topic Re: Increased income, CLI or new card? in Credit Cards

Increased income, CLI or new card?

revvystoke — Thu, 03 Oct 2013 23:00:09 GMT

Right now I make around 65-70k a year total, was offered a raise on my second source of income for carrying additional duties. Considering taking it. I was wondering which would be more effective to expand credit lines, additional account or CLI? I am leaning towards CLI since I don't have any desires for more cards other then a SPG.

Re: Increased income, CLI or new card?

Creditaddict — Thu, 03 Oct 2013 23:03:25 GMT

I wouldn't think your income would have stopped you from cli before!
And I doubt it would play much into your new card limit and approval either.

Score, current lines, and current util. Way more!

Re: Increased income, CLI or new card?

L-TWT — Thu, 03 Oct 2013 23:13:08 GMT

Which CC are you leaning towards CLI'ing?

Re: Increased income, CLI or new card?

revvystoke — Thu, 03 Oct 2013 23:15:02 GMT

I requested a CLI a couple weeks ago from Chase for the united card, was wanting to put some airline tickets on it. Denied due to too much avail credit. Used my boa instead and pif'd it out of spite.

I would like a CLI on either the United or Citi. I got a CLI from BOA in March and I don't know how they would react to another request so soon, even with an income increase.

Re: Increased income, CLI or new card?

L-TWT — Thu, 03 Oct 2013 23:19:13 GMT

Your last CLI from BOA was >6mos, so you may be approved but would you be willing to take a HP?

Re: Increased income, CLI or new card?

Creditaddict — Thu, 03 Oct 2013 23:20:49 GMT

You already took 1 hp from chase, that is going to come down to an underwriter and how they view your credit since it's not computer... Either apply for new so it's computer decision end hopefully or move cl from another chase card so no pull... The income won't change it.
BofA... It's been 6 months so probably but also another hp.
I'd do citi
How about Amex, 61 day and then 6 month 3x cli
Walmart is sp so why not!

Re: Increased income, CLI or new card?

revvystoke — Thu, 03 Oct 2013 23:26:00 GMT

@Creditaddict wrote:
You already took 1 hp from chase, that is going to come down to an underwriter and how they view your credit since it's not computer... Either apply for new so it's computer decision end hopefully or move cl from another chase card so no pull... The income won't change it.
BofA... It's been 6 months so probably but also another hp.
I'd do citi
How about Amex, 61 day and then 6 month 3x cli
Walmart is sp so why not!

Yea it was a lapse in judgement with Chase, I was thinking it would be a SP over the phone and would be warned if it was a HP. I am comfortable with the Walmart card's limit, I figure a higher limit on my simplicity would be good for future use. I don't have any balances so I can't use the BT excuse. I was offered an additional 70k per year starting next year.

I have the next AMEX anniversary saved on my calendar, It has been a really useful card lately.

Re: Increased income, CLI or new card?

Creditaddict — Thu, 03 Oct 2013 23:33:32 GMT

Citi will be hp to "most likely" but prob worth it
Nice income jump but I think salary plays so much less then people think and hope
It's important for loans, cars, lines of credit (like personal loans and such) and maybe computer auto approvals but others you won't see chase go "oh, you doubled income... Here is double limit!
Sorry to sound so negative about that but I firmly believe it.

Re: Increased income, CLI or new card?

revvystoke — Thu, 03 Oct 2013 23:39:47 GMT

@Creditaddict wrote:
Citi will be hp to "most likely" but prob worth it
Nice income jump but I think salary plays so much less then people think and hope
It's important for loans, cars, lines of credit (like personal loans and such) and maybe computer auto approvals but others you won't see chase go "oh, you doubled income... Here is double limit!
Sorry to sound so negative about that but I firmly believe it.

No, not negative at all I appreciate the input. I think I'll try with citi in a few months. Most of my inq's will have aged off by next month save for a few I took this spring.

Re: Increased income, CLI or new card?

missjae — Fri, 04 Oct 2013 00:18:46 GMT

I like CLI's because I already have history with the lender. I find security in keeping already established relationships. I know AA can happen at anytime with any lender, but I try to value those I have an established relationship with.

With that said, I haven't valued too many of my lenders, so I've gone with new accounts. Now that I have them, I'd like to garden them.

Re: Increased income, CLI or new card?

vanillabean — Fri, 04 Oct 2013 00:43:29 GMT

@revvystoke wrote:
I requested a CLI a couple weeks ago from Chase for the united card, was wanting to put some airline tickets on it. Denied due to too much avail credit.

That's surprising, whether it's Chase credit or the total of credit limits. Is a high util putting a damper on your scores?

Re: Increased income, CLI or new card?

revvystoke — Mon, 07 Oct 2013 17:08:38 GMT

@Anonymous-own-fico wrote:
@revvystoke wrote:
I requested a CLI a couple weeks ago from Chase for the united card, was wanting to put some airline tickets on it. Denied due to too much avail credit.

That's surprising, whether it's Chase credit or the total of credit limits. Is a high util putting a damper on your scores?

Util is ~1%

Re: Increased income, CLI or new card?

Anonymous — Mon, 07 Oct 2013 19:32:20 GMT

@revvystoke wrote:
@Anonymous-own-fico wrote:
@revvystoke wrote:
I requested a CLI a couple weeks ago from Chase for the united card, was wanting to put some airline tickets on it. Denied due to too much avail credit.

That's surprising, whether it's Chase credit or the total of credit limits. Is a high util putting a damper on your scores?

Util is ~1%

Your credit limit is about 80% of your annual income and your monthly usage is 1%. I know this is supposed to be good for your FICO, but at the same time, if I was a lender, I would be questioning too whether extending more credit to a person who seems to have no desire or the ability to use the credit they already have makes any business or financial sense.

I'm just curious because I'm in the same boat too. I have no desire to use the vast majority of my available credit and wouldn't have the means to do it anyway even if I was so inclined (my CL is 66% of my income), so why would someone like me "deserve" more credit so to speak?

I don't have a problem with people wanting a higher and higher CL to boost FICO scores (and egos too), but I'd like to understand why people express such indignation and spitefulness when creditors won't extend their unused credit lines. The anger seems misdirected in these instances versus feeling angry when creditors deny CLI's to people with high utils who PIF every month.

Re: Increased income, CLI or new card?

Anonymous — Mon, 07 Oct 2013 23:02:13 GMT

I know I came off as somewhat pedantic in my last post. But if I were in your shoes, I'd try to sell the idea to Chase with a recon (well too late now since you already bought the tickets, but the next time anyway). I'd tell them that I like the rewards structure of the United, that I was planning on a vacation and was going to make use of the card in the near future and felt I needed a higher credit line, etc.. Just something that shows them that I'm willing to have a two-way relationship with them, that I'm not just using their products to pad my credit profile (even if I am). It never hurts to be a little nice.