topic Re: Kay Jewelers Credit Line and Increase in Credit Cards

Kay Jewelers Credit Line and Increase

ADARPegasus — Thu, 26 Mar 2015 14:29:32 GMT

I know alot of people here have a Kay Jewelers account. It was my first unsecured account I have ever had. My initial credit limit was $400 and i have been requesting a CLI every month since i opened the account. I stopped asking in Jan of 2015 and then all of a sudden i logged in and they increased it to $1400 but i want a higher limit so that my second oldest account with report with a higher limit.

I was wondering what everyones experience is with getting credit limit increases and what is your current credit limit and initial credit limit.

Starting Limit 2012: $400

Current Limit 2015: $1400

Desired Limit: $7,000 to $9,000

Re: Kay Jewelers Credit Line and Increase

Creditaddict — Thu, 26 Mar 2015 14:54:56 GMT

you have to go into store and usually be wanting to buy something for them to issue a cli.

am i seeing your credit scores in the 750+?!

I would close your current card and just apply for a new one!

Re: Kay Jewelers Credit Line and Increase

Anonymous — Thu, 26 Mar 2015 15:11:53 GMT

I opened mine in late '99 or 2000. It started with about a $1000 limit, can't be 100% sure. Long time ago. It has auto-CLI'd its way to $7600. I didn't even use it that heavily, maybe $1000-$1500 per year.

Re: Kay Jewelers Credit Line and Increase

ADARPegasus — Thu, 26 Mar 2015 15:21:41 GMT

@Creditaddict wrote:
you have to go into store and usually be wanting to buy something for them to issue a cli.
am i seeing your credit scores in the 750+?!
I would close your current card and just apply for a new one!

Won't closing it hurt my score?

Re: Kay Jewelers Credit Line and Increase

Creditaddict — Thu, 26 Mar 2015 15:25:12 GMT

@Jonbuck06 wrote:
@Creditaddict wrote:
you have to go into store and usually be wanting to buy something for them to issue a cli.
am i seeing your credit scores in the 750+?!
I would close your current card and just apply for a new one!
Won't closing it hurt my score?

The account will continue to report as a positive closed account for 10 years.

The only time closing an account can hurt your credit is if it causes your utilization overall to go up but based on it just being $1500 I don't think it's probably helping you much and if you don't have any debt it's really not helping because you have no utilization.

opening a new account could ding your average age of accounts a bit but if your goal is $7k+ I sure would think you would get a heck of a lot more than you currently have on a new account.

or if you need it for a purchase, just go into store and ask them to cli your currnt card for the purchase, they probably won't have an issue.

Re: Kay Jewelers Credit Line and Increase

ADARPegasus — Thu, 26 Mar 2015 15:27:33 GMT

Yea ill do that ill go in there and ask for a increase and if they turn me down. Ill just app for a new account. I guess i must not use the card enough because the card was dormant for 6 months with the 400 limit then i bought something online at end of Feb and it was raised auto 2 weeks ago.

Re: Kay Jewelers Credit Line and Increase

ScoreOrBeScored — Thu, 26 Mar 2015 16:18:35 GMT

Openers July 2014

Start limit - $7,000

wasmtoldmi could request a CLi at 1 yr mark in store with a SP

Re: Kay Jewelers Credit Line and Increase

JustinS — Thu, 26 Mar 2015 16:58:25 GMT

Mine with Kay was opened June 2013 and at the 1yr mark approximately June 2014 they doubled my limit (auto cli not by me requesting anything). SL was $3k and at one yr went to $6k. I did buy engagement and wedding bands from them though plus a couple other things for my wife (gf/fiance at the time). So having said that my guess is they want to see some activity as well to justify a CLI (as even with a reasonably small amount in my case they did an auto CLI doubling my limit at the 1yr point).

Re: Kay Jewelers Credit Line and Increase

Anonymous — Sun, 12 Apr 2015 20:06:51 GMT

I work at a credit repair company & I talk to thousands of clients about this. closing out a positive account ESPECIALLY a revolving line of credit can potentially hurt your score.

