topic Re: some guidance needed in Credit Cards

some guidance needed

RyGuy4690 — Fri, 23 Jan 2015 23:42:13 GMT

I hope I am in the proper area. Long time reader, have not posted.

I currently have been making great progress on my credit cards and I would like a bit of advice.

I had the Chase Slate card with 5k CL and was able to combine it to my Chase Sapphire to make it a 10k CL without a problem and closed the Slate because the APR was very high

I have:

Chase sapphire 10k CL

BoFA Visa cash rewards card visa sig with 5k CL on it

Amex Blue cash with 1.2k cl

Amex PRG NPSL

US Air MC Barclays with 4.1k cl on it

Discover card with 1.8k cl on it

Citi MC with 7.5k cl on it with a balance of $5300 or so on it- need to pay this down I know

Macys store card with 1.9k cl on it

Best buy store card with 1.4 cl on it

All the balances are paid besides the Citi MC and this was just done recently

when will the reports update to show this?

Amex PRG is my primary card

So, my question is what should I do at this point with the cards? Should I request CL increases or what?

my TU according to barclays us air card currently is 712

seems like Amex blue cash has a very low cl on it along with the discover and store cards

Re: some guidance needed

Anonymous — Fri, 23 Jan 2015 23:58:50 GMT

What you should do depends on many factors including your specific financial goals. You already have a good set of cards, including many with AFs. You might want to consider which cards make sense for you since more than 1 or 2 AF cards don't make sense for most people unless they have extremely high spends. Your US Air, CSP, and PRG are all AF cards. When your free year (or first paid year if no waived AF) is up, you might want to close some of them. To give you an idea, I consistantly spend over 60k on my CCs each year, but I only keep one AF card open past the first year (I have like 10 AF cards now, but most will be closed or PC'd before the next AF hits since I got them for sign-on bonuses). Look at your monthly CC spend and figure out if even 1 AF card is worth it. If your AF is $95 a year, are you making $95/year or more in rewards over what you would with non-AF rewards cards? If the answer is no, don't pay the AF other than for a sign-up bonus.

As for CLIs, there is nothing wrong with asking for CLIs if your credit profile is strong, inquiry count is low, and your income/history with the issuer supports the CLI. If it is a softpull CLI like with Amex, it is almost always good to ask for a CLI. Hard pull CLIs are a little more tricky since you have to balance the hard pull against the benefit of the CLI. I usually prefer getting new cards for bonuses and then consolidate my credit limits to other cards when I close them. This effectively gives me CLIs, but I get to save hard pulls for new sign-up bonus offers. Not everyone is crazy about sign-up bonus hunting though, so for you CLIs might make sense.

Again, it is hard to tell you what you should do. Is your goal getting your score up for a mortgage? Improving your score over time? A new auto loan? Higher credit limits on specific cards to allow easier utilization management? Or do you not mind hurting your score a bit to get more cards for sign-up bonuses? Your goal as well as your existing credit profile (score, credit mix, income, etc) will determine what makes sense for you.

Re: some guidance needed

Anonymous — Fri, 23 Jan 2015 23:59:03 GMT

@RyGuy4690 wrote:
I hope I am in the proper area. Long time reader, have not posted.

I currently have been making great progress on my credit cards and I would like a bit of advice.

I had the Chase Slate card with 5k CL and was able to combine it to my Chase Sapphire to make it a 10k CL without a problem and closed the Slate because the APR was very high

I have:
Chase sapphire 10k CL
BoFA Visa cash rewards card visa sig with 5k CL on it
Amex Blue cash with 1.2k cl
Amex PRG NPSL
US Air MC Barclays with 4.1k cl on it
Discover card with 1.8k cl on it
Citi MC with 7.5k cl on it with a balance of $5300 or so on it- need to pay this down I know
Macys store card with 1.9k cl on it
Best buy store card with 1.4 cl on it

All the balances are paid besides the Citi MC and this was just done recently
when will the reports update to show this?
Amex PRG is my primary card

So, my question is what should I do at this point with the cards? Should I request CL increases or what?
my TU according to barclays us air card currently is 712
seems like Amex blue cash has a very low cl on it along with the discover and store cards

Let's start with the AMEX cards. How long have you had them and have you ever asked for a CLI before?

