Credit Card Center Advertiser Disclosure†
09-20-2012 04:22 PM - edited 09-20-2012 04:24 PM
09-20-2012 04:33 PM
09-20-2012 04:35 PM
Unfortunately no go on the cli. Uti to high lower it first then ya should be good.
09-20-2012 04:37 PM
I would venture to say that increases are not likely because of your overall high utilization, but that is just my guess.
Unfortunately I would have to agree. Until you get util down, creditors will see you as higher risk, and will be thus be unlikely to grant any cli requests
That's not to say you can't try, just that you would probably not be successful
09-20-2012 04:55 PM - edited 09-20-2012 05:01 PM
Ok, I am in a ton of debt, I know that. But I am a senior in college and working a not so great job till I graduate, so I do need credit, at least for now, and I am not planning on using more, but I want to improve my credit and thus am looking for higher limits. So, my question is, should I even bother trying to get a cli or would it be a waste of an inquiry? I have almost 5 years credit history and have never missed any payments or had a late. No collections or anything on my credit. Here are my cards: Wells Fargo 5,600, 7 k limit Cap 1 0 balance 1200 limit Cap 1 2,500 balance, 3 k limit Discover 2 k balance, 3k limit Citi, 0 balance, 500 limit. Side note on my citi, it used to be a 2500 limit, but a year ago the did a cld. No reason. I was last declined for an increase 8 months ago.
Welcome to the forums Leah!
CLI's don't improve credit directly; the biggest thing you can do (besides never being late or under the minimum payment on a card) to help your credit score is to begin to pay down the balances. I know that's difficult as a student with a crummy job, but you have more than enough credit cards for your report to produce a solid score, and you have fairly good limits compared to many people who stumble across this forum. That's doubly true as a student.
In any event, I'd put any future credit applications / CLI's / etc on hold until graduation and a better job is obtained with hopefully better income. As long as you continue to make on-time payments, your payment history will improve, and once you get your balances paid down, you'll be in a pretty eviable position.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† 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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.