NFCU - do I really need to wait 6 months?

[electra]

Hey Folks,

Back in Oct I was approved for a NFCU Signature Rewards card with a CLI of $5k.  My score was 584.  It's since gone up nearly 100 points.  I've been charging and paying off with the exception of this month.  I'm getting close to the max and am worried about taking a hit bc of high utilization.   The reason I can't pay it off right now (paid a little over the minimum so balance due is currently $0) is because I just moved and had humungous moving expenses plus paid a ridiculous amount to IRS to pay off my taxes.  I will be able to pay it off in March when I get my bonus.   I called NFCU and talked to someone about a CLI and she said she'd recommend to wait until April.    My worry is that I will be shopping for a car in March and I don't want to take a hit to my Score for this before getting a loan.    Do you think if I just app through the web site I might get an increase?  I have a pretty high salary, $150k w/o bonus and about $190k with bonus.  Does that help?   Should I just wait until April?

Also, I don't have DD set up yet. Would that help?

[electra]

Couple other notes, I have 3 collections currently reporting plus tax liens from the IRS and FTB.  FTB are paid and very old and will drop within 1.5 years.  The 2 federal are now paid but are more recent and they are whoppers ($85k and $50k).  I am working on getting them withdrawn but that's taking a while.

[Anonymous]

I don't think there is a hard and fast rule that you have to wait 6 months between increases, but it is recommended for optimal outcome.

I have recently requested a CLI, got the CLI and then exactly two days later went back to ask for an additional CLI.  They asked me to fax in a Leave & Earnings Statement and ... bingo!  All on a soft pull both times. 

Depending on your overall relationship with Navy, I wouldn't recommend trying that, but YMMV.

[dodgeball]

I went to the well once before six months and was approved the second time I was smacked down pretty hard, but than again I did ask for way to much.

[electra]

Thanks guys!  Would it be better to maybe try USAA and see if I can open an account with them?  I'm a full member and have auto and rental insurance through them but no bank or CC accounts.    Or, is there another CC I should try?

[dodgeball]

Hmmm with your score I would say wait a month or so to raise it by 20 and you have a good shot. How many Inquirys do you have on equifax will determine if you get approved or not.

[electra]

I have 3 inquiries:

1) NFCU from Oct from when I opened account

2) AT&T from 1/28/11 which I believe should drop tomorrow or the next day, right?

3) One from Chase in mid-Dec of last year when I succumbed to temptation in my Amazon cart and applied for the Amazon card...DENIED!!  D'oh!!

So, I think by the time I apply I should have 2.

[dodgeball]

You have a shot, I would just wait a little bit. USAA can be conservative

[electra]

Well, after reading a bunch of threads about people getting CLI's prior to 6 months I did it!!   I tried online and got a message that there was something preventing processing and to call in.  I got a very nice CSR who offered to enter it himself.  He thought the message was bc I hadn't had the account 6 months. He couldn't really give me a good idea about my chances but I decided..what-the-hey...and did it anyway.  I asked for an increase to $10k.  He said they'd let me know within 24 hours.   Going to be on pins and needles until then. Hope I didn't waste a HP!!  Wish me luck!

[starry1]

Good luck!