Valued Contributor
jamesdwi
Posts: 1,539
Registered: ‎09-16-2011
Re: CLI..... when should I ask ???

youngman1234 wrote:

By the way just to let everyone I also posted my recent FR from Amex which i still have yet to hear back from......... 

 

History... 

 

Length of credit history - 1 year 7 months

AAOA: 8 months 

I am 22

 

2010 - 

 

Had a BOA secured card - $10,000 limit ( fell to $3,000 after graduating in 11/2011) 

Capital one - $500 ( now $750) 

Care Credit - $1000

Lord & Taylor - $1200 ( now $3,000) 

Macys & Bloomingdales 

 

2011 - ( In Nov 2011 added 11 new accounts)  Now have: 

 

BOA Plantinum Plus - 3000 ( the card that unsecured from a $10,000 limit) 

BOA CASH rewards - 2000

BOA Accelerated Amex- 2000

Discover- 1000

Amex SPG 

Penfed Promise - 9000

PNC Bank - 1500

Chase Slate - 3000

Wells Fargo Plat - 1500

Affinity CU - 1000

Barclays - 1300

walmart - 700

 

I have been PIF since NOV 2011, and have used up the entire limit on most cards. In otherwords with my BOA cards in specific I have charged $2990 on the PLat and the the other two $1990 every month so far, but pay off the bill before the statement cuts. I want to hit the lov button so bad but dont think I will get approved. 

 

Current score - 663 ( have about $8,000 in debt reporting Penfed - 5000 & Amex SPG ( 3,000), but will Pay off when the bill will come. I am waiting for the two new BOA cards to hit six months first and then request CLI, but wanted to know do you think it would be wise to request a CLI for the graduated card. I have the longest history with this card and had a $10,000 when it was secured. As of right now all my BOA cards together only have a 7,000 limit which is nothing. My brother and I use the cards for our business and charged almost $75K since NOV 2011 and paid off in full the entire amount..  

Any suggestions ?? 


Lay low, don't rock the boat. Use the cards you have, PIF as quickly as possible, more INQ's (could happen if they do a HP to approve the CLI)  will only raise more flags with your existing creditors. Dont use more than 70% of your limits if at all possible, Sit and wait for AutoCLI's you are making the credit card companies a lot of money at the same time they may be getting nevous 11 inq's and new cards in a single month, Since most of your accounts are new they all are probably doing SP's 2-3 times a month each. So they can see what is going on. 

 

If you manage to keep and the accounts and cash flow for coming for a year, your creditors will probably be very happy and will give you CLI's and perhaps more but creditors want smooth sailing at the start of the relationship. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.