topic Re: Should I do a CLI? in Credit Cards

Should I do a CLI?

Anonymous — Sun, 27 Nov 2016 18:34:15 GMT

In my wallet currectly I have

Wells Fargo 1500

Wells Fargo 1200

AMEX EDC 1500

Amex Platinum NPSL

I have at the moment only 15% utilization I use my Platinum card for everything then just place small monthy payments on each card to show activity. Yet after reading some of the post on here I'm worried that theses low limits are potentially bad... Should I be asking for CLI? I never asked for an increase before becasue of the Platinum card...

Re: Should I do a CLI?

azguy13 — Sun, 27 Nov 2016 18:38:08 GMT

@Anonymous wrote:
In my wallet currectly I have

Wells Fargo 1500
Wells Fargo 1200
AMEX EDC 1500
Amex Platinum NPSL

I have at the moment only 15% utilization I use my Platinum card for everything then just place small monthy payments on each card to show activity. Yet after reading some of the post on here I'm worried that theses low limits are potentially bad... Should I be asking for CLI? I never asked for an increase before becasue of the Platinum card...

If you can, get that UTL under 10% and I don't see a reaosn not to go for the CLI. What are your scores? Any derogs on the accounts? The biggest issue with lower limits is if you carry a balance and it skyrockets your utilization. Plus, the more you grow current limits the better chance at higher limits with Visa Siggy or comparable cards.

Re: Should I do a CLI?

Anonymous — Sun, 27 Nov 2016 18:39:15 GMT

How long have you had the cards? I don't know about WF, but you are eligible to app for a SP CLI with Amex after 60 days/

Re: Should I do a CLI?

Anonymous — Sun, 27 Nov 2016 18:41:05 GMT

No negatives at all. my fico 8 scores are EQ 738, TU 746, EXP 749. Yet I have a young credit history, oldest account is 3 years.

Re: Should I do a CLI?

joltdude — Sun, 27 Nov 2016 18:43:08 GMT

Id go for the 3x CLI on the EDC.. iv youve had the card long enough, with scores like that you should take the padding... =)

Re: Should I do a CLI?

azguy13 — Sun, 27 Nov 2016 18:46:41 GMT

@joltdude wrote:
Id go for the 3x CLI on the EDC.. iv youve had the card long enough, with scores like that you should take the padding... =)

Definitely go for the Amex CLI. You have the scores and there is a good chance of you getting that 3X

Re: Should I do a CLI?

805orbust — Mon, 28 Nov 2016 03:18:44 GMT

Dude, pull the trigger. Amex ED for sure. I've heard stories that Wells is a bit stingy with CLI, however your scores and AAoA is solid enough to get almost any door opened with a pretty nice red carpet SL.

Re: Should I do a CLI?

Anonymous — Mon, 28 Nov 2016 15:44:08 GMT

Alright! I'm gonna go for it!!

Re: Should I do a CLI?

newhis — Mon, 28 Nov 2016 16:13:11 GMT

Ask Amex $4500, if they approve then in 6 months ask for $13,500 or whatever is 3X at that time (they may auto-CLI)

Re: Should I do a CLI?

Anonymous — Mon, 28 Nov 2016 16:15:22 GMT

Good for you,,,Let us know the results sg15!

All the best!!

Chapter 7: Discharged November 2015
11/15 Fico 8: EQ-585, TU-550, EX- 551
07/16 Fico 8: EQ-703, TU-695, EX- 660
09/16 Post App Spree Fico 8: EQ-675, TU-675, EX-663
Cap One Platinum $2K>$4K, Cap One Quicksilver $3K, Discover $1,600, SPGVisa $4500, Red Roof Inn Siggy Visa $5K, Good Sam/Camping World Visa $1800, Overstock $7K, Lowe's $6K, NFCU Cash Rewards Visa $4600, NFCU CLOC $15K, PenFed Promise Visa $10,500, Evine $1K, CreditOne Visa $600|Total CL: $153K
Garden until September 2018 (I'll be in the pumpkin patch)!

Re: Should I do a CLI?

BirchBarlow — Mon, 28 Nov 2016 23:41:27 GMT

I'm going to be the contrarian here and suggest you use the opportunity to diversify. You have four cards with only two issuers, why not first combine the two WF credit lines? Since you're under 5/24 and you have good scores, you have reasonably good chance of getting in with Chase, and if not then Discover. They're both fairly generous with SL, at least more so than Wells Fargo and AMEX.

Re: Should I do a CLI?

joltdude — Tue, 29 Nov 2016 05:14:58 GMT

How about doing the 3x CLI on the Amex ... letting the new CL report then diversifying.....

Win Win

Re: Should I do a CLI?

Anonymous — Tue, 29 Nov 2016 05:45:07 GMT

Youre the second person thats brought that up. Yet I dont really use my credit cards often. I use my charge card for everything. And I would hate to have another card in my wallet that I wont really use. I've considered a PLOC with either Partners FCU or WF. I find it more convient to have everything in one spot.

Re: Should I do a CLI?

joltdude — Tue, 29 Nov 2016 12:48:33 GMT

But also if WF plays games or has issues you want a backup plan.. You seem to have 3 cards but two are the same bank... You want the ability to walk away

Re: Should I do a CLI?

Anonymous — Tue, 29 Nov 2016 17:43:27 GMT

It looks like OP is a dedicated Mr points earner. I would see if I could get the Wells Fargo accounts combined, go for CLI on ED, and do some light cashback bonus hunting with solid banks us bank chase fbno etc.

Re: Should I do a CLI?

Anonymous — Wed, 30 Nov 2016 01:20:18 GMT

I got the increase guys! Called today and they gave me the good news! 1500 CLI to 4500!!!

Re: Should I do a CLI?

azguy13 — Wed, 30 Nov 2016 01:24:49 GMT

@Anonymous wrote:
I got the increase guys! Called today and they gave me the good news! 1500 CLI to 4500!!!

Congrats!!!