When should I request a credit limit increase

[Anonymous]

Its the combination of low limits and excessive amount of new accounts opened in such a short period of time thats truly frightening. 31 cards in 6 months?! Not understanding the logic or motivation behind these counterproductive decisions. But I sincerely hope things turn out for the best in the long run

[elim]

Back to the original question.

As far as CLI's goes i only know a few on your list, you might have to use the search feature here for each card... eg: "TJ Maxx CLI".

Barclay Rewards MC - use at least 30% of your credit line every month and let it report once or twice and expect a 3x auto CLI in 6 months.

Wal-Mart - let a tiny balance report each month. after 4 consecutive statements ask via luv button or Credit Solutions.

VS Angel - normally 9 months before the luv button works.

I would search out your Comenity cards first because some of them are known to grant CLI's one after another via luv button or automated phone if done correctly.

Don't panic and start closing cards willy nilly due to the responses to your OP.

You own the cards now and most/some may actually fit your profile. Use them on normal spend and see which ones deserve a spot in your wallet. If they don't then say goodbye.

I would pursue CLI's on every card possible because a "closed by consumer"  5k card may look better than a closed $250 card as it reports for about 10 years after closing date.

Be prepared to lose some accounts as it is a possibility (AA due to amount of new accounts in the past 6 months) and may or may not happen.

Before i app for card(s) i run it by the CC thread and get help with which order, how many, denial recon, limit recon, etc. (you might try that next time.)

No matter what you do with what you currently have... go here and plant a seedling now

[Anonymous]

WOW!!!! This is exactly what NOT to do people!!!! And all this person is worried about is getting CLI's on these poor credit cards with tiny TINY credit limits! DONT EVER OPEN 31 CREDIT CARDS. There is no reason to ever have this many....and why so many store cards? This person has a long road of declining credit scores ahead of them. Let me stress this again...THIS IS A PRINE EXAMPLE OF WHAT NOT TO DO! I wish I could help but this person will have to learn for themselves, and it is not going to be a fun experience. Please cancel all but 5 of these cards as it is pointless to have so many horrible credit cards with such low credit limits! Don't ever just take a credit card just because you can get one!!!

[Anonymous]

---

@Anonymous wrote:

Ok now that I've basically raised deleted majority of baddies from my credit report when should I request a credit limit increase?

Here is what I have and when I opened it, plus the amount:

July 2014-

         Capital One Platinum $300 (raised to $500 a few days ago-kinda bummed that it wasn't more)

August 2014-

         Capital One Quicksilver $300

         Capital One Secured $200

September 2014-

         First Premier $300

October 2014-

         WalMart $150

         Target $150

         Kohl's $300

         Amazon $600

         Macy's $600

November 2014-

         Old Navy $150

         American Eagle $150

         Victoria Secret $350

         Torrid $500

         CFNA (Firestone) $900

         Jared $3000

         Total Card (First Access) $300

          Verve $500

December 2014-

          OneStopPlus $250

          Express $250

          Lane Bryant $300

          Catherine's $300

          The Limited $350

          Blue Nile $1000

January 2015-

           TJ Maxx $300

          JC Penney's $300

           Car Care Credit $500

           Sam's Club $637 (odd amount, and I asked them to repeat that 3 times)

           Discover Secured $200

           Credit One Bank $300

           PayPal Smart Connect $600

           Barclay Rewards Mastercard $1000

I made a chart of 1%, 5%, 9%, and 10%. That way I know when my statement closing date is and how much I want the amount to be. I have been staying at or below 10%. I read the many posts and decided that staying below 10% was my best bet, so far so good. I know that it is a lot, but I got kinda happy when I was actually approved for accounts when seven months ago my credit score was below 500. I won't be applying for anything else. I want to concentrate on building these accounts for the next two years. I also want the store accounts to upgrade from store card to credit cards. 

---

1.27.15

EQ: 648

TR: 650 (it went up two points today...YEAH!!!)

EX: 666

---

You have been very busy. I agree with these recurring themes: close ALL accounts with annual fees, garden until ALL inquiries fall off, too many credit cards will hurt you, and close some of your store credit cards. Good luck!!!

