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Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: Want to start applying...am I "ready"

+1 HiLine

Request credit limit increase, lower utilization and then wait for your credit reports to update (you can use a variety of free sites to monitor your report balances). You should be ready to app in less than 2 months, depending on when your statement cuts.

Ask questions if this doesn't make sense.

In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Member
claudiav
Posts: 7
Registered: ‎06-11-2013

Re: Want to start applying...am I "ready"

Thank you guys.

 

Yeah it is totally util that is keeping my score down - I have no "baddies".  I didn't realize the importance of that trick until recently.  My util on the Cap One card is, as we speak, 5%.  So I'm going to keep it there or even maybe a little lower for a couple of months.  Hopefully I can get a CLI but I know Cap One can be a bit tough with that.

 

Is there anyway to figure out when your cut off for reporting for the month is?  Is it the same as the credit statement cycle?

 

SnackTrader & HiLine - this makes perfect sense.

 

And thanks for the guidelines everyone regarding what to app.

 

Nsisaat - that's good to know re Discover.

 

I'll be back to update......................


Starting Score: 520 (brand new credit 2011)
Current Score: 09/21/13 myfico TU 714; fako EX 718; EQ 712;
Goal Score: 750


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Valued Contributor
SnackTrader
Posts: 1,563
Registered: ‎09-15-2012

Re: Want to start applying...am I "ready"

My experience with Capital One has indeed been the balance is reported from the statement cycle. It usually takes 3-4 business days to update with the bureaus.

So my statement cycle ends on the 15th of every month. Whatever the balance is at the end of that day gets reported to the bureaus in my experience. Just make sure you make a payment to bring down Util on that after requesting a CLI (Hint: this thread already contains great advice on a high percentage way to get a CLI, which is also based on my experience), and you might be ready to app by the time your next statement cuts!

In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014
Member
claudiav
Posts: 7
Registered: ‎06-11-2013

Re: Want to start applying...am I "ready"

Got it thanks!  Will keep you posted.


Starting Score: 520 (brand new credit 2011)
Current Score: 09/21/13 myfico TU 714; fako EX 718; EQ 712;
Goal Score: 750


Take the myFICO Fitness Challenge
Member
claudiav
Posts: 7
Registered: ‎06-11-2013

Re: Want to start applying...am I "ready"

Small update.

 

Cap One denied me a CLI when I called the EO.  Boooooooo

 

 

I'm also going to have to wait until next month for my card to show a small balance.  My balance is currently 0%, however, I'm renting a car this weekend and although it's prepaid I'm going to my Cap One as the "hold" card.  So my balance will include the money that is held.  I think this puts me about about 66% usage.

 

Oh and my reporting date for Cap One is 23rd June and I'm hiring the car on the 21st.

 

*sigh*

 


Starting Score: 520 (brand new credit 2011)
Current Score: 09/21/13 myfico TU 714; fako EX 718; EQ 712;
Goal Score: 750


Take the myFICO Fitness Challenge

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