topic Re: 1Re: CLI..... when should I ask ??? in Credit Cards

CLI..... when should I ask ???

youngman1234 — Tue, 28 Feb 2012 04:46:09 GMT

By the way just to let everyone I also posted my recent FR from Amex which i still have yet to hear back from.........

History...

Length of credit history - 1 year 7 months

AAOA: 8 months

I am 22

2010 -

Had a BOA secured card - $10,000 limit ( fell to $3,000 after graduating in 11/2011)

Capital one - $500 ( now $750)

Care Credit - $1000

Lord & Taylor - $1200 ( now $3,000)

Macys & Bloomingdales

2011 - ( In Nov 2011 added 11 new accounts) Now have:

BOA Plantinum Plus - 3000 ( the card that unsecured from a $10,000 limit)

BOA CASH rewards - 2000

BOA Accelerated Amex- 2000

Discover- 1000

Amex SPG

Penfed Promise - 9000

PNC Bank - 1500

Chase Slate - 3000

Wells Fargo Plat - 1500

Affinity CU - 1000

Barclays - 1300

walmart - 700

I have been PIF since NOV 2011, and have used up the entire limit on most cards. In otherwords with my BOA cards in specific I have charged $2990 on the PLat and the the other two $1990 every month so far, but pay off the bill before the statement cuts. I want to hit the lov button so bad but dont think I will get approved.

Current score - 663 ( have about $8,000 in debt reporting Penfed - 5000 & Amex SPG ( 3,000), but will Pay off when the bill will come. I am waiting for the two new BOA cards to hit six months first and then request CLI, but wanted to know do you think it would be wise to request a CLI for the graduated card. I have the longest history with this card and had a $10,000 when it was secured. As of right now all my BOA cards together only have a 7,000 limit which is nothing. My brother and I use the cards for our business and charged almost $75K since NOV 2011 and paid off in full the entire amount..

Any suggestions ??

Re: CLI..... when should I ask ???

jamesdwi — Tue, 28 Feb 2012 04:56:59 GMT

@youngman1234 wrote:
By the way just to let everyone I also posted my recent FR from Amex which i still have yet to hear back from.........

History...

Length of credit history - 1 year 7 months
AAOA: 8 months
I am 22

2010 -

Had a BOA secured card - $10,000 limit ( fell to $3,000 after graduating in 11/2011)
Capital one - $500 ( now $750)
Care Credit - $1000
Lord & Taylor - $1200 ( now $3,000)
Macys & Bloomingdales

2011 - ( In Nov 2011 added 11 new accounts) Now have:

BOA Plantinum Plus - 3000 ( the card that unsecured from a $10,000 limit)
BOA CASH rewards - 2000
BOA Accelerated Amex- 2000
Discover- 1000
Amex SPG
Penfed Promise - 9000
PNC Bank - 1500
Chase Slate - 3000
Wells Fargo Plat - 1500
Affinity CU - 1000
Barclays - 1300
walmart - 700

I have been PIF since NOV 2011, and have used up the entire limit on most cards. In otherwords with my BOA cards in specific I have charged $2990 on the PLat and the the other two $1990 every month so far, but pay off the bill before the statement cuts. I want to hit the lov button so bad but dont think I will get approved.

Current score - 663 ( have about $8,000 in debt reporting Penfed - 5000 & Amex SPG ( 3,000), but will Pay off when the bill will come. I am waiting for the two new BOA cards to hit six months first and then request CLI, but wanted to know do you think it would be wise to request a CLI for the graduated card. I have the longest history with this card and had a $10,000 when it was secured. As of right now all my BOA cards together only have a 7,000 limit which is nothing. My brother and I use the cards for our business and charged almost $75K since NOV 2011 and paid off in full the entire amount..
Any suggestions ??

Lay low, don't rock the boat. Use the cards you have, PIF as quickly as possible, more INQ's (could happen if they do a HP to approve the CLI) will only raise more flags with your existing creditors. Dont use more than 70% of your limits if at all possible, Sit and wait for AutoCLI's you are making the credit card companies a lot of money at the same time they may be getting nevous 11 inq's and new cards in a single month, Since most of your accounts are new they all are probably doing SP's 2-3 times a month each. So they can see what is going on.

If you manage to keep and the accounts and cash flow for coming for a year, your creditors will probably be very happy and will give you CLI's and perhaps more but creditors want smooth sailing at the start of the relationship.

Re: CLI..... when should I ask ???

namvet — Tue, 28 Feb 2012 04:59:35 GMT

I would take the advice you got on your first post.

