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When should I pull the trigger

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Anonymous
Not applicable

When should I pull the trigger

I have very little debt, a car payment and one credit card, bofa (99/500).

car is over half way payed off, my credit card will be about 1/5 payed off after my next payment. no lates, nothing bad what so ever on the big three.

my score is about 720. should i push bofa to up my limit before going after other cards Chase,Discover, etc.

Message 1 of 13
12 REPLIES 12
DI
Super Contributor

Re: When should I pull the trigger


@Anonymous wrote:

I have very little debt, a car payment and one credit card, bofa (99/500).

car is over half way payed off, my credit card will be about 1/5 payed off after my next payment. no lates, nothing bad what so ever on the big three.

my score is about 720. should i push bofa to up my limit before going after other cards Chase,Discover, etc.


Pulling the trigger with BOA if it's not a hard inquiry, won't kill your chances of getting approved with Chase, Discover and etc.  Good luck!

Message 2 of 13
Anonymous
Not applicable

Re: When should I pull the trigger

I assume when i call bofa and ask them for a credit increase they will do a hard pull, also.. when I said "pull the trigger"

I was referring to trying another credit card company, so maybe I could actually have TWO cards...

From what i understand, the limit of your current card(s) will influence the limit of the card you are applying for. searching for a 3/5k card.. just to get a better debt to credit ratio, and if I do decide to buy something and pay it off in three months, my credit won't take a big hit...

 

 

 

Message 3 of 13
Anonymous
Not applicable

Re: When should I pull the trigger

bump
Message 4 of 13
DI
Super Contributor

Re: When should I pull the trigger


@Anonymous wrote:

I assume when i call bofa and ask them for a credit increase they will do a hard pull, also.. when I said "pull the trigger"

I was referring to trying another credit card company, so maybe I could actually have TWO cards...

From what i understand, the limit of your current card(s) will influence the limit of the card you are applying for. searching for a 3/5k card.. just to get a better debt to credit ratio, and if I do decide to buy something and pay it off in three months, my credit won't take a big hit...

 

 

 


Have you tried the CLI link when you log into your online account?  That is sufficient enough.  You may get a 7-10 notice or you may get a notice to call them.  

 

Limits on other  cards does have an influence on how much the new bank will approve you for. 

Message 5 of 13
haulingthescoreup
Moderator Emerita

Re: When should I pull the trigger


circuitt wrote:

I have very little debt, a car payment and one credit card, bofa (99/500).

car is over half way payed off, my credit card will be about 1/5 payed off after my next payment. no lates, nothing bad what so ever on the big three.

my score is about 720. should i push bofa to up my limit before going after other cards Chase,Discover, etc.



Just want to make sure what you mean by "push bofa up to my limit" --do you mean run the balance on the card up to nearly $500, or what?

You definitely don't want to do that.

Have your credit profile as squeaky clean as possible before applying for other cards. Don't worry about the car payment other than staying on time, but make sure that your BofA card is at $0 or nearly so AND that this new balance is showing on all three credit reports before going credit shopping.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 6 of 13
MarineVietVet
Moderator Emeritus

Re: When should I pull the trigger


@haulingthescoreup wrote:

@Anonymous wrote:

I have very little debt, a car payment and one credit card, bofa (99/500).

car is over half way payed off, my credit card will be about 1/5 payed off after my next payment. no lates, nothing bad what so ever on the big three.

my score is about 720. should i push bofa to up my limit before going after other cards Chase,Discover, etc.



Just want to make sure what you mean by "push bofa up to my limit" --do you mean run the balance on the card up to nearly $500, or what?


I think they meant ask for a CLI not max out their card.  I think????

 

Now I'm confusedSmiley Happy

Message Edited by marinevietvet on 12-09-2009 09:47 PM
Message 7 of 13
Anonymous
Not applicable

Re: When should I pull the trigger

"should i push bofa to up my limit"

As in, should I push for a Credit Limit Increase. I am not really pushing bofa, guess I should of picked a better word.

I just want to make sure I am good to go, don't want to get hard pulls untill the odds are more in my favor.

Just looking for a little advice.  if you were me , what would you do?

 

 

Message 8 of 13
MarineVietVet
Moderator Emeritus

Re: When should I pull the trigger


@Anonymous wrote:

"should i push bofa to up my limit"

As in, should I push for a Credit Limit Increase. I am not really pushing bofa, guess I should of picked a better word.

I just want to make sure I am good to go, don't want to get hard pulls untill the odds are more in my favor.

Just looking for a little advice.  if you were me , what would you do?

 

 


Just ask for a CLI but also ask if it will be a hard or soft inquiry. People do it all the time. It's nothing unusual. If they say no you might request a reconsideration.

Message 9 of 13
Anonymous
Not applicable

Re: When should I pull the trigger

Hi circuit!

 


circuitt wrote:

I have very little debt, a car payment and one credit card, bofa (99/500).

car is over half way payed off, my credit card will be about 1/5 payed off after my next payment. no lates, nothing bad what so ever on the big three.

my score is about 720. should i push bofa to up my limit before going after other cards Chase,Discover, etc.


Has your card unsecured yet (security deposit returned)? And, if it has, has it been at least 4 to 6 months since it unsecured? Maybe someone with more experience with the 99/500 product will chime in, but I don't think (could be mistaken) that their partially secured card is eligible for CLIs until it graduates. And, once it graduates, you may get a CLI upon graduation, if not, they usually want you to wait and demonstrate responsible usage for awhile. PIFing helps.

 

Even more importantly, you mentioned that the card will be about 1/5 (or 20%) paid off-- that would indicate that you'd still be maxed out at about 80%. If this is your only card, you definitely don't want to go after other cards with 80% uti. You'll need to PIF and let it report, as was previously mentioned.

Message 10 of 13
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