topic Re: 2 YR PLAN in Credit Cards

2 YR PLAN

Flooded_Genesis — Sun, 19 Sep 2021 19:29:24 GMT

I currently have a my top five cards (AmEx HH Surpass, NFCU AmEx More Rewards and Discover it Miles, Apple Card and Capital One Platinum) on my road to rebuilding my credit after a hard 2020 and a deluge of late payments. However, I have been able to satisfy those debts and in the process remove several of the derogs.

My plan moving forward is to obtain CLI's every 3 to 6 months to grow credit limits for the next 24 months. I am also working on keeping my utilization below 20% and eventually 10% as I progress towards year two.

Just wanted to get some feedback on if anyone has dp's on how this works out in the long run CS wise and success rate of CLI's at each of those quarterly milestones?

Re: 2 YR PLAN

SUPERSQUID — Sun, 19 Sep 2021 20:05:27 GMT

@Flooded_Genesis wrote:
I currently have a my top five cards (AmEx HH Surpass, NFCU AmEx More Rewards and Discover it Miles, Apple Card and Capital One Platinum) on my road to rebuilding my credit after a hard 2020 and a deluge of late payments. However, I have been able to satisfy those debts and in the process remove several of the derogs.

My plan moving forward is to obtain CLI's every 3 to 6 months to grow credit limits for the next 24 months. I am also working on keeping my utilization below 20% and eventually 10% as I progress towards year two.

Just wanted to get some feedback on if anyone has dp's on how this works out in the long run CS wise and success rate of CLI's at each of those quarterly milestones?

Of the cards you are not au on i have opnion on 2

Indigo you have zero chance at a cli

cap 1 might be bucketed

Re: 2 YR PLAN

Taurus22 — Sun, 19 Sep 2021 20:13:02 GMT

@SUPERSQUID I think you may have commented on the wrong post here.....that even confused me for a second...lol

Re: 2 YR PLAN

Flooded_Genesis — Sun, 19 Sep 2021 20:16:55 GMT

@SUPERSQUID CapOne just gave me a 3X and Indigo, Total and Destiny cards have all been closed. I will also be closing Credit One and First Premier in the near future as well. This will leave me with newer establised cards with significantly higher CL's.

Re: 2 YR PLAN

CreditInspired — Sun, 19 Sep 2021 20:19:19 GMT

Hi Op, we need a tad bit more info.

*What is the UT on each card?

*What are your FICO scores for TU, EQ & EX?
*Any outstanding baddies?

Re: 2 YR PLAN

SUPERSQUID — Mon, 20 Sep 2021 03:58:44 GMT

@Taurus22 wrote:
@SUPERSQUID I think you may have commented on the wrong post here.....that even confused me for a second...lol

I replied to the correct post. the op had all his cards listed in his siggy when i posted, now they arent there

Re: 2 YR PLAN

Taurus22 — Mon, 20 Sep 2021 04:06:07 GMT

Oh ok, lol. I'm totally confused.

Re: 2 YR PLAN

AlanGJP — Mon, 20 Sep 2021 04:33:09 GMT

@Taurus22 wrote:
Oh ok, lol. I'm totally confused.

Seems to me OP is an AU on many of the cards listed in the first post. @SUPERSQUID commented based on the cards in his sig before he edited them out. Guessing OP wants a "feel good" thread rather than actual help, or it was a mistake. Either way, confusing indeed.

Re: 2 YR PLAN

JNA1 — Mon, 20 Sep 2021 05:06:56 GMT

Not knowing when your cards were opened makes it harder to answer, but in general:

AMEX - You can ask at 61 days from opening. If you are declined, you can ask again as 152 days. When (or if) you do get a CLI, you have to wait 181 days in between approved CLIs.

NFCU - You can ask for your first CLI at 91 days and 3 full statements. If you haven't had 3 full statements, wait. 3 statements is more important. If you are approved, you have to 181 days and 6 full statements. Again, make sure you wait 6 full statements in between.

Disco - You can ask every month or every day. I typically ask monthly. Lately, you usually have to wait 1 year from opening a new account, but DW got one after 8 months. There's really no rhyme or reason with them.

Cap 1 - You can ask for CLIs every 90 days. If you're like us, expect a bunch of whopping $100 CLIs every 3 to 6 months, if you're lucky! 😂

Apple - No clue. I have no experience with this card.

