11-16-2012 04:23 PM
I think that there's definitely something to the fourth statement rule, but if you have good (or great) credit you can pretty much ask for anything, anytime.
|Current: EQ FICO 664, TU FICO 683, EX FICO 698 | Starting Score: 525 (05/2012)|
Starting total revolving credit: $1100 | Current total revolving credit: $7000
Inquiries (12 Months): EQ 3 TU 2 EX 2 | Most Recent: 1/8/2013
|AMEX Gold NPSL|
DCU Visa $2000
Cap1 Cash Rewards $2000
BOA Platinum $600
11-16-2012 04:35 PM - edited 11-16-2012 04:37 PM
Also make sure your accounts are generating statements or else you will never get an increase.
It is possible to get an increase with no statements with GE backed cards.
Within the past month, I was able to get CLI's on two accounts:
WalMart - no statements or balance for 2 months - 600 CLI
JCPenney - no statements or balance for 6 months - 1400 CLI
Both cards will be two years old next month. The JCP card never had a CLI. The WalMart card had one at the 4 month mark...nothing after that until last month.
My experience was different. I had the card for 10 months used it , and never had a balance on card , so no e statement ever generated on my account, and system always denied stating not enough experience at current limit. Back in sept/oct I did an experment, and left a 25 balance so my first statement generated. GE gave me an auto increase ,and let me request an additonal increase the same day that they apporved.
TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!
11-16-2012 05:15 PM
I called (backdoor number) right after I received my Wal-Mart card with it's tiny $400 limit. Got a big fat no.
I also have a GE card with Belk. I have been using & paying in full every month. I waited until the 4th e-statement cut like everyone said. Another big fat no.
I am happy I got these to rebuild, but with a 650 FICO, it was still kind of depressing not to be able to use them more for Christmas.
11-16-2012 05:28 PM
Same boat as you. $400 limit, told nope, not happenin'!
11-16-2012 05:31 PM - edited 11-16-2012 07:59 PM
FYI - Lenders for CC accounts can no longer use household income (except in the state of WI) for applications for credit or credit line increase requests. Changes in the federal law known as the Card Act caused this. If you plan on providing household income just don't say it is household income, that would cause the lender to not accept the income amount. This is the Ability to Pay Requirement of the Card Act. Just thought I would advise.
Ps -- I work in the Underwriting dept with this lender, so if anyone has any specific questions about lending philosophy, etc feel free to PM me and I would be happy to answer your questions. No personal questions please as I can only provide you my insight in a general sense -- not in an account specific sense. :-)
11-17-2012 07:15 AM - edited 11-17-2012 07:16 AM
Thanks for the post AaroininOakland. Might have to pick your brain myself a little to get some insight. Welcome to the forums.
11-17-2012 09:18 AM
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