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New Contributor
Posts: 73
Registered: ‎11-08-2007
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Credit Limit Increase?

Ok, a few questions for you guys..
 
This is regarding credit limit increases.  I have a Cap 1 and Orchard bank card that are low credit limits.  The Cap 1 is 1,000 and Orchard is 300.  Util on Cap 1 is over 50% and the Orchard is PIF.  What should I be doing in regards to if I want a credit limit increase? My payment history has been excellent but I do not use the cards...
 
I also have Target and Nordstrom store cards.  I have read through these forums that if paying well then they easily convert these into VISA cards.  My credit limit for Target is $500, and Nordstrom is $700.  Again, excellent payment history but I do not use these cards at all..  These cards also over 50% util.  I recently spoke with Target and they said they cannot convert into visa based on my credit, even though I have a good history.. They had advised me to use the card more often, and maybe this will change their mind.  Am I doing this all wrong?  Should I be using these cards more often.. Utilization is key in getting credit limit increases and getting them converted into VISAs??
 
I also have read through these forums about them being generous with CLI after holidays.. Is this correct?? And do i have to physically go in the store to request this??
 
Thanks a bunch,
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007

Re: Credit Limit Increase?

You can influence Cap1 not so sure about HSBC/Orchard.

To Really get some where with Capone- you need to get the "Old balance" paid off and use the card.

The high UTL is hurting your scores-

If the cards are not being used at all - they have no reason to CLI. Especially true on store cards.



asyiasmami wrote:
Ok, a few questions for you guys..
This is regarding credit limit increases. I have a Cap 1 and Orchard bank card that are low credit limits. The Cap 1 is 1,000 and Orchard is 300. Util on Cap 1 is over 50% and the Orchard is PIF. What should I be doing in regards to if I want a credit limit increase? My payment history has been excellent but I do not use the cards...
I also have Target and Nordstrom store cards. I have read through these forums that if paying well then they easily convert these into VISA cards. My credit limit for Target is $500, and Nordstrom is $700. Again, excellent payment history but I do not use these cards at all.. These cards also over 50% util. I recently spoke with Target and they said they cannot convert into visa based on my credit, even though I have a good history.. They had advised me to use the card more often, and maybe this will change their mind. Am I doing this all wrong? Should I be using these cards more often.. Utilization is key in getting credit limit increases and getting them converted into VISAs??
I also have read through these forums about them being generous with CLI after holidays.. Is this correct?? And do i have to physically go in the store to request this??
Thanks a bunch,



Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
0

Re: Credit Limit Increase?

Target graduates to Visa in stages, don't know how long you have had the card.  I rarely used mine an PIF usually before the statement date and on the occasions I did use it, t was for generally no more than 30 dollars or so.  You appear to have high uti on the Target card as well.  Once you get it down to 0 just use it every few month or so for small purchases then PIF.  You have a 500.00 limit which is the limit I had before they offered the Visa upgrade with CLI.
 
Hang in there.
 
BTW,it is my understandingthat Target does batch upgrades.  Maybe quarterly?
New Contributor
Posts: 73
Registered: ‎11-08-2007
0

Re: Credit Limit Increase?

Timothy- "Old balance" paid off? Do you mean the balance thats currently on the Cap 1??
 
Brammy- Also, if I use it how will they know if I PIF before the statement due date? Will I need to let it report first, then pay a few days before the due date?
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Community Leader
Epic Contributor
Posts: 28,098
Registered: ‎04-01-2007
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Re: Credit Limit Increase?

I know you're asking Brammy, but I wanted to mention that it's easy to confuse what makes FICO happy with what makes CCC's happy. You can run your balance up and PIF it repeatedly throughout a billing cycle, finally leaving $10 on at statement time. FICO would only know about the $10, but your CCC knows about the total charges you have put on (and paid off.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
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Re: Credit Limit Increase?

HTSU is absolutely right.  Even when I do use it, I try never to let tht usage report to the CBs.  I always pay it off before the next statement date.  Say you pay it off, I only use mine after the statement falls with 0 and then pay it the day before my new statement falls, this is NOT the due date.  You still get 30 days float.
New Contributor
Posts: 73
Registered: ‎11-08-2007
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Re: Credit Limit Increase?

So this you are referring to the statement closing date, correct?  So I should PIF, then wait until my statement reports 0 balance then start using the card and PIF or keep util low before the statement date..? Not due date..?
New Contributor
Posts: 73
Registered: ‎11-08-2007
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Re: Credit Limit Increase?

Also, If I have a lot of credit cards and store cards, how do I keep tabs on everything. This sounds pretty confusing.  Sorry, I am very new to all of this!
 
PS- Would it be in my best interest to PIF my store cards and not use them anymore..? I know they have high interest rates.  Credit cards look better on my credit report?
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
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Re: Credit Limit Increase?



asyiasmami wrote:
So this you are referring to the statement closing date, correct?  So I should PIF, then wait until my statement reports 0 balance then start using the card and PIF or keep util low before the statement date..? Not due date..?


 
Yes

Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
0

Re: Credit Limit Increase?



asyiasmami wrote:
Also, If I have a lot of credit cards and store cards, how do I keep tabs on everything. This sounds pretty confusing.  Sorry, I am very new to all of this!
 
PS- Would it be in my best interest to PIF my store cards and not use them anymore..? I know they have high interest rates.  Credit cards look better on my credit report?


 
The best thing you can do is rotate which cards you use.  If you have balanes reporting on too many accunts that will also ding your score.  Try somefinancial software like Quicken or Money. I actually have Money set my due dates on the statement date.  It remind me 7 days prior.

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