Re: CLI..... when should I ask ???

youngman1234 — Tue, 28 Feb 2012 05:06:34 GMT

Thanks for the advice.... I really dont care about CLI for any of my cards except Bank of America cards.... My brother and I have a good relationship with them, and I used to have a secured card with them on just one card for 10K, then they unsecured it for only 3K. But then the following week gave me 2 cards with 2k limit on each... So the unsecured one have had for 1 year 7 months ( the 3K one) and the other 2 for only 3 months now... Have ran about 20K on all 3 cards together in the past 3 months and PIF on due date or before statement cuts...I read that BOA does a soft pull so thought it would be ok to go for it... When I got approved for the 2 new cards they told me that the limits are low, but after some history I should call back and try for a CLI... at least that what the rep told me.

Also will only ask for a CLI once my score is back into the 700's....

Re: CLI..... when should I ask ???

bichonmom — Tue, 28 Feb 2012 05:16:30 GMT

+1 Getting that many cards in one month is a real anomaly. I wouldn't rock the boat AT ALL! Anything that draws attention to your CR could mean AA or CLD. You're really pushing your luck getting that many cards at once.

If you get any auto-CLIs, consider yourself lucky. I wouldn't even *think* CLI request for at least a year.

Re: CLI..... when should I ask ???

youngman1234 — Tue, 28 Feb 2012 05:26:10 GMT

Whats a AA ???

Re: CLI..... when should I ask ???

bichonmom — Tue, 28 Feb 2012 05:30:41 GMT

aa= adverse action

Re: CLI..... when should I ask ???

LS2982 — Tue, 28 Feb 2012 10:35:59 GMT

@youngman1234 wrote:
By the way just to let everyone I also posted my recent FR from Amex which i still have yet to hear back from.........

History...

Length of credit history - 1 year 7 months
AAOA: 8 months
I am 22

2010 -

Had a BOA secured card - $10,000 limit ( fell to $3,000 after graduating in 11/2011)
Capital one - $500 ( now $750)
Care Credit - $1000
Lord & Taylor - $1200 ( now $3,000)
Macys & Bloomingdales

2011 - ( In Nov 2011 added 11 new accounts) Now have:

BOA Plantinum Plus - 3000 ( the card that unsecured from a $10,000 limit)
BOA CASH rewards - 2000
BOA Accelerated Amex- 2000
Discover- 1000
Amex SPG
Penfed Promise - 9000
PNC Bank - 1500
Chase Slate - 3000
Wells Fargo Plat - 1500
Affinity CU - 1000
Barclays - 1300
walmart - 700

I have been PIF since NOV 2011, and have used up the entire limit on most cards. In otherwords with my BOA cards in specific I have charged $2990 on the PLat and the the other two $1990 every month so far, but pay off the bill before the statement cuts. I want to hit the lov button so bad but dont think I will get approved.

Current score - 663 ( have about $8,000 in debt reporting Penfed - 5000 & Amex SPG ( 3,000), but will Pay off when the bill will come. I am waiting for the two new BOA cards to hit six months first and then request CLI, but wanted to know do you think it would be wise to request a CLI for the graduated card. I have the longest history with this card and had a $10,000 when it was secured. As of right now all my BOA cards together only have a 7,000 limit which is nothing. My brother and I use the cards for our business and charged almost $75K since NOV 2011 and paid off in full the entire amount..

Any suggestions ??

I wouldn't be asking for any CLI's with that many new accounts right. You need to garden for a least a year. All your going to do is rock the boat esp. with Barclay's (if they already aren't on to you)

Re: CLI..... when should I ask ???

Anonymous — Tue, 28 Feb 2012 10:46:45 GMT

@youngman1234 wrote:
I read that BOA does a soft pull so thought it would be ok to go for it...

BofA is (now) always a hard pull on a customer initiated CLI.

General rule of thumb, always assume it will be a hard pull and be ready for it, be happy if it is only a soft pull.

Re: CLI..... when should I ask ???

Anonymous — Tue, 28 Feb 2012 12:13:08 GMT

Whew...I would heed the advice already given in the responses...lay low, let them age, and hope you keep all of the accounts that were recently opened. I'm surprised Barclay's hasn't barked loudly already. The CLIs will come once some time has passed.

Re: CLI..... when should I ask ???

CreditWorld2013 — Tue, 28 Feb 2012 12:20:26 GMT

@youngman1234 wrote:
By the way just to let everyone I also posted my recent FR from Amex which i still have yet to hear back from.........

History...

