topic Re: Best way to get multiple credit line increses (need help) in General Credit Topics

Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 18:49:57 GMT

HI...

I am at a cross road. I am attempting to get a Home loan refi...an old house with many red flags that scare the underwriters..

I may not qualify and will need up 10,000 dollars.. Even if I have to put it on my cards.(Obviously not ideal).

I owe about 7,000 already...and I need at least 5,000 more...

I know that I am already on the slippery slope...but I want to think this Through!

My limit between 7 cards is about 25,000....so I am at about 25%..

I want the limit much higher so I don't tank my Fico score with available credit used up.

DISCOVER......3,000/6000

CREDIT UNION..1,000/5,000

Citi.D,/C.............1,500/2600

" " simplicity.....1,000/5000

CHASE..slate....1,500/4,000

LOWES.................. 0/10,000

AMEX.......... 0/1,000

I have some other Mickey Mouse cards...but this is the basic math.

What is the best way to get my limits up...? (Without spooking the powers to be.

Hit each CCC at one time?....I can't think of a better way!

I appreciate any response

(EVEN THE MORAL LESSONS😃)

Re: Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 18:52:47 GMT

Amex offers a CLI for up to 3X at the 61 day mark after account opening. It's usually a soft pull.

Discover offers CLI for SP all the time, they will warn you if they need to HP.

Chase is always an HP.

Lowes is an SP usually -- try calling the credit solutions backdoor number and asking for more.

Why do you need a refi?

Those high utilizations are bringing your FICO down for sure -- if you can't manage your debt as it is, will CLI increases just make things worse?

Re: Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 21:09:26 GMT

@Anonymous wrote:
Amex offers a CLI for up to 3X at the 61 day mark after account opening. It's usually a soft pull.

Discover offers CLI for SP all the time, they will warn you if they need to HP.

Chase is always an HP.

Lowes is an SP usually -- try calling the credit solutions backdoor number and asking for more.

Why do you need a refi?

Those high utilizations are bringing your FICO down for sure -- if you can't manage your debt as it is, will CLI increases just make things worse?

THanks for the reply...

My scores are 720 to 740....

And slowly decreasing.....They were all above 750 not long ago....

@Anonymous wrote:
Amex offers a CLI for up to 3X at the 61 day mark after account opening. It's usually a soft pull.

Discover offers CLI for SP all the time, they will warn you if they need to HP.

Chase is always an HP.

Lowes is an SP usually -- try calling the credit solutions backdoor number and asking for more.

Why do you need a refi?

Those high utilizations are bringing your FICO down for sure -- if you can't manage your debt as it is, will CLI increases just make things worse?

Thanks for the reply....

Re: Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 21:13:49 GMT

I have had the AMEX for about a year,,..never use...would the 3x CLI work without usage?

Re: Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 22:07:23 GMT

Snychrony cards grow fast! lowes not so much but walmart master cards ect start out with good SL and grow fast....they help my utilization a alot.

Re: Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 21:35:57 GMT

@Anonymous wrote:
I have had the AMEX for about a year,,..never use...would the 3x CLI work without usage?

It's a bad idea to obtain a card and then not use it within the first 90 days. Cards that have never been used even once are at a high risk of being closed by the issuer.

Youn should use that card very soon.

Re: Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 21:39:04 GMT

How long have you had these cards and how quickly did the balances get ran up to where they are?

If your creditors sense a trend of you borrowing more and more in a short period of time, they are going to think you're in trouble (it sounds like you might be) and your CLI requests likely won't go over well.

The solution to our financial issues is pretty much never borrowing more. Something else is wrong. Fix it and the rest of this fixes itself.

Re: Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 21:47:05 GMT

@Anonymous wrote:
Snychrony cards grow fast! lowes not so much but walmart master cards ect start oyr with good SL and grow fast....they help my untilization a alot.

Catch 22 situation....

I want the refi to pay off the 7,000 cc debt and make some much needed repairs.

I have offers from Walmart,etc.But I figured to raise limits from the good cards that I have...

I joined MyFico to work on my credit in order to refi....2 years now

The house is debt free...Worth a lot...but old with additions that are not up to code....

Re: Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 21:56:52 GMT

@Anonymous wrote:
How long have you had these cards and how quickly did the balances get ran up to where they are?

If your creditors sense a trend of you borrowing more and more in a short period of time, they are going to think you're in trouble (it sounds like you might be) and your CLI requests likely won't go over well.

The solution to our financial issues is pretty much never borrowing more. Something else is wrong. Fix it and the rest of this fixes itself.

Very true....all of the above....

I have had the cards for awhile...Am very tight (spending wise) and of course dont want CC debt. However, ..it is always easier to get credit and CLI's. When you don't need it....and I need the $ at the moment.

Re: Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 21:57:42 GMT

@Anonymous wrote:
How long have you had these cards and how quickly did the balances get ran up to where they are?

If your creditors sense a trend of you borrowing more and more in a short period of time, they are going to think you're in trouble (it sounds like you might be) and your CLI requests likely won't go over well.

The solution to our financial issues is pretty much never borrowing more. Something else is wrong. Fix it and the rest of this fixes itself.

Very true....all of the above....

7k isn't a ton of debt in the grand scheme of things. I...

Anonymous — Fri, 20 Oct 2017 22:00:03 GMT

7k isn't a ton of debt in the grand scheme of things.

If it's proving problematic to pay off 7k while you currently have no mortgage, I fear that having a significant mortgage could really send you into dangerous territory.

I think some tweaks to your budget and knocking this debt out on your own first will both: 1) raise your scores for the loan 2) let you evaluate the amount of mortgage payment that will work in your budget without getting you into trouble.

Re: Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 22:10:41 GMT

@Anonymous wrote:
@Anonymous wrote:
Snychrony cards grow fast! lowes not so much but walmart master cards ect start oyr with good SL and grow fast....they help my untilization a alot.
Catch 22 situation....
I want the refi to pay off the 7,000 cc debt and make some much needed repairs.
I have offers from Walmart,etc.But I figured to raise limits from the good cards that I have...
I joined MyFico to work on my credit in order to refi....2 years now
The house is debt free...Worth a lot...but old with additions that are not up to code....

I took the hit and added some Syncrhony bank cards because they grow so fast....what you owe is 30% of your score so it hurt awhile but My Fico scores rebounded really fast....my Chevron visa went from 1500 to 10k in one year same as my walmart mastercard....so even though I don't use them much that's 20k in untilization righ there....every credit profile is different and as different goals. good luck.

Re: Best way to get multiple credit line increses (need help)

Anonymous — Fri, 20 Oct 2017 22:15:39 GMT

@Anonymous wrote:
@Anonymous wrote:
I have had the AMEX for about a year,,..never use...would the 3x CLI work without usage?
It's a bad idea to obtain a card and then not use it within the first 90 days. Cards that have never been used even once are at a high risk of being closed by the issuer.

Youn should use that card very soon.

I will use it.....

Thanks for the reminder....you have given great advice today , I have noticed