topic Re: When should I request a credit limit increase in Credit Cards

When should I request a credit limit increase

Anonymous — Wed, 28 Jan 2015 08:02:59 GMT

Ok now that I've basically raised deleted majority of baddies from my credit report when should I request a credit limit increase?

Here is what I have and when I opened it, plus the amount:

July 2014-

Capital One Platinum $300 (raised to $500 a few days ago-kinda bummed that it wasn't more)

August 2014-

Capital One Quicksilver $300

Capital One Secured $200

September 2014-

First Premier $300

October 2014-

WalMart $150

Target $150

Kohl's $300

Amazon $600

Macy's $600

November 2014-

Old Navy $150

American Eagle $150

Victoria Secret $350

Torrid $500

CFNA (Firestone) $900

Jared $3000

Total Card (First Access) $300

Verve $500

December 2014-

OneStopPlus $250

Express $250

Lane Bryant $300

Catherine's $300

The Limited $350

Blue Nile $1000

January 2015-

TJ Maxx $300

JC Penney's $300

Car Care Credit $500

Sam's Club $637 (odd amount, and I asked them to repeat that 3 times)

Discover Secured $200

Credit One Bank $300

PayPal Smart Connect $600

Barclay Rewards Mastercard $1000

I made a chart of 1%, 5%, 9%, and 10%. That way I know when my statement closing date is and how much I want the amount to be. I have been staying at or below 10%. I read the many posts and decided that staying below 10% was my best bet, so far so good. I know that it is a lot, but I got kinda happy when I was actually approved for accounts when seven months ago my credit score was below 500. I won't be applying for anything else. I want to concentrate on building these accounts for the next two years. I also want the store accounts to upgrade from store card to credit cards.

1.27.15

EQ: 648

TR: 650 (it went up two points today...YEAH!!!)

EX: 666

Re: When should I request a credit limit increase

Revelate — Wed, 28 Jan 2015 08:38:53 GMT

If I might make a suggestion: out of that list of 31 cards pick the ones which will be used (as many the QS1 / Barclays / Discover are simply better than for rewards or potential future growth) and focus on those for CLI's.

You'll do way better in a year anyway in terms of credit cards.

Re: When should I request a credit limit increase

Anonymous — Wed, 28 Jan 2015 08:43:36 GMT

Ok thanks. Should I ask for CLI or wait for them to do it automatically?

1.27.15

EQ: 648

TR: 650 (it went up two points today...YEAH!!!)

EX: 666

Re: When should I request a credit limit increase

Anonymous — Wed, 28 Jan 2015 08:45:43 GMT

@Anonymous wrote:
Ok now that I've basically raised deleted majority of baddies from my credit report when should I request a credit limit increase?

Here is what I have and when I opened it, plus the amount:

July 2014-
Capital One Platinum $300 (raised to $500 a few days ago-kinda bummed that it wasn't more)
August 2014-
Capital One Quicksilver $300
Capital One Secured $200
September 2014-
First Premier $300
October 2014-
WalMart $150
Target $150
Kohl's $300
Amazon $600
Macy's $600
November 2014-
Old Navy $150
American Eagle $150
Victoria Secret $350
Torrid $500
CFNA (Firestone) $900
Jared $3000
Total Card (First Access) $300
Verve $500
December 2014-
OneStopPlus $250
Express $250
Lane Bryant $300
Catherine's $300
The Limited $350
Blue Nile $1000
January 2015-
TJ Maxx $300
JC Penney's $300
Car Care Credit $500
Sam's Club $637 (odd amount, and I asked them to repeat that 3 times)
Discover Secured $200
Credit One Bank $300
PayPal Smart Connect $600
Barclay Rewards Mastercard $1000

I made a chart of 1%, 5%, 9%, and 10%. That way I know when my statement closing date is and how much I want the amount to be. I have been staying at or below 10%. I read the many posts and decided that staying below 10% was my best bet, so far so good. I know that it is a lot, but I got kinda happy when I was actually approved for accounts when seven months ago my credit score was below 500. I won't be applying for anything else. I want to concentrate on building these accounts for the next two years. I also want the store accounts to upgrade from store card to credit cards.

1.27.15
EQ: 648
TR: 650 (it went up two points today...YEAH!!!)
EX: 666

That is a lot of new cards in 6 months or so. Also, a lot of the cards are horrible ones with poor to no rewards and AFs (Verve? First Premier?). A lot of new accounts and inquiries is not something you need for rebuilding. One card is enough and a few is better, but you have too many. Don't get me wrong, I have 50+ CC accounts I opened in the last 4 years or so (all but 15 closed) and I apply a lot for cards for a specific purpose (rewards, sign-up bonuses, etc). But cards like the Verve are horrible money sinks and not really needed for rebuilding. Consider closing cards like the Verve before the next AF hits (especially before they start the monthly maintenance fee routine for the second year).