Re: 2 YR PLAN

Gollum — Mon, 20 Sep 2021 06:50:42 GMT

@Flooded_Genesis wrote:
I currently have a my top five cards (AmEx HH Surpass, NFCU AmEx More Rewards and Discover it Miles, Apple Card and Capital One Platinum) on my road to rebuilding my credit after a hard 2020 and a deluge of late payments. However, I have been able to satisfy those debts and in the process remove several of the derogs.

My plan moving forward is to obtain CLI's every 3 to 6 months to grow credit limits for the next 24 months. I am also working on keeping my utilization below 20% and eventually 10% as I progress towards year two.

Just wanted to get some feedback on if anyone has dp's on how this works out in the long run CS wise and success rate of CLI's at each of those quarterly milestones?

Credit limit increases that you request result in an inquiry, AKA a "hard pull," and inquiries ding your FICO score.

I'm probably more conservative with credit than many/most posters on this "forum." I have excellent FICO scores, though, so I must be doing something right.

Here's what I suggest:

1.) Your highest priority should be paying off any debt.

2.) If you own a car free and clear, consider asking NFCU for a loan against that car. You need to have equity in the car, but used car values are currently high (check your car's value at kbb.com). A loan against that car would be a revolving credit line that would help your FICO scores every month as you make the monthly payments. You could even put the amount you receive (when you take out the loan) in a savings account, then only use that savings account for payments on the loan.

2.) Regarding your credit cards, be patient for a couple years so your inquiries fall off your credit reports. Make all your payments on time, and don't apply for new credit (including credit limit increases).

Re: 2 YR PLAN

FinStar — Mon, 20 Sep 2021 07:30:55 GMT

@Gollum wrote:
@Flooded_Genesis wrote:
I currently have a my top five cards (AmEx HH Surpass, NFCU AmEx More Rewards and Discover it Miles, Apple Card and Capital One Platinum) on my road to rebuilding my credit after a hard 2020 and a deluge of late payments. However, I have been able to satisfy those debts and in the process remove several of the derogs.

My plan moving forward is to obtain CLI's every 3 to 6 months to grow credit limits for the next 24 months. I am also working on keeping my utilization below 20% and eventually 10% as I progress towards year two.

Just wanted to get some feedback on if anyone has dp's on how this works out in the long run CS wise and success rate of CLI's at each of those quarterly milestones?
Credit limit increases that you request result in an inquiry, AKA a "hard pull," and inquiries ding your FICO score.

I'm probably more conservative with credit than many/most posters on this "forum." I have excellent FICO scores, though, so I must be doing something right.
Here's what I suggest:
1.) Your highest priority should be paying off any debt.
2.) If you own a car free and clear, consider asking NFCU for a loan against that car. You need to have equity in the car, but used car values are currently high (check your car's value at kbb.com). A loan against that car would be a revolving credit line that would help your FICO scores every month as you make the monthly payments. You could even put the amount you receive (when you take out the loan) in a savings account, then only use that savings account for payments on the loan.
2.) Regarding your credit cards, be patient for a couple years so your inquiries fall off your credit reports. Make all your payments on time, and don't apply for new credit (including credit limit increases).

@Gollum

Except that the OPs strategy is to increase their CLs while working on paying off current debts. All of the 5 cards mentioned by the OP are eligible for SP CLIs, so there is no HP involved that will "ding" their scores.

As @JNA1 pointed out upthread, the CLI timelines seem to be feasible so not sure on the OP taking out a loan against their vehicle as a prudent choice. If anything, if there is a credit mix 'gap' (i.e. for scoring optimization), I would think a SSL would be a better alternative.

Re: 2 YR PLAN

Flooded_Genesis — Mon, 20 Sep 2021 13:07:04 GMT

Thank you all for the insight! I definitely appreciate the different perspectives you all provided regarding the methods each of you would use.

However, I don't think I'll be taking out a loan as I already have a good credit mix between loans and credit cards and will soon have a mortgage.

So, for now my focus will remain on getting rid of my CC debt ($6,500) and working towards my CLI as I reach those milestone markers for each issuer respectively!

Re: 2 YR PLAN

Gollum — Tue, 21 Sep 2021 08:04:36 GMT

@Flooded_Genesis wrote:
Thank you all for the insight! I definitely appreciate the different perspectives you all provided regarding the methods each of you would use.

However, I don't think I'll be taking out a loan as I already have a good credit mix between loans and credit cards and will soon have a mortgage.

So, for now my focus will remain on getting rid of my CC debt ($6,500) and working towards my CLI as I reach those milestone markers for each issuer respectively!

Good for you. Qualifying for a mortgage is a good thing. I think credit card issuers will flock to you after your mortgage is finalized.