Reply
New Visitor
Posts: 1
Registered: ‎04-27-2010
0

CLI Advice needed

I have quite a few questions about obtaining a credit limit increase on my credit cards. I am working on improving my credit scores as I'm going to be looking for a new place to live and finiancing furniture in about 2 months, so I want to get my scores as high as possible before then. At the current moment the only way to do that is to decrease my debt:available credit ratio. I recently tried to have the credit limits increased on two of my credit cards (AmEx Blue Sky, $2k limit ->$10k), and Chase/Best Buy, $800 limit -> $5k). Even though my credit history is good, I was only given a $400 increase on my Best Buy card and denied outright on the AmEx. I use the AmEx CreditSecure to monitor all three reports, and I have all acounts in good standing (never once missed any payments, no negative information). The only problems I see are that 1)My Equifax Credit Report doesn't have a job listed (I've been with the same company now for just under 3 years) and 2) My EQ and TU reports dont have my student loan account, which is my oldest account, efectively bringing my average account down to 4 years on those reports. (As an aside, I am 26, but started building credit late because my parents were overly cautious about me getting a card early). My other cards are a USBank Platinum Visa ($4250 limit) and a Credit Union Card ($8k limit). My PLUS Scores as given by CreditSecure are EX:736, EQ:724(699FICO), and TU734. My questions are:

 

1: What is the likelyhood that my CLI from Chase was denied due to my not having a job listed on EQ (the one they pulled) and if I send in a dispute to have my job added, how long should I wait before asking for another increase? (I also asked the CSR when I called whether the inquiry would be hard or soft, to which she replied soft, but it ended up being hard, which I am going to dispute)

 

2: My AmEx request was denied on the grounds that my debt ratio was too high (46% debt:54%credit), and because of my "Payment history with AmEx". I had a balance from a balance transfer that I never missed a payment on and paid more than the minimum payment, but never fully paid off the card and peridically used it, increasing the balance. When I got my CU card in January, I transfered the balance, and since have been using the card as my main finance and have been paying in full each month. I also noticed on my credit reports that my payment history with AmEx on my EX report only shows the most recent month, but has no data for previous months, and past reports also only show the most current month, while the other reports have a complete history. Could this be affecting my request and should I see about getting it fixed before requesting another increase, and how long should I wait to ask? I'm fairly certain they used my EX report since it is the one that sponsors their CreditSecure program. I saw another forum on here that had "backdoor numbers" for talking to account specialists, so I was considering that option to explain my situation and try to obtain a CLI.

 

3: I've received several increases on my USBank card (500->1250->2000->4250) without ever asking for an increase, usually about 8-9 months apart, but during that period, I had always carried a balance. I transfered this balance to my CU card at the same time as the AmEx balance, and since have only used the card a few times for random small purchases. I read somewhere the best thing to do with USBank is call and ask if I'm eligible for a CLI without a hard pull. What I want to know is, should I wait to see if they automatically increase my limit (last increase was about 8 months ago), or call and ask? If they gave me increases because I carried a balance, I don't think they'll do it automatically if I'm not.

 

4: Should I try to add my student loan account to my EQ and TU reports, and if I succeed, how will it effect my score over time? I think that if I get the account added, it will increase my score quite a bit (older account with a high original principle and perfect payment), but If they aren't already reporting to those bureaus I fear that they will not update the accounts, so the balance will always stay the same and effect my score negatively.

 

If anybody made it this far through my thesis, I appreciate the time to read and will appreciate any and all help offered.

 

Thank you,

 

~T

 

 

Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
0

Re: CLI Advice needed


tmlavoi wrote:

I have quite a few questions about obtaining a credit limit increase on my credit cards. I am working on improving my credit scores as I'm going to be looking for a new place to live and finiancing furniture in about 2 months, so I want to get my scores as high as possible before then. At the current moment the only way to do that is to decrease my debt:available credit ratio. I recently tried to have the credit limits increased on two of my credit cards (AmEx Blue Sky, $2k limit ->$10k), and Chase/Best Buy, $800 limit -> $5k). Even though my credit history is good, I was only given a $400 increase on my Best Buy card and denied outright on the AmEx. I use the AmEx CreditSecure to monitor all three reports, and I have all acounts in good standing (never once missed any payments, no negative information). The only problems I see are that 1)My Equifax Credit Report doesn't have a job listed (I've been with the same company now for just under 3 years) and 2) My EQ and TU reports dont have my student loan account, which is my oldest account, efectively bringing my average account down to 4 years on those reports. (As an aside, I am 26, but started building credit late because my parents were overly cautious about me getting a card early). My other cards are a USBank Platinum Visa ($4250 limit) and a Credit Union Card ($8k limit). My PLUS Scores as given by CreditSecure are EX:736, EQ:724(699FICO), and TU734. My questions are:

 

1: What is the likelyhood that my CLI from Chase was denied due to my not having a job listed on EQ (the one they pulled) and if I send in a dispute to have my job added, how long should I wait before asking for another increase? (I also asked the CSR when I called whether the inquiry would be hard or soft, to which she replied soft, but it ended up being hard, which I am going to dispute) 1. Chase pulls hard for telling you "Good morning", let alone CLI.

2. Chase traditionally pulls EXP, sometimes TU, EQ is pretty rare. 3. Chase is a crappy lender and very bad with CLI's, unless you put huge amount of money through card.

 

2: My AmEx request was denied on the grounds that my debt ratio was too high (46% debt:54%credit), and because of my "Payment history with AmEx". I had a balance from a balance transfer that I never missed a payment on and paid more than the minimum payment, but never fully paid off the card and peridically used it, increasing the balance. When I got my CU card in January, I transfered the balance, and since have been using the card as my main finance and have been paying in full each month. I also noticed on my credit reports that my payment history with AmEx on my EX report only shows the most recent month, but has no data for previous months, and past reports also only show the most current month, while the other reports have a complete history. Could this be affecting my request and should I see about getting it fixed before requesting another increase, and how long should I wait to ask? I'm fairly certain they used my EX report since it is the one that sponsors their CreditSecure program. I saw another forum on here that had "backdoor numbers" for talking to account specialists, so I was considering that option to explain my situation and try to obtain a CLI. You should be very careful with Amex, I would not call or ask for CLI unless all my balances are $0.

 

3: I've received several increases on my USBank card (500->1250->2000->4250) without ever asking for an increase, usually about 8-9 months apart, but during that period, I had always carried a balance. I transfered this balance to my CU card at the same time as the AmEx balance, and since have only used the card a few times for random small purchases. I read somewhere the best thing to do with USBank is call and ask if I'm eligible for a CLI without a hard pull. What I want to know is, should I wait to see if they automatically increase my limit (last increase was about 8 months ago), or call and ask? If they gave me increases because I carried a balance, I don't think they'll do it automatically if I'm not. You can call US Bank, pick "account change" and "credit limit increase", if you are eligible, you get it without hard, if not system transfers you to CSR. 

 

4: Should I try to add my student loan account to my EQ and TU reports, and if I succeed, how will it effect my score over time? I think that if I get the account added, it will increase my score quite a bit (older account with a high original principle and perfect payment), but If they aren't already reporting to those bureaus I fear that they will not update the accounts, so the balance will always stay the same and effect my score negatively. Positive TL is ... positive.

 

If anybody made it this far through my thesis, I appreciate the time to read and will appreciate any and all help offered.

 

Thank you,

 

~T

 

 


 

IN VINO VERITAS.
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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.