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Established Member
lmhenry1
Posts: 18
Registered: ‎01-06-2012
0

How to get CLI's ?

Hi Everyone I am fairly new to the forums and would like to know the best plan of action of increasing my current credit lines. More specifically my NFCU Cash Rewards Visa. I have had it for 10 months and was disappointed with the (1,000) dollar limit they gave me even though it is my first unsecured credit card. At the time I applied my highest limit was $1,500 dollars with my Wells Fargo Secured Visa as was hoping to break the $5,000 limit barrier. Now with the holidays quickly approaching I am getting frustrated with having to make multiple payments to keep using my cards. I want to get increased to 10,000 dollars with NFCU so my other creditors will follow suit especially BOA. How do I escape this low limit hell and on the more prime cards like Chase Freedom?

 

I have a total of 4 hard inquires, two of which were from NFCU.

100% of on time payments with no derogatory information.

My current card utilization is 44%

AAOA is 1yr and 3 months.

Credit Karma score is 701

 

Wells Fargo Secured Cash Back Card $169.73/$1500

Navy Federal Credit Union Cash Rewards $674.18/$1000

Bank Of Americard Cash Rewards $297.30/$300 (Used to be secured, No annual fee forever)

Capital One Secured Mastercard $781.01/$1151.00( Need to get rid of no rewards, crap customer service and no unsecured cli’s)

Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012
0

Re: How to get CLI's ?

First you need to pay down your credit card under 30% or better 1-9% are better. Then you have to wait for they report.i guess you have NP to apply for citi or discover or chase. I guess citi will give you better CL

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
New Contributor
Posts: 58
Registered: ‎01-10-2009
0

Re: How to get CLI's ?

Earn more and spend less will improve status to a creditor.

Frequent Contributor
wallyworld123
Posts: 455
Registered: ‎01-04-2012
0

Re: How to get CLI's ?


lmhenry1 wrote:

Hi Everyone I am fairly new to the forums and would like to know the best plan of action of increasing my current credit lines. More specifically my NFCU Cash Rewards Visa. I have had it for 10 months and was disappointed with the (1,000) dollar limit they gave me even though it is my first unsecured credit card. At the time I applied my highest limit was $1,500 dollars with my Wells Fargo Secured Visa as was hoping to break the $5,000 limit barrier. Now with the holidays quickly approaching I am getting frustrated with having to make multiple payments to keep using my cards. I want to get increased to 10,000 dollars with NFCU so my other creditors will follow suit especially BOA. How do I escape this low limit hell and on the more prime cards like Chase Freedom?

 

I have a total of 4 hard inquires, two of which were from NFCU.

100% of on time payments with no derogatory information.

My current card utilization is 44%

AAOA is 1yr and 3 months.

Credit Karma score is 701

 

Wells Fargo Secured Cash Back Card $169.73/$1500

Navy Federal Credit Union Cash Rewards $674.18/$1000

Bank Of Americard Cash Rewards $297.30/$300 (Used to be secured, No annual fee forever)

Capital One Secured Mastercard $781.01/$1151.00( Need to get rid of no rewards, crap customer service and no unsecured cli’s)


Hello, have u thought about requesting an increase from nfcu it has been 10 months they usually give auto cli at 1 year mark but i am sure you can get a increase now if u request it and honestly i believe trying to get 10,000 now is a bit much looking at your profile. Nfcu is awesome be patient with credit be happy u are a member thats wonderful just by itself. When your secure cards graduate u will be well on your way esp for chase.

Frequent Contributor
bbb3601
Posts: 327
Registered: ‎01-26-2012
0

Re: How to get CLI's ?

In my personal experience with navy i would say just ask. I had my plat that started at 5k, and I asked for an increase in 2 weeks to 8k approved. I opened cash rewards last month for 2k, never used it, requested an increase to 8k last night approved today. I do all of mine online. UTI about 20%......well not now :smileywink:

 

NFCU Cash Rewards 16,500,NFCU Plat 17,000, NavCheck 10,000, USAA Cash 4,000, USSA Rate Adv 2,000, USAA AMEX 3,500, Freedom 2,000, Capital One 2,000, Barclay's Apple 1,500, Barclay's Ring 1500, Various Store Cards.




Valued Member
clownfico
Posts: 35
Registered: ‎06-07-2008
0

Re: How to get CLI's ?

IME, high CL's from CU's don't necessarily affect prime lender's as much unless you have +1-2 years of experience with manage high limits. Your focus should be on maintaining good "paying patterns" for at least 18 to 24mos, then test the waters of higher limits. Prime lenders will probably begin seeking you.

 

Established Contributor
adavis425
Posts: 513
Registered: ‎02-14-2012
0

Re: How to get CLI's ?


wallyworld123 wrote:

lmhenry1 wrote:

Hi Everyone I am fairly new to the forums and would like to know the best plan of action of increasing my current credit lines. More specifically my NFCU Cash Rewards Visa. I have had it for 10 months and was disappointed with the (1,000) dollar limit they gave me even though it is my first unsecured credit card. At the time I applied my highest limit was $1,500 dollars with my Wells Fargo Secured Visa as was hoping to break the $5,000 limit barrier. Now with the holidays quickly approaching I am getting frustrated with having to make multiple payments to keep using my cards. I want to get increased to 10,000 dollars with NFCU so my other creditors will follow suit especially BOA. How do I escape this low limit hell and on the more prime cards like Chase Freedom?