As for when to get CLIs, there is no set standard. If your income and credit profile supports it, after the 6th statement cuts is a good rule of thumb (61st day or later for Amex). Many issuers allow earlier CLIs if you have the right profile and are willing to take a second HP. Given your scores, inquiries (I assume you have a ton), and new accounts, I would not recommend anything but SP CLIs for now. Close AF cards before the next AF is due. Keep the no AF cards and build your credit slowly.

Re: When should I request a credit limit increase

Anonymous — Wed, 28 Jan 2015 09:02:01 GMT

@Anonymous wrote:

That is a lot of new cards in 6 months or so. Also, a lot of the cards are horrible ones with poor to no rewards and AFs (Verve? First Premier?). A lot of new accounts and inquiries is not something you need for rebuilding. One card is enough and a few is better, but you have too many. Don't get me wrong, I have 50+ CC accounts I opened in the last 4 years or so (all but 15 closed) and I apply a lot for cards for a specific purpose (rewards, sign-up bonuses, etc). But cards like the Verve are horrible money sinks and not really needed for rebuilding. Consider closing cards like the Verve before the next AF hits (especially before they start the monthly maintenance fee routine for the second year).

As for when to get CLIs, there is no set standard. If your income and credit profile supports it, after the 6th statement cuts is a good rule of thumb (61st day or later for Amex). Many issuers allow earlier CLIs if you have the right profile and are willing to take a second HP. Given your scores, inquiries (I assume you have a ton), and new accounts, I would not recommend anything but SP CLIs for now. Close AF cards before the next AF is due. Keep the no AF cards and build your credit slowly.

Yes I know. I didn't plan on keeping Verve, First Premier, First Access, and Credit One Bank. I plan on closing those after having it open for 11 months. Yes, there are quit a few inquiries (again). All of my store cards I plan on keeping. Mostly because I shop often at those stores and have been utilizing the coupons that come with the accounts. I was told that I could upgrade my Capital One accounts later on. I'm not sure when to do that.

Re: When should I request a credit limit increase

Anonymous — Wed, 28 Jan 2015 10:07:36 GMT

I think the answer is, whenever you need one and most importantly can convince a lender to give you one.

Re: When should I request a credit limit increase

Imperfectfuture — Wed, 28 Jan 2015 10:20:52 GMT

@Anonymous wrote:
@Anonymous wrote:
Ok now that I've basically raised deleted majority of baddies from my credit report when should I request a credit limit increase?

Here is what I have and when I opened it, plus the amount:

July 2014-
Capital One Platinum $300 (raised to $500 a few days ago-kinda bummed that it wasn't more)
August 2014-
Capital One Quicksilver $300
Capital One Secured $200
September 2014-
First Premier $300
October 2014-
WalMart $150
Target $150
Kohl's $300
Amazon $600
Macy's $600
November 2014-
Old Navy $150
American Eagle $150
Victoria Secret $350
Torrid $500
CFNA (Firestone) $900
Jared $3000
Total Card (First Access) $300
Verve $500
December 2014-
OneStopPlus $250
Express $250
Lane Bryant $300
Catherine's $300
The Limited $350
Blue Nile $1000
January 2015-
TJ Maxx $300
JC Penney's $300
Car Care Credit $500
Sam's Club $637 (odd amount, and I asked them to repeat that 3 times)
Discover Secured $200
Credit One Bank $300
PayPal Smart Connect $600
Barclay Rewards Mastercard $1000

I made a chart of 1%, 5%, 9%, and 10%. That way I know when my statement closing date is and how much I want the amount to be. I have been staying at or below 10%. I read the many posts and decided that staying below 10% was my best bet, so far so good. I know that it is a lot, but I got kinda happy when I was actually approved for accounts when seven months ago my credit score was below 500. I won't be applying for anything else. I want to concentrate on building these accounts for the next two years. I also want the store accounts to upgrade from store card to credit cards.

1.27.15
EQ: 648
TR: 650 (it went up two points today...YEAH!!!)
EX: 666

That is a lot of new cards in 6 months or so. Also, a lot of the cards are horrible ones with poor to no rewards and AFs (Verve? First Premier?). A lot of new accounts and inquiries is not something you need for rebuilding. One card is enough and a few is better, but you have too many. Don't get me wrong, I have 50+ CC accounts I opened in the last 4 years or so (all but 15 closed) and I apply a lot for cards for a specific purpose (rewards, sign-up bonuses, etc). But cards like the Verve are horrible money sinks and not really needed for rebuilding. Consider closing cards like the Verve before the next AF hits (especially before they start the monthly maintenance fee routine for the second year).

