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Valued Member
lost2007
Posts: 49
Registered: ‎05-29-2007
0

Is this a good Idea????

Here is the plan/idea.... I want to attain some new TL because my cards are crap!!! I call all my credit card companied and asked for CLI and to lower my APR and they said no, and to try back in 3 to 9 months. Applied Card Bank said that I was late back in Feb, but it's not on any of my CR (they said it's on their systems thats why they didnt give me and increase). Orchard Bank said that they couldn't give me an increase or lower APR for what ever reason, I totally forgot for at least 6 months. Macy's said to call back in 3 months and didn't give a reason... And 1st Premier wanted to do a hard INQ, so I didn't bother. Now my wuestion is I want to pay down all my TL to 10% UTL, and see if I can get better TL when the better UTL adjusts to my Fico scores. And then after dump the Sum prime cards, that have under a years worth of history on them.... Any comments.
Established Contributor
sl
Posts: 581
Registered: ‎04-11-2007
0

Re: Is this a good Idea????

What are you fico scores and how many baddies on your report?
Valued Member
Jay1987
Posts: 52
Registered: ‎04-27-2007
0

Re: Is this a good Idea????

As far as First Premier - try doing it online. I had this card as a starter card, I requested a CLI 3 times via their website and it was always a soft inq.
Established Contributor
sl
Posts: 581
Registered: ‎04-11-2007
0

Re: Is this a good Idea????

With FP, do you have to pay a fee to ask for a CL increase? I know one card you do and I think it is this one as there is a fee for everything on this card.
Valued Member
Jay1987
Posts: 52
Registered: ‎04-27-2007
0

Re: Is this a good Idea????



sl wrote:
With FP, do you have to pay a fee to ask for a CL increase? I know one card you do and I think it is this one as there is a fee for everything on this card.


I think there is a 25$ fee if they do increase your limit - It will advise you on the page if there is a fee attached with your account. You can always call them after and request them to remove it. It seems after you get a CLI - they are more "customer friendly" - at least with me they were. I called prior to have the fees removed - they simply said no - tried 3 times. I did a CLI online & after that, they were seemingly nicer & removed the fees
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Is this a good Idea????



lost2007 wrote:
Here is the plan/idea.... I want to attain some new TL because my cards are crap!!! I call all my credit card companied and asked for CLI and to lower my APR and they said no, and to try back in 3 to 9 months. Applied Card Bank said that I was late back in Feb, but it's not on any of my CR (they said it's on their systems thats why they didnt give me and increase). Orchard Bank said that they couldn't give me an increase or lower APR for what ever reason, I totally forgot for at least 6 months. Macy's said to call back in 3 months and didn't give a reason... And 1st Premier wanted to do a hard INQ, so I didn't bother. Now my wuestion is I want to pay down all my TL to 10% UTL, and see if I can get better TL when the better UTL adjusts to my Fico scores. And then after dump the Sum prime cards, that have under a years worth of history on them.... Any comments.




First off, you have to have realistic expectations. If your FICOs are below 620 or so, you've got collections or charge-offs opened in the past two years, or a BK in the past five years, getting CLIs is going to be an uphill battle. Not an impossible battle, mind you, but an uphill fight. So you've got to have a long-term, long-haul mentality. You need to have at least three positive TLs that update every month.

Second, manage your cards. Keep utilization as low as possible, but above zero. After you've accumulated six months of on-time history with a card issuer, ask for a CLI. If you credit fits the profile above, don't be surprised if you're turned down. Try again at the nine or ten month mark. If you get denied, demand a manual review (known as "reconsideration). You probably can succeed at this point in time. If not, keep trying every three months. Keep managing your cards, keep on keeping on. This is a patience game. But as your FICO rises, you'll find yourself in a progressively better position.
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in a credit-scoring postnuclear Stone Age...
Valued Member
lost2007
Posts: 49
Registered: ‎05-29-2007
0

Re: Is this a good Idea????

My scores are EX 617 EQ 574 TU 551 I have about 3 baddies. A BK that has been discharged since Ma 2005, I recently removed alot of baddies post the BK since I found out about the credit forums and being more educated. I just want to know if I should get rid of these cards if they wont help me since they have short histories and will I be able to get new one's with what I have in plan??? Thanks again all
Frequent Contributor
MercyMe
Posts: 429
Registered: ‎04-07-2007
0

Re: Is this a good Idea????

Time was when I shared your way of thinking -- get rid of those darned sub prime cards!  But truth be told, they've been pretty good to me and for me, as far as  helping to maintain the average age of credit,  helping me to off set baddies with goodies,  and giving potential creditors a reference point to work with.  I'm not overly fond of my First Premier, for all of the fees, but after three years, they lowered my interest to 9.9%, have offered me multiple cards -- though they only increased the initial $200-250 credit limit twice and to no more than $400,  and they continue to add good history to my credit files, and that's worth the fees to me.  Potential creditors don't care if it's First Premier or BOA.  All they want to know is how long have I had this credit, have I paid on time, and how much of my limit do I owe?  1-9% across the board is best -- I know, be your cards prime or sub prime.  My score shot up more than 40 points when I paid down my balances to around 13%, from 70%.  So, IMO, pay them down, but don't shut them down, 'kay?  And once your scores are up, seek new credit and CLI.  You'll have better luck -- guaranteed!  And for Pete's sake, pay the late Applied Card, if you haven't already.
 
:smileywink:   
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Is this a good Idea????

With those scores, and the Geiger counters still chattering from the BK fallout, you're probably not going to be able to do much better. Your focus right now shouldn't be on improving FICO so much as in establishing positive TLs so that toward the end of next year, when the BK fallout begins to die down, FICO takes into account your positive history for the past year and a half. At that time, your scores will begin to rise and you'll become eligible for a better deal.
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in a credit-scoring postnuclear Stone Age...
Valued Member
lost2007
Posts: 49
Registered: ‎05-29-2007
0

Re: Is this a good Idea????

Ok ppl I think I got it, just wade it out and wait for better things TL offers to come. I am just so impatient, I guess this is what I have to do to pay the piper...

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