I will be looking to raise my CL soon, but I am not sure what the best route to go is. Should I request a CLI on the Navy Federal card I have now (Visa Platinum)? Should I open a new card (CashRewards)? Or should I try for a NavCheck LOC? Is anyone more likely than the other to be approved?
I am hoping my score will jump a fair amount once I drop my utilization. I am sitting at 100% at the moment, but plan to be below 20% within two months.
I have one Navy Federal card at the moment with a $1000 CL. I have two other cards with Capital One that have $1500 and $500 limits respectively. I requested a CLI on my Navy Federal card a few months after I got approved and it was declined. The reason I was given was that I am a first time borrower, so I guess they wanted to see how things went before offering me more.
My scores can be found below. According to Credit Karma's Credit Simulator, paying my balances in full would bring my score to 699, but I don't think that is very accurate.
Navy is generous, but I think asking for more with a mid 500 score and your cards maxed is pushing it. You should get your utilization down first.
That is the plan. My current balance is just over $700 and I will be making a $700 next week. That will bring my utilization to ~66% and then I can focus on my Capital One cards. My Navy Federal card reports on the 2nd of March and I will be making my payment on the 1st. According to a rep I spoke with, if I make a payment on a Friday morning (the 1st is a Friday), it should show up on Saturday. Does that mean that the payment will show up when the card reports? It would be nice to see my report showing a low balance on the card.
NFCU is more likely to give you a LOC more-so than a CLI on a current card (based on what I'm reading here). The only thing with a LOC is that you have to be careful with the interest rates - they can get you pretty good.
I'd give things about 5-6 mo's before asking for anything - but if you 'must', a LOC would be the easiest route.