Maxxed Out CC-Can i still Ask for CLI

Anonymous · ‎04-02-2015

I have capital One Account that is maxed out. It was opened 7 months ago and is always paid on time. Utilization is 100%. The original credit limit given is $1000 and was increased to $1500 after 5 on-time atleast minimum payments which i have done. I would like a credit limit above $5000.

Now is it worth asking for a CLI (which i m presuming is a soft pull) with Capital One. Is it really better to ask for CLI after i bring utilization down to about 30% of my limit.(which i think i can do in the next few months).

My other credit cards is Merrick Bank Secure with $250 limit which is also maxed out but Ii can pay off. One more card is KOHL's with a $300 limit and zero balance.

My AAoA is 12 years. No bankruptices.repos however two collection accounts Medical ($1100) and Exxon Mobil Card Chargeoff $1661.

TU FIco Score 644 (apr 1, 2015)
EQ Credit Karma score 590 (apr 2015)

EX Fico Score 597 (apr 2015)

In July 01 2015, i have zero inquiries on all of my credit reports and wish to apply for Bank of america rewards card, Barclays and Discover. (Mostly TU bureaus).

The inquiries i have lately are zero since atleast a year and half. What remains as inquiries on my TU/EQ credit report is from Electric Utility, auto loans .

Anonymous · ‎04-02-2015

You need some tough love, buddy. If you've maxed out your cards you have no business asking for CLIs or apping for new cards. You are not using credit responsibly. On top of that you have outstanding collections that you haven't settled. You are setting yourself up to destroy your credit again.

tli · ‎04-02-2015

YMMV but from my experience you would have better success with Cap One applying for a new card then getting a CLI on your current card.

FICO 08 Scores Dec15: EX 644 EQ 641 TU 651

pipeguy · ‎04-02-2015

You can ask but you'll probably get a "no" since Cap-1 generally only gives CLI's every 6 months and you got one a few months ago. The maxed out sure won't help even if you met the timeframe.

Anonymous · ‎04-02-2015

@Anonymous wrote:
I have capital One Account that is maxed out. It was opened 7 months ago and is always paid on time. Utilization is 100%. The original credit limit given is $1000 and was increased to $1500 after 5 on-time atleast minimum payments which i have done. I would like a credit limit above $5000.

Now is it worth asking for a CLI (which i m presuming is a soft pull) with Capital One. Is it really better to ask for CLI after i bring utilization down to about 30% of my limit.(which i think i can do in the next few months).

My other credit cards is Merrick Bank Secure with $250 limit which is also maxed out but Ii can pay off. One more card is KOHL's with a $300 limit and zero balance.

My AAoA is 12 years. No bankruptices.repos however two collection accounts Medical ($1100) and Exxon Mobil Card Chargeoff $1661.

TU FIco Score 644 (apr 1, 2015)
EQ Credit Karma score 590 (apr 2015)
EX Fico Score 597 (apr 2015)

In July 01 2015, i have zero inquiries on all of my credit reports and wish to apply for Bank of america rewards card, Barclays and Discover. (Mostly TU bureaus).
The inquiries i have lately are zero since atleast a year and half. What remains as inquiries on my TU/EQ credit report is from Electric Utility, auto loans .

Look at it this way: If you were a lender would you do it? It shows that currently something is not right. However, if I was a lender and I saw you used the 1500$ limit to Settle/PFD the medical or Exxon and I saw it gone with a score increase I may thing about it. I was in your shoes with a medical bill (a few) and used my CC to PFD so my Util went up but also the baddies fell off. I am paying big chunks a month to get my CC Util back down as I dont need to buy anything. I could have waited and paid cash for the baddies but I was obsessed about not having any negatives. When Cap One saw that, I did get a small increase and now the card is in my safe until I pay the remaining 600$ off and my Barclays down; then, only then will I ask for another CLI.

Anonymous · ‎04-02-2015

You can certainly ask, but it ain't gonna happen - not with your current usage pattern. You're just like I was for the first three years of Cap One usage. Charged them up ($300 and $500) then paid minimums, adding new charges for small things as the balance dropped. This site opened my eyes to how that usage pattern was hurting me. So in December, I used my paycheck to pay both card off completely, then started using them as described below.

