topic Re: Need opinions on maxing CLI for US Bank in Credit Cards

Need opinions on maxing CLI for US Bank

Anonymous — Tue, 16 Feb 2016 08:52:15 GMT

Hey guys,

What do you think about my strategy to getting the highest cli possibly for us bank?

I currently have a $300 CL. When it gets to 6 months, I plan on applying for a cli.

What I want to do is just max out the card every month to $300, let it generate my statement, and pay it off each month. (overall util will still be below 1% for fico)

What do you guys think?

Re: Need opinions on maxing CLI for US Bank

lg8302ch — Tue, 16 Feb 2016 09:11:09 GMT

IMO there is no need to max out with US Bank. I got my auto CLI from 7K to 10,5K with a Hulu subscription only and time. I could not use the card I received as I wanted the Cash+ and therefore had to wait to PC and now I have the card I wanted and can use it. With your profile I would simply recommend NOT to add any more HPs and new accounts as I am sure this is the reason for the low CL. Just garden and even slow and steady use could bring up your CL with this card. Keep in mind credit is not a race but a marathon... so patience is the key to success. 11 new accounts in less than a year....sorry but this is crazy and I hope we do not need to read AA some day.

Re: Need opinions on maxing CLI for US Bank

Anonymous — Tue, 16 Feb 2016 09:17:32 GMT

Thanks for your concern, but you don't need to remind me about that. (Refer to my post count) I only have 7 HPs from experian which is darn good for 11 cards imo Tu: 4 eq:2 My aaoa is a steady 5+ years after adding all the cards in. My scores are also mid 700s.

Re: Need opinions on maxing CLI for US Bank

lg8302ch — Tue, 16 Feb 2016 09:26:53 GMT

@Anonymous wrote:
Thanks for your concern, but you don't need to remind me about that. (Refer to my post count) I only have 7 HPs from experian which is darn good for 11 cards imo Tu: 4 eq:2 My aaoa is a steady 5+ years after adding all the cards in. My scores are also mid 700s.

Scores alone and AAoA especially when coming from AU card (as it looks you turned 18 in 07/15 from your siggy) are not the only thing looked at... it is the overall picture of your credit file.... a ton of new accounts is high risk behaviour and I am still convinced this is the reason for your 300$ US Bank card because US Bank does manual review on most of their apps. But whatever you do - Good luck...if you want to continue apping no problem ...everybody is old enough to make own decisions and can live with the consequences thereafter.

Re: Need opinions on maxing CLI for US Bank

Anonymous — Tue, 16 Feb 2016 09:29:33 GMT

I already stopped apping after 2015....lol...and I do not plan on spending anymore HPs until something lucrative comes out.

Re: Need opinions on maxing CLI for US Bank

Anonymous — Tue, 16 Feb 2016 09:30:50 GMT

Gotta love how everyone of my threads derail into my own credit profile

Re: Need opinions on maxing CLI for US Bank

Ghoshida — Tue, 16 Feb 2016 09:56:54 GMT

(1) Make sure your statement generation is not at the end of the month. That way, you can have a positive number on the statement balance on statement day but zero current balance on the last business day of the month, when it reports to bureaus.

(2) Freeze your credit reports. All 3 main ones. You can freeze the auxiliary ones too but that's secondary. This ensures that no HP will be made when you go for the first CLI (and also keep apps away in between).

(3) On 181 days since card opening, push the online CLI button and ask for $1.5k CLI. This is generally the max they do without a HP. You won't get a decision right away but will see the new CL online within 10 days or receive a decline in the mail around the same time.

If you got the CLI in this process, you would know that the bank has grown to love you. And you won't waste a HP to find that out. Also, the next time, you can go all guns blazing for a bigger CLI. I wouldn't advise it the first time.

For me, CLI decisions were seemingly made using TU Bankcard 04 scores, if that helps.

Re: Need opinions on maxing CLI for US Bank

Anonymous — Tue, 16 Feb 2016 12:46:48 GMT

recommended 30% uti for a card; 1-9% ideally for each and across all cards --- that's from what i've read. so your approach of posting 100% uti for one card might be detrimental to your fico score but what do i know, im newb. lolz! hopefully other people can chime in about this.

personally if i really want that card to grow BADLY... here are a couple of extreme measures that i might do.

- i'll start using the card whenever possible (almost a daily driver). MAXING it out (or close to it as possible) and PAYING it however many times DURING the billing cycle. but,,, here's the big BUT - making sure that the utilization is 1-9% when it gets posted to the CRA (~~statement cut date~~ last business day of the month). *i'll point this out to them when i talked to them about the CLI - that i've been maxing out the limit (coz it's too low) and it's kinda tedious paying it several times over during ONLY one billing cycle.

- also, i'll start banking with them. if possible, i'll float a good amount of money on their checking and/or savings. at the same time, i'll start using their checking to pay for ALL my credit card bills - perhaps they'd be more inclined to give me more credit/CLI if they see that it could have been them i'm using/paying instead of the other card issuers. *can't hurt to point this out also to them. =p

idk how US banks CLI works but if i don't see any positive changes (CLI, APR reduction, BT offers or the likes) after 3-6 mos of doing the things above, i guess it's not a bank who wants to grow with me. as always, YMMV. goodluck!