Re: some guidance needed

Anonymous — Sat, 24 Jan 2015 00:00:59 GMT

You can ask for periodic Soft Pull Credit Line Inceases with Citi and Discover
I would work on those every 6 month

Re: some guidance needed

RyGuy4690 — Sat, 24 Jan 2015 00:09:04 GMT

since 2009

the PRG is NPSL

I have asked for a cli on the amex blue before and was denied because of high balances elsewhere which are now payed down

Re: some guidance needed

RyGuy4690 — Sat, 24 Jan 2015 00:10:41 GMT

@Anonymous wrote:
What you should do depends on many factors including your specific financial goals. You already have a good set of cards, including many with AFs. You might want to consider which cards make sense for you since more than 1 or 2 AF cards don't make sense for most people unless they have extremely high spends. Your US Air, CSP, and PRG are all AF cards. When your free year (or first paid year if no waived AF) is up, you might want to close some of them. To give you an idea, I consistantly spend over 60k on my CCs each year, but I only keep one AF card open past the first year (I have like 10 AF cards now, but most will be closed or PC'd before the next AF hits since I got them for sign-on bonuses). Look at your monthly CC spend and figure out if even 1 AF card is worth it. If your AF is $95 a year, are you making $95/year or more in rewards over what you would with non-AF rewards cards? If the answer is no, don't pay the AF other than for a sign-up bonus.

As for CLIs, there is nothing wrong with asking for CLIs if your credit profile is strong, inquiry count is low, and your income/history with the issuer supports the CLI. If it is a softpull CLI like with Amex, it is almost always good to ask for a CLI. Hard pull CLIs are a little more tricky since you have to balance the hard pull against the benefit of the CLI. I usually prefer getting new cards for bonuses and then consolidate my credit limits to other cards when I close them. This effectively gives me CLIs, but I get to save hard pulls for new sign-up bonus offers. Not everyone is crazy about sign-up bonus hunting though, so for you CLIs might make sense.

Again, it is hard to tell you what you should do. Is your goal getting your score up for a mortgage? Improving your score over time? A new auto loan? Higher credit limits on specific cards to allow easier utilization management? Or do you not mind hurting your score a bit to get more cards for sign-up bonuses? Your goal as well as your existing credit profile (score, credit mix, income, etc) will determine what makes sense for you.

I have just the nomral CS not the CSP

you are absolute right

I put a sizable amount per year on the PRG and the beneifts and points are worth the af

On the US air mc the benefits are great and are worth the af because I fly us air at least once/twice a year

Re: some guidance needed

Anonymous — Sat, 24 Jan 2015 00:12:40 GMT

@RyGuy4690 wrote:
since 2009
the PRG is NPSL
I have asked for a cli on the amex blue before and was denied because of high balances elsewhere which are now payed down

I'd go into your account and ask for a CL increase to $3.6K

Re: some guidance needed

RyGuy4690 — Sat, 24 Jan 2015 00:13:26 GMT

@Anonymous wrote:
@RyGuy4690 wrote:
since 2009
the PRG is NPSL
I have asked for a cli on the amex blue before and was denied because of high balances elsewhere which are now payed down
I'd go into your account and ask for a CL increase to $3.6K

what sort of time is needed for them to see others are paid down now etc?

Re: some guidance needed

Anonymous — Sat, 24 Jan 2015 00:17:46 GMT

@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
since 2009
the PRG is NPSL
I have asked for a cli on the amex blue before and was denied because of high balances elsewhere which are now payed down
I'd go into your account and ask for a CL increase to $3.6K
what sort of time is needed for them to see others are paid down now etc?

How long did you pay the balances down?