 

I have a total of 4 hard inquires, two of which were from NFCU.

100% of on time payments with no derogatory information.

My current card utilization is 44%

AAOA is 1yr and 3 months.

Credit Karma score is 701

 

Wells Fargo Secured Cash Back Card $169.73/$1500

Navy Federal Credit Union Cash Rewards $674.18/$1000

Bank Of Americard Cash Rewards $297.30/$300 (Used to be secured, No annual fee forever)

Capital One Secured Mastercard $781.01/$1151.00( Need to get rid of no rewards, crap customer service and no unsecured cli’s)


Hello, have u thought about requesting an increase from nfcu it has been 10 months they usually give auto cli at 1 year mark but i am sure you can get a increase now if u request it and honestly i believe trying to get 10,000 now is a bit much looking at your profile. Nfcu is awesome be patient with credit be happy u are a member thats wonderful just by itself. When your secure cards graduate u will be well on your way esp for chase.


Agreed. I had my NFCU cashRewards for 7 months when I requested and received a CLI. You can do it online and get an instant decision. That said, I also agree that your util is a bit high. That may be a problem for them, I'm not sure.

 

AmEx Platinum | AmEx BCP | AmEx Delta Gold | CSP | Chase Freedom | NFCU cashRewards Visa Sig | NFCU Plat MC | WM Discover | Discover it | JCP


New Contributor
Posts: 58
Registered: ‎01-10-2009
0

Re: How to get CLI's ?


clownfico wrote:

IME, high CL's from CU's don't necessarily affect prime lender's as much unless you have +1-2 years of experience with manage high limits. Your focus should be on maintaining good "paying patterns" for at least 18 to 24mos, then test the waters of higher limits. Prime lenders will probably begin seeking you.

 


If you define a Prime Lender as one which loans cash advances at the lowest APR then Credit Unions are superior to the big banks.

Moderator
Revelate
Posts: 8,871
Registered: ‎12-30-2011
0

Re: How to get CLI's ?

[ Edited ]

Benton wrote:

clownfico wrote:

IME, high CL's from CU's don't necessarily affect prime lender's as much unless you have +1-2 years of experience with manage high limits. Your focus should be on maintaining good "paying patterns" for at least 18 to 24mos, then test the waters of higher limits. Prime lenders will probably begin seeking you.

 


If you define a Prime Lender as one which loans cash advances at the lowest APR then Credit Unions are superior to the big banks.


Unfortunately that's not the definition of prime lender used in these parts, and cash advances are incredibly rarely a smart idea financially anyway :smileyhappy:.

 

While prime lender I would agree is a poor choice in terminology, in general it refers to the top-tier lenders whom once upon a time (Chase / BOFA / Citi / Amex / et al.) were only serving the prime and above-prime credit markets, with a number of products that were considered worthwhile.  

 

These days some CU's might fall into that category, and debatably what were traditional gold-plated lenders have begun the financial version of the limbo (race to the bottom lowering underwriting standards outside the red-water prime market), but given that the conventional wisdom is to never spend more than you can comfortably afford, and that credit cards as a product were designed to be short-term float, APR rarely factors into the discussion though I certainly intend to acquire a low APR card at some point in the future for financial defensibility.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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New Contributor
Posts: 58
Registered: ‎01-10-2009
0

Re: How to get CLI's ?


Revelate wrote:

Benton wrote:

clownfico wrote:

IME, high CL's from CU's don't necessarily affect prime lender's as much unless you have +1-2 years of experience with manage high limits. Your focus should be on maintaining good "paying patterns" for at least 18 to 24mos, then test the waters of higher limits. Prime lenders will probably begin seeking you.

 


If you define a Prime Lender as one which loans cash advances at the lowest APR then Credit Unions are superior to the big banks.


Unfortunately that's not the definition of prime lender used in these parts, and cash advances are incredibly rarely a smart idea financially anyway :smileyhappy:.

 

While prime lender I would agree is a poor choice in terminology, in general it refers to the top-tier lenders whom once upon a time (Chase / BOFA / Citi / Amex / et al.) were only serving the prime and above-prime credit markets, with a number of products that were considered worthwhile.  

 

These days some CU's might fall into that category, and debatably what were traditional gold-plated lenders have begun the financial version of the limbo (race to the bottom lowering underwriting standards outside the red-water prime market), but given that the conventional wisdom is to never spend more than you can comfortably afford, and that credit cards as a product were designed to be short-term float, APR rarely factors into the discussion though I certainly intend to acquire a low APR card at some point in the future for financial defensibility.

 


Revelate,

 

Thank you for commenting. I share your view of low APRs for financial defensibility. Why do you think APRs are so rarely discussed around here? I think it fair to say the majority of members are not of means and the price of money is relevant in all other loans.


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