1) your length of credit history will be affected ; credit card accounts that are around 2 years old are still considered new accounts. You'd have to have an account around 4-6 years to help it boost your score in that area of length of credit history. I have an account around 4 years and I'd grade it as a B for length...

2) your utilization ratio may be affected. You can always apply for a new account, of course and you may be approved for an even higher credit limit with a different lender or creditor but keep in mind...If you're looking to spend and use these cards, great, but if you're looking to spend and use them wisely, don't give up all your cards at once. You can beat the system by using your lines of credit to an advantage.

Kay Jewelers is a great place but keep it mind they want to see you're worth the investment. They typically won't allow a CLI until the account has been aged to 12 months; they let my boyfriend do his at 10 months. You'd have to speak to the in store rep and explain to then what you want and how much you want.

Make sure you have no delinquents on your credit reports, (that includes late payments, collections, or charge offs) no excessive inquiries, ( I say 5+ is excessive), that you don't have a high utilization ratio on any of your other accounts. You can always cause a fuss and say that an in store rep told you it would be increased every year... They're always sure to go the extra mile.

Re: Kay Jewelers Credit Line and Increase

Creditaddict — Sun, 12 Apr 2015 20:11:17 GMT

@Anonymous wrote:
I work at a credit repair company & I talk to thousands of clients about this. closing out a positive account ESPECIALLY a revolving line of credit can potentially hurt your score.

1) your length of credit history will be affected ; credit card accounts that are around 2 years old are still considered new accounts. You'd have to have an account around 4-6 years to help it boost your score in that area of length of credit history. I have an account around 4 years and I'd grade it as a B for length...

2) your utilization ratio may be affected. You can always apply for a new account, of course and you may be approved for an even higher credit limit with a different lender or creditor but keep in mind...If you're looking to spend and use these cards, great, but if you're looking to spend and use them wisely, don't give up all your cards at once. You can beat the system by using your lines of credit to an advantage.

Kay Jewelers is a great place but keep it mind they want to see you're worth the investment. They typically won't allow a CLI until the account has been aged to 12 months; they let my boyfriend do his at 10 months. You'd have to speak to the in store rep and explain to then what you want and how much you want.

Make sure you have no delinquents on your credit reports, (that includes late payments, collections, or charge offs) no excessive inquiries, ( I say 5+ is excessive), that you don't have a high utilization ratio on any of your other accounts. You can always cause a fuss and say that an in store rep told you it would be increased every year... They're always sure to go the extra mile.

Just GREAT someone that doesn't know how credit reporting works dealing with thousands of clients giving them MORE WRONG information.

A CLOSED account that is positive will continue to report on your credit for 10 years!

The only negative to closing an account is if you need the available credit to help your utilization... if you have no debt, you have no utilization to worry about.

Re: Kay Jewelers Credit Line and Increase

Anonymous — Sun, 12 Apr 2015 20:22:48 GMT

Of course the payment history will report on your credit reports for 10 years after the account is closed. I never said it wouldn't but it would still help to keep the account active and open. If he is looking to keep that line of credit open with Kay Jewelers ... Like he stated his goal is 7000 -9000, then of course those would be the pros and cons. He can keep building that payment history which he's done a great job of doing for the past three years, perhaps open another line of credit through a different creditor and lender; of course we don't know all the details of Jonbuck06's credit situation. But it's definitely not wrong, although I appreciate your feedback creditaddict.

Re: Kay Jewelers Credit Line and Increase

Creditaddict — Sun, 12 Apr 2015 20:25:28 GMT

@Anonymous wrote:
I work at a credit repair company & I talk to thousands of clients about this. closing out a positive account ESPECIALLY a revolving line of credit can potentially hurt your score.

