topic Re: Credit Line Increase and new credit cards? in Credit Card Applications

Credit Line Increase and new credit cards?

Maverick3 — Wed, 24 Aug 2022 14:18:56 GMT

Hello....

So my credit has been in great standing since for the past 2 years now. I had 3 cards (Amex, NFCU, and Discover) that were maxed out for about the last 3-6 months but this week I just paid them all off.

I have had all 3 accounts for about 2 years now in perfect standing.

I would like to grow my accounts now to hire limits now but I have been wanting to get into some Chase card (Chase Freedom or Sapphire) now as I have been getting business credit card offers but also like a few of their other cards.

My limits are:

Amex $9,500 (10 months old)
NFCU $4,500 (24 months old)
Discover $1,500 (25 months old)
Cap 1 $600 (25 months old)

I received a business line of credit offer from Wells Fargo that I would like to take adavantage of for my business.

I understand that all these increases may be a hard inquiry and that I should keep myself to 2 hard inquiries per year.

So should I grow my existing accounts and/or go for this new Chase and Wells Fargo accounts?

Re: Credit Line Increase and new credit cards?

Lou-natic — Wed, 24 Aug 2022 16:58:28 GMT

AMEX, NFCU, Discover and Cap1 generally use soft pulls to give CLIs. They will also tell you ahead of time if a CLI will be to be a Hard Pull so you don't get blindsided. Chase is the one that requires a HP for everything, unless they do it themselves. It looks like you might be in a position to apply for a Chase card so if you want to go that route, do that before the Wells Fargo app.

Not sure about Wells Fargo CLIs since I've never had a Wells Fargo product.

Re: Credit Line Increase and new credit cards?

805orbust — Wed, 24 Aug 2022 20:06:24 GMT

Definitely hit Chase up first, then Wells if you wish. I'd wait till your scores updated before any of this as you'll have a nice bump from the payoffs. Then go nuts. Amex is usually a soft pull as are the others.... usually. 🤣

Re: Credit Line Increase and new credit cards?

SouthJamaica — Wed, 24 Aug 2022 20:23:02 GMT

@Maverick3 wrote:
Hello....

So my credit has been in great standing since for the past 2 years now. I had 3 cards (Amex, NFCU, and Discover) that were maxed out for about the last 3-6 months but this week I just paid them all off.

I have had all 3 accounts for about 2 years now in perfect standing.

I would like to grow my accounts now to hire limits now but I have been wanting to get into some Chase card (Chase Freedom or Sapphire) now as I have been getting business credit card offers but also like a few of their other cards.

My limits are:
Amex $9,500 (10 months old)
NFCU $4,500 (24 months old)
Discover $1,500 (25 months old)
Cap 1 $600 (25 months old)

I received a business line of credit offer from Wells Fargo that I would like to take adavantage of for my business.

I understand that all these increases may be a hard inquiry and that I should keep myself to 2 hard inquiries per year.

So should I grow my existing accounts and/or go for this new Chase and Wells Fargo accounts?

You don't mention what your new scores are.

It's a judgment call as to whether to increase your present limits, or to go for a new personal Chase card, or both.

As far as I know, all 4 of your present credit card lenders will typically only soft pull when you apply for a CLI.

So my guess is your best plan of action is, after your new scores have reported, to go for SP CLI's on your present cards, and then after the new limits have reported, to apply for the personal Chase card of your choice.

Re: Credit Line Increase and new credit cards?

CreditMarathoner — Wed, 24 Aug 2022 22:46:09 GMT

Welcome to MyFICO.

Have you gotten your credit reports and scores? Some banks including Discover (I believe still) offer FICO scores for cardholders. I think Amex does too, but someone can correct me if I'm wrong there. You can usually get a refreshed score once per month, or you can pay for updated reports and scores from MyFICO and some other credit score services. Credit Karma is fine for looking at your TU and EQ reports, but take thier scores with a grain of salt, since they're Vantage 3.0 scores, not FICO.

While your cards were maxed out, your scores would have suffered due to high utilization. Now that you've paid them off, let them report (most FIs report statement balance a few days after statement cut) and let your scores bounce back. Utilization has no memory, so they will recover as soon as your new balances report. Ideally, have all cards but one report a zero balance, and the one that isn't zero, let it report a small balance, less than 9% of the limit. This will give you the best possible score. Maybe wait a month (keeping your reported balances low!) to ensure all your issuers have pulled your latest reports, then request CLIs. Most, if not all of your issuers will offer CLIs with a soft pull... if they want a hard pull, they'll tell you and allow you to back out before the pull occurs.

