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Frequent Contributor
Lambo23
Posts: 252
Registered: ‎04-16-2012

Requesting CLI's strategy help

[ Edited ]

Hey everyone, I achieved all of the cards that I set out to get a year ago! Now I would like to increase all of the lines of credit every 6 months. I spend about 500 a month. I only make 30k a year but I live rent free.

AAOA: 1.2 years

Total credit: 10550

Utilization: 8% - always under 10%

30,60,90 day late on secured BofA in 2010.

Credit Score: myFico EQ 649, AMEX EX 667, Discover TU 686

 

My cards:

AMEX Zync: PSL

Capital One Rewards: 1750

Capital One Platinum: 1250

Barclaycard Apple Visa: 2500

American Eagle: 750

Walmart: 300

 

Just approved:

AMEX BCE: 1000 (will do the 3x CLI at 61 days)

Chase Freedom: 2000

Discover IT: 1000

 

So, a few questions:

 

1) If given an auto CLI, do I need to wait 6 months after the increase to request another one?

 

2) How much should I ask for each time I request an increase? I plan on asking for 1k each time. ( excluding amex 3x CLI)

 

3) If I am declined a CLI and need to recon, what should I tell the CSR? I know they will ask me "why do I need/want an increase?" What should I say to that? Since I dont have high income and have plenty of credit. If I say "I plan to use the card more or for my main card" and I dont use it for more than 200$ a month....won't they decline my request? That is my main concern.

 

Thanks for any help in advance!

Member
hayabusa
Posts: 92
Registered: ‎04-04-2013

Re: Requesting CLI's strategy help

different strategies and not enough information, credit history, and what cards your currently holding, aaoa, etc are required to give an answer.

Regular Contributor
culture
Posts: 196
Registered: ‎02-27-2013

Re: Requesting CLI's strategy help

in to  see more replies 

Frequent Contributor
Lambo23
Posts: 252
Registered: ‎04-16-2012

Re: Requesting CLI's strategy help

updated the orginial post with a lot more info.

Frequent Contributor
Lambo23
Posts: 252
Registered: ‎04-16-2012

Re: Requesting CLI's strategy help

I know income will change over time but I'm mostly talking for the next year or two because it will remain pretty much the same.
Frequent Contributor
Kozmo
Posts: 318
Registered: ‎07-08-2012

Re: Requesting CLI's strategy help

GE loves to see a lot of usage. This helps a lot to use the card consistently.
Senior Contributor
youngandcreditwrthy
Posts: 6,154
Registered: ‎08-16-2012

Re: Requesting CLI's strategy help

I'd say you're doing a perfect job.
Work on getting your FICO higher! You need to REFRAIN from opening any additional accounts and build up the cls on the ones you have.
If denied any clis, try to recon...or just wait another six months.
With most issuers, you must wait at least 6 months from the last cli.
One last thing: when asked why you need a cli, simply admit you'd like to use the creditor's card more but would need a higher line to so so. If they decline, politely explain you will just take your business elsewhere. Amex is quite coveted- I always point out to the likes of Chase, Citi, and even Barclay's that my $10,500 Amex will see more use without their cooperation with whatever I am attempting to achieve creditwise.
Congrats on the Amex, buddy! Now...to avoid a FR?!? Lol
;-)
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Frequent Contributor
Lambo23
Posts: 252
Registered: ‎04-16-2012

Re: Requesting CLI's strategy help

Thanks for the reply. Will try your strategy out!

Bank of America won't do anything about the lates. I tried everything. Emailed every CEO, executive, ect, that they have and received calls from a lot of dif executives and reps. None could do anything. After 10 phone calls with higher ups, I got irritated and quit. Ridiculous that they won't remove lates from a secured card. I was only 18 and had no clue what I was doing. I lost my job and figured they would just take my deposit to cover my debts. I had no clue about credit and how it works. I might try writing a GW letter now though.

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