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I have hit a plateau, suggestions ?

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Bay_Area_Joe
Frequent Contributor

I have hit a plateau, suggestions ?

To all the wonderful people here....

 

I have seem to hit a plateau in my credit journey.  You can all see the cards and accounts in my Sig below.  I have not had a HP since 3/13.

 

I have a lot of cards and real good limits for the most part.

 

How do I push those limits higher ?  I really do not want or need any more cards at this time.  I have gone through the CLI path in the last few months and done well.

 

Any help or advice from those "Experts" with those super high limits please chime in.

 

Thank you for your help.

 

J

 

 

About 600k in Credit Lines
CSP 29.9k, Citi DP 58.5k, Chase Sams MC 20k, Amex Hilton Surpass 35.6k, Hawaii Air 26k, Discover More 56k, Chase SWA 3.5k, WF PLOC 30k, B of A Visa 63.3k, Wells Plat Visa 8.3k, RC Willey 5k, Pen Fed Visa 50k, Pen Fed PLOC 25k, Lowes 25k, CSR 28.8k
Message 1 of 10
9 REPLIES 9
FinStar
Moderator Emeritus

Re: I have hit a plateau, suggestions ?

What is the goal driving higher limits?  It appears most of your CCs seem to have limits that would appear adequate from an underwriting perspective.  If your current capacity stands at $180,000 in unsecured, revolving lines, what is the reasoning for more unsecured credit?  Are you using nearly half of those tradelines that lmits your normal spending?  More is not necessarily better...are you having CLI withdrawal?  Smiley Wink

Message 2 of 10
bichonmom
Senior Contributor

Re: I have hit a plateau, suggestions ?


@Bay_Area_Joe wrote:

To all the wonderful people here....

 

I have seem to hit a plateau in my credit journey.  You can all see the cards and accounts in my Sig below.  I have not had a HP since 3/13.

 

I have a lot of cards and real good limits for the most part.

 

How do I push those limits higher ?  I really do not want or need any more cards at this time.  I have gone through the CLI path in the last few months and done well.

 

Any help or advice from those "Experts" with those super high limits please chime in.

 

Thank you for your help.

 

J

 

 $ 182,000 IN TOTAL CREDIT LINES.
MyFICO EQ 777 on 9/3/13 , MyFICO TU 787 on 9/3/13, MyFico EX Score 771 on 8/27/13
Pen Fed Visa 19k, Pen Fed LOC 20k, Citi Hilton Honors 15k, Chase Sapphire Preferred 6.5k, Citi MC Diamond Preferred 10.3k, Chase Marriott PR Sig Visa 10.5k, Chase Priority 18.4k, Sams Discover 10k, Amex Hilton Surpass 2k, BofA Hawaii 5k


I think you're doing well w/$182k in tl CL. I can't help but wonder why you want to increase it. Since I've hit $100k in tl CL, I'm concerned that I'm going to be denied new credit I may want because of my total unsecured credit. I'm actualy looking at closing a couple of my lower CL CCs that don't have rewards.

 

If you really like and use the cards you have, then I'd look at getting CLI for the lower CL cards, like CSP, Amex Hilton and BofA Hawaii. Amex doesn't do HP for CLI, assuming it's not a co-branded Amex. AFAIK, Chase and BofA w/be HP for CLI.

 

You know better than anyone *how* you use the cards. Which ones you'd benefit from higher CLs. For ex, I have $6k on my Amex Costco, but I haven't CLI'd because I have $15k on BCP, which is my everyday card. Costco Amex is primarily costco, gas and restaurants. Someone else, might want a higher CL on Costco if they dined out a lot.

 

So you're asking advice, but really I think it boils down to how you're using them; which ones you get the most out of. Do you really want and use all of them? Or maybe cut out B of A and CLI a card you use more frequently, to offset the util.

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 3 of 10
CreditScholar
Valued Contributor

Re: I have hit a plateau, suggestions ?


@FinStar wrote:

What is the goal driving higher limits?  It appears most of your CCs seem to have limits that would appear adequate from an underwriting perspective.  If your current capacity stands at $180,000 in unsecured, revolving lines, what is the reasoning for more unsecured credit?  Are you using nearly half of those tradelines that lmits your normal spending?  More is not necessarily better...are you having CLI withdrawal?  Smiley Wink


+1. I'd be wondering this as well.

 

If you're trying to get higher limits, you have several options:

 

1. Take HPs and request CLIs

2. Consolidate CLs and close some cards

3. Increase your income

4. Establish a private client/banking relationship

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 4 of 10
enharu
Super Contributor

Re: I have hit a plateau, suggestions ?


@CreditScholar wrote:

@FinStar wrote:

What is the goal driving higher limits?  It appears most of your CCs seem to have limits that would appear adequate from an underwriting perspective.  If your current capacity stands at $180,000 in unsecured, revolving lines, what is the reasoning for more unsecured credit?  Are you using nearly half of those tradelines that lmits your normal spending?  More is not necessarily better...are you having CLI withdrawal?  Smiley Wink


+1. I'd be wondering this as well.