Don't be discouraged if you aren't approved for CLIs from all your issuers. If your Capital One card is bucketed for example (which happens if you had no or bad credit when you applied for it), they may not let the card grow much or at all. Amex and NFCU are usually pretty generous with CLIs if they like your profile. Discover can be hit or miss. But try all of them if they let you do it with a soft pull. Worst they can do is say no, and best they can do is say yes!

Once you've gotten your CLIs under your belt and your limits look good (and they've reported to the bureaus!... wait for statements to cut with the new limits)... then go for a Chase card. You're well under 5/24 so you should be approved if your scores are good.

Then go for Wells Fargo.

Good luck!

Re: Credit Line Increase and new credit cards?

FireMedic1 — Wed, 24 Aug 2022 23:12:27 GMT

@Maverick3 wrote:
Hello....

So my credit has been in great standing since for the past 2 years now. I had 3 cards (Amex, NFCU, and Discover) that were maxed out for about the last 3-6 months but this week I just paid them all off.

I have had all 3 accounts for about 2 years now in perfect standing.

I would like to grow my accounts now to hire limits now but I have been wanting to get into some Chase card (Chase Freedom or Sapphire) now as I have been getting business credit card offers but also like a few of their other cards.

My limits are:
Amex $9,500 (10 months old)
NFCU $4,500 (24 months old)
Discover $1,500 (25 months old)
Cap 1 $600 (25 months old)

I received a business line of credit offer from Wells Fargo that I would like to take adavantage of for my business.

I understand that all these increases may be a hard inquiry and that I should keep myself to 2 hard inquiries per year.

So should I grow my existing accounts and/or go for this new Chase and Wells Fargo accounts?

May I ask what happened more than 2 yrs ago? That Cap1 card appears to be a bucket card. Nice job paying down the cards.

Re: Credit Line Increase and new credit cards?

Maverick3 — Thu, 25 Aug 2022 14:06:03 GMT

@805orbust

Thanks my friend. Will do!

Re: Credit Line Increase and new credit cards?

Maverick3 — Thu, 25 Aug 2022 13:49:45 GMT

FICO 8's:

EX - 715

EQ - 717

TU - 708

I paid 90% off for this reporting but next month everything will be paid off. Someone suggested I do AZEO. Thoughts?

Re: Credit Line Increase and new credit cards?

Maverick3 — Thu, 25 Aug 2022 14:03:33 GMT

@CreditMarathoner

Thank you for the welcoming.

2 years ago I got my credit was in the dumps with a 562 FICO 8 Experian score. I had perfect credit my whole life but in 2015 had a terrible health scare that destroyed my business and spouse got laid off so it was a finanical catastrophe.

4/7/20, I learned everything about credit, pulled my paper reports, and went at it.

7/28/21, my FICO 8 score went to 735.

11/21, got into debt again with maxed out credit cards.

8/22, all debts are now paid off (zero lates) and income is very healthy now.

Yes, CK uses vantage scoring which I pay not attention to.

My Cap 1 card has been at $600 almost since it's been opened. It was upgraded to a Quicksilver a few months after it opened and 6 months later, they gave me a $300 increase. So I believe this is bucketed.

Amex and NFCU, I will surely ask for a CLI on. I have almost every product with NFCU and hopefully they will grant me a decent CLI.

DISCO just gave me an automatic $3,000 increase. I still will ask for a CLI though.

You're advise is rock-solid. Thank you so much and looking to interact with you and others here on MYFICO.

Thank you for confirming the AZEO method. I will do this BUT, does an authorized user account count as one of my accounts?

Re: Credit Line Increase and new credit cards?

Maverick3 — Thu, 25 Aug 2022 14:04:58 GMT

@FireMedic1

Absolutely.

Please see my post above.

Re: Credit Line Increase and new credit cards?

Maverick3 — Thu, 25 Aug 2022 14:23:14 GMT

It's been 2 years since I requested paper reports. Is this still the preferred way to obtain accurate reports as I want to work on my spouses credit now.

