topic Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI? in Credit Cards

Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Ysettle4 — Sun, 13 Jul 2014 17:20:00 GMT

Frist off,

What a great forum..what wealth of knowledge that is being provided so thank you to the community!

To my dilema...

Every credit card approval I get is low ($300,$500) and its been that way for years. I recently received a capital one QuickSilver MC in Apr and got an inital CL of $1K. Mind. I also own a few another cards:

First Premier MC: $1,150 CL

Barclay MC: $1K CL (intially $1,200)

CapOne Plat MC: $2,500 CL - jumped from $500 back in Jan '14

CapOne, HSBC converted: $2,200 CL

I've keep utilization around 0% - 10% over the course of the past few months but haven't seen any real improvement in my FICO. So, I decided to really utulize the cards and now I'm somewhere around %40 utilization across all credit lines to see if that helps. And I'm sure my current FICO is not helping

Also, It seems with the recent QS card, I would have imagined that CapOne would have atleast set the CL to the other CapOne which is $2,500. Guess not. Anyways, having said all of this, any tips are proven techniques to getting high CLIs and or auto CLIs? Anything I could do better??

Any help is appreciated.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Jaylima91 — Sun, 13 Jul 2014 17:27:43 GMT

I have pretty similar CL on my current cards but nothing resulted in requesting CLIs. So instead I apped for a more prestigious card like the CSP and was approved for a $5K CL which makes that my highest CL and of course my main card considering benefits, sign up bonus, and high CL. Point in my story, don't sit out around waiting for Cap ONE to increase your limits, or any CC issuer for that matter.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Ysettle4 — Sun, 13 Jul 2014 17:41:28 GMT

The Chase card would be pretty nice to have, however, with my current FICO I'm not so sure I'd get approved. Cause of my FICOs are:

BoA Line of Credit charge off - divorce related ($23K balance | Last deliquency 8/2012)

GE charge off - divorce related (Last deliquency 3/2013)

Judgement - divorce related (8/2011)

With these items lingering, I'm not so sure about my chances with obtaning a CSP card.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

hizzaah — Sun, 13 Jul 2014 17:38:50 GMT

It's different for each creditor. Improving your fico and perhaps income will help; there isn't really a way to predict how much they will give you. You can always try call to recon for a higher limit though. EO is another route to requesting a higher limit after approval or down the line.

Applying for a "more prestigious card" can be a good route, assuming you'll qualify. It won't do you any good to apply for a better card if you're just going to get denied!

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Anonymous — Sun, 13 Jul 2014 17:47:37 GMT

What baddies do you have on your CR? Low 600's for a couple of years shows that there is something going on that we aren't talking about.

Lates? Write-offs? BK? Do you app frequently? If you are at 0-10%, try keeping it at 0% for a couple of months. Also, I learned this a little late but try to be strategical in your credit sellections. Credit can be had but you are searching for quality terms, not the low CL high APR terms.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Ysettle4 — Sun, 13 Jul 2014 17:50:18 GMT

The baddies are:

BoA Line of Credit charge off - divorce related ($23K balance | Last deliquency 8/2012)

GE charge off - divorce related ($452 balance | Last deliquency 3/2013)

Judgement - divorce related ($4K balance | Filed 8/2011)

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

bigblue7722 — Sun, 13 Jul 2014 17:53:54 GMT

@Jaylima91 wrote:
I have pretty similar CL on my current cards but nothing resulted in requesting CLIs. So instead I apped for a more prestigious card like the CSP and was approved for a $5K CL which makes that my highest CL and of course my main card considering benefits, sign up bonus, and high CL. Point in my story, don't sit out around waiting for Cap ONE to increase your limits, or any CC issuer for that matter.

Im sorry but I dont really agree with that. Cap one has been great with CLI for me. I started with 1500 on my qs card. Now I am up to 3500 thanks to credit steps and the EO in just 6 months. Credit is a journey not a race. Yes I have the CSP as well, but I would not be where I am today without cap one or barclaycard who gave me a 3x cli on my rewards mastercard. Large credit lines will come it just make take a little bit of time.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Jaylima91 — Sun, 13 Jul 2014 17:56:19 GMT

Here is my situation before being approved for the csp this month. I am new to credit but very knowledgeable. I have less than a year of credit history and I have had some collections before and I have paid them off. i am 22 years old. I had 4 credit cards with my high CL being Discover. I was certain I would be denied for the CSP after further reviews on the card. BUT, that did not discourage me. I applied and instantly approved for the CSP $5k Limit. I am not saying to go nuts and apply but I am trying to have you understand that I had the same In-Denial feeling. I could have bet my life I was going to be denied since I have no history with any of Chase products. hope this helps. (If you feel like you will truly be denied then don't apply. I am just sharing my story with you fine people)

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Jaylima91 — Sun, 13 Jul 2014 18:00:13 GMT

BigBlue, I agree with you but if I read the topic correctly the OP is stating how to get high CL in initial apps or auto CLI. My statement was implying that he shouldn't expect or wait for that to happen but instead just apply for something better. Like I said, I agree with you 100% but I was replying to his inital question.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Anonymous — Sun, 13 Jul 2014 18:07:30 GMT

So, I see the charge offs - as I'm sure you know a charge off isn't just forgiven. The creditor will most likely sell the debt for pennies on the dollar to someone who will take the chance they can collect it.

It sux that it is via a divorce and now you are both working separately trying to fix your situation. Any chance of getting together with the "ex" to work out a plan to tackle the situation or is that just not going to happen?

