@mamahearts wrote:
I’m wondering if I should apply for a CLI on my Capital One card so I can focus on paying down my Amazon balance and decrease my overall utilization. Or will that drop my score?
I have a Capital One card with a $2000 CL and it’s maxed out.
I have an Amazon card with a $2000 CL and it’s slightly less than maxed.
I have a Lowes card with a $300 CL and with a small balance of $45.
I have 0 late payments on my cards and student loans (7 total accts in good standing).
I make $24,000.
I’ve been rebuilding my credit and my score is now at 630 TU and EQ.
AAofA 8 yr 9 months
I have 2 old medical collections less than $300 total and $262 for an old phone bill.
I want to apply for and get approved for a car loan ASAP.
Cap1 CLIs are SPs so it doesn't hurt to try as long as you're 6 months out from your last CLI. That said, it doesn't look like you would qualify for a huge CLI that would make much of an impact on your score. Instead, I would focus on 2 things if raising your score is the goal.
1. Bring down your utilization, not only are you paying heavy interest on your balance, it's killing your score.
2. Call the collection agencies and try to negotiate payment for removal, it can be done and has been done, this would give you the biggest return on your credit score.
