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So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).
But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.
BoA Secured - $300 - opened 06/2008 - $185 balance
Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance
Barclay's - $250 - opened 07/2008 - $0 balance
Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.
Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385 Balance
Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance
Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor
The only high limit card is:
NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance
So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.
Any suggestions?
@09REX wrote:So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).
But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.
BoA Secured - $300 - opened 06/2008 - $185 balance
Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance
Barclay's - $250 - opened 07/2008 - $0 balance
Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.
Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385 Balance
Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance
Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor
The only high limit card is:
NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance
So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.
Any suggestions?
Welcome to the forums!!!
I would shut some of them accounts down and PIF the NFCU card and I can almost guarantee you banks will grant you high limits!!
@09REX wrote:So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).
But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.
BoA Secured - $300 - opened 06/2008 - $185 balance
Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance
Barclay's - $250 - opened 07/2008 - $0 balance
Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.
Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385 Balance
Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance
Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor
The only high limit card is:
NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance
So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.
Any suggestions?
I disagree. Your balances are hurting you utilization. It is very difficult to get CLI when you have such high utilizaiton. Or new cards for that matter.
@09REX wrote:So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).
But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.
BoA Secured - $300 - opened 06/2008 - $185 balance
Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance
Barclay's - $250 - opened 07/2008 - $0 balance
Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.
Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385 Balance
Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance
Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor
The only high limit card is:
NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance
So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.
Any suggestions?
I would say the very high use of your CL is hurting your utlization buddy.
You need to show the banks you can manage your credit before they give you a bigger CL. one way to show them that, is have a lower utilization
like me you have toy cc limits, which look very bad compared to a lot of people here but, utilization is a % of what YOU have. so you need to first lower those balances before getting any further
@Wolf3 wrote:
@09REX wrote:So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).
But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.
BoA Secured - $300 - opened 06/2008 - $185 balance
Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance
Barclay's - $250 - opened 07/2008 - $0 balance
Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.
Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385 Balance
Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance
Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor
The only high limit card is:
NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance
So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.
Any suggestions?
I disagree. Your balances are hurting you utilization. It is very difficult to get CLI when you have such high utilizaiton. Or new cards for that matter.
+1
Best way to get CLI is to let only 1 card report 1-9% utilization and you're almost maxed out on almost all your cards.
@LS2982 wrote:
@09REX wrote:So I am attempting to rebuild my credit, but my utilization is high (used one large NFCU card for wedding and honeymoon).
But, one of things that I have noticed is that I have a lot of low limit cards that have not increased over the years.
BoA Secured - $300 - opened 06/2008 - $185 balance
Sears store card - $250 - opened 03/2003 - Account closed by credit grantor - Closed 10/2012 - $0 balance
Barclay's - $250 - opened 07/2008 - $0 balance
Cap1/Best Buy - $600 - opened 12/2007 - 1 CLI from $300 - $600 - $492 Balance - $59 Annual fee.
Cap1 - $1500 - opened 03/2003 (combined 2 lower limit Cap1 cards) - $1,385 Balance
Merrick (Hooters) - $700 - opened 08/2008 - $586 Balance
Ikea - Started at $500, lowered to $100 within a month - opened 08/2008 - closed 09/2010 - Account closed by credit grantor
The only high limit card is:
NFCU - $10,000 (joint) - opened 10/2011 - $9,499 balance
So you can see the average of the open accounts is $670. If you included the recently closed Sears Card, it would be $600. Most of these accounts do not do consumer requested CLIs, but I don't to close them out and go on an app spree because they are helping the age of my accounts. But the very low limits are hurting my utilization.
Any suggestions?
Welcome to the forums!!!
I would shut some of them accounts down and PIF the NFCU card and I can almost guarantee you banks will grant you high limits!!
I thinkt the OP spent the $10K on wedding. I would close the card with the $59 AF first. I would keep the BofA, eventually it should unsecure.
Yes, I agree that my high balances are hurting my utilization, but I have been paying off the lower limit cards and working towards paying off the higher limit cards. I do not max the cards out, yes they might get near max, buI keep the bill on a leash.
Is the old Hooters card (Merick card) that bad of a card?
If I remember correctly I can ask BoA to swap the secured card to a real card? But should I bump up the secured limit before I do that?
I think I asked before for CLIs from some of them and when they said hard, I said no.
Though.. Sterling (Kay) hit me with an Inq when I bought something that was not on thier credit card, then they increased my limit.