04-14-2010 05:37 PM
I'm planning to apply for my goal card - Schwab Invest First - at the beginning of May. I've set up my credit cards to report a 1% balance on my AMEX and 0 balance on all other cards to optimize my score. I also have 6 month CLI on my 2 USBank cards that I could use for an added boost. These are my current credit limits:
USBank 1 - $15,500
USBank 2 - $15,000
AMEX - $7,500
Chase - $2,500
Alliant - $2,500
Sterling Savings LOC (not a card) - $5,000
I've heard of people being denied because they have "enough" credit. Do you guys think it would be beneficial to get a CLI or would it hurt?
04-14-2010 06:23 PM
In these crazy credit times I'd leave it alone for awhile but that's just me. You have $48,000 in CL's right now and I know there are no guarantees you won't see any CLD's in the future but just wait a few months and see what happens.
From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800
You can do the same thing with hard work
Credit Scoring 101
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score
04-14-2010 08:15 PM
I'm not trying to collect cards, just trying to get the best rewards! The USBank cards were my first college card and then my first rewards card after college. Alliant was offered with a car loan application, Chase I opened 2 years ago to help out my SIL meet her monthly incentives (back when she still worked for WAMU), and AMEX is necessary for Costco, plus it was supposed to be my best rewards card. Unfortunately, just after getting that one I heard about the 2% Schwab card and realized the awards would be better with that card. Really want that card, so I'm really trying to perfect my report! Trying to get approved for it next month as a birthday present to myself I currently only use my AMEX and my USBank Visa at places that don't take AMEX, but if I get the Schwab I'll sock drawer that one and use the Schwab and the AMEX.
Knock wood, I haven't gotten any CLD yet - just increases (x3 on AMEX a year after opening it, and a standard $1500 every 6 months on each of my USBank cards).
04-14-2010 08:31 PM
. . . . a standard $1500 every 6 months on each of my USBank cards).
Are you requesting these or are they auto? JW
IMO - I've seen several with much more CC credit on these forums, so I think you should be fine. If $48k doesn't bother them, I don't think $51k will.
04-15-2010 09:55 AM
I have to call in, but every 6 months of good behavior so to speak I have an automatic $1500 CLI waiting for me. I can take advantage of them now and bump up my credit limits by $3000 total, but I don't want to if it won't do me any favors on the Schwab card.
04-15-2010 11:23 AM
Mank, can you please post your FICO scores. If you have in another thread, please add them to your signature :-)
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.