01-22-2010 11:56 AM
01-22-2010 12:37 PM
Haven't been here much but I still try and take heed to what I have learned. Was feeling a little bored so I decided to see if I could get some CLIs thrown my way. I have 2 Orchard Bank cards, one was increased $100, the other wasnt. Have two FP cards, one was increased to $150, the other wasnt. Credit One increased to $100 after I called to close the account. That account has a $0 balance. All I have been paying is the $7.00 fee so I couldnt see paying $20 for an increase of $100. I decided to pull the 'I want to close my account' card to see if I could get the fee waived. After trying to tell me how valuable the card is to rebuilding my credit, the rep places me on hold. When she returns, she tells me the fee is waived as a one-time courtesy. Yippee!!! I would have tried the same with my FP card, they charged $25, but it has a balance of about $75. I will only try that with a card that has a $0 balance. I will be calling them about the card they declined the CLI for. Just waiting to get my letter indicating why they denied it. My balance on that account is $50.00 and the CL is $300. If they refuse to give me the increase, I will close it. I've gotten about $350 in increases this week and I have paid my balances down so my UTI shouldn't suffer.
Congrats!! Every increase helps you. So for now, what limits do all your cards have?? When were they opened? (all this helps in eventually getting the nice cards you really want!)
The older the accts & the higher you can get your limits...then the nicer cards you can attract.
I remember for the longest time, I had a couple rebuilder cards & was still in the process of getting the baddies either dropped early or waiting for them to age & drop off. Sat in those mid to upper 600's for over three years til my once collection dropped...then I started soaring forward!
Even with the fees, I wouldn't be where I finally am today without the rebuilders. Sometimes you have to pay a bit more to get to where you want to be. I just closed my Credit One card in November after 4.5 years. That card served me well.
01-22-2010 12:59 PM
Orchard #1: $500 CL - $313 Avail *- acct that rcvd limit -- Opened 5/2007
Orchard #2: $500 CL - $293 -- Opened 4/2008
Visa from CU: $1K CL - $446 Avail -- Opened 9/09
Walmart: $500CL - $222 Avail -- Opened 9/2009
FP #1: $400 CL - $300 Avail *- acct that rcvd limit -- Opened 6/2008, I think
FP #2: $300 CL - $243 Avail -- Opened 5/2009
Credit One: $350 CL - $350 Avail *- acct that rcvd limit -- Opened 5/2009
JCP: $200 CL - $200 Avail -- Opened 9/2009
Old Navy: $250 CL - $179 Avail --Opened 9/2009
I try to keep my cards with no less than 50% UTI. When they are, I try to make sure a few cards are paid off or close to being so. I think I'm at 35% UTI now. Will be making payments on some cards before the month is out, so I'm hoping to get my UTI to 25% or less...
01-22-2010 12:59 PM
Congrats on the CLI's!! I too believe that the rebuilder cards serve a great purpose in our ultimate goals in credit building. What ever the short term costs are, its worth it in the long term. I'm not charging anything unless I absolutely have to. I too just went on a 2 day CLI spree this week and I am very proud to say that I have successfully added $2900 to my credit portfolio! With only one hard pull that I know of and even still, I haven't received an alert telling me that I have a new inquiry so my fingers are crossed that none will appear. Here's what I got:
Childrens Place - $600
New York & Co. $200
Orchard - $100
Macy's - $500
Chase - $200
The Room Place $500
Pottery Barn - $800
These new credit limits along with me paying almost $2000 in credit card debt in the month of January should take me from 68% util to below 50%. Still high but I have until the end of this year to pay the others down.
01-22-2010 01:58 PM
To the OP.....Maybe in a few months (after the cards that didn't get the increase are PIF) call both issuers & ask if the newer card can be combined with the older card. Then you will have one from each with higher limits & only one fee per.
When you can show cards with a limit near 1k, then the next you app for will be more likely to give you a nice limit. High limits beget higher limits.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.