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How to get a CLI???

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bichonmom
Senior Contributor

How to get a CLI???

So, I pulled the trigger and apped for a CLI with my CU Visa. It cost me a HP. I asked for $5k and they gave me $2500 -- a $2k increase.

 

Not thrilled, but at least it's something. I called and spoke w/loan officer, and she said something odd. One of the things they looked at was the maximum balance I've had on any of my CCs. My highest limit card is only $2k, so obviously my highest balance can't exceed that. And yet, she said that the most they could increase my CL was $2k because the highest balance I've had was $1500 (and this was PIF BEFORE the stmt cut, so my bal actually has reported 0 for this card). Isn't it a good thing that I didn't max out the card???

 

So, my question is, HOW am I supposed to get CLIs if they're looking at what I've been charging, which obviously can't exceed the CL. I'm not even trying to hit the CL. I'm just running my monthly expenses through it and PIF-ing. This is very frustrating. My FICO is high (TU) and my history w/them is good. What else am I supposed to do to get a decent CL?

 

All my CCs reported zero bal, except for one. Total util was around 7 or 9%, can't recall.

 

BTW, I did explain that having such a low limit makes it hard to use the CC because it affects my util. I'm wondering if it's worth spending my time even using this card. I am seriously thinking just SD it and see what happens.

 

EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 1 of 13
12 REPLIES 12
Anonymous
Not applicable

Re: How to get a CLI???

That just sounds like some sort of odd policy that CU has. Guess they don't want to be the first ones to extend you a higher credit line - which is odd, considering (or at least I thought so) that CU's are usually more generous with CLs than banks are.

I woulda just requested a CLI from NFCU instead.

Message 2 of 13
LS2982
Mega Contributor

Re: How to get a CLI???


@bichonmom wrote:

So, I pulled the trigger and apped for a CLI with my CU Visa. It cost me a HP. I asked for $5k and they gave me $2500 -- a $2k increase.

 

Not thrilled, but at least it's something. I called and spoke w/loan officer, and she said something odd. One of the things they looked at was the maximum balance I've had on any of my CCs. My highest limit card is only $2k, so obviously my highest balance can't exceed that. And yet, she said that the most they could increase my CL was $2k because the highest balance I've had was $1500 (and this was PIF BEFORE the stmt cut, so my bal actually has reported 0 for this card). Isn't it a good thing that I didn't max out the card???

 

So, my question is, HOW am I supposed to get CLIs if they're looking at what I've been charging, which obviously can't exceed the CL. I'm not even trying to hit the CL. I'm just running my monthly expenses through it and PIF-ing. This is very frustrating. My FICO is high (TU) and my history w/them is good. What else am I supposed to do to get a decent CL?

 

All my CCs reported zero bal, except for one. Total util was around 7 or 9%, can't recall.

 

BTW, I did explain that having such a low limit makes it hard to use the CC because it affects my util. I'm wondering if it's worth spending my time even using this card. I am seriously thinking just SD it and see what happens.

 


What are the limits on your other cards??




EQ FICO 548 3/3/16
Message 3 of 13
seattletravels
Valued Contributor

Re: How to get a CLI???

Yeah - just seems like some policy they have. Congrats on the CLI though!



Last App: BECU 02-26-2020
Pronouns: He/Him/His
Message 4 of 13
pizzadude
Credit Mentor

Re: How to get a CLI???

Some CUs are actually quite conservative with their underwriting. It really just comes down to their policies. Some CCs want your business and will match or exceed your highest CL. It just varies....
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 5 of 13
Anonymous
Not applicable

Re: How to get a CLI???


@bichonmom wrote:

So, I pulled the trigger and apped for a CLI with my CU Visa. It cost me a HP. I asked for $5k and they gave me $2500 -- a $2k increase.

 

Not thrilled, but at least it's something. I called and spoke w/loan officer, and she said something odd. One of the things they looked at was the maximum balance I've had on any of my CCs. My highest limit card is only $2k, so obviously my highest balance can't exceed that. And yet, she said that the most they could increase my CL was $2k because the highest balance I've had was $1500 (and this was PIF BEFORE the stmt cut, so my bal actually has reported 0 for this card). Isn't it a good thing that I didn't max out the card???

 

So, my question is, HOW am I supposed to get CLIs if they're looking at what I've been charging, which obviously can't exceed the CL. I'm not even trying to hit the CL. I'm just running my monthly expenses through it and PIF-ing. This is very frustrating. My FICO is high (TU) and my history w/them is good. What else am I supposed to do to get a decent CL?

 

All my CCs reported zero bal, except for one. Total util was around 7 or 9%, can't recall.

 

BTW, I did explain that having such a low limit makes it hard to use the CC because it affects my util. I'm wondering if it's worth spending my time even using this card. I am seriously thinking just SD it and see what happens.