Re: Need opinions on maxing CLI for US Bank

Anonymous — Tue, 16 Feb 2016 12:11:39 GMT

@Anonymous wrote:
Thanks for your concern, but you don't need to remind me about that. (Refer to my post count) I only have 7 HPs from experian which is darn good for 11 cards imo Tu: 4 eq:2 My aaoa is a steady 5+ years after adding all the cards in. My scores are also mid 700s.

Just curious as to how you got 5 years.

Re: Need opinions on maxing CLI for US Bank

noobody — Tue, 16 Feb 2016 12:11:55 GMT

Ghoshida got it right,

I'd go one step further: Call US bank to move statement date to the 25th day of the month, MAX the card out and pay off several time a month, show high utility when statement cut.

Pay it off right way or leave couple dollar on it, so it will report zero or very small usage to CB,

This way, you will not hurt your credit score by high usage.

But like other said, you may not need to use it heavily to get CLI, but it will not hurt either.

I only charge couple hundred dollar on my 5 digs CL card last year, and they offer me SP CLI up to 4.5K twice a year, even with small incentive to apply.

I passed both time, I do not like unnecessary high CL, and like to leave some room for future application.

Re: Need opinions on maxing CLI for US Bank

Anonymous — Tue, 16 Feb 2016 12:44:11 GMT

@noobody wrote:
Ghoshida got it right,

I'd go one step further: Call US bank to move statement date to the 25th day of the month, MAX the card out and pay off several time a month, show high utility when statement cut.

Pay it off right way or leave couple dollar on it, so it will report zero or very small usage to CB,

This way, you will not hurt your credit score by high usage.

But like other said, you may not need to use it heavily to get CLI, but it will not hurt either.

I only charge couple hundred dollar on my 5 digs CL card last year, and they offer me SP CLI up to 4.5K twice a year, even with small incentive to apply.

I passed both time, I do not like unnecessary high CL, and like to leave some room for future application.

~~now im confused (yet again. lolz)!~~

~~how are you able to "report zero or very small usage to CB" when it's "shows high utility when statement cut"???~~

isn't statement cut date the reported balance to the CRA??? damn! i guess im still confused about this aspect.

~~edit: OR maybe im missing something about US bank. do they report to CRA at the 'exact' end of the month only??? no matter what your statement date is???~~

edit2: found this ~ http://ficoforums.myfico.com/t5/Credit-Cards/Date-U-S-Bank-Reports-to-CRA/td-p/767782/page/2

"US Bank is one of the very few banks (including HSBC and Orchard bank cards) that reports the balance as of the last business day of each month, rather than the balance on the statement."

well i guess i wasn't that confused. US bank is just, that, confusing! lolz

Re: Need opinions on maxing CLI for US Bank

noobody — Tue, 16 Feb 2016 13:24:14 GMT

@Anonymous wrote:
@noobody wrote:
Ghoshida got it right,

I'd go one step further: Call US bank to move statement date to the 25th day of the month, MAX the card out and pay off several time a month, show high utility when statement cut.

Pay it off right way or leave couple dollar on it, so it will report zero or very small usage to CB,

This way, you will not hurt your credit score by high usage.

But like other said, you may not need to use it heavily to get CLI, but it will not hurt either.

I only charge couple hundred dollar on my 5 digs CL card last year, and they offer me SP CLI up to 4.5K twice a year, even with small incentive to apply.

I passed both time, I do not like unnecessary high CL, and like to leave some room for future application.
~~now im confused (yet again. lolz)!~~

~~how are you able to "report zero or very small usage to CB" when it's "shows high utility when statement cut"???~~

isn't statement cut date the reported balance to the CRA??? damn! i guess im still confused about this aspect.

~~edit: OR maybe im missing something about US bank. do they report to CRA at the 'exact' end of the month only??? no matter what your statement date is???~~

edit2: found this ~ http://ficoforums.myfico.com/t5/Credit-Cards/Date-U-S-Bank-Reports-to-CRA/td-p/767782/page/2
"US Bank is one of the very few banks (including HSBC and Orchard bank cards) that reports the balance as of the last business day of each month, rather than the balance on the statement."

well i guess i wasn't that confused. US bank is just, that, confusing! lolz

Yes, I left that part off, US bank reports on last business day of the month to CB, you can take advantage of it if you play the hands right

Re: Need opinions on maxing CLI for US Bank

Anonymous — Tue, 16 Feb 2016 14:01:27 GMT

i see. gtk!

Re: Need opinions on maxing CLI for US Bank

DeeBee78 — Tue, 16 Feb 2016 19:10:08 GMT

I'm doing the same thing on my Cabelas right now. I'm not concerned about the temporary score drop, because I think it will be worth it in the end.

