Towpath Credit Union CLI request What are my chances?

[Hammer23]

My highest credit limit to date post BK is a $2000 Barclay's account. I really want to close some of my rebuilder cards so today I sent a letter to my credit union (Towpath) 

I have been a member for 10+ years and have good loans with them in the past. I applied for their credit card in July 2011 and was approved for a $500 limt and a 9.99% fixed rate. Today I sent them a letter and ask that they raise my limit to $5,000.00.

I stated that I want to close 3 other accounts (all with AF) and establish a higher line with the credit union. Along with my letter I sent a paystub, my W2 from 2011, a copy of my last 401K statement, copies of my current stock holdings, verification of my employment (with hire date).

What do you think my chances of them granting this request will be?

Here is a link to their Credit Card Product page: http://towpathcu.com/visa.aspx

[JusdoNit]

What does your utilization look like?

They may grant you a very nice increase for a good record in-house, but I am not sure if they will go up to 5.  Like you I would ask anyway.

Hope it works out for you

[Hammer23]

My last update was at 40.16%, however I recently paid that down to under 20%. I included copies of the payoffs to them in my request letter.

[jasimae]

I gather that they'll have to pull your report(s) again. Lowering your utilization before apps or requests is always a good strategy. Keeping my fingers crossed for you.

[Hammer23]

*** UPDATE ****

I see they pulled my TU today (HP)... no answer as of yet. We shall see... This is my only HP on TU.

[Hammer23]

Got my response today... DENIED!

They said : "Account too new for increase"

    "Escalating Debt"

The first one I can understand as the account is only 6 months old (although I have over a 5 year history with the CU)

The second one is pure nonsense as I just paid off a bunch of debt. I even included proof that the debt was paid with my letter.

Oh well, guess I'll go into the garden for the next 6 months or so and try again. Boooooooo. 

[HoldingOntoHope]

Although you included proof that the debt was paid the creditor is still going to go by what is shown in your report when they pull (In most cases). With all the computer software out there almost anyone can generate realistic looking statements or screen shots. (And I'm not trying to imply that this is what you did, Just saying). If you had given the other accounts time to report the decrease in utilization, that MAY have made a difference. It still wouldn't overcome the account is too new objection.

You may want to wait until the account is either 9 months or 1 year and then try again. Or if there is a physical branch near you go in and speak with one of their loan officers / member reps. Credit unions are often much more willing to share information on their processes than the national Mega-Bank where a giant computer server somewhere makes all the decisions and humans have no control.