 



 

I'm going to call BS on that "We can't give you a higher CL because you've only ever charged X amount" junk.  She probably wanted to justify not giving you what you asked for..  I assume it's similar to those so called denial reasons you get that absolutely don't apply to you at all.  For example, someone with a 20 year CC history being told their accounts are too new.  Bleh.

 

So you got bumped up to $2500 from $500?  That's pretty good considering people here typically say the max you'll get is 3x your current limit. 

 

Sorry it cost you a HP, but I think that's a pretty good CLI!

Message 6 of 13
bichonmom
Senior Contributor

Re: How to get a CLI???

Well, I have 7 mos with this CC and barely 3 w/NFCU. I'm just really gunshy because I don't want to waste an inq. I was 99% sure I'd get a CLI; I just thought/hoped it would be for more. They did say they're a conservative lender, which I did not know beforehand.

 

I kind of feel like they're just not worth the time. I've nursed the card for 7 mos, and don't feel like I got what I should have. I don't really want to spend another 6 mos or year nursing it, for another $2k CLI and a HP. Smiley Mad

EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 7 of 13
Anonymous
Not applicable

Re: How to get a CLI???

Does anyone ever say they're not a conservative lender? I've never heard a CCC say they're a liberal lender who likes to throw out money at everyone. I think the whole "we're a conservative lender"-line is just a bunch of BS.

Message 8 of 13
bichonmom
Senior Contributor

Re: How to get a CLI???


@Anonymous wrote:

Does anyone ever say they're not a conservative lender? I've never heard a CCC say they're a liberal lender who likes to throw out money at everyone. I think the whole "we're a conservative lender"-line is just a bunch of BS.



That's a good point! Smiley Surprised

EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 9 of 13
Anonymous
Not applicable

Re: How to get a CLI???


@bichonmom wrote:

Well, I have 7 mos with this CC and barely 3 w/NFCU. I'm just really gunshy because I don't want to waste an inq. I was 99% sure I'd get a CLI; I just thought/hoped it would be for more. They did say they're a conservative lender, which I did not know beforehand.

 

I kind of feel like they're just not worth the time. I've nursed the card for 7 mos, and don't feel like I got what I should have. I don't really want to spend another 6 mos or year nursing it, for another $2k CLI and a HP. Smiley Mad


I'm sorry you didn't get the CLI that you expected/desired, but a $2k increase is nothing to sneeze at. That's a GOOD increase. And, you did note that the card is only 7 months old. <-- That is *not* a long time.

 

I think that, sometimes, our expectations get a little out of whack with the credit world as a whole. Here, in myFICO World, we exchange so much info about the lenders, and the going trends, and absorb what others have reported that I think it can skew our sense of reality in the greater scheme of things. It is not typical to jump from $500 to $5k, for example, but a whole lot of us know that it's possible with NFCU. Most people don't know that you can ask for 3X your credit limit with Amex every 6 months. We know, and tend to be shocked if Amex declines, or bares it's fangs (FR).

 

And, I'll tell you this-- it is NOT atypical for lenders to look at your current spending patterns, along with your current limits, to determine how much of a credit line to extend you. This CU is not the only one that does that. Not by a longshot! And, if you really think about it, it might make some sense from the lender's perspective. If you only spend $500/month, why do you need a $10k credit line? If you SD a card, why would a lender increase the limit? If Barclay's is only willing to extend you $5k, why would Chase triple that? If USAA takes a chance and gives you a $20k credit line, why would Alliant match it, when you spend $150/month on that $20k credit line, PIFing every month? Any, why would Amex think that after 6 months you're ready to go from $2k to $6k when your reported income is $50k, and you have $45k in available credit, across six cards, that you opened (all) within the last 18 to 24 months?

 

I'm not picking on you-- I've very much felt the same way, and went a step further, closing a card (after exactly 7 months and not getting the CLI that I felt I deserved), having been given the EXACT same reason from Barclays, back in 2009. I was incensed at the time, but I've since rethought my position. I'm edging every closer to $100k in available credit (mostly due to unsolicited auto CLIs), but I spend a miniscule fraction of that per month. My income supports it, but my spending patterns sure as heck don't. What on earth do I need with the credit that I don't use-- that I'll probably never use? It's a liability to the lender(s). It's certainly not "income" or "cushion" or "protection" for me. I PIF, using credit cards as debit cards.

 

If you really think about it, it might make sense for lenders to set credit limits based on usage patterns. They can see how you're using your current cards, even if you PIF every month (your payment history is there, even when you can't see it). They can determine that your credit limit is too low, because you had to make 4 payments X your credit line last month. It is fun, and more than a little bit ego-boosting to be granted ever higher credit lines. But, the real world value probably isn't there, not for you, and not for the lender unless you're actually utilizing that much per month. Maybe financial institutions (banks & credit unions) and consumers would stay out of $$$ trouble if we took a truly more conservative and calcuated approach to lending and borrowing. There's nothing wrong, at all, with having high credit lines-- I'm just saying that it should be a marathon, not a sprint, perhaps.

 

Just an extra $.02 to think about. 

Message 10 of 13
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