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.
|Chase Freedom $9500|
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
|Lowe's CC $8500|
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
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
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.