topic Re: Seeking Credit/CLI During COVID-19 in Credit Cards

Seeking Credit/CLI During COVID-19

Anonymous — Tue, 12 May 2020 00:25:39 GMT

Hello All,

I've been rebuilding my credit since July 2018, I have a 2019 new car loan, that I've been doubling up payments or paying huge lump sums on and plan to have it paid off this year. I have paid off two credit union loans and a Self Lender loan.

I have several secured credit cards, unsecured credit cards and store cards that I have been gardening for a while and all but one has aged for more than a year.

If the pandemic hadn't come, chances are high that I would have been requesting that my secured cards become unsecured, requesting CLI on my other cards and seeking new "unsecured" credit cards.

This pandemic threw a wrench in my financial/crdit building game plan and I haven't applied for anything in a while and I'm afraid that if I start applying for credit during the pandemic, it might worsen my chances of approval.

Now, should I wait, and continue to garden until December 1, 2020 or should I try my luck and move forward?

Re: Seeking Credit/CLI During COVID-19

Jnbmom — Tue, 12 May 2020 00:27:42 GMT

Without knowing your profile it's hard to say. You can list your cards, how long you have had them, limits balances and what your FICO scores are.

Re: Seeking Credit/CLI During COVID-19

CYBERSAM — Tue, 12 May 2020 01:19:51 GMT

@Anonymous wrote:
Hello All,

I've been rebuilding my credit since July 2018, I have a 2019 new car loan, that I've been doubling up payments or paying huge lump sums on and plan to have it paid off this year. I have paid off two credit union loans and a Self Lender loan.

I have several secured credit cards, unsecured credit cards and store cards that I have been gardening for a while and all but one has aged for more than a year.

If the pandemic hadn't come, chances are high that I would have been requesting that my secured cards become unsecured, requesting CLI on my other cards and seeking new "unsecured" credit cards.

This pandemic threw a wrench in my financial/crdit building game plan and I haven't applied for anything in a while and I'm afraid that if I start applying for credit during the pandemic, it might worsen my chances of approval.

Now, should I wait, and continue to garden until December 1, 2020 or should I try my luck and move forward?

Depending on what your Fico Score is, you probably want to garden for awhile. You already have revolving accounts that are reporting just let everything age for now! Most banks are very conservative these days and very sensitive to new accounts etc...

Re: Seeking Credit/CLI During COVID-19

M_Smart007 — Tue, 12 May 2020 01:26:07 GMT

Withour really knowing your profile, a general suggestion would be "Slow & Steady" ..