topic Plan of attack for future CLI?? in Credit Cards

Plan of attack for future CLI??

jwpezd — Mon, 08 Apr 2013 18:32:37 GMT

Hello

I am new to the credit card board

Here is a brief description of my current situation

Before obtaining my mortgage just recently i had been rebuilding with orchard bank and a very old regions bank student visa i have had since 2007. I had some late payment issues back in 2010 on some student loans and a sears citi that put me in a bad credit situation. I have since improved and recently closed on my first home.

My scores are down right now due to a TON of apps from my recent app spree and getting the mortgage. Right now i have the orchard card with only a 300 limit and they will not budge on a cli i have paid in full every month for a year. the regions student card is one i signed up for in 2007 when i was in college i dont want to cancel it because of the age but the cl is only 500 the max for a student card. I did however just get a discover IT card 1000 cl, a boa cash rewards 2000 cl, a GE lowes card 1500 cl, and just got off the phone with chase freedom after getting denied they reconed and approved me for a 1000 cl. Now i know these limits seem really low but for the past problems i had this is really exciting to have three prime cards. I do want to get increases eventually and have no knowledge on when and how to do this. any help would be great. THank you

Re: Plan of attack for future CLI??

jwpezd — Mon, 08 Apr 2013 20:54:07 GMT

Anybody???

Re: Plan of attack for future CLI??

Anonymous — Mon, 08 Apr 2013 20:56:15 GMT

May I ask why you are seeking CL increases?

Re: Plan of attack for future CLI??

Gunnar419 — Mon, 08 Apr 2013 21:00:23 GMT

When I read your post, OP, the first and only thing that comes to my mind is GARDEN. You've gotten a mortgage and a few good but very new cards. Their limits don't seem low to me at all, considering your history. But your best credit is all very, very recent.

Give it a minimum of six months in the garden with NO APPS. Then hope you get a couple of auto-CLIs. If you don't, I'd personally still wait another six months before I started asking for any, just because of the overall newness. (I know others would recommend a more agressive approach.)

Re: Plan of attack for future CLI??

Anonymous — Mon, 08 Apr 2013 21:00:26 GMT

For orchard bank, write in to capital one executive office.
For discover, wait for 6th statements and see if they auto CLI you.
For chase, auto CLI is rare. Any customer initiated CLI is another hard pull.

Re: Plan of attack for future CLI??

jwpezd — Mon, 08 Apr 2013 21:50:38 GMT

I am not at all looking for credit increases now i have the cards that i want i am just wanting to put a game plan together now so i can go at these accounts to increase in the future.... If capital one wont work with me should i cancel them?

Re: Plan of attack for future CLI??

Anonymous — Mon, 08 Apr 2013 21:57:29 GMT

If you write in to EO or call them, they will be more than willing to work with you. Most people have positive experiences with the EO dept. just make sure u don't have really high util, ESP on your cap one cards

Re: Plan of attack for future CLI??

jamie123 — Mon, 08 Apr 2013 22:08:56 GMT

You worked so hard to get credit, why would you want to voluntarily cancel those cards now?

I would suggest putting the Orchard and Regions cards in your sock drawer. Take them out to buy something small every 4 months or so to keep them active for at least the next 2 years while your new cards age. They are currently helping your score with the AAoA. (I know it doesn't make a difference if he closes them.) After 2 years you can reasses the situation and close them at that point.

If something happens between now and 2 years and you need to apply for new credit, these older open accounts could help you get the new credit in a manual review.