature? I want to post the current cards I have as well on my signature.




EQ: 685 TU: TBD
EX: TBD
Goal:
700

Take the myFICO Fitness Challenge
Valued Contributor
B335is
Posts: 2,799
Registered: ‎09-22-2012

Re: Best Strategy for New Barclays Card Auto CLI within 6 Months

I wouldnt apply for any new credit for those 6 months and let a small balance (maybe a couple hundred) post but pay it off to avoid interest charges. Barclays is a strange animal but they definitely frown on new accounts. They denied my request based on 24 months history of new accounts so I fired them!
Established Member
10243406
Posts: 27
Registered: ‎05-27-2009

Re: Best Strategy for New Barclays Card Auto CLI within 6 Months

[ Edited ]

@B335is,Yes that is my objective. Not to apply for anything credit related for 6 months as I am certain my credit score will be above 700 during that time and therefore I will be less of a credit risk. 

 

I will also apply for CLI's, new credit cards, and installment loans all on the same day because I plan on obtaining a luxury car lease as well around this time frame.




EQ: 685 TU: TBD
EX: TBD
Goal:
700

Take the myFICO Fitness Challenge
Valued Contributor
B335is
Posts: 2,799
Registered: ‎09-22-2012

Re: Best Strategy for New Barclays Card Auto CLI within 6 Months

Got it. I do recall Barclays asking me if any of my other cards had been increased but i think that was strictly my case. I think you have really thought this out well and should be successful in that Barclays increase

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+