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Quick Credit Questions

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CreditMagic7
Mega Contributor

Quick Credit Questions

Just a quick and simple question that applies to everyone who holds credit accounts.

Is your actual approval date your opening date with your credit lender also?

When you read suggestions that some lenders offer CLI at 6 months/12 months for example, do some lenders consider the 6/12 months from the exact date of approval/opening or do UW's rather take into account 6/12 statements as reflected on CR's?

When reviewing my own CR i try to view it from an U/W's perspective. If approved on say the month of May but the report doesn't report a statement until July, would July be recognized as historical month #1 or instead May month #1 with July month #3?

Thanks

Message 1 of 6
5 REPLIES 5
gdale6
Moderator Emeritus

Re: Quick Credit Questions

Its lender specific some consider 1st of the month others the date of the month (Amex comes to mind).

Message 2 of 6
AndySoCal
Valued Contributor

Re: Quick Credit Questions

I would wait until after the statement cuts then consider applying. Only apply for the credit your need and not want.  If your credit utilization on a card on average  month is less than 10% I would not consider asking for  a CLI. If the creditor gives you fine. If my usage on a card  occasionally went above 10% same advice.  I would consider it if may monthly usage on a card was over 10%  every month.  I have three store cards that I will never consider asking for a CLI on.  My current credit limits on my other cards are less than 10%  each month.  Keep in mind  the credit limit on affects your score in regards to you credit utilization.

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Custom Cash 5/2015 11,100 C State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Quorum FCU State Department FCU State Department FCU Pelican State CU Redstone FCU

Message 3 of 6
CreditMagic7
Mega Contributor

Re: Quick Credit Questions

From personal observation on my recent reports, reviewing only the new (less 8 months), i wouldn't consider a mere 3-4-5 (blocks ok) months enough regular history to gain the confidence they might want to see.

Now if. within the first 2 months including approval month but minus any CRA statement reports were also included to the the overall recent history equation, some lenders might? use that as CLI policy. But from a CRA report 3 posted reports look way too short period IMO.

Just trying to pin down the graphics from reported data compared to Timeline history from approval month.

Thanks
Message 4 of 6
AndySoCal
Valued Contributor

Re: Quick Credit Questions

I would wait at least a year before asking for increase. My experience with US Bank is that they reveiw the account at least once year around the anniversary when I opened the account. They may review more than that but I have received auto CLI's around that date.  How long ago did you open your  CC accounts and who with?

FICO Scores XPN v8 802 V2 831 (SDFCU) TUC 803 v8 EFX 807 (10/2023)
Discover 09/90 19,000, JCPenney 10/2008 4,700 US Bank Cash+ 12,000 Citibank Custom Cash 5/2015 11,100 C State Dept. FCU 15,000 06/2023 , 02/2024 Redstone FCU Signature VISA 10,000 Banking: Ally Bank Credit Unions: Lafayette FCU Quorum FCU State Department FCU State Department FCU Pelican State CU Redstone FCU

Message 5 of 6
takeshi74
Senior Contributor

Re: Quick Credit Questions


@CreditMagic7 wrote:
When reviewing my own CR i try to view it from an U/W's perspective. If approved on say the month of May but the report doesn't report a statement until July, would July be recognized as historical month #1 or instead May month #1 with July month #3?

A creditor doesn't need to refer to a report to review the account that you hold with that creditor.

Message 6 of 6
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