topic Steps to a CLI in Credit Cards

Steps to a CLI

shalane85 — Thu, 19 Feb 2009 19:15:38 GMT

Does anyone know what you should do before requesting a credit limit increase. How long should you wait before you ask? If my balance on my card is 400 and my cl is 600 should I even bother asking? O r what if I had one late payment 3 months ago should I wait even longer?

Re: Steps to a CLI

oracles — Thu, 19 Feb 2009 19:23:15 GMT

I definitely would pay down the balance before requesting a cli.

also the 3 month late is hurting you as well. I would wait another 6 months before asking.

Use it a lot and PIF every month. Let them see you have the money to pay it off and the mindframe of being very responsible with the card.

Hope this helps and keep us updated

Re: Steps to a CLI

shalane85 — Thu, 19 Feb 2009 19:26:17 GMT

Oracles,

I'm going to take your advice and wait another 6 months. I got the CC to remove that 30 day late b/c they didnt send a bill that month, but it still shows on my online statement that payment recieved after due date. Should I still wait 6 months even though they gave me the credit for the late payment charge?

Re: Steps to a CLI

oracles — Thu, 19 Feb 2009 20:04:52 GMT

Even though they gave you a credit adjustment, it does nothing for the reporting to the cra.

I think you should definitely either go on the website and email them or send them a goodwill letter and beg them to remove the 30 day late and explain the situation. Hopefully they will remove the 30 day late.

Who is the credit card company?

Re: Steps to a CLI

shalane85 — Thu, 19 Feb 2009 20:24:08 GMT

The company is Cap 1. They never put the 30 day late on my report. its just on my statement. on my report it looks like I've never been late.

Re: Steps to a CLI

oracles — Thu, 19 Feb 2009 21:42:27 GMT

Oh i thought it was reporting 30 day late on your credit report. That makes a big difference.

Definitely pay down your balance and wait until the 6 month mark of having ownership of this card and ask for a cli.

Re: Steps to a CLI

MidnightVoice — Thu, 19 Feb 2009 21:56:39 GMT

@shalane85 wrote:
Does anyone know what you should do before requesting a credit limit increase. How long should you wait before you ask?

I suggest waiting until early 2010 and seeing how the economy looks