topic Re: Credit Line Increase denied due to unaccurate reporting, please help in Credit Cards

Credit Line Increase denied due to unaccurate reporting, please help

Anonymous — Tue, 25 Sep 2012 01:25:52 GMT

Hello,

I am new to the forums so please bear with me if I am not up to speed about this process. I have had some negative tradlines associated with my credit from about 2006 until about 2010. Over the years I have been able to pay of all my debt and my score was about 638 when I checked two months ago. I have been working with Sky Blue Credit to help me and so far have gotten 2 negative items deleted in 2 months along with paying off in full all previous balances and I recently checked my score and it is about a 718 which is great (I am assuming this happened because of the deletions and balance pay offs from these past two months).

I have a few issues: A few months ago I asked Citi for two credit line increases within 1 month of each other (back when it was 638 and I know this was stupid of me) and they have denied this twice due to derogatory items on my credit report. My limit with them is only $500. These hard pulls did show up on my credit. But two months later (presently), my credit improved to 718 as mentioned above and some derogatory.negative items have been deleted. I was wondering is there a way I can ask for another CLI and somehow have the two old hard pulls taken off? Since Sky Blue will continue to help take off megative items on my credit, what is a good way to maximize my chances of getting a CLI? since the credit agencies have deleted some items and plus I asked for the CLI when I had low credit with negative items. What is a good way to approach this situation?

Another issue, about a month and a half ago (when my credit was 638) I applied for a Capital One Secured CC because Sky Blue recommended I have at least two credit cards currently open (Citi and Capital One). I have been approved for a $200 limit with the minimal $49 deposit. I added another $100 to the deposit to make my card limit to $300. Presently since my score went up, I am now wondering if I waited to apply for the Capital One, then maybe I could've have gotten a better card with a higher limit and probably no deposit. Thing is my score went up since I applied and is there anyway I can have them (capital one) look into changing the status of the card to a unsecured regular card with a higher limit since my score went up? What is a good way to go about doing this.

Is there a way the credit reporting agencies can send updated credit reports to both Citi and Capital One since my score went up significantly and have both citi and capital one re-evaluate my application and score? Also is there a way I can have the credit reporting agencies just show two hard recent pulls, one for the citi credit line increase and one for the new secured Capital One card? The Citi Card and Capital One Card are the only two credit cards I have currently (Capital One limit is $300 and Citi Limit is $500). I want more credit and I need more of a credit limit for both of these cards because I am in a financial position now to purchase bigger items.

I want to continously improve my credit as next Spring I am looking to purchasing a car under my name. Also within the next 6 months I would like to open up another credit card, maybe an Amex blue or something.

Any help to the above situations and overal credit tips/maintenance would be helpful. I apologize if the summaries above are incoherent, I am very confused with this situation and don't know how to approach it.

