topic Re: Should I request a cli? in Credit Card Applications

Should I request a cli?

Anonymous — Sun, 20 Mar 2022 04:15:16 GMT

I have outstanding credit. I'm in a really good place financially. I have no need for a cli. Should I request one anyway? Also, how much is "a lot?" I see this

I'm 31, with an average credit line of 6000. My usage is < 1%. My credit score is > 800.

Re: Should I request a cli?

FinStar — Sun, 20 Mar 2022 04:20:06 GMT

I've never gone by any publlished generational statistics (or other demographic data) to nudge me for a CLI just to hit a specific peer target or age group, but if that's your thing, go for it.

Just keep in mind, CLI requests vary by lender -- some are HP and others are SP. If you don't mind either of those things, request away.

Re: Should I request a cli?

SUPERSQUID — Sun, 20 Mar 2022 04:59:58 GMT

@Anonymous wrote:
I have outstanding credit. I'm in a really good place financially. I have no need for a cli. Should I request one anyway? Also, how much is "a lot?" I see this

I'm 31, with an average credit line of 6000. My usage is < 1%. My credit score is > 800.

I saw your screen name SPRINK and it reminded me of a thoroughbred horse named SPRINK that used to compete in marathons on the inner turf course at aqueduct race track. the horse was trained by Gil Puentes who also owned him. he bought sprink out of a cheap claiming race at a small track for i think 6500 . the horse never raced on turf but had the breeding to do so. Gil Puentes put sprink on the turf and he instantly became a decent g2/g3 graded stakes router.. when i say routes i mean routes, 1 mile and a half to 2 and a half miles. Sprink would open up 20 lengths early and try to hold off the cavalry. One horse that caught him a few times was thunder puddles. this was back in the early 1980's.

As far as asking for a cli remember they will look at your entire profile, length of credit, dti, util, and how long you had the card to mention a few.

Re: Should I request a cli?

Anonymous — Sun, 20 Mar 2022 13:26:27 GMT

@SUPERSQUID wrote:
@Anonymous wrote:
I have outstanding credit. I'm in a really good place financially. I have no need for a cli. Should I request one anyway? Also, how much is "a lot?" I see this

I'm 31, with an average credit line of 6000. My usage is < 1%. My credit score is > 800.
I saw your screen name SPRINK and it reminded me of a thoroughbred horse named SPRINK that used to compete in marathons on the inner turf course at aqueduct race track. the horse was trained by Gil Puentes who also owned him. he bought sprink out of a cheap claiming race at a small track for i think 6500 . the horse never raced on turf but had the breeding to do so. Gil Puentes put sprink on the turf and he instantly became a decent g2/g3 graded stakes router.. when i say routes i mean routes, 1 mile and a half to 2 and a half miles. Sprink would open up 20 lengths early and try to hold off the cavalry. One horse that caught him a few times was thunder puddles. this was back in the early 1980's.
As far as asking for a cli remember they will look at your entire profile, length of credit, dti, util, and how long you had the card to mention a few.

Hahaha, no relation. My online name was RainbowSprinklez, and someone started calling me Sprink Thanks for your response!

Re: Should I request a cli?

Anonymous — Sun, 20 Mar 2022 13:28:03 GMT

@FinStar wrote:
I've never gone by any publlished generational statistics (or other demographic data) to nudge me for a CLI just to hit a specific peer target or age group, but if that's your thing, go for it.

Just keep in mind, CLI requests vary by lender -- some are HP and others are SP. If you don't mind either of those things, request away.

Thanks for your response!

Re: Should I request a cli?

SouthJamaica — Sun, 20 Mar 2022 15:26:43 GMT

@Anonymous wrote:
I have outstanding credit. I'm in a really good place financially. I have no need for a cli. Should I request one anyway? Also, how much is "a lot?" I see this

I'm 31, with an average credit line of 6000. My usage is < 1%. My credit score is > 800.

I would, but only if it's a soft pull.

Re: Should I request a cli?