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

destine2grow — Sun, 13 Jul 2014 18:26:46 GMT

I am in your shoes except I have no baddies except on EQ I have a CO HSBC card that has been removed from the others CRA due to I paid the debt. However with that being said I also realized I had a lot of inquiries and I had to stop applying for credit and let my TL age. I also learn the importance of AAoA. Which the AAoA might be playing a role as well in the CL you are initially given. I would set a budget and try to see if you can get some of the baddies paid off. I also would get your utilization back down to 1-9%. Remember it takes time to see some improvement. You are more than welcome to join us in the GC (Garden Club) the support really helps, not to mention the success stories you read! Good luck OP!

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Ysettle4 — Sun, 13 Jul 2014 18:46:02 GMT

@bigblue7722 wrote:

Im sorry but I dont really agree with that. Cap one has been great with CLI for me. I started with 1500 on my qs card. Now I am up to 3500 thanks to credit steps and the EO in just 6 months.

My QS card is also part of the credit steps. When you called the EO for an increase, was that before or after the credit steps CLI? Could you explain when and how you did that?

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Ysettle4 — Sun, 13 Jul 2014 18:49:50 GMT

@Anonymous wrote:
So, I see the charge offs - as I'm sure you know a charge off isn't just forgiven. The creditor will most likely sell the debt for pennies on the dollar to someone who will take the chance they can collect it.

It sux that it is via a divorce and now you are both working separately trying to fix your situation. Any chance of getting together with the "ex" to work out a plan to tackle the situation or is that just not going to happen?

Correct. However, I just sent a GW/PFD letter to GE stating that I'm willing to PIF for removal back in June. Still waiting for a response.. I'm hoping they will accept.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

bigblue7722 — Sun, 13 Jul 2014 18:58:47 GMT

@Ysettle4 wrote:
@bigblue7722 wrote:
Im sorry but I dont really agree with that. Cap one has been great with CLI for me. I started with 1500 on my qs card. Now I am up to 3500 thanks to credit steps and the EO in just 6 months.

My QS card is also part of the credit steps. When you called the EO for an increase, was that before or after the credit steps CLI? Could you explain when and how you did that?

what i did was get my credit steps after the 6 months then, hit the luv button it said i havent waited 6 months but that doesnt matter, then i messaged cap one on FB asking for an increase and told them the luv button wasnt working. They called me back I asked for 10k total i got 1k cli and got 3500 total. Always ask for more they will counter.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Anonymous — Sun, 13 Jul 2014 19:02:03 GMT

Well, like I said, many times the creditor will sell the accounts. Maybe send the other 2 a letter? Never hurts to ask, especially under the circumstances with the divorce and all.

@Ysettle4 wrote:
@Anonymous wrote:
So, I see the charge offs - as I'm sure you know a charge off isn't just forgiven. The creditor will most likely sell the debt for pennies on the dollar to someone who will take the chance they can collect it.

It sux that it is via a divorce and now you are both working separately trying to fix your situation. Any chance of getting together with the "ex" to work out a plan to tackle the situation or is that just not going to happen?

Correct. However, I just sent a GW/PFD letter to GE stating that I'm willing to PIF for removal back in June. Still waiting for a response.. I'm hoping they will accept.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

OHWWCB — Sun, 13 Jul 2014 20:12:02 GMT

Capital One was the first card to give me a $1000 credit limit. However, 2.5 months later Chase gave me $6500 and Discover gave me $6000 and I got in with AMEX. So all things considered, Capital One does seen a bit stingy.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

fot1 — Sun, 13 Jul 2014 20:18:50 GMT

Biggest thing is getting your scores up..

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Ysettle4 — Sun, 13 Jul 2014 20:33:45 GMT

From what I've read is that the biggest contributor to your score is the debt to credit ratio by which if I had higher CLs the better. The other issue is that it seems one creditor is not willing to give more than the other creditor. This is a dilemma I'd like to be able to break out of.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

Bman70 — Sun, 13 Jul 2014 21:33:36 GMT

@Ysettle4 wrote:
From what I've read is that the biggest contributor to your score is the debt to credit ratio by which if I had higher CLs the better. The other issue is that it seems one creditor is not willing to give more than the other creditor. This is a dilemma I'd like to be able to break out of.

Actually it's not a dilemma. The reason creditors are currently keeping their exposure to you relatively low is that you have several charge-offs and a judgment, amounting to at least $20k. Debt to credit, utilization, and all the usual factors aren't a solution when there are significant derogatories. Because it puts you in a scoring "bucket" where the ceiling is much lower than a profile with no derogatories. In that bucket, util and aaoa and ratio of debt can only take your score so high, and you may already be at or near that ceiling. So keep up the GW and cleanup work, that's where you'll see the best results.

Re: Any proven techniques to getting higher CL on intial approvals and/or auto CLI?

sillykitty1 — Sun, 13 Jul 2014 22:18:03 GMT

@Bman70 wrote:
@Ysettle4 wrote:
From what I've read is that the biggest contributor to your score is the debt to credit ratio by which if I had higher CLs the better. The other issue is that it seems one creditor is not willing to give more than the other creditor. This is a dilemma I'd like to be able to break out of.
Actually it's not a dilemma. The reason creditors are currently keeping their exposure to you relatively low is that you have several charge-offs and a judgment, amounting to at least $20k. Debt to credit, utilization, and all the usual factors aren't a solution when there are significant derogatories. Because it puts you in a scoring "bucket" where the ceiling is much lower than a profile with no derogatories. In that bucket, util and aaoa and ratio of debt can only take your score so high, and you may already be at or near that ceiling. So keep up the GW and cleanup work, that's where you'll see the best results.

This!

Its the baddies that are keeping your score low and CL's low. Until those are gone there isn't much hope of a cc extending a large CL because your report tells them you are risky.