Increasing my CL and decreasing Util

[PoorPeatree]

Hello friends!

I made my first post yesterday and I received some good feedback. I have a more concise question about getting a higher CL now that I have reduced my util.

I'll likely spend $5500 in the next week for filling in a home I'm buying. I'd like to increase my available revolving credit so that I can buy things on my card and still have lower util%. I'm not a great looking credit user right now, so I've been declined for a auto CLI at COne. It doesn't seem necessary to do this at all, but it would be nice to have a higher CL now that my income has doubled in the last two weeks. My thoughts on my options are:

1. Ask for a recon and discuss my situation with COne for a CLI on my QS card.

2. Do a HP with BoA for a CLI, after I PIF that card next week. My fico 8 scores are 665-685. 

3. I have my 401k at wells fargo, would it be helpful for higher CL qualification to apply there instead of the BoA route? 

I have three cards: 

Chase amazon $500 limit, opened march '17

CO QS $6k, feb 2015

BoA Cash rewards $2k, feb 2016

COne secured (Closed Aug 2017), opened Feb 2014

Edit: revised credit score range to correct value

[cmm89]

Welcome to the forums!

I can really only speak for BoA, as that's my primary CC issuer... they are very generous with my CL's despite my average credit. I do have my checking/savings/money market and beneficiary IRA (ETA: Merrill Lynch, BoA owns them) with them. All HP CLI's have been WELL worth it.

Another opportunity for a higher SL/CL is Navy Federal (NFCU) if you have an in. People with just under prime scores are able to get really nice SL's/CL's there.

Best of luck and congrats on the home!

[Loquat]

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@PoorPeatree wrote:

Hello friends!

I made my first post yesterday and I received some good feedback. I have a more concise question about getting a higher CL now that I have reduced my util.

I'll likely spend $5500 in the next week for filling in a home I'm buying. I'd like to increase my available revolving credit so that I can buy things on my card and still have lower util%. I'm not a great looking credit user right now, so I've been declined for a auto CLI at COne. It doesn't seem necessary to do this at all, but it would be nice to have a higher CL now that my income has doubled in the last two weeks. My thoughts on my options are:

1. Ask for a recon and discuss my situation with COne for a CLI on my QS card.

2. Do a HP with BoA for a CLI, after I PIF that card next week. My fico 8 scores are 665-679. 

3. I have my 401k at wells fargo, would it be helpful for higher CL qualification to apply there instead of the BoA route? 

I have three cards: 

Chase amazon $500 limit, opened march '17

CO QS $6k, feb 2015

BoA Cash rewards $2k, feb 2016

COne secured (Closed Aug 2017), opened Feb 2014

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Welcome to the forums! 

To answer your first question, recon with CapOne is next impossible.  There is nothing a front line CSR can do for you.  You can reach out to the EO but that can be a daunting process that may still not yield any results.

As for asking for a CLI with BoA a lot of it will depend on your score, your relationship with them, your current limit, when (if at all) you've received your last increase, etc.

I know you said that you're only seeking a CLI for reason of keeping your utilization low...but keep in mind that utilization has no memory so as long as you're making good payments on time then your score will gradually rebound from whatever hit you take.

Good luck to you!

[DeeBee78]

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@PoorPeatree wrote:

Hello friends!

I made my first post yesterday and I received some good feedback. I have a more concise question about getting a higher CL now that I have reduced my util.

I'll likely spend $5500 in the next week for filling in a home I'm buying. I'd like to increase my available revolving credit so that I can buy things on my card and still have lower util%. I'm not a great looking credit user right now, so I've been declined for a auto CLI at COne. It doesn't seem necessary to do this at all, but it would be nice to have a higher CL now that my income has doubled in the last two weeks. My thoughts on my options are:

1. Ask for a recon and discuss my situation with COne for a CLI on my QS card.

2. Do a HP with BoA for a CLI, after I PIF that card next week. My fico 8 scores are 665-679. 

3. I have my 401k at wells fargo, would it be helpful for higher CL qualification to apply there instead of the BoA route? 

I have three cards: 

Chase amazon $500 limit, opened march '17

CO QS $6k, feb 2015

BoA Cash rewards $2k, feb 2016

COne secured (Closed Aug 2017), opened Feb 2014

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One thing I would caution is don't take any HP's until you've closed on your home. Your lender will most llikely pull your credit again before closing, and the last thing you want is a HP messing up your mortgage.

That being said, after your closing, I would do one of two things: 

1. Request a CLI from BoA. I would ask for at least $15,000 and let them counter. Chances are they won't let you anywhere near $15K, but they might bump you to $6K - $8K. It never hurts to shoot for the moon with BoA. 

2. Apply for a Lowe's credit card. I looked at your old post and it looks like you need appliances more than anything. You can get a Lowe's card with a pretty decent limit at a 680 FICO score. I think back when my scores were around there, my limit was $12,000, now $17,000. If they start you off low, you can recon your starting limit with their Credit Solutions team.

A third option would be to apply for a new major card, but with scores hovering around 680, lenders might not give you more than a few thousand dollars. Your best bet for a big limit would be with your friend Capital One. The Venture usually yields a large starting limit, but the VentureOne has a 0% introductory APR.

[PoorPeatree]

Thanks for all of the info! you've been wonderful