topic Re: I'm Back : ) Need help with a plan of attack in Credit Cards

I'm Back : ) Need help with a plan of attack

JGWantsAHouse — Fri, 15 Mar 2013 00:16:18 GMT

Hi Guys,

I've been away for awhile getting adjusted with my new home purchase. Now I want to increase my credit lines on my credit cards.

Right before I closed on my home April 2012 I went on an app spree and opened a few cards. Here's what I have:

Best Buy Store Card - $1800 limit, balance $1690

Chase Freedom - $600 limit, $575 balance

Discover More - $1000 limit, $960 balance

Credit One - $850 limit, $790 balance

Sears Citi Mastercard - $4000 limit, $4009 balance

I don't know what my Fico is right now but I'm guessing around 660. My questions are 1) Which credit card do I have the best chance of getting a CLI from? 2) Do I have to pay down all of the balances to have a chance at a CLI or can I pay off one of them every month?

Re: I'm Back : ) Need help with a plan of attack

LS2982 — Fri, 15 Mar 2013 00:18:37 GMT

@JGWantsAHouse wrote:
Hi Guys,
I've been away for awhile getting adjusted with my new home purchase. Now I want to increase my credit lines on my credit cards.
Right before I closed on my home April 2012 I went on an app spree and opened a few cards. Here's what I have:

Best Buy Store Card - $1800 limit, balance $1690
Chase Freedom - $600 limit, $575 balance
Discover More - $1000 limit, $960 balance
Credit One - $850 limit, $790 balance
Sears Citi Mastercard - $4000 limit, $4009 balance

I don't know what my Fico is right now but I'm guessing around 660. My questions are 1) Which credit card do I have the best chance of getting a CLI from? 2) Do I have to pay down all of the balances to have a chance at a CLI or can I pay off one of them every month?

With those balances none. Esp. since yor overlimit on one card.

You need to PIF all cards except 1 with a 1-9% balance then ask for a CLI. Chase will be a HP, Discover will be a SP unless they request a HP.

Re: I'm Back : ) Need help with a plan of attack

JGWantsAHouse — Fri, 15 Mar 2013 00:31:42 GMT

Ok. Makes since. I work on paying down the cards before I try to get any CLIs. Credit One gives me $100 auto increase every few months so I'll live with that for now. I have alot of inquiries from last years apping for mortgage and ccs so I don't want to chance a hp right now anyway.

If anyone has any other tips keep posting....

Thanks!

Re: I'm Back : ) Need help with a plan of attack

twall06 — Fri, 15 Mar 2013 00:33:26 GMT

Id pay the sears one down then pay off the credit one card and sd it . If you are carrying that high if balances maybe increases wouldn't be good for you .

Re: I'm Back : ) Need help with a plan of attack

JGWantsAHouse — Fri, 15 Mar 2013 00:45:01 GMT

Purchased some new items for my house, mostly with cash but as you see some with credit. Now I can redirect my cash totally to paying these cards down but I'd rather have one or two cards with a decent credit limit instead of 5 cards.

I promise I'll be a responsible borrower

Re: I'm Back : ) Need help with a plan of attack

TyLey — Fri, 15 Mar 2013 00:45:50 GMT

Wow. Over the holidays my cards was like that but I just didn't max it out. What I did was pay off the cards that have the lowest cli. And put 500 to 1000 a month on the high cli. In two months my score jumped from 650 to 730. My Chase Sapphire was close to it's limit which is 5k. But now I have at 2.3k left and that only because I still use it on a regular. BTW I was just approved for Amex Gold Premier. Good Luck bring down your limits

Re: I'm Back : ) Need help with a plan of attack

Anonymous — Fri, 15 Mar 2013 00:46:47 GMT

I would say you can start requesting CLI's once they are under 30%.

Focus high interest to low interest.

Re: I'm Back : ) Need help with a plan of attack

angelcred10 — Fri, 15 Mar 2013 00:52:49 GMT

as an employee of Best Buy, I've yet to see one person get denied a CLI, granted I work in Magnolia and the Basic Home Theater section where they will be close to maxing it and want a better Utilization.