Thanks for all your help in advance. Charlie

Re: Credit Line Increase denied due to unaccurate reporting, please help

LS2982 — Mon, 24 Sep 2012 22:48:01 GMT

@Anonymous wrote:
Hello, I am new to the forums so please bear with me if I am not up to speed about this process. I have had some negative tradlines associated with my credit from about 2006 until about 2010. Over the years I have been able to pay of all my debt and my score was about 638 when I checked two months ago. I have been working with Sky Blue Credit to help me and so far have gotten 2 negative items deleted in 2 months along with paying off in full all previous balances and I recently checked my score and it is about a 718 which is great (I am assuming this happened because of the deletions and balance pay offs from these past two months). I have a few issues: A few months ago I asked Citi for two credit line increases within 1 month of each other (back when it was 638 and I know this was stupid of me) and they have denied this twice due to derogatory items on my credit report. My limit with them is only $500. These hard pulls did show up on my credit. But two months later (presently), my credit improved to 718 as mentioned above and some derogatory.negative items have been deleted. I was wondering is there a way I can ask for another CLI and somehow have the two old hard pulls taken off? Since Sky Blue will continue to help take off megative items on my credit, what is a good way to maximize my chances of getting a CLI? since the credit agencies have deleted some items and plus I asked for the CLI when I had low credit with negative items. What is a good way to approach this situation? Another issue, about a month and a half ago (when my credit was 638) I applied for a Capital One Secured CC because Sky Blue recommended I have at least two credit cards currently open (Citi and Capital One). I have been approved for a $200 limit with the minimal $49 deposit. I added another $100 to the deposit to make my card limit to $300. Presently since my score went up, I am now wondering if I waited to apply for the Capital One, then maybe I could've have gotten a better card with a higher limit and probably no deposit. Thing is my score went up since I applied and is there anyway I can have them (capital one) look into changing the status of the card to a unsecured regular card with a higher limit since my score went up? What is a good way to go about doing this. Is there a way the credit reporting agencies can send updated credit reports to both Citi and Capital One since my score went up significantly and have both citi and capital one re-evaluate my application and score? Also is there a way I can have the credit reporting agencies just show two hard recent pulls, one for the citi credit line increase and one for the new secured Capital One card? The Citi Card and Capital One Card are the only two credit cards I have currently (Capital One limit is $300 and Citi Limit is $500). I want more credit and I need more of a credit limit for both of these cards because I am in a financial position now to purchase bigger items. I want to continously improve my credit as next Spring I am looking to purchasing a car under my name. Also within the next 6 months I would like to open up another credit card, maybe an Amex blue or something. Any help to the above situations and overal credit tips/maintenance would be helpful. I apologize if the summaries above are incoherent, I am very confused with this situation and don't know how to approach it. Thanks for all your help in advance. Charlie

Welcome to the forums!!!

Unfortunately there is no way to retract the HP's you received from Citi.
How long have you had the 2 current CC's you have??

Re: Credit Line Increase denied due to unaccurate reporting, please help

Anonymous — Mon, 24 Sep 2012 22:53:36 GMT

The Citi Card I opened as a secured card back in 2010 and as of May 2012 (after 18 months), it transitioned into an unsecured status. So I have had this card for about 20-21 months total now. The Capital One secured credit card was opened up last month.

Re: Credit Line Increase denied due to unaccurate reporting, please help

LS2982 — Mon, 24 Sep 2012 22:55:04 GMT

@Anonymous wrote:
The Citi Card I opened as a secured card back in 2010 and as of May 2012 (after 18 months), it transitioned into an unsecured status. So I have had this card for about 20-21 months total now. The Capital One secured credit card was opened up last month.

I would wait 6 months to ask for a Citi CLI.

It gets your Citi card over 2 years old and makes the Cap1 account look less new.

Re: Credit Line Increase denied due to unaccurate reporting, please help

Anonymous — Mon, 24 Sep 2012 23:12:20 GMT

Thanks for your help.

So there is no way to have my applications re-evaluated with my new score? If so, that sucks big time. I wish I asked for the Citi CLI now with the new score and wish I applied for the Capital One Secured card with this new score and maybe I could have gotten a much better rate?

Should I use both cards to near their credit limits for the next 5 mmonths to show the CC companies that I need more credit to make bigger purchases and then a month before I request a CLI from both, bring my utlization back to under 30%?

Should I apply for an Amex in 6 months as well?

Will this be too many hard inquiries around the same time?

Re: Credit Line Increase denied due to unaccurate reporting, please help

Anonymous — Mon, 24 Sep 2012 23:20:18 GMT

If you have some extra savings, I suggest you add to your Capital One secured card. Put in enough to have the CL you would like to have. This way you can use your card and it can help you get bigger CL in the future. Then use both cards for your normal expenses and PIF every month.

I would wait until you have over 6 months of good history before you apply for your next card. Try the Capital One prequalifier, and when they offer what you want, apply. In my case, Captial One gave me a bigger CL than the unsecured I had.

I would wait a year before applying for anything else.

Re: Credit Line Increase denied due to unaccurate reporting, please help

Anonymous — Mon, 24 Sep 2012 23:33:49 GMT

Thanks for your response.

I don't think I want to add to the secured card at the moment, I rather them give me a CLI.

Do you recommend I use both cards near their credit limits every month or keep the utilization less than 30%?

The reason I ask is maybe if the CC companies see that I use the cards sparingly, they might give a CLI on their own or if not maybe 5-6 months down the line, if I ask for the CLI, they will see that I have been using the cards greatly and have been PIF every month with no problems.

How long do hard pulls take to go away? What is the capital one prequalifier?

