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Regular Contributor
Posts: 133
Registered: ‎03-11-2010
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I'm Back : ) Need help with a plan of attack

Hi Guys,

I've been away for awhile getting adjusted with my new home purchase. Now I want to increase my credit lines on my credit cards.

Right before I closed on my home April 2012 I went on an app spree and opened a few cards. Here's what I have:

 

Best Buy Store Card - $1800 limit, balance $1690

Chase Freedom - $600 limit, $575 balance

Discover More - $1000 limit, $960 balance

Credit One - $850 limit, $790 balance

Sears Citi Mastercard - $4000 limit, $4009 balance

 

I don't know what my Fico is right now but I'm guessing around 660. My questions are 1) Which credit card do I have the best chance of getting a CLI from? 2) Do I have to pay down all of the balances to have a chance at a CLI or can I pay off one of them every month?

 

 

Closed on my first home April 2012

Starting Score: 559 11/2010
Current Score: 600 Equifax, 681 Transunion, 663 Experian(Lender)
Goal Score: 660+


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Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: I'm Back : ) Need help with a plan of attack


JGWantsAHouse wrote:

Hi Guys,

I've been away for awhile getting adjusted with my new home purchase. Now I want to increase my credit lines on my credit cards.

Right before I closed on my home April 2012 I went on an app spree and opened a few cards. Here's what I have:

 

Best Buy Store Card - $1800 limit, balance $1690

Chase Freedom - $600 limit, $575 balance

Discover More - $1000 limit, $960 balance

Credit One - $850 limit, $790 balance

Sears Citi Mastercard - $4000 limit, $4009 balance

 

I don't know what my Fico is right now but I'm guessing around 660. My questions are 1) Which credit card do I have the best chance of getting a CLI from? 2) Do I have to pay down all of the balances to have a chance at a CLI or can I pay off one of them every month?

 

 


With those balances none. Esp. since yor overlimit on one card.

 

You need to PIF all cards except 1 with a 1-9% balance then ask for a CLI. Chase will be a HP, Discover will be a SP unless they request a HP.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
Posts: 133
Registered: ‎03-11-2010
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Re: I'm Back : ) Need help with a plan of attack

Ok. Makes since. I work on paying down the cards before I try to get any CLIs. Credit One gives me $100 auto increase every few months so I'll live with that for now. I have alot of inquiries from last years apping for mortgage and ccs so I don't want to chance a hp right now anyway. 

 

If anyone has any other tips keep posting....

 

Thanks!

Closed on my first home April 2012

Starting Score: 559 11/2010
Current Score: 600 Equifax, 681 Transunion, 663 Experian(Lender)
Goal Score: 660+


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Frequent Contributor
Posts: 355
Registered: ‎10-25-2012
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Re: I'm Back : ) Need help with a plan of attack

Id pay the sears one down then pay off the credit one card and sd it . If you are carrying that high if balances maybe increases wouldn't be good for you .
Regular Contributor
Posts: 133
Registered: ‎03-11-2010
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Re: I'm Back : ) Need help with a plan of attack

Purchased some new items for my house, mostly with cash but as you see some with credit. Now I can redirect my cash totally to paying these cards down but I'd rather have one or two cards with a decent credit limit instead of 5 cards.

 

I promise I'll be a responsible borrower :smileywink:

Closed on my first home April 2012

Starting Score: 559 11/2010
Current Score: 600 Equifax, 681 Transunion, 663 Experian(Lender)
Goal Score: 660+


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Member
Posts: 29
Registered: ‎01-05-2009
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Re: I'm Back : ) Need help with a plan of attack

Wow. Over the holidays my cards was like that but I just didn't max it out. What I did was pay off the cards that have the lowest cli. And put 500 to 1000 a month on the high cli. In two months my score jumped from 650 to 730. My Chase Sapphire was close to it's limit which is 5k. But now I have at 2.3k left and that only because I still use it on a regular. BTW I was just approved for Amex Gold Premier.  Good Luck bring down your limits



Starting Score: 591 (2/09)
Current Score: EX 730 EQ 704 TU 701 CK 731 CS 745 (updated 3/13)
Goal Score: 800

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Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: I'm Back : ) Need help with a plan of attack

I would say you can start requesting CLI's once they are under 30%.

 

Focus high interest to low interest.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Regular Contributor
Posts: 224
Registered: ‎03-12-2013
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Re: I'm Back : ) Need help with a plan of attack

as an employee of Best Buy, I've yet to see one person get denied a CLI, granted I work in Magnolia and the Basic Home Theater section where they will be close to maxing it and want a better Utilization.

 

Now, it does appear that one card overlimit could hold you back. 

 

(My best input on the topic is on the Best Buy Card as I've very limited input on the 2nd half)

Starting Score: 635 Current Score: 686 Citi Pull
Goal Score:720s
Tried to use Images but it was all Wibbly, Wobbly, and Timey-Wimey.
Cap One Quicksilver $1,300 Wal-Mart $1,000 Best Buy $1.5K DiscoverIT $2.5K Chase Freedom $3K AMEX BCE $2K
Chase Slate - $1,000 AMEX Everyday - $4,000 Sallie Mae - $2,500
New!! Citi Double Cash - 1K
Regular Contributor
Posts: 133
Registered: ‎03-11-2010
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Re: I'm Back : ) Need help with a plan of attack

The Sears card is not over the limit anymore, thats what was reported to the Equifax last month I really should have paid more attention to my available balance. Thanks for the tip on Best Buy. I have to pay it off before Oct because my 0% expires but I'd like to get an increase incase I want to buy some goodies on Black Friday.

Closed on my first home April 2012

Starting Score: 559 11/2010
Current Score: 600 Equifax, 681 Transunion, 663 Experian(Lender)
Goal Score: 660+


Take the FICO Fitness Challenge
Regular Contributor
Posts: 224
Registered: ‎03-12-2013
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Re: I'm Back : ) Need help with a plan of attack

Glad to help.

Starting Score: 635 Current Score: 686 Citi Pull
Goal Score:720s
Tried to use Images but it was all Wibbly, Wobbly, and Timey-Wimey.
Cap One Quicksilver $1,300 Wal-Mart $1,000 Best Buy $1.5K DiscoverIT $2.5K Chase Freedom $3K AMEX BCE $2K
Chase Slate - $1,000 AMEX Everyday - $4,000 Sallie Mae - $2,500
New!! Citi Double Cash - 1K

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