topic Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go? in Credit Cards

Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

moods — Wed, 25 Jul 2007 21:17:49 GMT

This is how bad it looks

1) Revolving CC - CL of 2000 - 1900 Unpaid

2) Revolving CC - CL of 2000 - 1900 Unpaid

3) Revolving CC - CL of 2000 - 1900 Unpaid

4) Revolving CC - CL of 2000 - 1900 Unpaid

5) Revolving CC - CL of 400 - 350 Unpaid

6) Best Buy Store Card - CL of 1500 - Balance $0

7) Home Depot Store Card - CL of 1500 - Balance $0

8) Fire Stone Store Card - CL of 800 - Balance $0

9) PIF AMEX 2000 Balance

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Now if I can pay my balances in full, how and in what way can I get CLI for all my Credit Cards so when I come to get new ones they would match the same CL?

By the way I have just checked my Equifax score and its a shame full 597

Probably because I have a PIF AMEX showing a 2000 balance

Message Edited by moods on 07-25-2007 02:17 PM

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

MidnightVoice — Wed, 25 Jul 2007 21:11:28 GMT

I make it that you owe 8,000 on a total CL of 40,000, which is 20% util.

If you need more credit, why not just pay all the balances, keep apparent util at about 1% and ask.

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

moods — Wed, 25 Jul 2007 21:18:10 GMT

sorry my mistake the store cards are 1500 not 15 thousand

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

Anonymous — Wed, 25 Jul 2007 21:22:34 GMT

Utilization can be looked at in 2 ways. Fist the overall utilization and then the per account utilization. Those 2K CCs that are almost maxed out are likely tanking your FICO. If you are able to pay them off or at least pay them down to around 10-13% utilization I would do that and make sure your CRs are updated before you apply for anything else.

There is also way more to be taken into account, do you have any derogs, how old are these accounts and how many Inqs on your CRs? All of these factor into your FICO and would effect any CL that you may get offered when applying for a new card.

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

MidnightVoice — Wed, 25 Jul 2007 21:23:59 GMT

moods wrote:

Now if I can pay my balances in full, how and in what way can I get CLI for all my Credit Cards so when I come to get new ones they would match the same CL?

Just pay down the balances and ask?

And what do you mean by "when I come to get new ones they would match the same CL" ?

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

Anonymous — Wed, 25 Jul 2007 21:36:18 GMT

@MidnightVoice wrote:

@moods wrote:

Now if I can pay my balances in full, how and in what way can I get CLI for all my Credit Cards so when I come to get new ones they would match the same CL?

Just pay down the balances and ask?
And what do you mean by "when I come to get new ones they would match the same CL" ?

Some CCCs have a habit of just matching the highest reporting CC TL that you have. If you pay them down and make sure you don't apply before your CRs are reporting as such and you don't have any derogs I'd bet that your score goes up enough to surpass these CLs.

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

Anonymous — Thu, 26 Jul 2007 00:11:49 GMT

In my experience, Bankcards such as BoA, USbank & Discover like 6 months before the next CLI, Walmart charge account CLI every 4 months, Weisfield Jewelers 1 year. You should make a big payment to reduce the balance as much as you can first, then call to see "if your account qualifies for a CLI with "no hard pull." Be sure to ask for NO HARD PULL. Sometimes the account history/time open is the most important aspect because you need "experience at your current credit limit" before they can qualify you for a CLI. I've increased my total CL from 2K to almost 10K in a matter of 1 year and I'm fairly new to credit. So just remember every 6 months get a CLI or sooner if you make big payments and are friendly about the CLI requests. If you get a new job, ask for a CLI. If you pay your balances off, ask for a CLI. If you got a low CL on a card + good payment history, ask for a CLI. Remember ask for "No Hard Pull." If they say no, try again later. Don't let them trick you into filling out an application = hard inquiry!

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

Anonymous — Thu, 26 Jul 2007 23:25:05 GMT

moods,

Here's the util on your CCs.

