I'm pretty sure ths may have been asked numerous times before but wasn't having any luck searching for an answer.
Next month will mark my third statements being cut and, of course, I'm wanting to CLI some of my cards. However, I'm not sure which would be best qualified for CLI's. With that being said, below is my current utilization for each card and which cards I have. Any feedback would be appreciated as to which to request a CLI for, which to hold out for another month, and, what utilization I should get each card down to before requesting a CLI.
Thank you all in advance MyFico. I couldn't have done this without all of you. It's amazing to see someone such as myself one year ago who had a credit score of 598 now have a credit score of 723 (per TU08 Wal-Mart AND DiscoverIT MyFico.)
Citi Simplicity: 25.7%
Wal-Mart Store Card: 40%
Amazon Store Card: 5.6%
WF College Credit: 21%
Chase Freedom: 44%
Obviously, some are above the threshold of 30% (Chase and Wal-Mart) which are my two cards focused to getting paid down. BUT, is there a necessary util. rate to be below for a successful CLI on each card?
I'd pay them all off except one before requesting a CLI.
That way you can boost your scores first, and remove any hesitation they might have about balances across your cards.
From my personal experience with CLIs, I've been able to request them even with 40% util on the card. I've done this with Citi, Discover, an auto CLI with 50% util on Wells Fargo, and also had an auto CLI with Chase Freedom while having 60% util on it at the time. I would say as long as your income and profile show you can handle the extra credit, might as well give it a shot. Your Discover and Citi cards have possibilities for soft pulls, but Chase and Wells Fargo almost always are hard pull unless they give you an auto one.