Now, it does appear that one card overlimit could hold you back.

(My best input on the topic is on the Best Buy Card as I've very limited input on the 2nd half)

Re: I'm Back : ) Need help with a plan of attack

JGWantsAHouse — Fri, 15 Mar 2013 01:08:33 GMT

The Sears card is not over the limit anymore, thats what was reported to the Equifax last month I really should have paid more attention to my available balance. Thanks for the tip on Best Buy. I have to pay it off before Oct because my 0% expires but I'd like to get an increase incase I want to buy some goodies on Black Friday.

Re: I'm Back : ) Need help with a plan of attack

angelcred10 — Fri, 15 Mar 2013 01:11:38 GMT

Glad to help.

Re: I'm Back : ) Need help with a plan of attack

JGWantsAHouse — Wed, 10 Jul 2013 17:45:23 GMT

Update for the readers of this post:

My balances have not changed much...The Best Buy card is down to $1200. I was prequalified for the Walmart card in June and I pulled the trigger. Got a $900 credit limit. About a week ago I logged into my Sears Mastercard to pay the bill and they raised my credit limit to $5600 without requesting .

My Transunion Fico is now 681 and Equifax is 600.

Re: I'm Back : ) Need help with a plan of attack

Anonymous — Wed, 10 Jul 2013 18:01:40 GMT

Thanks for the update!

Re: I'm Back : ) Need help with a plan of attack

SnackTrader — Thu, 11 Jul 2013 01:46:04 GMT

3 months with no balance changes... I would be uneasy about my finances in that scenario.

How do you feel about this? Is it manageable? Do you feel strapped for cash?

Re: I'm Back : ) Need help with a plan of attack

Anonymous — Thu, 11 Jul 2013 03:00:18 GMT

Well you are lucky. Many members have reported Chase and other banks balance chasing them when having such high balance.
Once balance chasing starts your credit would spiral downwards. Be careful.

Re: I'm Back : ) Need help with a plan of attack

jefftca925 — Thu, 11 Jul 2013 04:03:17 GMT

@Anonymous wrote:
Well you are lucky. Many members have reported Chase and other banks balance chasing them when having such high balance.
Once balance chasing starts your credit would spiral downwards. Be careful.

+1 I'd really work on getting those balances down as quickly as possible and THEN try to up those limits. You are at a dangerous utilization level that can ruin the accounts you have... PLUS... those interest charges are going to strangle your finances. Sears MC is like 26%!!! Hopefully you have some of that debt on 0% financing...if so, concentrate on the balances that you're paying interest on first. I wish you luck on this!

Re: I'm Back : ) Need help with a plan of attack

JGWantsAHouse — Thu, 11 Jul 2013 11:25:57 GMT

Thanks all. It is manageable for me and I'm not strapped for cash but I do realize that it is a huge waste of money on interest charges.
Some of my balances are promotional financing which I will pay off in the next 6 months or so but not all.
Per you guys' advice I will work more aggressively on paying down my debt and not seek any new debt in the near future.
I'll keep you all updated!

Re: I'm Back : ) Need help with a plan of attack

angelcred10 — Thu, 20 Mar 2014 02:26:32 GMT

yeah, hurry and pay that down the fact they haven't changed in 3 months..

That sounds like the 0% is going to come up at you and you won't be ready for the back interest.

Re: I'm Back : ) Need help with a plan of attack

CreditMagic7 — Thu, 20 Mar 2014 02:36:17 GMT

Since JGWantsAHouse's last post in this thread was back in July 2013 how long it might be before they visit it again with their update.

Re: I'm Back : ) Need help with a plan of attack

angelcred10 — Thu, 20 Mar 2014 02:41:04 GMT

smh I just saw that

apologies to the forum :'(

Re: I'm Back : ) Need help with a plan of attack

CreditMagic7 — Thu, 20 Mar 2014 02:47:12 GMT