 

If you're trying to get higher limits, you have several options:

 

1. Take HPs and request CLIs

2. Consolidate CLs and close some cards

3. Increase your income

4. Establish a private client/banking relationship


+2.

Those are pretty much your options without applying for new cards.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 5 of 10
Creditaddict
Legendary Contributor

Re: I have hit a plateau, suggestions ?

+3
Message 6 of 10
mrmichaelscott
Established Member

Re: I have hit a plateau, suggestions ?

Good limit... The thing is there's not a possible way you are using up your current limit... At 180k... even if you're using just 10% and pif every month that that means you are spending $216k a year... that means you have to be making more than 250k a year as your income?  If i was you I would be more concerned about how to maintain your current limit I'm afraid that if you don't use these cards they will start CLD'ing you... it will be a snow ball affect too FYI

Message 7 of 10
Bay_Area_Joe
Frequent Contributor

Re: I have hit a plateau, suggestions ?

Thank you for the valuable information and suggestions.  My income is good at about 150k per year.  My typical normal spend on CC is somewhat about 6k to 8k per month.

When I first started my journey a few years ago, I have mid 600 scores, did not understand how balances report, when they report, and how this impacts score.  I learned so much over the last 12 months by being here.  Read so many stories of how and what to do.

I did a few cards just for sign up bonuses, maybe not the right choice.  I added lots of cards and lots of limits.  My AAoA is at 4.1 years, so not huge damage. Oldest account over 22 years, Amex.

 

I am re-thinking what my needs are and what my goals are.  I like the advice to consolidate some CL and close some cards.  My primary card is the CSP, which really needs to have a higher limit overall.  I do use all my cards almost each month.

 

I guess I really do not understand what impacts, if any, moving lines around, and closing cards that I really don't use will have on my score.  I do not think there is any negative.

 

For example, if I consolidate the Chase cards and only keep two, CSP and Marriott, and Marriott at 5k, which is enough. And then CSP gets to over 30k, will that single card to over 30k, help with others ?

 

Also, I could do the same with Citi and get to 25k, Discover to 20k, B of A to 25k, if they will allow me to move lines.

 

I certainly don't need any more cards.  But feel the need to do something ?

 

Thank you all.

 

J

About 600k in Credit Lines
CSP 29.9k, Citi DP 58.5k, Chase Sams MC 20k, Amex Hilton Surpass 35.6k, Hawaii Air 26k, Discover More 56k, Chase SWA 3.5k, WF PLOC 30k, B of A Visa 63.3k, Wells Plat Visa 8.3k, RC Willey 5k, Pen Fed Visa 50k, Pen Fed PLOC 25k, Lowes 25k, CSR 28.8k
Message 8 of 10
Creditaddict
Legendary Contributor

Re: I have hit a plateau, suggestions ?


@Bay_Area_Joe wrote:

Thank you for the valuable information and suggestions.  My income is good at about 150k per year.  My typical normal spend on CC is somewhat about 6k to 8k per month.

When I first started my journey a few years ago, I have mid 600 scores, did not understand how balances report, when they report, and how this impacts score.  I learned so much over the last 12 months by being here.  Read so many stories of how and what to do.

I did a few cards just for sign up bonuses, maybe not the right choice.  I added lots of cards and lots of limits.  My AAoA is at 4.1 years, so not huge damage. Oldest account over 22 years, Amex.

 

I am re-thinking what my needs are and what my goals are.  I like the advice to consolidate some CL and close some cards.  My primary card is the CSP, which really needs to have a higher limit overall.  I do use all my cards almost each month.

 

I guess I really do not understand what impacts, if any, moving lines around, and closing cards that I really don't use will have on my score.  I do not think there is any negative.

 

For example, if I consolidate the Chase cards and only keep two, CSP and Marriott, and Marriott at 5k, which is enough. And then CSP gets to over 30k, will that single card to over 30k, help with others ?

 

Also, I could do the same with Citi and get to 25k, Discover to 20k, B of A to 25k, if they will allow me to move lines.

 

I certainly don't need any more cards.  But feel the need to do something ?

 

Thank you all.

 

J


I think the consolidation plan is great and i think all of them do it with no issue except bank of america who needs to pull credit to do it for some reason... but id take that oppurtuniity to see about a CLI too.... they love to hear how you love them and want to make them your #1.

Message 9 of 10
09Lexie
Moderator Emerita

Re: I have hit a plateau, suggestions ?

IIRC, you went on a nice spree earlier this year. I can't imagine using all the cards each month I.e. Citi Hilton and Amex Hilton seems like there's some repetition and you may not be getting the most bang for your buck by diluting your rewards cards.

I would suggest writing your cards down and listing how often and where you use the cards. You should be able to determine if 1-2 cards can be combined or even closing some if you are paying AFs and receiving little to no rewards because of the duplicity in cc's.
Message 10 of 10
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