Length of credit history - 1 year 7 months
AAOA: 8 months
I am 22

2010 -

Had a BOA secured card - $10,000 limit ( fell to $3,000 after graduating in 11/2011)
Capital one - $500 ( now $750)
Care Credit - $1000
Lord & Taylor - $1200 ( now $3,000)
Macys & Bloomingdales

2011 - ( In Nov 2011 added 11 new accounts) Now have:

BOA Plantinum Plus - 3000 ( the card that unsecured from a $10,000 limit)
BOA CASH rewards - 2000
BOA Accelerated Amex- 2000
Discover- 1000
Amex SPG
Penfed Promise - 9000
PNC Bank - 1500
Chase Slate - 3000
Wells Fargo Plat - 1500
Affinity CU - 1000
Barclays - 1300
walmart - 700

I have been PIF since NOV 2011, and have used up the entire limit on most cards. In otherwords with my BOA cards in specific I have charged $2990 on the PLat and the the other two $1990 every month so far, but pay off the bill before the statement cuts. I want to hit the lov button so bad but dont think I will get approved.

Current score - 663 ( have about $8,000 in debt reporting Penfed - 5000 & Amex SPG ( 3,000), but will Pay off when the bill will come. I am waiting for the two new BOA cards to hit six months first and then request CLI, but wanted to know do you think it would be wise to request a CLI for the graduated card. I have the longest history with this card and had a $10,000 when it was secured. As of right now all my BOA cards together only have a 7,000 limit which is nothing. My brother and I use the cards for our business and charged almost $75K since NOV 2011 and paid off in full the entire amount..

Any suggestions ??

WOW. I'm surprised you were approved for that many cards without being declined over inquiries. I wouldn't lay low I'd bury myself to stay out of view with that many new accounts. At the same time you bring me some comfort knowing I didn't go overboard with my applications and new accounts.

Re: CLI..... when should I ask ???

Anonymous — Wed, 29 Feb 2012 02:08:53 GMT

Bank of america has been agressivley closing accounts, slashing credit lines. If in six months you called them for a credit line increase, you are more likley to have bad things happen. The 10k you used to have on a secured card is irrelevant. You are juggling way too many credit lines trying to keep this business afloat, and sadly it may not have a happy ending.

Conserve cash, limit credit purchases for the company to the bare minimum needed to survive. Be realistic about the business. If it cant be kept open without maxing credit cards out multiple times a month, then it might be time to close it. A big majority of small companies fail. If it fails and you have all of your personal credit on the line, you will end up with nothing but a big pile of debt.

Good luck with it al. Not trying to judge. Just my opinion, but think really really hard about the business. Spend the money for a cpa to go through the books and advise you on how the company is really doing.

1Re: CLI..... when should I ask ???

Anonymous — Sun, 09 Dec 2012 14:30:51 GMT

I applied for 12 credit accounts and got approved on october 2012.they closed 2.The accounts closed was barcley and us bank

All the accounts that remain opened was a GE accounts 6 of them with a total limit of 15k

I calld the backdoor number 2 months later for cli and was approved for 3k more

fico currently due to new accounts 684

fico previously before new accounts 715

fico impacted due to a walmart discover card been close to the limit utl

fico was impacted 15 points due to the new accounts and aaoa(average account age)

Lenders do not like to see to many credit cards opened at once but if u manage to keep them opened they will help your score alot and each account will help your score by 2 points a month so many accounts will help the credit score in a long run(6months history)

Re: 1Re: CLI..... when should I ask ???

JonStur — Sun, 09 Dec 2012 15:04:02 GMT

It is absolutely time to lay low, under the garden, Lord of the Rings Hobbit Middle Earth style... With new accts and lots of cash flow some creditors get nervous just from the possibility that there might be money laundering activity. IMO it is time to consider getting a business credit card. They are not that difficult to obtain, and leaving large balances on them don't affect your PERSONAL credit score. Not sure about your bank, but Chase offers some cards, (Ink Business).

Re: CLI..... when should I ask ???

youngman1234 — Sun, 09 Dec 2012 15:13:45 GMT

Yeah this post is from a long time ago guys.... I have since gotten 2 chase ink cards ( ink cash- 12k & ink bold 45k)... And my BOA have gone to the following:
1. Cash rewards sig- 20k
2. Cash rewards plat- 8.5k
3. Boa Amex- 7.5k

Re: CLI..... when should I ask ???

JonStur — Sun, 09 Dec 2012 22:28:28 GMT

Congrats.. Good luck with your business!!!!

Re: CLI..... when should I ask ???

Anonymous — Mon, 10 Dec 2012 11:49:45 GMT

good luck