If so, do I call to obtain paper reports or is this done online?

Re: Credit Line Increase and new credit cards?

digitek — Thu, 25 Aug 2022 14:48:00 GMT

As stated above you can get your up to date full credit reports from all 3 CB's with an Experian account and a Credit Karma account (they will give you TransUnion and Equifax). In my experience that is an easier method than the once a year report from annualcreditreport.com. Experian will even give you free FICO 8 score that is updated at least once a month.

Congratulations on paying down the debt.

Re: Credit Line Increase and new credit cards?

Maverick3 — Thu, 25 Aug 2022 14:52:53 GMT

@digitek

Thanks for the feedback!

Yes, I could go the online route and have Experian and CK accounts but was informed that paper statements are the most accurate and also give me leverage if and when I need to dispute items.

Re: Credit Line Increase and new credit cards?

CreditMarathoner — Thu, 25 Aug 2022 16:00:02 GMT

Online reports are the same as paper reports, they just aren't on paper, unless you print them yourself.

Depending on where you order them from, they may have more detail in some versions than others. Perhaps the paper copies have everything on them.

You can also dispute things online. You only need a paper copy if you want a paper copy, or need to show someone a paper copy. Any creditor is going to pull their own copy anyway.

Re: Credit Line Increase and new credit cards?

805orbust — Thu, 25 Aug 2022 18:11:37 GMT

I haven't used it in ages but annualcreditreport.com used to give a REALLY nice, detailed digital version that you could save on your PC and even print out. And its detailed as all getout.

AU accounts definitely score as if they are your account however are marked as AU accounts.

Re: Credit Line Increase and new credit cards?

Lou-natic — Thu, 25 Aug 2022 22:46:24 GMT

annualcreditreport.com reports are weekly right now.

And super easy to pull, I had problems for years with them being unable to "authenticate" me and flat out unable to use the service unless I mailed off a bunch of documents. Just this last week eveything was smooth as butter and I had no issues obtaining digital copies. All the reports were easy to read and easily saved as .pdf files. I don't know what changed but I haven't been able to use annualcreditreport for digital copies in over 10 years and suddenly now it all works. I was genuinely surprised and happy about it.

Re: Credit Line Increase and new credit cards?

digitek — Fri, 26 Aug 2022 00:43:46 GMT

@Lou-natic wrote:
annualcreditreport.com reports are weekly right now.
And super easy to pull, I had problems for years with them being unable to "authenticate" me and flat out unable to use the service unless I mailed off a bunch of documents. Just this last week eveything was smooth as butter and I had no issues obtaining digital copies. All the reports were easy to read and easily saved as .pdf files. I don't know what changed but I haven't been able to use annualcreditreport for digital copies in over 10 years and suddenly now it all works. I was genuinely surprised and happy about it.

This is good to know, thanks for sharing. Last time I tried it was like pulling teeth and I think only one of the 3 actually worked. Pretty cool that they update weekly now, too.

Re: Credit Line Increase and new credit cards?

Maverick3 — Fri, 26 Aug 2022 15:23:11 GMT

Thank you!

Re: Credit Line Increase and new credit cards?

OmarGB9 — Fri, 26 Aug 2022 17:26:31 GMT

@digitek wrote:
@Lou-natic wrote:
annualcreditreport.com reports are weekly right now.
And super easy to pull, I had problems for years with them being unable to "authenticate" me and flat out unable to use the service unless I mailed off a bunch of documents. Just this last week eveything was smooth as butter and I had no issues obtaining digital copies. All the reports were easy to read and easily saved as .pdf files. I don't know what changed but I haven't been able to use annualcreditreport for digital copies in over 10 years and suddenly now it all works. I was genuinely surprised and happy about it.
This is good to know, thanks for sharing. Last time I tried it was like pulling teeth and I think only one of the 3 actually worked. Pretty cool that they update weekly now, too.

Just as an FYI, the weekly updates are only temporary until December 2022. Hopefully they extend it again, but who knows.

Re: Credit Line Increase and new credit cards?

Maverick3 — Wed, 31 Aug 2022 23:33:53 GMT

So my wife prequalifed with the following:

Cap 1 - 3 different cards

Disco - secured card

Navy - all cards

She has no cards currently in her name but is an AU on my Navy card.

Should she apply in any order?