1) your length of credit history will be affected ; credit card accounts that are around 2 years old are still considered new accounts. You'd have to have an account around 4-6 years to help it boost your score in that area of length of credit history. I have an account around 4 years and I'd grade it as a B for length...

2) your utilization ratio may be affected. You can always apply for a new account, of course and you may be approved for an even higher credit limit with a different lender or creditor but keep in mind...If you're looking to spend and use these cards, great, but if you're looking to spend and use them wisely, don't give up all your cards at once. You can beat the system by using your lines of credit to an advantage.

Kay Jewelers is a great place but keep it mind they want to see you're worth the investment. They typically won't allow a CLI until the account has been aged to 12 months; they let my boyfriend do his at 10 months. You'd have to speak to the in store rep and explain to then what you want and how much you want.

Make sure you have no delinquents on your credit reports, (that includes late payments, collections, or charge offs) no excessive inquiries, ( I say 5+ is excessive), that you don't have a high utilization ratio on any of your other accounts. You can always cause a fuss and say that an in store rep told you it would be increased every year... They're always sure to go the extra mile.

NO IT WONT!

Re: Kay Jewelers Credit Line and Increase

Anonymous — Sun, 12 Apr 2015 20:27:37 GMT

And when I speak to clients I don't actually advise them as to what they should do, I always let them know what the potential outcomes may be. There are always factors and details that we don't know or can not control when it comes down to a consumers credit file that creditors and lenders may factor into the process of extending an increase on a line of credit. All in all , I wish you luck Jonbuck!

Re: Kay Jewelers Credit Line and Increase

Anonymous — Sun, 12 Apr 2015 20:28:24 GMT

They average the length of credit history from old accounts to new ones.

Re: Kay Jewelers Credit Line and Increase

Creditaddict — Sun, 12 Apr 2015 20:29:10 GMT

@Anonymous wrote:
They average the length of credit history from old accounts to new ones.

and a closed account is still factored into that.

Re: Kay Jewelers Credit Line and Increase

Anonymous — Sun, 12 Apr 2015 20:33:57 GMT

FiCO will generate your score according to this. I would recommend that you look into this more . we are all learning more every day. I don't mean to come off rude creditaddict but I apologize if my responses came off snooty. But real talk, check it out. Maybe you'll learn something new.

Re: Kay Jewelers Credit Line and Increase

ADARPegasus — Fri, 17 Apr 2015 10:30:47 GMT

@Anonymous wrote:
FiCO will generate your score according to this. I would recommend that you look into this more . we are all learning more every day. I don't mean to come off rude creditaddict but I apologize if my responses came off snooty. But real talk, check it out. Maybe you'll learn something new.

Stop arguing with CreditAddict he knows a very lot and has helped everyone! He knows what he is talking about!

Re: Kay Jewelers Credit Line and Increase

takeshi74 — Fri, 17 Apr 2015 12:55:05 GMT

@Jonbuck06 wrote:
I was wondering what everyones experience is with getting credit limit increases and what is your current credit limit and initial credit limit.

With any creditor CLI's are a matter of one's credit and income. You can't just poll others about what they've received and assume that you can do the same. Responses are only reelvant for those with credit profiles similar enough to your own.

@Jonbuck06 wrote:
Won't closing it hurt my score?

This thread is linked in the Helpful Threads sticky in this subforum:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

Do the before-and-after math to determine impact to your utilization to aid you in your decision making.

Re: Kay Jewelers Credit Line and Increase

Anonymous — Fri, 17 Apr 2015 14:52:21 GMT

My starting limit at Jared/Kay was $6k, and I got an auto CLI after a little over a year to $7.6k. I know they will close the account after 24 months of inactivity, so keep that in mind!

Re: Kay Jewelers Credit Line and Increase

ADARPegasus — Sat, 18 Apr 2015 12:56:38 GMT

Wow so i went in yesterday to get a CLI and they put all of my information in and i did get a CLI.. Of $102.00.... Like who gives a CLI of $100 come on that's ridiculous