As for when to get CLIs, there is no set standard. If your income and credit profile supports it, after the 6th statement cuts is a good rule of thumb (61st day or later for Amex). Many issuers allow earlier CLIs if you have the right profile and are willing to take a second HP. Given your scores, inquiries (I assume you have a ton), and new accounts, I would not recommend anything but SP CLIs for now. Close AF cards before the next AF is due. Keep the no AF cards and build your credit slowly.

+1 Way too many store cards. And the rebuilders (major banks) are the ones you should be focusing on. All those store cards are gonna bite you when applying for prime. Are your scores picking up with the baddies gone? Shoulda, woulda, coulda, you really only needed three cards and maybe a secured installment loan (really low interest, 4 years, 2.8 to 3.2, cheaper than the annual fees for some of those cards.). Cull, it won't hurt, closed cards stay on your reports for ten years (I am planning on closing my legacy visa in March, 12th statement, before annual fee hits).

Re: When should I request a credit limit increase

Anonymous — Wed, 28 Jan 2015 14:05:07 GMT

You may have just beat CA on new accounts in one year..

In all seriousness though. If you actually DO shop at all these stores (and not just because you have their card) and it saves you money with exclusive coupons. Keep em. You already took the AAoA hit for them so you might as well let them age now. You can request SP CLI on Comenity cards just about whenever you want.

That CFNA account though is always an HP for CLI, Leave it right where it lies.

Garden for a couple of years and let all those inquiries vanish into hades. At the same time, your tradelines will have matured greatly and providing you have no new negatives your scores and profile should be tip top and ready to apply for prime bankcards.

Good luck!

Re: When should I request a credit limit increase

takeshi74 — Wed, 28 Jan 2015 14:08:19 GMT

@Anonymous wrote:
As for when to get CLIs, there is no set standard. If your income and credit profile supports it

This. Given that the OP has so many new cards with tiny limits I'd guess that CLI's aren't going to be likely for a while.

@Anonymous wrote:
Yes, there are quit a few inquiries

It's not just inquiries but AAoA as well as seeking out so much new credit in such a short span of time.

Re: When should I request a credit limit increase

Anonymous — Wed, 28 Jan 2015 15:46:10 GMT

I think the shopping cart trick need not be promoted anymore and with that being said, you can ask for a CLI whenever you need it. But don't apply for any more store cards.

Re: When should I request a credit limit increase

Anonymous — Thu, 29 Jan 2015 07:05:01 GMT

No I won't be. I have more than enough. What I also want to know is that in two years after the inquiries delete from my credit report could I ask the store cards to upgrade them to credit cards? There are quite a few that have store and credit cards. Is that also a good option for me? I just asked Capital One if they would upgrade my Platinum card to a rewards account. They did that no problem and I've only had that account for six months. My other question is if I should keep my utilization at 1%? Is that too low?

Re: When should I request a credit limit increase

wacdenney — Thu, 29 Jan 2015 13:48:11 GMT

holy moly!! You didn't just fall into the shopping cart store card trap, you stayed in and had a freaking party. Wow!

Close anything with an AF. Choose the best cards out of the herd to keep and start closing accounts. You are shooting yourself in the foot in terms of long term progress. All those store cards are going to end up hurting more than helping.

Re: When should I request a credit limit increase

Anonymous — Thu, 29 Jan 2015 13:56:27 GMT

@Anonymous wrote:
I think the shopping cart trick need not be promoted anymore and with that being said, you can ask for a CLI whenever you need it. But don't apply for any more store cards.

Are there any more left? 😯

Re: When should I request a credit limit increase

kdm31091 — Thu, 29 Jan 2015 14:07:00 GMT

You say you want to keep all the store cards, but its crazy to me. They all have toy limits. Yes, you get nice discounts but all those open store cards will hurt you if you want prime bank cards.

I agree the shopping cart trick needs to be used with care!

Re: When should I request a credit limit increase

Anonymous — Thu, 29 Jan 2015 14:10:45 GMT

@Anonymous wrote:
No I won't be. I have more than enough. What I also want to know is that in two years after the inquiries delete from my credit report could I ask the store cards to upgrade them to credit cards? There are quite a few that have store and credit cards. Is that also a good option for me? I just asked Capital One if they would upgrade my Platinum card to a rewards account. They did that no problem and I've only had that account for six months. My other question is if I should keep my utilization at 1%? Is that too low?

The majority of those store cards will NOT graduate into real CC's

Re: When should I request a credit limit increase

AintYouADaisy — Thu, 29 Jan 2015 14:47:12 GMT

@Anonymous wrote:
@Anonymous wrote:
Ok now that I've basically raised deleted majority of baddies from my credit report when should I request a credit limit increase?

