topic Re: Is a HP worth $5K CLI? in Credit Cards

Is a HP worth $5K CLI?

merlinflex — Fri, 19 Jun 2015 18:49:27 GMT

Is a HP worth $5K CLI? Maybe more...any thoughts?

Re: Is a HP worth $5K CLI?

Anonymous — Fri, 19 Jun 2015 18:51:57 GMT

@merlinflex wrote:
Is a HP worth $5K CLI? Maybe more...any thoughts?

Probably not imho. What's your overall credit limits and what card,/limit are you talking about. How many inqs do you currently have on the bureau that will be pulled?

Re: Is a HP worth $5K CLI?

merlinflex — Fri, 19 Jun 2015 19:05:19 GMT

Well, I was looking to hit closer to $15K on my Barclay Arrival+ WEMC than the $3K that I just got. I am $10.5K right now and an hour ago, they did a SP and gave me $3K and said if I wanted more I would need a HP if I wanted to hit $15K on that card. They will pull TU which is over 750

Got Amex BCE with a $25K limit (raised 2 days ago from $10K to $25K), Cap1 Venture at $33K (raised last Friday by $3K). Several others in my tag line.

I still have 2 other Cap1 cards that are due for CLIs next Friday after the last one in Dec 2014.

I have around $115K in credit limits and only $5.5 on there, so about 5% Utilization across the board.

Inquires are over 12 across the board, about 4 will age off in Nov 2015.

My scores are all above 750, no lates ever, no baddies, etc, etc. Oldest card is my Amex, 1990 and AAoA is 9 years. Salary is around above $200K and has been for 5 years and inches higher every year.

@Anonymous wrote:
@merlinflex wrote:
Is a HP worth $5K CLI? Maybe more...any thoughts?
Probably not imho. What's your overall credit limits and what card,/limit are you talking about. How many inqs do you currently have on the bureau that will be pulled?

Re: Is a HP worth $5K CLI?

Anonymous — Fri, 19 Jun 2015 19:16:00 GMT

@merlinflex wrote:
Well, I was looking to hit closer to $15K on my Barclay Arrival+ WEMC than the $3K that I just got. I am $10.5K right now and an hour ago, they did a SP and gave me $3K and said if I wanted more I would need a HP if I wanted to hit $15K on that card. They will pull TU which is over 750

Got Amex BCE with a $25K limit (raised 2 days ago from $10K to $25K), Cap1 Venture at $33K (raised last Friday by $3K). Several others in my tag line.

I still have 2 other Cap1 cards that are due for CLIs next Friday after the last one in Dec 2014.

I have around $115K in credit limits and only $5.5 on there, so about 5% Utilization across the board.

Inquires are over 12 across the board, about 4 will age off in Nov 2015.

My scores are all above 750, no lates ever, no baddies, etc, etc. Oldest card is my Amex, 1990 and AAoA is 9 years. Salary is around above $200K and has been for 5 years and inches higher every year.
@Anonymous wrote:
@merlinflex wrote:
Is a HP worth $5K CLI? Maybe more...any thoughts?
Probably not imho. What's your overall credit limits and what card,/limit are you talking about. How many inqs do you currently have on the bureau that will be pulled?

Up to you but I would wait until you can get an SP CLI. I waited six months on my AA card and they gave me a $4K CLI and said same thing about an HP if I wanted to try for more. The two cards I have from there are lower than some of my others but I have enough credit that it just wasn't worth an HP to get more from them.

Re: Is a HP worth $5K CLI?

merlinflex — Fri, 19 Jun 2015 19:24:01 GMT

@Anonymous wrote:
@merlinflex wrote:
Well, I was looking to hit closer to $15K on my Barclay Arrival+ WEMC than the $3K that I just got. I am $10.5K right now and an hour ago, they did a SP and gave me $3K and said if I wanted more I would need a HP if I wanted to hit $15K on that card. They will pull TU which is over 750

Got Amex BCE with a $25K limit (raised 2 days ago from $10K to $25K), Cap1 Venture at $33K (raised last Friday by $3K). Several others in my tag line.

I still have 2 other Cap1 cards that are due for CLIs next Friday after the last one in Dec 2014.

I have around $115K in credit limits and only $5.5 on there, so about 5% Utilization across the board.

Inquires are over 12 across the board, about 4 will age off in Nov 2015.

My scores are all above 750, no lates ever, no baddies, etc, etc. Oldest card is my Amex, 1990 and AAoA is 9 years. Salary is around above $200K and has been for 5 years and inches higher every year.
@Anonymous wrote:
@merlinflex wrote:
Is a HP worth $5K CLI? Maybe more...any thoughts?
Probably not imho. What's your overall credit limits and what card,/limit are you talking about. How many inqs do you currently have on the bureau that will be pulled?

Up to you but I would wait until you can get an SP CLI. I waited six months on my AA card and they gave me a $4K CLI and said same thing about an HP if I wanted to try for more. The two cards I have from there are lower than some of my others but I have enough credit that it just wasn't worth an HP to get more from them.

