topic Re: tips to credit line increases in Credit Cards

tips to credit line increases

Anonymous — Sun, 29 Jan 2017 20:54:33 GMT

I'm trying to get a higher credit lines and I'm wondering whats the best strategy for obtaining that. Do I...

make small purchases under 30% of Uti and pay it off over time and repeat
make small purchases under 30% of Uti and PIF
make close to limit purchases and PIF every month? (will this report a high limit?)

Re: tips to credit line increases

AverageJoesCredit — Sun, 29 Jan 2017 21:02:30 GMT

Call Credit Solutions

Re: tips to credit line increases

Anonymous — Sun, 29 Jan 2017 21:04:48 GMT

@AverageJoesCredit wrote:
Call Credit Solutions

what do u mean?

Re: tips to credit line increases

csryang — Sun, 29 Jan 2017 21:30:42 GMT

@Anonymous wrote:
I'm trying to get a higher credit lines and I'm wondering whats the best strategy for obtaining that. Do I...

make small purchases under 30% of Uti and pay it off over time and repeat
make small purchases under 30% of Uti and PIF
make close to limit purchases and PIF every month? (will this report a high limit?)

I do not think each credit card company is the same on CLI policy.... Same will never give you one unless you allow them to pull your credit report. Some give you soft pull option to check very often ... etc. In general, if you use the card more often and/or large amount which later PIF every month, you will get CLI but it's never guaranteed.

You might need to clarify what credit card are you thinking to have CLI?

Re: tips to credit line increases

Anonymous — Sun, 29 Jan 2017 21:39:48 GMT

You might need to clarify what credit card are you thinking to have CLI?

Capital One Quicksilver One and Fingerhut

Re: tips to credit line increases

Anonymous — Sun, 29 Jan 2017 21:46:50 GMT

@Anonymous wrote:
I'm trying to get a higher credit lines and I'm wondering whats the best strategy for obtaining that. Do I...

make small purchases under 30% of Uti and pay it off over time and repeat
make small purchases under 30% of Uti and PIF
make close to limit purchases and PIF every month? (will this report a high limit?)

Can't get higher credit lines quickly. Unfortunately, time and patience will be your best bet.

1. Keep UTI <30%. Ideally, make it under <10% if your finances will allow. How many credit cards do you have? Let 1 or 2 report with <10% UTI. This will show prospective lenders you app for credit lines. Payment history accounts for 35% of your report.

2&3. PIF - I assume you meant to PIF BEFORE statement closes, right?

a) if you PIF before statement closes, this will show your current lender you probably need a higher credit line. They can respond by either, a) do an AUTO CLI depending on your credit report, income source, other credit obligations, etc, b) FREEZE your account for high risk to overextend and default. AMEX will do a FINANCIAL REVIEW, Barclay (from what I read on here. I don't have any Barclay card) will CLD you, other lenders will balance chase your account.

b) if you PIF before statement closes, and report 0% UTI on your account, potential lenders WILL NOT extend you any credit, deny your app, and this will not raise your credit score. Why? Others lenders will say, "You don't need any more credit lines since you're not using any of it anyway." YOUR current lender knows you do and will do as either ABOVE, but not potential ones if you are looking to get credit from lenders than your current ones.

* Different lenders will pull different report and even use different credit score models, internal risk lending scoring guidelines, etc.

** AMEX will pull EX. I got my AMEX Delta Platinum and Delta Reserve with score of EX 620, collections, and state tax lien.

*** CHASE will pull EX and TU. I think they've also pulled EQ on me. I can't keep up anymore. Inquiries accounts for 10% of your report. I have all the credit lines I need now. Just letting them grow in time.

GOOD LUCK !!!

Re: tips to credit line increases

AverageJoesCredit — Sun, 29 Jan 2017 23:49:15 GMT

Hi chuck 700!, forgive me, sometimes my humor gets the best of me. If you had Synchrony Bank accounts, this is one way to get get high cli with one phone call, lol.

But alas en all seriousness, most times its just time and making sure to pay your ccs on time. I see you mentioned Fingerhut, best way to get cli with them is just to use your account and make timely payments, they usually auto increase every couple of months. From what i understand of Cap One, they like heavy usage so that may help but i am in no ways anything close to expert with them, or anyone haha . Just keep paying your bills on time and good things will happen

Re: tips to credit line increases

MrsCHX — Mon, 30 Jan 2017 00:22:21 GMT

@Anonymous wrote:
I'm trying to get a higher credit lines and I'm wondering whats the best strategy for obtaining that. Do I...

make small purchases under 30% of Uti and pay it off over time and repeat
make small purchases under 30% of Uti and PIF
make close to limit purchases and PIF every month? (will this report a high limit?)

