Credit Utilization Q's

[HiLine]

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@lhcole77 wrote:
Every CLI I've gotten from WF has been a SP. Call the 800 number and ask he CSR just to confirm for yourself.

I've never been denied a CLI with WF and I've always made sure by balance was reporting 0 the day I called.

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Ha! So Wells Fargo actually does have one good thing about their credit cards

[riffdex]

Thanks for the link SnackTrader. Ill call WF tomorrow and ask for a CLI. Just to make sure I understand right, are you saying the "charge card" (I use quotes because I not sure it really is a charge card, but it is labeled as such) I have doesnt affect my credit? If thats the case why does it show up on my credit report. Just wondering...

When I applied for the Belk card I was made to enter my SSN and income. I just always thought it was a credit card since I got it. If its really not gonna affect my credit, I guess ill just forget about it. I never use the card anyway, I just thought I would attempt to increase the CL if it would help my credit.

@Ihcole Thanks Ill call tomorrow for my CLI.

[SnackTrader]

It positively impacts your credit, just as any paid-on-time tradeline would.

What I was saying is that it doesn't make any difference if it is reporting as a "charge card" vs. revolving credit. Your original question on that card seemed to ask why it was reported as a charge, and if that mattered. My answer is, I don't know why it is a charge, and it shouldn't matter. But any tradeline on your credit report will be seen by other lenders and goes towards calculating your scores.

[riffdex]

Well I just asked WF for a CLI and got denied. I didnt even ask for too much (simply $1200-$2500). This annoys me because it is my oldest CC, I have never missed a payment, always pay in full, and have kept my utilization low. I've had it for two years and always paid on time. But oh well, it appears the other CC companies realize I'm a valuable customer. I have credit limits of $2000 from my other cards but WF cant even increase me past $1200? My little rant lol.

I probably COULD have got it if I allowed them to do a hard pull of my credit. They said the soft pull did not return an answer and I declined them doing a hard pull. I assume this was the right decision? I dont want anything getting in the way of my AMEX 3xCLI on day 61...

[Mopar_Jones]

Did you ask them why it didn't provide an answer? Try again in a few days, and if you get the same response, kindly as to speak with a senior analyst/underwriter..

[Mopar_Jones]

This is the backdoor number to the underwritting department for next time and/or reference.. 866 677 1128

[riffdex]

Yeah, I asked why they couldnt grant the increase. She said the soft pull couldnt provide them with enough info or something. Which is absolutely ridiculous. If they just look at the last 2 years w this CC they would see I am not a risk. It shouldnt even require a soft pull. I asked to speak to an account manager and she said she was a senior underwriter and not anything she can do without a hard pull. I told them that the $1200 limit is ridiculously low, and I have multiple CCs with limits $2000+. I also told her that the fact that the limit is so low is preventing me from using the card more, for desire of keeping my utilization under 10% of the card. No go.

Are you sure I wont get penalized for calling back in a few days to try again?

I dont know why WF has to be so difficult. I have spent and paid very steadily in the last 2 years w the WF and both times I asked I was denied a CLI. I only had the Discover a few months and they just offerred to increase my limit without me asking.

[injustifiiable]

I noticed that too. It seems like Experian reports all my store cards as "charge card" while the major credit cards will report as credit cards.

I know it doesn't really matter but that's just a oddity I've noticed with EX.

[lhcole77]

I would call back and request a smaller CLI. If your limit is 1200 right now maybe you could ask for 300-500. And work your way up to something larger.

Does your income support a request for a 2500 CLI? And is your UTL low across all cards?

[Mopar_Jones]

No you won't get penalized. Unless you agree to a hardpull, you won't have one. They certainly are not going to cut your limit down or anything just because you want a CLI and the person you spoke to prior was incompetent.. I would just see if you get the same line of BS the other rep gave you. They can see all the same info with a SP that they can a HP... so I'd be pretty annoyed if I were you..