[bengalikejenga]

i personally think everyone is over reacting with Exclaiming you should close all cards ASAP.

i think you should keep them open if you can resposibly manage them... that would mean, keeping an Excel Sheet with the payment dates, being enrolled in auto pay and a whole lot of numbers work. 

the thing is you have a lot of new accounts, but all these new accounts would not matter in about 1-2 years, and it would actually help you in the long run. if you decide to open any more new credit cards in the future, the 31 cards you just open now, would help buffer the blow of your Average age of accounts.... so for the most part, instead of closing any account now or in the near future, Keep them, garden them all, show consistent payment partterns and ignore everyone advising you close the cards....

in a year or two, you can close cards that have fees, and you can close cards that arent in line with your financial goal or need. but you would make a mistake to close cards haphazardly now, after taking a hit for the cards for the new accounts recently open. 

sooo garden, ask your current creditors that allow SP CLIs for CLIs every 3 months if you can, make sure most of your cards always report a zero balance, and sit back and watch your Cards limits and age grow in leaps and bounds.

[TheGardner]

Haven't read through posts but by all means no, not from any lender that will HP your reports. SP ok, even then you may be playing with fire.

You have way too many new accounts, they will likely be slower to grow. In 12 months you should be in a much better position to request CLI from various lenders and SP increases will be higher.

My suggestion, anything requiring a HP do not request, ever. Let them age/close or just pray they fall off lol. SP increase ask in 6 months.

Keep your utilization down or Discover and particularly Barclaycard will happily shut you down.

How old is your AAoA? If it's rated in months that needs to come up or your scores will continue to be suppressed.

[TheGardner]

---

@bengalikejenga wrote:

i personally think everyone is over reacting with Exclaiming you should close all cards ASAP.

i think you should keep them open if you can resposibly manage them... that would mean, keeping an Excel Sheet with the payment dates, being enrolled in auto pay and a whole lot of numbers work. 

the thing is you have a lot of new accounts, but all these new accounts would not matter in about 1-2 years, and it would actually help you in the long run. if you decide to open any more new credit cards in the future, the 31 cards you just open now, would help buffer the blow of your Average age of accounts.... so for the most part, instead of closing any account now or in the near future, Keep them, garden them all, show consistent payment partterns and ignore everyone advising you close the cards....

in a year or two, you can close cards that have fees, and you can close cards that arent in line with your financial goal or need. but you would make a mistake to close cards haphazardly now, after taking a hit for the cards for the new accounts recently open. 

sooo garden, ask your current creditors that allow SP CLIs for CLIs every 3 months if you can, make sure most of your cards always report a zero balance, and sit back and watch your Cards limits and age grow in leaps and bounds.

I disagree.. There was a thread here a couple months ago with a CC back office employee who explained how these accounts hinder you getting approved for prime accounts. You only need 3-5 accounts to start your profile with. Sure, help on AAOA will help later but if you're stuck in toy limit hell for 5 years is it worth it?  

I imagine if OP had a 3-5 year AAOA and 1/4 the inquiries scores would be closer to 700. Now OP will be at least 6 months more likely a year behind in rebuilding..Just my opinion of course. 

[taxi818]

---

@Anonymous wrote:

I think the answer is, whenever you need one and most importantly can convince a lender to give you one.

---

+1 all the way.

[kdm31091]

With all those new accounts, it's going to be tough to get any CLIs because the lender will see how many new accounts you've gotten recently and say "why do you need more credit?" It can appear you are too agressively seeking it, and can be counterintuitive to your long term growth.

I would trim out some cards you don't want/need, but the damage is done for the most part, and you'll just have to give it some time and responsibly manage the cards you have (though I could never myself manage 31+ cards!). Good luck

[taxi818]

---

@Anonymous wrote:

Its the combination of low limits and excessive amount of new accounts opened in such a short period of time thats truly frightening. 31 cards in 6 months?! Not understanding the logic or motivation behind these counterproductive decisions. But I sincerely hope things turn out for the best in the long run

---

At least op did not get hp's for most of those. as they are sct cards look like. my goodness. i remember going for like 3 in sct and then said no more. as i thought that was too many. i can't beleive this many store cards on 1 profile. but he did pay for em. with his AAoA. maybe at a month. may as well let em grow