No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
greetings everyone,
so, what I've been wondering lately it's what's really going on! I called synchronic bank to requested a credit limit increase on must , well all of my synchronick account (retail) and my credit score drop by a few points :-/ I thought that it will help but apparently not! Or is it temporary, should i request a higher increase or should i keep it as it, for instant i call gap got approve for 300 , i call them around jine 20 request it the increase for 1000 got approve, call yesterday requested to 2000 and got approve. All my syncronic acc got 1000 and 2 with 1500 on it from previous limit of 300 to 500.
The main reason why im making the request is because i want the cards to upgrade with the v or mc logo. I was told the higher the limit the fatser and better chance to be offer the logo.
Please any advice :-/
@kdm31091 wrote:
An increase isnt automatically always going to boost your score by any significant amount. If it doesnt significantly change your overall util you wont see much difference if any.
There are plenty of things to cause that small dip. Slightly higher util. An inquiry. Etc
Thank you for the advice, i guess credit score it can be a bit bipolar and confussing.
Nothing bipolar about it. You need to understand that while limits impact revolving utilization it's just one factor. You also need to understand that any benefit due to increased limits depends on the impact to revolving utilization.
If you want to understand any scoring change you need to carefully review reports from before and after the change. If you received a CLI and your score dropped then your score dropped for other reasons with a bigger impact than your CLI.
You have to wait for a statement to cut and then it has to report to all 3 credit bureaus with your increased credit limit for it to affect your credit score. Once all of your cards that you got credit limit increases report one by one with the additional credit limit; it should then decrease your utilization with each account reporting and your score should gain a few points. It's true that the FICO monitoring can be a little bipolar sometimes and you can lose/gain a few points, lose/gain a lot of poins but then 1-2 weeks later it returns back to what it was before whether up or down a few points.
I am positive once all your credit limit increases report and you haven't increased the utilization on your cards from what it was before; you'll have an increased score. Just give it some time for your limits to report and you'll be fine, I'm sure of it.
Thank you so much for the info, i will wait and hope for my score to goes back up (finger cross)
i notice your inqueries and i felt as if i was looking at my report, that around how many i got on mine ( perhaps a couple more) im traying my best on not to apply for anything else for at least 1 year. But to be honest with you... is not an easy thing to do :-/
@Erusidhion wrote:
You have to wait for a statement to cut and then it has to report to all 3 credit bureaus with your increased credit limit for it to affect your credit score. Once all of your cards that you got credit limit increases report one by one with the additional credit limit; it should then decrease your utilization with each account reporting and your score should gain a few points. It's true that the FICO monitoring can be a little bipolar sometimes and you can lose/gain a few points, lose/gain a lot of poins but then 1-2 weeks later it returns back to what it was before whether up or down a few points.
I am positive once all your credit limit increases report and you haven't increased the utilization on your cards from what it was before; you'll have an increased score. Just give it some time for your limits to report and you'll be fine, I'm sure of it.
I have come to grips with the whole FICO and scoring thing that it can give you a headache and stop being so fixated on it unless you are trying to do something like buying a house, car or get a good card.
I have gotten a lot of cards, my score goes up and down because of inquiries, new accounts, AAoA, etc. but my ultimate goal is to get good credit lines from my CC that are good like Amex, Discover, BofA, etc since I already have them, I am more so focusing on building a solid relationship to get the increases I want. But since I am already "in", I am more concerned in building my history with those banks as they will look at your behavior, score still matters but as long as you don't blow all of your limits and go crazy spending as in showing irresponsible behavior. Going from a 750 to a 720, should't matter too much. Again unless you are actively seeking credit.
I was fixated on that as well and every time my credit alert popped up, I got either excited or disappointed.
Ultimately it will boil down to what you are trying to do. If you are just gardeing, maintaining or don't care about new credit. I wouldn't give it much thought as to ensure you are not dropping because of doing something that you shouldn't.
The thing with this credit game is that it is hard to pinpoint and give solid advice because there are so many factors that go into it for each individual. My score may be lower than yours but then I can get more credit maybe because I make more money or I have more activities that are in my favor. Also if you are rebuilding it will depend who you have burnt in the past and what type and what level. These banks account for everything.
For example I got pretty much everyone from Amex, Discover, BofA, etc but can't get with Chase or Citi even though I am always told that Chase should be a good chance according to my credit profile. I didn't think that I was going to be able to get Amex or Discover since they are some what stricter but yet got approved for both on the same day.
I think what you have to do is really break it down to what you want and figure out a plan.
For example if you want to get with BofA, get the secured card and use it well.
Also what I did when I was rebuilding my credit I had to play around with each to figure out what would help me to get to where I wanted to go. As you can see in my signature I have gotten many cards and many have given me decent CLI's but Wells Fargo I am still stuck with a secured and $300 after 18 months even though they said you would graduate.
I just focused on the Cards that were good to me which were Cap 1 and BofA, I would use them heavily and times I would charge up to almost 70% but then I would pay the balances down shortly after. So I would never carry a high balance by the statement closing date.
I would always make multiple payments within a month to keep my balances low but have heavy usage which resonated to the bank that I use my card a lot, limits are low and I am aware therefore do my part in keeping my levels maintained. With BofA I started with a secured card with $500, I am close to 2 years after but gotten graduated, and my limits were increased 3 times plus PC'd to a Cash Rewards.
Same with Cap 1. You just have to get your hands dirty and REALLY study and play around with these banks. Ultimately, it boils down to these things which I discovered for me
Hope this helps, it worked for me but may not work for everyone.