FishingGuy — Mon, 21 Mar 2022 15:40:34 GMT

Remember.... on some things, slow and steady wins the race. It's raining today.... so, do your........ Due Diligence

Re: Should I request a cli?

FireMedic1 — Tue, 22 Mar 2022 22:42:51 GMT

Ummmm. Who is the creditor?

Re: Should I request a cli?

NoMoreE46 — Tue, 22 Mar 2022 22:54:49 GMT

If you care to share which cards you hold, their age and usage- we could be more helpful in your quest.

Re: Should I request a cli?

Anonymous — Wed, 23 Mar 2022 13:24:33 GMT

@NoMoreE46 wrote:
If you care to share which cards you hold, their age and usage- we could be more helpful in your quest.

Sure! I have An Amazon prime card, age ~3 years, usage a few hundred a month, limit 8000. Capital One, age ~12 years, usage a few hundred a month, limit 11000. A Bank of America, age ~7 years, never use, limit 4500

Re: Should I request a cli?

FinStar — Wed, 23 Mar 2022 18:58:34 GMT

@Anonymous wrote:
@NoMoreE46 wrote:
If you care to share which cards you hold, their age and usage- we could be more helpful in your quest.
Sure! I have An Amazon prime card, age ~3 years, usage a few hundred a month, limit 8000. Capital One, age ~12 years, usage a few hundred a month, limit 11000. A Bank of America, age ~7 years, never use, limit 4500

@Anonymous

So, if you're only placing a few hundred a month on both Amazon and Capital One, what's driving the logic behind the CLI requests, aside from the statistical image in your op (especially, if BoA is not used at all)? Now, if your Amazon and Capital One CCs were being frequently used anywhere from 20-40% of their limits and increasing the lines may provide some breathing room to avoid any reported utilization spikes, I could see that being a reasonable expectation.

As far as CLIs go, if the Amazon Prime is with Chase, it will be a HP. If it's with Synchrony Bank, then it's SP. Capital One and BoA CLI requests are both SP. But, don't be suprised if Capital One says no.

Re: Should I request a cli?

NoMoreE46 — Wed, 23 Mar 2022 20:36:46 GMT

I will say that being on this forum will give you a skewed perspective on what credit limits people have. There are probably hundreds of MF users with total limits well over $250,000....

Be at peace with where you are @Anonymous. No need to worry about what a certain graphic shows what limits certain age groups have. Keep in mind, that that graphic only shows one's average limit. It doesn't show more importantly, the average amount Owed. With just a few hundred dollars of spend every month versus your limits, and your FICO score, you're in a enviable position.

Nonetheless, if you want more then you probably have a better chance with a new issuer (like Goldman Sachs' Apple Card) than a getting CLI with your existing cards.

Re: Should I request a cli?

Anonymous — Wed, 23 Mar 2022 22:57:51 GMT

Ok. Yeah. I'm happy where I am, just I worry if I find myself in a pickle and don't have enough borrowing power. Thanks for your insight!

Re: Should I request a cli?

DONZI — Thu, 24 Mar 2022 10:06:11 GMT

Aww, go for it.

Maybe try getting the BofA to match the Amazon CL, then the Amazon to match the Capitol One.

..or just both lower cards to 10k.

Unless you're entertaining a new card, you're not going to suffer any sort of score hit if they deny a CLI and if you don't ask they may never increase.

I don't recall if any of those counter offer.. but if they do, pick a number you'd like.

Re: Should I request a cli?

Anonymous — Thu, 24 Mar 2022 14:19:42 GMT

@FinStar wrote:
@Anonymous wrote:
@NoMoreE46 wrote:
If you care to share which cards you hold, their age and usage- we could be more helpful in your quest.
Sure! I have An Amazon prime card, age ~3 years, usage a few hundred a month, limit 8000. Capital One, age ~12 years, usage a few hundred a month, limit 11000. A Bank of America, age ~7 years, never use, limit 4500
@Anonymous
So, if you're only placing a few hundred a month on both Amazon and Capital One, what's driving the logic behind the CLI requests, aside from the statistical image in your op (especially, if BoA is not used at all)? Now, if your Amazon and Capital One CCs were being frequently used anywhere from 20-40% of their limits and increasing the lines may provide some breathing room to avoid any reported utilization spikes, I could see that being a reasonable expectation.