I'm surprised that everyone who told me it was a bad idea yesterday isn't in here, telling you the same thing.

Re: Need opinions on maxing CLI for US Bank

Anonymous — Tue, 16 Feb 2016 22:42:51 GMT

Thanks all of you guys for the helpful comments! I just changed my statement cut day on the 24th

Re: Need opinions on maxing CLI for US Bank

FinStar — Tue, 16 Feb 2016 22:55:33 GMT

@DeeBee78 wrote:
I'm doing the same thing on my Cabelas right now. I'm not concerned about the temporary score drop, because I think it will be worth it in the end.

I'm surprised that everyone who told me it was a bad idea yesterday isn't in here, telling you the same thing.

That is because Ghoshida has already provided some guidance on the OP's question - point (3) outlines a "possible" outcome, but only time will tell if it will even work (every profile is different - YEMV). With US Bank, growth is not always guaranteed by the method the OP wants to pursue (see other member threads who have pursued this scenario including those who have a banking relationship). It's all profile driven and US Bank is fairly conservative (hence the $300 approval vs $5K+ comparing other CCs in the OPs profile). Granted anyone can try maxing their small CL cards but that's not always a "fast track" guarantee with the expected results for every lender.

Re: Need opinions on maxing CLI for US Bank

kdm31091 — Wed, 17 Feb 2016 01:06:19 GMT

Personally I think maxing out a card just makes you look irresponsible which is the last thing you want when going for a CLI.

I know there tiny limit sucks but you can show usage and pay it off without resorting to maxing it out. Yes the utilization will correct itself but the bigger issue, IMO, is how it will appear to US Bank. To me, someone maxing out their card isn't going to appear to be a good thing that warrants a CLI. But you have to do what you think is best. I just think you need patience instead of looking for a quick fix here. US Bank is conservative. No way around it.

Re: Need opinions on maxing CLI for US Bank

Scupra — Wed, 17 Feb 2016 01:39:09 GMT

I was in a similar situation with Chase. I started with a $500 limit and wanted much more. I used that card daily and paid it off multiple times a week lol. When I finally requested a CLI I told them the truth, making multiple payments a month was irritating! I said I wanted to use it much more often and couldn't. Later I got a CLI to $5k

Re: Need opinions on maxing CLI for US Bank

noobody — Wed, 17 Feb 2016 01:50:52 GMT

@kdm31091 wrote:
Personally I think maxing out a card just makes you look irresponsible which is the last thing you want when going for a CLI.

I know there tiny limit sucks but you can show usage and pay it off without resorting to maxing it out. Yes the utilization will correct itself but the bigger issue, IMO, is how it will appear to US Bank. To me, someone maxing out their card isn't going to appear to be a good thing that warrants a CLI. But you have to do what you think is best. I just think you need patience instead of looking for a quick fix here. US Bank is conservative. No way around it.

There is difference between MAX the card and pay minimum and MAX the card and pay off (several time a month).

The 1st shows irresponsible and financial trouble, the second show the bank you need CLI.

Re: Need opinions on maxing CLI for US Bank

Ghoshida — Wed, 17 Feb 2016 05:18:06 GMT

@noobody wrote:
@kdm31091 wrote:
Personally I think maxing out a card just makes you look irresponsible which is the last thing you want when going for a CLI.

I know there tiny limit sucks but you can show usage and pay it off without resorting to maxing it out. Yes the utilization will correct itself but the bigger issue, IMO, is how it will appear to US Bank. To me, someone maxing out their card isn't going to appear to be a good thing that warrants a CLI. But you have to do what you think is best. I just think you need patience instead of looking for a quick fix here. US Bank is conservative. No way around it.

There is difference between MAX the card and pay minimum and MAX the card and pay off (several time a month).

The 1st shows irresponsible and financial trouble, the second show the bank you need CLI.

Agreed. This is the main reason I suggested the OP to ensure his statement date is not at the end of the month. Whether he pays multiple times or not, leaving a positive balance on the statement and then immediately paying it off will signal strong usage and enough financial backing to justify bigger limits. Making sure that the balance is paid to zero before month-end will report zero balance on credit reports, thus not adversely impacting credit profile.

As Finstar said, it's not guaranteed to get a CLI, but it's at least a step towards it. I was stuck with a $1k limit Club Carlson, when I had 2 Cash+ from them, one with $10k and the other with $5k, the second one was approved the same day as the Club Carlson. I had many other high limit cards; the Club was the lowest.

I used to charge close to $1k a month, but pay it down to zero before end of month. At the 6-month mark, I tried the $1.5k SP CLI (on all 4 of my US Bank Cards, including Club Carlson), and got it. It may not see another increase because (a) it's current SD-ed and (b) it'll be cancelled before the next AF hits.

I also suggested freezing reports because of late, there have been posts about US Bank HPing for $1.5k CLI requests. I don't want that to happen to OP. My reports are always frozen. It's either SP CLI or none, and so far, I've not faced an issue with US Bank (unless I get greedy and ask for more, then they send me letters saying report not available!).