CLI on Discover

[Calculon]

Hello All -

I've gotten three cards in the last year - a Capital One Quicksilver, Discover and Amex Blue.  The Cap 1 I've had for almost a year, the Discover nine months and the Amex Blue for three months.  My credit score was zero before getting a car loan in 2012, but I paid that off because of the high interest rate.  Last year I got the Cap 1 card last year after they sent me a preapproved letter.  I started at $500, but they bumped me up to $2K after four months.  A few months later I received anothter preapproval offer from Discover and was given a $750 limit.  A few months ago I decided to apply for the Blue on a whim and was approved for $2K, but my credit score took a hit, going from 725 to just under 700, which I knew would happen.  My score had been going up at a nice pace, but has slowed since I got t got the Blue, sitting at 705 right now.,

So I'm wondering if there's a anything I can do to pick up the pace of increasing my score?  Right now I've I got the cards I want and don't foresee any problem with paying them off every month or getting more.  I have more credit than income, but I got to thinking sometimes I do get the Discover at a higher utilization percentage because the limit is lower and I was wondering if I asked a CLI that would help lower my utilization, thereby my score, and whether that would be advisable?  Is there anything I can do?  Thanks for any help.

[user5387]

I have a Discover and periodically ask for a CLI online.  You can also do so by phone.  I believe that they will tell you if an HP is required, and at such a point, you can take the hit or not.  I have been able to get CLIs with a SP.

Beyond this, you can control the utilization on your CCs by paying them down or off before the statement date.

[takeshi74]

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@Calculon wrote:

So I'm wondering if there's a anything I can do to pick up the pace of increasing my score?

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Take a look at this and start with the biggest slice:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Do you have any derogs?  If so, address them first as payment history is the biggest slice.

Next biggest is utilization (amounts owed above).  What's your reported utilization?  Is it under 30%?  You can optimize it if desired but generally that isn't really necessary except to eke out some additional points when applying for something but if you prefer you can do so on a regular basis.

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@Calculon wrote:

I have more credit than income, but I got to thinking sometimes I do get the Discover at a higher utilization percentage because the limit is lower and I was wondering if I asked a CLI that would help lower my utilization, thereby my score, and whether that would be advisable?  Is there anything I can do?

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Doesn't hurt to see if you can get a CLI to help decrease utilization.  If you haven't already then read the 3x CLI thread to prepare to requesting a CLI with AmEx.

AAoA (15%) just takes time though you can take advantage of AmEx backdating down the road.  While you paid off your car loan it will continue to report and should help with types of credit.  It's generally not worth just seeking out types of credit solely for scoring purposes.

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@Calculon wrote:

my credit score took a hit, going from 725 to just under 700, which I knew would happen.  My score had been going up at a nice pace, but has slowed since I got t got the Blue, sitting at 705 right now.,

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What score are you referring to?  Who provides the score/what model is it?  What CRA is the score based on?  You have a FICO with each of the 3.

[Calculon]

Thanks for the replies.  My utilization is usually under 20% for all three cards, though a couple times I've been up around 25%.  I don't have anything bad on my report.  It's just a bit thin due to me being a cash payer until recently.  I mainly got the cards for the cashback and it's safer than using my debit, which is has been stolen a few times.  I'm happy with the limits on my other two cards, I just wanted to see if I could get my Discover up.  A couple of time I have butted up against the limit.  I guess I was just curious as to why my score was going up faster before I got the Amex.  Thanks again for the replies.