Capital One does like usage. But don't pay over time - there's no need to pay interest. IDK about Fingerhut.

Right now just use the card like you would cash and be prepared to PIF. One suggested way is to charge what you need, Pay most of it BEFORE your statement cuts. E.g. let about 8% report. And then PIF before the due date.

You get usage, you're reporting less than 10% utilization and you're PIF and not paying interest.

Cap One you can request a CLI after your 3rd or 4th statement (it's a soft pull so if you're denied after month 3, try again after your statement cuts). And then you are probably in credit steps and will get an increase at 6 months. And then you can get CLIs every 6 months after that.

VS didn't budge for me for 9 months.

I've always heard care credit is a HP for CLI so I never requested it until my profile was seriously better. I went from $500 to $7000 after 9 months.

Re: tips to credit line increases

Anonymous — Mon, 30 Jan 2017 02:31:51 GMT

Ok sounds like a plan. Question...please forgive my ignorance. If my bill cycle ends on the 14th...I should pay down to 8% by the 13th?

Also, I've already received all my automatic cli's. I started at 300 cl.

I understand it will take time and paying on time is key. But just wondered how the system works that's all. my goal is to increase the credit lines I currently have not obtain new credit so that why I'm trying to use the credit the best way I can to increase the limits.

For the cap 1...I plan to put bills on it everyone month, which are close to the limits and was going to PIF BUT WILL OT PAY DOWN TO 8% instead. My goal is not to create an extra expense

Re: tips to credit line increases

Anonymous — Mon, 30 Jan 2017 03:39:30 GMT

All other things being equal, Number 3 on the list that the OP gave would likely yield someone the most favorable position for CLIs.

Of course, once you're talking a card with a CL in excess of a few thousand dollars, this technique becomes more and more difficult depending on your spend which also relates to income.

When you spend close to your limit (or a significant portion) it gives the creditor a reason to give you a CLI as the current CL may be the constraint in you using their card more, which directly impacts how much money they make off of you.

Re: tips to credit line increases

MrsCHX — Mon, 30 Jan 2017 15:34:20 GMT

I would pay it 3 ish days before statement cut. So for a 14th statement date, pay by the 11th.

Re: tips to credit line increases

EAJuggalo — Mon, 30 Jan 2017 17:15:46 GMT

When was your last CLI on the Quicksilver? CapOne will not give another CLI within 6 months.

Re: tips to credit line increases

happypill — Mon, 30 Jan 2017 20:57:44 GMT

Every card issuer is different.

Capital One loves to see usage. Best strategy is to use it up to the limit multiple times & PIF multiple times each statement period. Don't need to let the statement cut with any balance, and certainly do not need to carry a balance. This strategy actually make sense, as it is a clear indicator that the current credit limit on the card is not high enough for your spend needs. So, if you have a $1000 limit on the card, spend up close to $1k limit, pay it off, then spend another $1k, then pay it off. Rinse and repeat as many times as you can each month. Note, for best credit limit results with Capital One, it might be more effective to apply for a new card after demonstrating spend rather than seeking CLIs on existing cards (this is actually true of a lot of lenders).

From my own experience, I got a QS1 with a $3k limit, which was my first unsecured card after years of rebuild. I was traveling a lot for work at the time, so I spent up close to the limit several times per month. About 3 months after that I applied and was approved for a Venture at $5k, got a CLI to $7.5K about 3 months later, then app'd for and was approved for another Venture at $30k about 3 months after that.

I don't travel as much for work any more so my spending is quite a bit lower (not to mention I've got 30 other cards I need to spend on now), so when I request CLI currently Cap One says my spending doesn't support a higher CL, which is true.

I'll go ahead and state the obvious, but it's not worth spending money on stuff you don't need just to get a higher limit. That will only get you into trouble. Don't know anything about Finger Hut.

Re: tips to credit line increases

Anonymous — Mon, 30 Jan 2017 23:25:56 GMT

Ok. That's exactly what I've been doing with my business sparks card I just received. I was doing that so I can get the $500 by spending $4500 in 3 months...with a 500 CL. I will do the sam with my QS1...I'm currently gardening until my mortgage is no longer reporting delinquent (just paid last trial payment for loan modification)...and until my scores are 650. So just want to focus on increasing my chances for cli's in the mean time. Thanks for your help.