topic Re: Just learned something new about CLI request with Discover in Credit Cards

Just learned something new about CLI request with Discover

bustinloose82 — Mon, 19 Aug 2013 14:45:40 GMT

One of the two reasons that I was denied a CLI with Discover was because they said I was a risk since I took a cash advance. I took one cash advance in two years with them, and I'm a risk. I pay my balance to zero every month now, and I have not once had a late payment. My credit report payment history is PERFECT. I do have one collection from four years ago that the company refuses to take off even though I paid it as soon as I realized it was there. It was a utility company that sent my final bill to the wrong address. As soon as I realized I owed them anything, I paid it immediately. Unfortunately, it had already hit the credit report as it was in collections. I have tried time and again to get that removed. The collection company says only the original billing company can take it off and the billing company says the same about the collection agency. I've accepted that it won't be off my report for another 2 years.

My limit with Discover has been $1,000 since the day I was approved in May '11'. They were offering me a 0% interest on balance transfers today, so i tried to up my limit to $2,000 so I could put a high interest balance on it.

When they asked if I wanted them to look further into my credit and do a manual review, I said no thanks.

Re: Just learned something new about CLI request with Discover

tdrjustus3 — Mon, 19 Aug 2013 15:09:07 GMT

Would the manual review have been a HP?

Re: Just learned something new about CLI request with Discover

bustinloose82 — Mon, 19 Aug 2013 16:28:57 GMT

Yes. Would have been hard pull. I need to post my full credit profile and figure out why nobody is giving me a bump in credit.

Male 31

Income 73,000

CapOne (devil card that i cant get increase):$300 balance $0

CapOne (devil card two): $750 balance $370

Discover $1,000 balance $515

Barclays $2,200 balance $1,800

Bayport CU $5,000 balance $4,500

I would cancel both CapOne cards, but have had each over 6 years and it would bring my history down.

Re: Just learned something new about CLI request with Discover

pizzadude — Mon, 19 Aug 2013 16:33:49 GMT

@bustinloose82 wrote:

I would cancel both CapOne cards, but have had each over 6 years and it would bring my history down.

Actually, closing credit cards won't do anything to your AAoA. Cards remain on your reports for ~10 yrs from date closed and are still counted in your AAoA. See this link:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/td-p/347190

Back to your question about CLIs ~ are there any negatives or lates showing on your credit reports?

Re: Just learned something new about CLI request with Discover

bustinloose82 — Mon, 19 Aug 2013 16:36:13 GMT

None. Just the collection that shows paid.

Excellent payment history.

So closing CapOnes won't hurt age of account history?

Re: Just learned something new about CLI request with Discover

thirst305 — Mon, 19 Aug 2013 16:36:18 GMT

Your current utilization is probably more of a "risk" to creditors than your prior history. It is tough to get credit when it looks like you need credit.

Re: Just learned something new about CLI request with Discover

elvigy — Mon, 19 Aug 2013 16:44:19 GMT

Your utilization across all cards (from what you've listed at least) is 78%. I would imagine if you could get that down you might have a better chance.

Edit-If you close the 2 Cap One cards, your utilization would be even worse at 88%. So don't do that yet.

Re: Just learned something new about CLI request with Discover

pizzadude — Mon, 19 Aug 2013 16:46:40 GMT

@elvigy wrote:
Your utilization across all cards (from what you've listed at least) is 78%. I would imagine if you could get that down you might have a better chance.

Edit-If you close the 2 Cap One cards, your utilization would be even worse at 88%. So don't do that yet.

+1. I agree that lowering your utilization should help.

Also, the collection ( even showing as paid ) is a negative and hurts your FICO score. Anyway that you can GW it off your reports?

Re: Just learned something new about CLI request with Discover

bustinloose82 — Mon, 19 Aug 2013 16:50:34 GMT

Sorry. New here. Is that good will? I have tried twice with collection and original creditor. I really don't understand why they have to feel like they have power over me. I also emailed the CEO of Virginia Natural Gas and received no response.

Re: Just learned something new about CLI request with Discover

pizzadude — Mon, 19 Aug 2013 17:10:23 GMT

@bustinloose82 wrote:
Sorry. New here. Is that good will? I have tried twice with collection and original creditor. I really don't understand why they have to feel like they have power over me. I also emailed the CEO of Virginia Natural Gas and received no response.

Yes, that is a GoodWill letter ~ I'd keep trying, or possibly look for other contacts who might be able to help.

Re: Just learned something new about CLI request with Discover

bustinloose82 — Mon, 19 Aug 2013 17:12:16 GMT

Any specific recommendations or letters or anything you can point me to would be great.

Re: Just learned something new about CLI request with Discover

manwoot — Mon, 19 Aug 2013 17:13:43 GMT

@bustinloose82 wrote:
Any specific recommendations or letters or anything you can point me to would be great.

Check out this sticky in the Rebuilding Forum:

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Re: Just learned something new about CLI request with Discover

Anonymous — Mon, 19 Aug 2013 17:14:17 GMT

A paid collections is often look upon more favorably during a manual review. However, like others have said, my guess is that your utilization is the main issue here. Pay down those cards, and then try ask for a CLI again. For cap1 you might need to contact EO.

Re: Just learned something new about CLI request with Discover

bustinloose82 — Mon, 19 Aug 2013 17:18:10 GMT

EO?

Is there a place to find out what all the acronyms mean?

Re: Just learned something new about CLI request with Discover

09Lexie — Mon, 19 Aug 2013 17:18:56 GMT

Executive Office

http://ficoforums.myfico.com/fico/board/message?board.id=Welcome&thread.id=23

Re: Just learned something new about CLI request with Discover

tdrjustus3 — Mon, 19 Aug 2013 18:08:08 GMT

Cap1 has been very generous lately. I received a CLI with 80% utilization on my Cap1 cards (bill due later this month will get that way down)

Re: Just learned something new about CLI request with Discover

pizzadude — Mon, 19 Aug 2013 18:27:50 GMT

@bustinloose82 wrote:
EO?

Is there a place to find out what all the acronyms mean?

Take a look at the Guide to Abbreviations in this link: http://ficoforums.myfico.com/t5/Credit-Cards/Helpful-threads/td-p/415263

Re: Just learned something new about CLI request with Discover

toppers555 — Mon, 19 Aug 2013 18:46:04 GMT

+1 you need to get your utilization down. Your definitely look like a risk with those balances across your credit lines

Re: Just learned something new about CLI request with Discover

Anonymous — Mon, 19 Aug 2013 19:54:40 GMT

Try everything you can to get the utility company to remove that bad mark. My only bad mark was from my old electric co. and once it fell off after 7 years my score went up 46 points. I would go to the office in your town and have a face to face meeting.

Re: Just learned something new about CLI request with Discover

bustinloose82 — Mon, 19 Aug 2013 20:38:07 GMT

Major breakthrough. The collection agency reporting has merged with another, and lots of names are in the press release as well as the media relations manager's email .

Now I know their email formula.