As far as CLIs go, if the Amazon Prime is with Chase, it will be a HP. If it's with Synchrony Bank, then it's SP. Capital One and BoA CLI requests are both SP. But, don't be suprised if Capital One says no.

How come on Capital One? Are they stingy? They seemed pretty generous to me about 8 years ago. My CL was $3000. Every 6 months for 2 years they bumped my limit up, ending at $11k. I DONT ask for increases. I just asked for my first on Capital One and got an extra $1000. 🤷‍♀️

Re: Should I request a cli?

Anonymous — Thu, 24 Mar 2022 17:03:13 GMT

@NoMoreE46 wrote:
Nonetheless, if you want more then you probably have a better chance with a new issuer (like Goldman Sachs' Apple Card) than a getting CLI with your existing cards.

My biggest concern with a new issuer is bringing my average age down.

Re: Should I request a cli?

joltdude — Mon, 28 Mar 2022 15:21:44 GMT

I could see asking for one on the BoA if its an SP if it were me... Kinda would want it to hit and perhaps exceed 5k.. but id also probably use the card a bit... but thats just me.. Used 5k as a a goal for me, now im having issues going over 9.5k ... =)

Higher limits tend to beget higher limits.. but the key thing for me is utilization (if the cards were really used hard), and/or holds.. In the past, holds on a debit card really did a number on me... but my finances have improved since...

As to someones suggestion about another card... it wouldnt be bad if you were going to use it, your score might take a small hit but its temporary... And on Chase Amazon Visa, you can trigger autocli with a good amount of use... I got a mediocre approval for Chase AZ Visa and did not get the CLI on opening.. (some folks got approved for x amount, but when they got the email it was for more than X or something like that ) but used it hard a year or two ago and i actually thought they would give me a CL and they did...

Also Finances before FICO... you may dip below 800... it happens.. but it will come back up...

-J

Re: Should I request a cli?

Anonymous — Mon, 28 Mar 2022 23:36:38 GMT

@joltdude wrote:
I could see asking for one on the BoA if its an SP if it were me... Kinda would want it to hit and perhaps exceed 5k.. but id also probably use the card a bit... but thats just me.. Used 5k as a a goal for me, now im having issues going over 9.5k ... =)

How should I really up utilization without frivolous spending? I do not want to carry a balance if I can avoid it... I don't want to waste money and pay interest when I don't have to.

Re: Should I request a cli?

SoCalGardener — Tue, 29 Mar 2022 00:29:45 GMT

@Anonymous wrote:
How should I really up utilization without frivolous spending? I do not want to carry a balance if I can avoid it... I don't want to waste money and pay interest when I don't have to.

Just put charges on it that you would've spent anyway. For example, buy groceries with the card, or put your monthly phone bill on it, or use it to buy those new shoes you need. Carrying a balance is not necessary; nor is paying interest. But if banks don't see that you're *using* your cards, they're generally not going to throw CLIs your way!

Use the card, let it report a balance, then pay the bill in full (if that's what you want to do). It's routine usage like this that will get those CLIs rolling. My utilization percentage almost never goes into double digits, and I have no problems getting CLIs, both auto- and self-initiated.

Re: Should I request a cli?

Anonymous — Tue, 29 Mar 2022 01:18:15 GMT

@SoCalGardener wrote:

Use the card, let it report a balance, then pay the bill in full (if that's what you want to do). It's routine usage like this that will get those CLIs rolling. My utilization percentage almost never goes into double digits, and I have no problems getting CLIs, both auto- and self-initiated.

That's just it. Usually, I don't HAVE many expenses. A few hundred a month. Unless I split usage into really small amounts... I feel like that isn't a great idea either.