Yeah, I think so too. That is why I ended the call with them. I think I will wait too as I don't need it right now and I am content to wait another 6 mos or so! Thanks! Sometimes being on this board makes one crazy about limits and such!

Re: Is a HP worth $5K CLI?

CreditCuriosity — Fri, 19 Jun 2015 19:33:04 GMT

Concur with you decision.. Not like you need it. Just wait it our for another SP CLI. You can always move some of your Black Card limit over if needed to lol, they can do that with just a soft. 5k is quite a respectabe amount of credit on a new card(if bonus), but on your existing card meh.

Re: Is a HP worth $5K CLI?

Anonymous — Fri, 19 Jun 2015 19:31:58 GMT

On here there is a general like of CLIs for their own sake, and not for any need. So for the OPs question, we really need to know:

1) How much do you need/want the CLI.? A "good" need would be if you had a low limit on a card you frequently used and so were paying off multiple times a month, or you needed to put a large purchase on that card and the current CL was too low. I don't give any weight to utilization arguments (as they seem circular to me) but others do.

and of course:

2) What is the cost of the HP? It reduces score for a bit, which can matter when you have a key app planned, but even then, a single HP may not make the difference between getting and not getting a card (or a good rate on a mortgage) but obviously in some situations it can.

Personally, I would never use an HP for a CLI, as I don't see much value in a CLI, whereas by "saving" an HP, I can potentially use it to get a high bonus card. But each person has to decide....

Re: Is a HP worth $5K CLI?

Anonymous — Fri, 19 Jun 2015 19:39:44 GMT

@merlinflex wrote:
Is a HP worth $5K CLI? Maybe more...any thoughts?

This must be for a relative or something right? you have over $180 grand in credit limits. lol. you surely can handle the ding for the pull. If it is a card that you want to go higher, then do it.

Re: Is a HP worth $5K CLI?

Anonymous — Fri, 19 Jun 2015 20:00:05 GMT

@merlinflex wrote:
Is a HP worth $5K CLI? Maybe more...any thoughts?

It's worth what a possible, temporary drop of a few points for a possible, long-range very slight increase of a point or two, plus additional benefits that come with that CL, means to you.

If you are planning an app spree and you already have strong limits but still have some inquiries to fall off, I'd say avoid.

If you plan to garden and don't have any big purchases in the next year, then it's a no brainer.

Of course there's all sorts of in-between situations as well

Re: Is a HP worth $5K CLI?

merlinflex — Fri, 19 Jun 2015 20:02:58 GMT

@Anonymous wrote:
@merlinflex wrote:
Is a HP worth $5K CLI? Maybe more...any thoughts?
This must be for a relative or something right? you have over $180 grand in credit limits. lol. you surely can handle the ding for the pull. If it is a card that you want to go higher, then do it.

That other $60K or so is where I am an AU on my wife's stuff. I never apply for a cc/loan with my wife's info as I have never had a need to. She is an AU on my stuff though as while she has a 6 figure income, mine is twice what she makes. For the last year I have been using my Amex BCE, CAP1 Venture and Arrival+ 989% of the time.

Right now, I have everything that I can possible bill go through my Cap1 and Arrival+, every freaking thing and then split my day to day stuff between them. The AMEX BCE, my wife primarily uses for her day to day cadence.

At then end of May I had around $9K on cards across the board and then got a nice little mid-year bonus that came to about $6K after taxes and such, so I paid down $4K and put the rest into my checking account. Waited a few weeks for all of it to show up and then started looking for CLIs which is where I am today. I will prob do the Cap1 request next weekend after the 6 mos have passed and then relax until December or so. Did that last year and seemed to work out fine.

ps...I have decided agains the HP, the more I think about it the more it does not seem worth it to me. The "moment" has passed so to speak!

Re: Is a HP worth $5K CLI?

Blodreina — Fri, 19 Jun 2015 21:32:52 GMT

If you wait until those new CLIs show up on your reports, you might not have an issue with getting to 15k with the next SP.

Re: Is a HP worth $5K CLI?

Anonymous — Fri, 19 Jun 2015 22:52:34 GMT

For 5k I have done hard pulls in the past. Anything below 5k no, not worth it

Re: Is a HP worth $5K CLI?

takeshi74 — Fri, 19 Jun 2015 23:45:50 GMT

@merlinflex wrote:
Is a HP worth $5K CLI? Maybe more...any thoughts?

Your call to make. Worth is highly subjective regardless of topic. Others can't tell you if its worth it to you or not. You have to determine which outweighs the other. HP's are no big deal to me and I've certainly taken an HP for a 5K CLI. YMMV.

What are you perceiving as the benefit of the CLI? 5K is less than 5% or your total limits of 115K. Why do you want your limit on that card to be 15K? From a utilization standpoint if you're at 5% another 5K will only take you down to 4.8%.

@merlinflex wrote:
Sometimes being on this board makes one crazy about limits and such!

You need to make decisions based on your needs/wants versus attempting to keep up with the Joneses.

Re: Is a HP worth $5K CLI?

Ups77 — Fri, 19 Jun 2015 23:49:43 GMT

It depends if you need it. I used a hp for cabelas but that was for 15k. If your utilization is high then it is.