1) 95.0%
2) 95.0%
3) 95.0%
4) 95.0%
5) 87.5%
6) 0.0%
7) 0.0%
8) 0.0%
9) 0.0%

Your overall util is 56%, which could be better, but CCs #1 thru #5 are what's likely killing your FICOs.

If you can PIF all your CCs, then go ahead and pay those with a balance down to 40% util.

Then start reading here.
http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=4120

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

Anonymous — Fri, 27 Jul 2007 01:59:47 GMT

So if mine are:
Card # CL Cur Bal:
1 9,000 6,500
2 7,800 0
3 17,000 0
4 6,000 3,700
5 3,000 0
6 4,500 2,500 (This is my Crap1 card and they don't report CL)
7 9,800 7,200
8 9,800 4,000
9 6,000 2,400
10 9,000 2,600
11 11,200 2,200
12 10,000 3,200
13 0 965 (Lumber Liquidators that they closed)
14 11,000 0
15 1,000 0
16 1,000 0
17 6,000 0
18 1,000 0
19 3,000 1,100
20 3,500 0
21 6,600 0

FICO is about 715 and I think they report my util at 26% Seems that what you're saying is that my cards #1 and 7 are "killing" my score more than the actual utilization is? So I'm better to spread the debt below what "magic" number to increase the score? Right now the balances are that way due to 0% or some other low fixed rate. The Lumber Liquidators used to have a 6,000 credit limit, but they ended their Visa card relationship with WellsFargo and closed the account (I have to pay it off by 8/15/07 as that's when the 0% financing ends). I've left out my Amex cards that don't have a credit limit. Crap1 only report high limit (4500) and not the actual CL (which is 7500). Because they're whores. But I have 0% for another 12 months.

Message Edited by m_jonis on 07-26-2007 06:59 PM

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

Gotagoal — Fri, 27 Jul 2007 03:56:55 GMT

This is really good info and by the way, you just make me laugh !!! Whores... bastards, ...hahaah , ok you didn't say bastards, but hey in this great time of be fico focused, a good laugh is worth 100 fico points!!! THANKS !

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

fused — Fri, 27 Jul 2007 05:50:19 GMT

m_jonis wrote:
So if mine are:
Card # CL Cur Bal:
1 9,000 6,500
2 7,800 0
3 17,000 0
4 6,000 3,700
5 3,000 0
6 4,500 2,500 (This is my Crap1 card and they don't report CL)
7 9,800 7,200
8 9,800 4,000
9 6,000 2,400
10 9,000 2,600
11 11,200 2,200
12 10,000 3,200
13 0 965 (Lumber Liquidators that they closed)
14 11,000 0
15 1,000 0
16 1,000 0
17 6,000 0
18 1,000 0
19 3,000 1,100
20 3,500 0
21 6,600 0

FICO is about 715 and I think they report my util at 26% Seems that what you're saying is that my cards #1 and 7 are "killing" my score more than the actual utilization is? So I'm better to spread the debt below what "magic" number to increase the score? Right now the balances are that way due to 0% or some other low fixed rate. The Lumber Liquidators used to have a 6,000 credit limit, but they ended their Visa card relationship with WellsFargo and closed the account (I have to pay it off by 8/15/07 as that's when the 0% financing ends). I've left out my Amex cards that don't have a credit limit. Crap1 only report high limit (4500) and not the actual CL (which is 7500). Because they're whores. But I have 0% for another 12 months.

Message Edited by m_jonis on 07-26-2007 06:59 PM

FYI there are two types of util% calculations: one for each CC (all revolving accounts) and a cumulative util% calculation (all revolving accounts). Your Amex cards, include them, the CRAs frequently report them inaccurately and this can tank your FICO scores. Maybe not in your case since you say your score is 715. It's late, so I will chime back in tomorrow to explain in more detail.

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

Anonymous — Fri, 27 Jul 2007 21:53:04 GMT

m_jonis,

Your overall util is 26 percent, but here's your individual CC util in descending order. Either one can be a score killer.

