credit line increase

[Anonymous]

I just opened up 13 new accounts. Credit scores about a year ago was in the 400's now mid 600's. I have a ton of inquiries and now I'm ready to just chill for a year, but how long should I wait to get increases.

[heyarrnold]

If they're SPs, try whenever possible based on the issuing bank's CLI policy! If they are HPs, wait until your report clears up a bit!

[elim]

list your cards and we can give you the scoop

[Anonymous]

Chase, Cap 1, Barclays, Best Buy MC, Walmart, Macys, Merrick, 5 shopping cart trick stores. I also have 2 first premiere cards should I close them?

[Kenny]

If it costs you to keep them open, then close the First Premiers.

With Chase it's always a HP when initiated by you.

With Capital One always SP -- so you can do this successfully each 6 months per card.

Wal-Mart SP you can get a CLI with every 4th statement or by calling Credit Solutions and just asking for whatever amount you want.

Don't know about Merrick, Macys, and Best Buy mc.

[Anonymous]

If i close some it will not hurt me? They charge like 6 a month and 49 a year for fp. My utilization is 10%.

[elim]

your comenity cards also have variables...

J Crew = hit the button until 7-10 day msg

Overstock = hit the button once a month

Victoria Secret = 9 months until CLI granted

etc.

YMMV

[coldnmn]

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@Anonymous wrote:
If i close some it will not hurt me? They charge like 6 a month and 49 a year for fp. My utilization is 10%.

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They will still report as a positive TL for ten years. In my opinion the raise in utilization by closing them is well worth the trade off of the money saved per year. Not to mention closing them will look good in your credit file.

[Kenny]

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@Anonymous wrote:
If i close some it will not hurt me? They charge like 6 a month and 49 a year for fp. My utilization is 10%.

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It will bring down your available credit to debt ratio -- affecting your credit score. At some point, you have to determine whether 50/year is ok if you have credit that is free.

[Kenny]

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@coldnmn wrote:

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@Anonymous wrote:
If i close some it will not hurt me? They charge like 6 a month and 49 a year for fp. My utilization is 10%.

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They will still report as a positive TL for ten years. In my opinion the raise in utilization by closing them is well worth the trade off of the money saved per year. Not to mention closing them will look good in your credit file.

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Definitely.