If you want Cap One to increase your limits you need to show them the desired usage patterns on your account. Pay the balance down - ALL THE WAY DOWN. Then IMMEDIATELY start using the card like a "Charge Card" instead of a credit card - meaning 'use the heck out of it but don't carry a balance'. Use it for your everyday expenses that would normally be paid with cash, check or debit card - gasoline, groceries, utilities, any recurring monthly accounts, cable, phones, even your rent if possible (my apartment management has an online portal for rent payments), and pay down charges as they post. Use it like an 'old school' AMEX card.

Carrying a large balance every month is death for CLI's.

Also, you need to get that exxon mobile CO settled if its reporting a balance. Its killing your UTI%

PM me if you need help figuring out how to get on this payment track.

Anonymous · ‎04-02-2015

The ExxonMobil card is reportin balance of $1661 but is reporting currently. I had same CitBank charge off $750 in Shell citi bank card and they completely removed my tradeline of shell citibank tradeline once the four years were up. They sold that account to a collection agency that has not appeared on my credit report for now almost a year. I want to think and believe they will actually do the very same thing with my ExxonMobil card whose 4 years are due in December 2015.

i am also thinking right when i m about to close down on my Merrick Bank Secure card. I like to think thats the right thing to do. It costs me $3 every month in fees to carry that card. It has a balance of $245 of $250 limit and i dont pay until my due date of 12-13th of every month; I have been only paying minimum on merrick bank card but idk if it is important in raising my score. its a secure card anyways.

My cap1 has a balance of $1497 of $1500 is also something i can pay off. Should i just payoff or bringing the utility down to 30% is a good thing to do. The current FICO on TU is 644. EQ and EX not known.

I m interested in buying a CAR and Home in July 2015. If i dont apply i have no inquiries and zero balances on all my existing revolving cards ? is that considered good or bad? will that make a smooth transition in getting an AUTO LOAN from say USAA or Cap1.

Anonymous · ‎04-02-2015

The ExxonMobil card is reportin balance of $1661 but is reporting currently. I had same CitBank charge off $750 in Shell citi bank card and they completely removed my tradeline of shell citibank tradeline once the four years were up. They sold that account to a collection agency that has not appeared on my credit report for now almost a year. I want to think and believe they will actually do the very same thing with my ExxonMobil card whose 4 years are due in December 2015.

i am also thinking right when i m about to close down on my Merrick Bank Secure card. I like to think thats the right thing to do. It costs me $3 every month in fees to carry that card. It has a balance of $245 of $250 limit and i dont pay until my due date of 12-13th of every month; I have been only paying minimum on merrick bank card but idk if it is important in raising my score. its a secure card anyways.

My cap1 has a balance of $1497 of $1500 is also something i can pay off. Should i just payoff or bringing the utility down to 30% is a good thing to do. The current FICO on TU is 644. EQ and EX not known.

I m interested in buying a CAR and Home in July 2015. If i dont apply i have no inquiries and zero balances on all my existing revolving cards ? is that considered good or bad? will that make a smooth transition in getting an AUTO LOAN from say USAA or Cap1.

Anonymous · ‎04-02-2015

Why are your cards maxed out? If it's because you can only afford to pay the minimum balances you can't afford a car and definetly can't afford a house. If you can afford to pay them down why haven't you? Do you like paying interest? You need to do a lot of reading on this forum. With your current behavior and plans you're headed for financial disaster.

Anonymous · ‎04-02-2015

@Anonymous wrote:
The ExxonMobil card is reportin balance of $1661 but is reporting currently. I had same CitBank charge off $750 in Shell citi bank card and they completely removed my tradeline of shell citibank tradeline once the four years were up. They sold that account to a collection agency that has not appeared on my credit report for now almost a year. I want to think and believe they will actually do the very same thing with my ExxonMobil card whose 4 years are due in December 2015.
i am also thinking right when i m about to close down on my Merrick Bank Secure card. I like to think thats the right thing to do. It costs me $3 every month in fees to carry that card. It has a balance of $245 of $250 limit and i dont pay until my due date of 12-13th of every month; I have been only paying minimum on merrick bank card but idk if it is important in raising my score. its a secure card anyways.
My cap1 has a balance of $1497 of $1500 is also something i can pay off. Should i just payoff or bringing the utility down to 30% is a good thing to do. The current FICO on TU is 644. EQ and EX not known.

I m interested in buying a CAR and Home in July 2015. If i dont apply i have no inquiries and zero balances on all my existing revolving cards ? is that considered good or bad? will that make a smooth transition in getting an AUTO LOAN from say USAA or Cap1.

I am curious to know why you would think you would be lucky enough for this to happen? A charge off just "disappearing" is not common and I would not assume that the Exxon will follow suit.