topic Re: Need advice on strategy in Credit Cards

Need advice on strategy

seat3a — Mon, 26 Aug 2013 00:33:28 GMT

I would appreciate any suggestions about my strategy before going into the garden for sure. My objectives are to raise my CL's so I really don't have to think about all of this for at least another year, if not two.

1. I would like to ask for a CLI on my CSP (currently at 6,500 after receiving an auto increase about 8-9 months ago). I really love this card and would like to use it on my trip to Europe to keep building up points. I don't want to temporarily get near the CL so I would feel more comfortable with a bigger CL.

2. I am waiting for my paltry Orchard Bank card to transition to a Capital One card so I can then ask them for a much better card as my CR is much different than it was 6 years ago. (Don't know if it will be a hard pull).

3. Orchard Bank reported that I went over my CL which caused a problem with my Amex Gold Delta 3X CLI. I was denied and told to wait another 90 days to ask again when I tried to recon and explain the situation. Since this episode, Orchard (Cap 1) has removed the error that they caused. The 90 days is up end of Oct.

4. I get Discover and BofA invites in the mail almost every day but I am not sure I want those cards. Also, for the first time I received an invite from Barclays. If I am going to take a HP, I don't know which one would give me a higher CL.

5. After reading the boards many times, I see that people periodically ask for CLI's but I never have. For example, my Citi card has a CL of 11K, so I just figure why would they increase it more than that.

Presently, I have no baddies, AAoA 4.2 years, 2 inq on TU, 3 on EQ. In Sept. 2 of the inq will be a year old and in Nov. one will be 2 years old. EX score 771, TU ?, EQ 736, MyFico 748.

Any comments, suggestions would be appreciated. Thank you! Sorry for the lengthy post!

Re: Need advice on strategy

myjourney — Mon, 26 Aug 2013 00:43:28 GMT

@seat3a wrote:
I would appreciate any suggestions about my strategy before going into the garden for sure. My objectives are to raise my CL's so I really don't have to think about all of this for at least another year, if not two.

1. I would like to ask for a CLI on my CSP (currently at 6,500 after receiving an auto increase about 8-9 months ago). I really love this card and would like to use it on my trip to Europe to keep building up points. I don't want to temporarily get near the CL so I would feel more comfortable with a bigger CL. It will be an HP but sure you can request

2. I am waiting for my paltry Orchard Bank card to transition to a Capital One card so I can then ask them for a much better card as my CR is much different than it was 6 years ago. (Don't know if it will be a hard pull).

3. Orchard Bank reported that I went over my CL which caused a problem with my Amex Gold Delta 3X CLI. I was denied and told to wait another 90 days to ask again when I tried to recon and explain the situation. Since this episode, Orchard (Cap 1) has removed the error that they caused. The 90 days is up end of Oct. Wait the 90 days and try again since it's a SP anyway

4. I get Discover and BofA invites in the mail almost every day but I am not sure I want those cards. Also, for the first time I received an invite from Barclays. If I am going to take a HP, I don't know which one would give me a higher CL. With your profile I would think unless UTL is high and you made no mention of this? You could app all 3

5. After reading the boards many times, I see that people periodically ask for CLI's but I never have. For example, my Citi card has a CL of 11K, so I just figure why would they increase it more than that. Citi will also be a HP but I did see one yesterday that was a SP ...rare tho

Presently, I have no baddies, AAoA 4.2 years, 2 inq on TU, 3 on EQ. In Sept. 2 of the inq will be a year old and in Nov. one will be 2 years old. EX score 771, TU ?, EQ 736, MyFico 748.

Any comments, suggestions would be appreciated. Thank you! Sorry for the lengthy post!

Re: Need advice on strategy

seat3a — Mon, 26 Aug 2013 01:05:58 GMT

Util is at 12%. Maybe I should pay down balances (which I am able to do) and wait another month.

Re: Need advice on strategy

myjourney — Mon, 26 Aug 2013 01:10:55 GMT

@seat3a wrote:
Util is at 12%. Maybe I should pay down balances (which I am able to do) and wait another month.

IMHO

UTL is not high

1) seek CLI's

2) app any card of the 3 if not all 3

Good to go IMO

Re: Need advice on strategy

seat3a — Mon, 26 Aug 2013 01:19:35 GMT

Thanks, myjourney! I am just so picky (and scared) about doing anything since I built my credit to what it is. I just don't want my score to go way down. Might have to buy a new car within the next fews months. Something I forgot to put in the mix.

Re: Need advice on strategy

myjourney — Mon, 26 Aug 2013 01:23:18 GMT

@seat3a wrote:
Thanks, myjourney! I am just so picky (and scared) about doing anything since I built my credit to what it is. I just don't want my score to go way down. Might have to buy a new car within the next fews months. Something I forgot to put in the mix.

In that case I would hold off until the car is decided so you get the best rates

Re: Need advice on strategy

seat3a — Mon, 26 Aug 2013 01:27:08 GMT

How big of a hit are the pulls for an auto loan and how long does it take you to recover?

Also, since I have no debt other than CC debt, I would think the auto loan payments would up my score as then I would have another type of loan reporting on time?

Re: Need advice on strategy

myjourney — Mon, 26 Aug 2013 01:36:29 GMT

@seat3a wrote:
How big of a hit are the pulls for an auto loan and how long does it take you to recover?

Also, since I have no debt other than CC debt, I would think the auto loan payments would up my score as then I would have another type of loan reporting on time?

As long as car shopping doesn't result in a lot of pulls or are coded correctly they will look as one pull and with your scores it won't hurt you much so as soon as you get the car.

1) take a nice long scenic ride to enjoy the new car

2) go home and app away

Re: Need advice on strategy

seat3a — Mon, 26 Aug 2013 01:40:37 GMT

Thanks so much! I really appreciate it! Too bad I can't drive to Europe....LOL

Re: Need advice on strategy

myjourney — Mon, 26 Aug 2013 01:43:52 GMT

@seat3a wrote:
Thanks so much! I really appreciate it! Too bad I can't drive to Europe....LOL

Lol yes it is to bad