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Frequent Contributor
Posts: 346
Registered: ‎02-01-2012
0

Re: CLI..... when should I ask ???


youngman1234 wrote:

By the way just to let everyone I also posted my recent FR from Amex which i still have yet to hear back from......... 

 

History... 

 

Length of credit history - 1 year 7 months

AAOA: 8 months 

I am 22

 

2010 - 

 

Had a BOA secured card - $10,000 limit ( fell to $3,000 after graduating in 11/2011) 

Capital one - $500 ( now $750) 

Care Credit - $1000

Lord & Taylor - $1200 ( now $3,000) 

Macys & Bloomingdales 

 

2011 - ( In Nov 2011 added 11 new accounts)  Now have: 

 

BOA Plantinum Plus - 3000 ( the card that unsecured from a $10,000 limit) 

BOA CASH rewards - 2000

BOA Accelerated Amex- 2000

Discover- 1000

Amex SPG 

Penfed Promise - 9000

PNC Bank - 1500

Chase Slate - 3000

Wells Fargo Plat - 1500

Affinity CU - 1000

Barclays - 1300

walmart - 700

 

I have been PIF since NOV 2011, and have used up the entire limit on most cards. In otherwords with my BOA cards in specific I have charged $2990 on the PLat and the the other two $1990 every month so far, but pay off the bill before the statement cuts. I want to hit the lov button so bad but dont think I will get approved. 

 

Current score - 663 ( have about $8,000 in debt reporting Penfed - 5000 & Amex SPG ( 3,000), but will Pay off when the bill will come. I am waiting for the two new BOA cards to hit six months first and then request CLI, but wanted to know do you think it would be wise to request a CLI for the graduated card. I have the longest history with this card and had a $10,000 when it was secured. As of right now all my BOA cards together only have a 7,000 limit which is nothing. My brother and I use the cards for our business and charged almost $75K since NOV 2011 and paid off in full the entire amount..  


Any suggestions ?? 


WOW. I'm surprised you were approved for that many cards without being declined over inquiries. I wouldn't lay low I'd bury myself to stay out of view with that many new accounts. At the same time you bring me some comfort knowing I didn't go overboard with my applications and new accounts. 

Established Contributor
Posts: 500
Registered: ‎05-11-2007
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Re: CLI..... when should I ask ???

Bank of america has been agressivley closing accounts, slashing credit lines. If in six months you called them for a credit line increase, you are more likley to have bad things happen. The 10k you used to have on a secured card is irrelevant. You are juggling way too many credit lines trying to keep this business afloat, and sadly it may not have a happy ending.

Conserve cash, limit credit purchases for the company to the bare minimum needed to survive. Be realistic about the business. If it cant be kept open without maxing credit cards out multiple times a month, then it might be time to close it. A big majority of small companies fail. If it fails and you have all of your personal credit on the line, you will end up with nothing but a big pile of debt.

Good luck with it al. Not trying to judge. Just my opinion, but think really really hard about the business. Spend the money for a cpa to go through the books and advise you on how the company is really doing.
Frequent Contributor
Posts: 451
Registered: ‎10-02-2011
0

1Re: CLI..... when should I ask ???

I applied for 12 credit accounts and got approved on october 2012.they closed 2.The accounts closed was barcley and us bank

All the accounts that remain opened was a GE accounts 6 of them with a total limit of 15k

I calld the backdoor number 2 months later for cli and was approved for 3k more

fico currently due to new accounts 684

fico previously before new accounts 715

fico impacted due to a walmart discover card been close to the limit utl

fico was impacted 15 points due to the new accounts and aaoa(average account age)

Lenders do not like to see to many credit cards opened at once but if u manage to keep them opened they will help your score alot and each account will help your score by 2 points a month so many accounts will help the credit score in a long run(6months history)


COMMERCE BANK PLATINIUM VISA 20K*PAYPAL MC $9.5K*CITI FORWARD $8.5K*PENFED $6,5K*
*LOWES $6K *CMN BANK $5.2K-*PNC $5K*SCLUB DISC. $5K*
WMART DISC.4K*CMN BANK 3.75K*BANK OF AMERICA $3K* MACYS $2.2K*
JCP $1.8*TARGET $0.7K* UTL1%- AAOA 5.5- TOTAL 12 yrs History/
Transunion 718 Equifax 733- Experian 736
Established Contributor
Posts: 910
Registered: ‎12-25-2010
0

Re: 1Re: CLI..... when should I ask ???

It is absolutely time to lay low, under the garden, Lord of the Rings Hobbit Middle Earth style... With new accts and lots of cash flow some creditors get nervous just from the possibility that there might be money laundering activity. IMO it is time to consider getting a business credit card. They are not that difficult to obtain, and leaving large balances on them don't affect your PERSONAL credit score. Not sure about your bank, but Chase offers some cards, (Ink Business).


Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Established Contributor
Posts: 516
Registered: ‎02-27-2012
0

Re: CLI..... when should I ask ???

Yeah this post is from a long time ago guys.... I have since gotten 2 chase ink cards ( ink cash- 12k & ink bold 45k)... And my BOA have gone to the following:
1. Cash rewards sig- 20k
2. Cash rewards plat- 8.5k
3. Boa Amex- 7.5k
Highlighted
Established Contributor
Posts: 910
Registered: ‎12-25-2010
0

Re: CLI..... when should I ask ???

Congrats.. Good luck with your business!!!!


Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Frequent Contributor
Posts: 451
Registered: ‎10-02-2011
0

Re: CLI..... when should I ask ???

good luck


COMMERCE BANK PLATINIUM VISA 20K*PAYPAL MC $9.5K*CITI FORWARD $8.5K*PENFED $6,5K*
*LOWES $6K *CMN BANK $5.2K-*PNC $5K*SCLUB DISC. $5K*
WMART DISC.4K*CMN BANK 3.75K*BANK OF AMERICA $3K* MACYS $2.2K*
JCP $1.8*TARGET $0.7K* UTL1%- AAOA 5.5- TOTAL 12 yrs History/
Transunion 718 Equifax 733- Experian 736
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