Need Advice

[Raggal01]

Hello All,

So i had a lot of credit problems. No BK, No collections, but i had about 93% utilization on my accounts for 18 months straight. I just got a big bonus from work and paid off my credit lines down to a 3% utilization. However, Citi Forward decreased my CL from $7K to $500, **bleep**? Should I ask for a CLI or try for a new card somewhere else? My EQuifax Fico is 714 and I have an ontime payment history and low utilization. I got a 30% raise in salary so money is much less of an issue and I'd like to increase my CL's in an attempt to purhcase a home within the next 18 months. Could anyone give some advice or share some similar stories. Thanks! 

[guiness56]

Is this your only CC?  If not, how many do you have?

[Raggal01]

I have a Citi Diamond Preferred - CL $5K

CapOne Platinum - CL $750

Citi Forward - CL $500

[guiness56]

As long as you don't carry high balances, those would be ok.  If it were me, I would just make on time payments and keep utilization low for the next year and then apply for something else.

Do you carry balances or let only one report a balance and the others report 0 balances.  This is for optimal FICO scores.

[RobertEG]

Creditors become nervous when seeing a prolonged period of high util, as it can be an indicator that the consumer is living on credit, and thus may begin to show delinquencies in payments when they can no longer charge additional credit.

By doing a CLD, they reduce their potential risk should the consumer continue to max out their cards.

Having previously qualified for a higher CL, I would suspect that they would reconsider their risk after a period of sustained use with no derogs.

I would give it six months or so before requesting a reinstatement of the higher CL.

New cards will add inquiries and reduce your AAoA by adding accts with zero age.

Personally, I would wait it out a bit, then request a renewed higher CLI with your established creditors.......

[Raggal01]

I can let one report a balance and keep the others @ 0. 

I'd really like a new CC though, one that would give me good rewards. The Diamond PReferred rewards suck. 

[Raggal01]

Fair enough, I can prove my higher income though, would that be a factor? 

[ezdriver]

I think that you should contact them and explain your situation as you did here. The creditor is seing only one part of your overall credit profile. I see no harm in calling them with the new information and request re-instatement of your higher credit line.