Here is what I have and when I opened it, plus the amount:

July 2014-
Capital One Platinum $300 (raised to $500 a few days ago-kinda bummed that it wasn't more)
August 2014-
Capital One Quicksilver $300
Capital One Secured $200
September 2014-
First Premier $300
October 2014-
WalMart $150
Target $150
Kohl's $300
Amazon $600
Macy's $600
November 2014-
Old Navy $150
American Eagle $150
Victoria Secret $350
Torrid $500
CFNA (Firestone) $900
Jared $3000
Total Card (First Access) $300
Verve $500
December 2014-
OneStopPlus $250
Express $250
Lane Bryant $300
Catherine's $300
The Limited $350
Blue Nile $1000
January 2015-
TJ Maxx $300
JC Penney's $300
Car Care Credit $500
Sam's Club $637 (odd amount, and I asked them to repeat that 3 times)
Discover Secured $200
Credit One Bank $300
PayPal Smart Connect $600
Barclay Rewards Mastercard $1000

I made a chart of 1%, 5%, 9%, and 10%. That way I know when my statement closing date is and how much I want the amount to be. I have been staying at or below 10%. I read the many posts and decided that staying below 10% was my best bet, so far so good. I know that it is a lot, but I got kinda happy when I was actually approved for accounts when seven months ago my credit score was below 500. I won't be applying for anything else. I want to concentrate on building these accounts for the next two years. I also want the store accounts to upgrade from store card to credit cards.

1.27.15
EQ: 648
TR: 650 (it went up two points today...YEAH!!!)
EX: 666

That is a lot of new cards in 6 months or so. Also, a lot of the cards are horrible ones with poor to no rewards and AFs (Verve? First Premier?). A lot of new accounts and inquiries is not something you need for rebuilding. One card is enough and a few is better, but you have too many. Don't get me wrong, I have 50+ CC accounts I opened in the last 4 years or so (all but 15 closed) and I apply a lot for cards for a specific purpose (rewards, sign-up bonuses, etc). But cards like the Verve are horrible money sinks and not really needed for rebuilding. Consider closing cards like the Verve before the next AF hits (especially before they start the monthly maintenance fee routine for the second year).

As for when to get CLIs, there is no set standard. If your income and credit profile supports it, after the 6th statement cuts is a good rule of thumb (61st day or later for Amex). Many issuers allow earlier CLIs if you have the right profile and are willing to take a second HP. Given your scores, inquiries (I assume you have a ton), and new accounts, I would not recommend anything but SP CLIs for now. Close AF cards before the next AF is due. Keep the no AF cards and build your credit slowly.

+1 here, as well.

That is a lot of cards in a very short period of time. That is going to spook lenders away from you, not really help you much. When some of them SP you, it may even cause some to second-guess having extended you credit and they may retract. I would seriously consider closing several and then gardening heavy duty for awhile, all the while doing the super great behavior thing on the remaining cards to show you are responsible and deserve an increase. Honestly, I would say try to stay under their radar for a min. of a year with that many new opens and inq in such a short window.

Re: When should I request a credit limit increase

Anonymous — Thu, 29 Jan 2015 16:14:36 GMT

@Anonymous wrote:
@Anonymous wrote:
I think the shopping cart trick need not be promoted anymore and with that being said, you can ask for a CLI whenever you need it. But don't apply for any more store cards.
Are there any more left? 😯

@Anonymous,

I hope not. But as OP said, he/she is done and I sure hope so.

Re: When should I request a credit limit increase

BlueRenew — Thu, 29 Jan 2015 16:35:14 GMT

WOW! Who knew it was possible to get that many cards in susch a short period.

Personally if I had that many I would wait at least a year.

At least wait until the inquiries stop effecting your CR if not until they fall off entirely.

Re: When should I request a credit limit increase

MacMan313 — Thu, 29 Jan 2015 16:37:28 GMT

Like others said that is a scary amount of cards..

What can the op expect if/when they close any accounts? How big of a hit will it be.

Re: When should I request a credit limit increase

Anonymous — Thu, 29 Jan 2015 16:44:00 GMT

That is wayyyyy too many store cards. Is rather have 1 or two major bank card with a 1-2k limit that 20+ store card that all probably equal 2k. The store cards are going to hold you back later down the road. OP if I were in the position, the first thing I'd do is stop applying for CC in general for a while, then I'd cancel anything with and AF. After this you should take some time and really determine what card you want to keep (anything that offer rewards and in not talking about store discounts) and over time start to cancel some store cards. Then I'd bite the bullet and not even ask for a CLI I'd just garden for a year or two.