7 - 73%
1 - 72%
4 - 62%
6 - 56%
8 - 41%
9 - 40%
19 - 37%
12 - 32%
10 - 29%
11 - 20%

On Cap 1, since they don't report CLs, FICO will use the reported high balance. The way to outwit Cap 1 is to BT a balance to your Cap 1 CC, and max it out. I did mine to the penny. [As Cap 1 chooses to be wh*res, I choose to give 'em every inch.] Then pay it down. I don't believe you actually have to let a maxed or near maxed out balance report. Once they up my CL in a month or so, I'm going to find out. My plan is to BT a balance to Cap 1 to max it out with the new CL. Wait a few days with that maxed balance on the CC, then pay it down $20 or so. A few days before the payment due date, I'll pay it down to 1-9 percent util.

Are your AMEX CCs all charge cards and not credit cards? Green, Gold or Platinum rewards? Not Blue, Clear, Delta, Hilton, Optima, et al.?

There are various magic numbers concerning util, and there's a lot of speculation as to what the magic numbers are. My flat out guesses from reading here and elsewhere are:
Over 50 percent
Between 30 and 50 percent
Between 10 and 29 percent
Between 1 and 9 percent
0 percent

Between 1 and 9 percent util is ideal for your FICO score.

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

Anonymous — Fri, 27 Jul 2007 22:46:46 GMT

Hi noah. I actually have 5 Amex cards. One is a Corporate gold card (I didn't show it on the list as I don't have a balance on it), but I forgot to see what the "high balance" is showing (that's usually what they report instead of CL) One is a Gold Rewards card (I didn't show that either), but I believe HBAL was $5500, and I owe nothing on it (well, I don't "carry" a balance, but there's always charges on it, since it's a PIF account). Then I've got the Blue (That's the $17,000 one), Skymiles (That's the $6,000 one), and Platinum business skymiles (that's the $3,000 one). Those 3 I reported on the list as they're "balance" cards. It would be nice if FICO elaborated on their individual CC util scoring. I figured there was "some" magic number at the 50% level, but there may be more magic #'s below that (ie, you go over 50% you take a 20 point hit, but let's say, you go over 10% and it's only a 5 point hit)

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

fused — Fri, 27 Jul 2007 23:16:20 GMT

m_jonis wrote:
Hi noah. I actually have 5 Amex cards. One is a Corporate gold card (I didn't show it on the list as I don't have a balance on it), but I forgot to see what the "high balance" is showing (that's usually what they report instead of CL) One is a Gold Rewards card (I didn't show that either), but I believe HBAL was $5500, and I owe nothing on it (well, I don't "carry" a balance, but there's always charges on it, since it's a PIF account). Then I've got the Blue (That's the $17,000 one), Skymiles (That's the $6,000 one), and Platinum business skymiles (that's the $3,000 one). Those 3 I reported on the list as they're "balance" cards. It would be nice if FICO elaborated on their individual CC util scoring. I figured there was "some" magic number at the 50% level, but there may be more magic #'s below that (ie, you go over 50% you take a 20 point hit, but let's say, you go over 10% and it's only a 5 point hit)

Watch out with Amex PIF charge cards! Make sure the CRAs report these accounts as other open accounts and NOT revolving ones. Otherwise, your cards will essentially report the high balance as your outstanding balance, with util% near 100 and this will certainly tank your credit scores. I have this situation going on with EX. EQ and TU report my Gold card as an other open account, so this does not factor in my util%. EX reports this same card as a revolving maxed-out card and my scores dropped a ton.

Re: Best way to get CLI if I am 69% in CC debit and can pay it all off in one go?

Anonymous — Fri, 27 Jul 2007 23:16:54 GMT

1 to 9 percent is ideal and will give you the best possible FICO score based on util. That much FICO does confirm to those who've talked with customer service. Presumably, a $0 balance is the next best thing. After that, as your util rises above 9 percent, your FICO scores tend to take a hit. 30 percent and 50 percent are SWAGs.