What if I want to apply for a 3rd card and also finance a car in the next 6-8 months? Won't all these hard inquiries for CLI, new card and financing a car lower my score significantly if done within a month or so of each other?

Again, thanks!

Re: Credit Line Increase denied due to unaccurate reporting, please help

Jlu — Mon, 24 Sep 2012 23:35:38 GMT

Holy wall of text.

Paragraphs are your friend.

Re: Credit Line Increase denied due to unaccurate reporting, please help

Anonymous — Tue, 25 Sep 2012 01:26:36 GMT

sorry about that, I edited the original post

Re: Credit Line Increase denied due to unaccurate reporting, please help

mmmagique — Tue, 25 Sep 2012 01:59:33 GMT

First, what was the inaccurate reporting?

Second, you should take the advice that has been given to you. Add to your secured line, and possibly, in the future, some unsecured lenders may offer you the same. You say you are making more money now, so had a few thousand to your card.

Re: Credit Line Increase denied due to unaccurate reporting, please help

Anonymous — Tue, 25 Sep 2012 02:09:47 GMT

Yes I will take the advice given and add to the secured CC I guess.

Negative items such as late payments, 1-2 collections accounts and 1 charge off.

Again, should I use 30% and below utilization or go near credit limits?

Thanks for the help everyone, appreciate it.

Re: Credit Line Increase denied due to unaccurate reporting, please help

mmmagique — Tue, 25 Sep 2012 02:28:18 GMT

The negative items were not yours?

I'd use however much I want, but pay in full before the statement cuts every month, personally. Or possibly let one of them report a utilization below 10%.

Re: Credit Line Increase denied due to unaccurate reporting, please help

Anonymous — Wed, 26 Sep 2012 16:20:16 GMT

Thanks for your help everyone, will keep in mind going forward.

Quick question, is there a way the credit agencies can send letters to CC companies who made recent hard inquiries(the CC companies used my old credit report) and to make the CC companies aware of an improved score/less negative items? If there a process to do this or timefame?

Re: Credit Line Increase denied due to unaccurate reporting, please help

codimom — Wed, 26 Sep 2012 19:31:04 GMT

As far as I know... Credit Reporting agencies don't send letters on the behalf of credit card applications.

You sound very anxious to make things happen quickly... from my experience, NOTHING about credit repair/rebuilding is fast.
Let your cap1 age a little bit. Add more to the deposit if you want an increase.

Don't apply for any new credit, or ask for CLI for 6 months to a year. Why? Those HPs that are on your report stay on your report for 2 years, but they don't mean much after 1 year. They aren't gonna take those off.

Maxing out cards, (in my opinion so take it as that) in an effort to show the card issuer that you need more credit is a sure fire way to not get any more credit. Seems they want to give it to you if you act like you don't need it. Use your cards, Pay in full ( or let a balance of less than 10% utilization report). Take care of the 2 you have, and in a few short (although it seems neverending) months you will be looking better for better cards and limits.

Your mileage may vary .... good luck

Re: Credit Line Increase denied due to unaccurate reporting, please help

Anonymous — Thu, 27 Sep 2012 01:33:45 GMT

Very well said and you answered all my questions. Thanks for your response. I am a bit anxious but just gotta play the waiting game now. Thanks everyone

Re: Credit Line Increase denied due to unaccurate reporting, please help

LS2982 — Thu, 27 Sep 2012 02:05:01 GMT

@codimom wrote:
As far as I know... Credit Reporting agencies don't send letters on the behalf of credit card applications.

You sound very anxious to make things happen quickly... from my experience, NOTHING about credit repair/rebuilding is fast.
Let your cap1 age a little bit. Add more to the deposit if you want an increase.
Don't apply for any new credit, or ask for CLI for 6 months to a year. Why? Those HPs that are on your report stay on your report for 2 years, but they don't mean much after 1 year. They aren't gonna take those off.
Maxing out cards, (in my opinion so take it as that) in an effort to show the card issuer that you need more credit is a sure fire way to not get any more credit. Seems they want to give it to you if you act like you don't need it. Use your cards, Pay in full ( or let a balance of less than 10% utilization report). Take care of the 2 you have, and in a few short (although it seems neverending) months you will be looking better for better cards and limits.

Your mileage may vary .... good luck

Very good advice for the OP!

(I had to learn the hard way )