@Anonymous wrote:
When to ask for CLIs / Strategies?
@Anonymous wrote:
My scores are currrent EX 626, EQ623, and TU 645, mostly due to utilization on my old cards. That will be under 30% in January, probably closer to 20%.
It's a twofold matter. First, you need to be eligible based on the creditor's policies regarding timeframes for CLI's, if applicable. Second, your credit and income have to qualify for the CLI. For the latter, the time to ask is when your credit is in a shape where it gives you the headroom for a CLI. If you have high utilization the time to request would be when you get your utilization down. If you have other issues with your credit, the time to ask would be when those are addressed. You can't rely soley on time. No creditor simply hands out CLI's in exchange for time. It's always a matter of one's credit profile and income versus the creditor's underwriting criteria.
@DU556 wrote:
that's weird that your Discover credit went up that quickly. I've had mine for 10 years this month and they barely increased my credit limit to $10,800.
Nothing weird about it. Everyone's credit is not identical. Don't assume that it's just the creditor and/or card that determines the limit/CLI. One's credit profile and income play a major role in such things.
@damac2004 wrote:
when people mention calling on phone for cli, are the companies still running the pull on your credit?
Credit profile always matters. A given method of requesting the CLI does not bypass consideration of one's credit.
@damac2004 wrote:
even with new income information, i was using most of the cards almost to maxed amount and 2 different cards refused a cli so i backed off everything. i guess their computer saw me as tapped out and didn't like it even though i have no lates, etc.?
While income is a consideration and not having lates is a plus, revolving utilization is a signfiicant scoring and risk factor. It falls under Amounts Owed below:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
and "almost maxed" will certainly be a problem. You can get into trouble well before you're anywhere close to maxed. Keep in mind that 30% is the generally suggested max. However, that's far from ideal. That's why revolving utilization is such a common topic here and why getting revolving utilization in check is the second recommendation after addressing derogs for anyone rebuilding credit. If you're over 30% then get it down Once you're to 30% work on getting it lower. If you're not paying each statement balance in full then work on getting to where you are paying each in full.
@DU556 wrote:
I've also noticed my Amex points are garbage compared to miles from discover on Amazon.
1 dollar with Discover is worth 1 mile but with AMEX it's only worth .70
You should definitely work this stuff out before applying for any rewards card and especially for point/miles cards. Redemption method definitely has a significant impact on point/mile value. MR points are not fixed in value and there are certainly those that can attain higher point value. Generally speaking, highest values tend to come from transferring to travel partners for premium international travel. If you're redeeming for statement credits or merchandise then you may be better suited to cash back cards.