Re: some guidance needed

RyGuy4690 — Sat, 24 Jan 2015 00:19:08 GMT

@Anonymous wrote:
@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
since 2009
the PRG is NPSL
I have asked for a cli on the amex blue before and was denied because of high balances elsewhere which are now payed down
I'd go into your account and ask for a CL increase to $3.6K
what sort of time is needed for them to see others are paid down now etc?
How long did you pay the balances down?

over the past 2 weeks or so

Re: some guidance needed

Anonymous — Sat, 24 Jan 2015 00:20:23 GMT

@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
since 2009
the PRG is NPSL
I have asked for a cli on the amex blue before and was denied because of high balances elsewhere which are now payed down
I'd go into your account and ask for a CL increase to $3.6K
what sort of time is needed for them to see others are paid down now etc?
How long did you pay the balances down?
over the past 2 weeks or so

I'd wait then for another month to make sure the lower balances report

Re: some guidance needed

RyGuy4690 — Sat, 24 Jan 2015 00:22:17 GMT

@Anonymous wrote:
@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
since 2009
the PRG is NPSL
I have asked for a cli on the amex blue before and was denied because of high balances elsewhere which are now payed down
I'd go into your account and ask for a CL increase to $3.6K
what sort of time is needed for them to see others are paid down now etc?
How long did you pay the balances down?
over the past 2 weeks or so
I'd wait then for another month to make sure the lower balances report

terrifc greatly apprecaite the help

you are talking about the whole amex 3cli correct? so my current cl is 1200 so 3x of it is 3.6?

Re: some guidance needed

Anonymous — Sat, 24 Jan 2015 00:24:06 GMT

@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
since 2009
the PRG is NPSL
I have asked for a cli on the amex blue before and was denied because of high balances elsewhere which are now payed down
I'd go into your account and ask for a CL increase to $3.6K
what sort of time is needed for them to see others are paid down now etc?
How long did you pay the balances down?
over the past 2 weeks or so
I'd wait then for another month to make sure the lower balances report
terrifc greatly apprecaite the help
you are talking about the whole amex 3cli correct? so my current cl is 1200 so 3x of it is 3.6?

Correct ask your new CL to be 3.6

Re: some guidance needed

improvingmycredit — Sat, 24 Jan 2015 13:59:56 GMT

@Anonymous wrote:
@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
since 2009
the PRG is NPSL
I have asked for a cli on the amex blue before and was denied because of high balances elsewhere which are now payed down
I'd go into your account and ask for a CL increase to $3.6K
what sort of time is needed for them to see others are paid down now etc?
How long did you pay the balances down?
over the past 2 weeks or so
I'd wait then for another month to make sure the lower balances report
terrifc greatly apprecaite the help
you are talking about the whole amex 3cli correct? so my current cl is 1200 so 3x of it is 3.6?
Correct ask your new CL to be 3.6

Hi! Just a note to FYI... Amex uses their most recent SP to determine approval for a CLI. Even though you have paid your balances down, the credit report they use may not reflect the recent utility improvement. Even if you wait a full month to let all your reports update, Amex may not use that most recent info if their last SP was say 2 or 3 months ago. Don't get frustrated... They will eventually update that info and your CLI will likely come to you. To determine if when their last SP was done, you can see their last SP when you get your full CR from EX. (If you don't mind paying for it or if you have a free one coming to you). As far as "what to do"..: I'd def focus on increasing those credit limits through soft pulls as others have recommended. Most other creditors will use the most current report to determine eligibility. Amex though does not.

Re: some guidance needed

Anonymous — Sat, 24 Jan 2015 15:20:52 GMT

@improvingmycredit wrote:
Hi! Just a note to FYI... Amex uses their most recent SP to determine approval for a CLI. Even though you have paid your balances down, the credit report they use may not reflect the recent utility improvement. Even if you wait a full month to let all your reports update, Amex may not use that most recent info if their last SP was say 2 or 3 months ago. Don't get frustrated... They will eventually update that info and your CLI will likely come to you. To determine if when their last SP was done, you can see their last SP when you get your full CR from EX. (If you don't mind paying for it or if you have a free one coming to you). As far as "what to do"..: I'd def focus on increasing those credit limits through soft pulls as others have recommended. Most other creditors will use the most current report to determine eligibility. Amex though does not.

Very good point that I neglected to point out.

Re: some guidance needed

RyGuy4690 — Fri, 30 Jan 2015 03:14:01 GMT

Thanks so much guys for all the help!!!!

I was able to pull a EX file and saw that Amex SP about a week ago so the reflected paid down balances are on there. Requested CL increase to $3600 just like you guys suggested.

Just like you guys said my new $3600 CL on my Blue Cash ED card has been approved!!!!

When can I request my next increae? Should I have asked for more?

Blue Cash Everyday(SM) Request a Line of Credit Increase Congratulations!
Your request to increase your line of credit to $3,600 has been approved and will be available for use within 15 minutes.

Your New Line of Credit Information: New Line of Credit:$3,600

Re: some guidance needed

Anonymous — Fri, 30 Jan 2015 03:17:07 GMT

@RyGuy4690 wrote:
Thanks so much guys for all the help!!!!

I was able to pull a EX file and saw that Amex SP about a week ago so the reflected paid down balances are on there. Requested CL increase to $3600 just like you guys suggested.

Just like you guys said my new $3600 CL on my Blue Cash ED card has been approved!!!!

When can I request my next increae? Should I have asked for more?

Blue Cash Everyday(SM) Request a Line of Credit Increase Congratulations!
Your request to increase your line of credit to $3,600 has been approved and will be available for use within 15 minutes.
Your New Line of Credit Information: New Line of Credit:$3,600

Congrats! In 6 months time maybe you'll make it to 10K.

Re: some guidance needed

RyGuy4690 — Fri, 30 Jan 2015 03:23:28 GMT

@Anonymous wrote:
@RyGuy4690 wrote:
Thanks so much guys for all the help!!!!

I was able to pull a EX file and saw that Amex SP about a week ago so the reflected paid down balances are on there. Requested CL increase to $3600 just like you guys suggested.

Just like you guys said my new $3600 CL on my Blue Cash ED card has been approved!!!!

When can I request my next increae? Should I have asked for more?

Blue Cash Everyday(SM) Request a Line of Credit Increase Congratulations!
Your request to increase your line of credit to $3,600 has been approved and will be available for use within 15 minutes.
Your New Line of Credit Information: New Line of Credit:$3,600

Congrats! In 6 months time maybe you'll make it to 10K.

Great! Thank you. So I should request 3X the amount again in 6 months?

Re: some guidance needed

Anonymous — Fri, 30 Jan 2015 03:36:46 GMT

@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
Thanks so much guys for all the help!!!!

I was able to pull a EX file and saw that Amex SP about a week ago so the reflected paid down balances are on there. Requested CL increase to $3600 just like you guys suggested.

Just like you guys said my new $3600 CL on my Blue Cash ED card has been approved!!!!

When can I request my next increae? Should I have asked for more?

Blue Cash Everyday(SM) Request a Line of Credit Increase Congratulations!
Your request to increase your line of credit to $3,600 has been approved and will be available for use within 15 minutes.
Your New Line of Credit Information: New Line of Credit:$3,600

Congrats! In 6 months time maybe you'll make it to 10K.
Great! Thank you. So I should request 3X the amount again in 6 months?

Why not? It's how I got from $5,000 to $24,000 on my BSP.

Re: some guidance needed

RyGuy4690 — Fri, 30 Jan 2015 03:38:59 GMT

@Anonymous wrote:
@RyGuy4690 wrote:
@Anonymous wrote:
@RyGuy4690 wrote:
Thanks so much guys for all the help!!!!

I was able to pull a EX file and saw that Amex SP about a week ago so the reflected paid down balances are on there. Requested CL increase to $3600 just like you guys suggested.

Just like you guys said my new $3600 CL on my Blue Cash ED card has been approved!!!!

When can I request my next increae? Should I have asked for more?

Blue Cash Everyday(SM) Request a Line of Credit Increase Congratulations!
Your request to increase your line of credit to $3,600 has been approved and will be available for use within 15 minutes.
Your New Line of Credit Information: New Line of Credit:$3,600

Congrats! In 6 months time maybe you'll make it to 10K.
Great! Thank you. So I should request 3X the amount again in 6 months?
Why not? It's how I got from $5,000 to $24,000 on my BSP.

Makes complete sense.