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App-Extravaganza!! Advice needed.

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App-Extravaganza!! Advice needed.

Hi MyFico family,

 

I want to boost my Total Credit Limit as much as possible!  I have some urgent upcoming family and business expenses and I don't want my score to dip from usage.  Also looking for some low interest balance transfers.   

 

Based on my current scores and cards, what are the best cards to apply for to get high limits and how many?

 

Amex and Discover are off my list because we went through some relationship bumps in the Great Recession.  

 

My cashflow is somewhat modest and seasonal and I'm self employed so personal loans that require tax returns or w2's may be challenging. 

 

Thanks in advace for any advice or creative ideas!

 

ps. only have 3 inquiries at the moment. 

4/23/2019: EQ8=737(8 INQs) EX8=797 (9) TU vantage=703(14) Utilization = 17%
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs, 14months since last account opened, Adverse Action 4/2018 closed 3 BofA accounts and CLD Chase Sapphire, CLD Barclays, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $500, Golden1 $10k, Chase Sapphire $2850, DCU $10k, Marvel $1k, BBVA $2800, HSBC $1850, Care Credit $8000 TCL = $79k

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k



10/12/2018: EQ8=662(12 INQs) EX8=673 (11) TU8=667(13) Utilization = 95% (I know I'm paying it off now!)
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 1 of 22
21 REPLIES 21
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New Contributor

Re: App-Extravaganza!! Advice needed.

Forgot to mention the BofA and Barclays cards were both opened in Feb 2017 and Cap 1 gave me a $2000 Credit Limit Increase about a year ago in August 2016. I haven't asked for any Credit Limit increases, the one I got was automatic.

4/23/2019: EQ8=737(8 INQs) EX8=797 (9) TU vantage=703(14) Utilization = 17%
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs, 14months since last account opened, Adverse Action 4/2018 closed 3 BofA accounts and CLD Chase Sapphire, CLD Barclays, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $500, Golden1 $10k, Chase Sapphire $2850, DCU $10k, Marvel $1k, BBVA $2800, HSBC $1850, Care Credit $8000 TCL = $79k

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k



10/12/2018: EQ8=662(12 INQs) EX8=673 (11) TU8=667(13) Utilization = 95% (I know I'm paying it off now!)
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 2 of 22
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Community Leader
Super Contributor

Re: App-Extravaganza!! Advice needed.

Just off the top of my head.. Capital one Venture, Merrill Lynch plus, Navy Federal , Chase Sapphire and possibly Penfed.

 

Message 3 of 22
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Re: App-Extravaganza!! Advice needed.

Thanks Gmood1!  What is the underlying strategy of why you selected those? Should I apply to all at once, just a few, or space the applications out a certain way?  Sorry I'm new at this.  It looks like you are a Jedi Master though!!!

4/23/2019: EQ8=737(8 INQs) EX8=797 (9) TU vantage=703(14) Utilization = 17%
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs, 14months since last account opened, Adverse Action 4/2018 closed 3 BofA accounts and CLD Chase Sapphire, CLD Barclays, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $500, Golden1 $10k, Chase Sapphire $2850, DCU $10k, Marvel $1k, BBVA $2800, HSBC $1850, Care Credit $8000 TCL = $79k

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k



10/12/2018: EQ8=662(12 INQs) EX8=673 (11) TU8=667(13) Utilization = 95% (I know I'm paying it off now!)
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 4 of 22
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New Contributor

Re: App-Extravaganza!! Advice needed.

Also, would you recommend requesting Credit Limit Increases first or Applying for some new cards first?  I think I read somewhere here that Capital one does a soft pull for CLI, so maybe I should do that first?   and should I request a CLI on my Cap 1 with $300 limit or just close that sucker? or will they combine with my other Cap 1?   so many questions...I know I know!  Smiley Happy

4/23/2019: EQ8=737(8 INQs) EX8=797 (9) TU vantage=703(14) Utilization = 17%
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs, 14months since last account opened, Adverse Action 4/2018 closed 3 BofA accounts and CLD Chase Sapphire, CLD Barclays, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $500, Golden1 $10k, Chase Sapphire $2850, DCU $10k, Marvel $1k, BBVA $2800, HSBC $1850, Care Credit $8000 TCL = $79k

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k



10/12/2018: EQ8=662(12 INQs) EX8=673 (11) TU8=667(13) Utilization = 95% (I know I'm paying it off now!)
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 5 of 22
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Super Contributor

Re: App-Extravaganza!! Advice needed.

Yes...for sure, do your soft pull CLI request first. BofA will be a hard pull on TU for CLI. Check your account for the blue text "increase credit limit". If you're looking for a new card with growth potential with BofA. I'd go ahead and App for that card(Merrill Lynch plus). BofA will pull EX and use the same pull in most cases for the CLI request. Shoot high when requesting a CLI with BofA. If it is an instant for your asking amount. You've left money on the table. If they counter offer. You've hit the ceiling till another 90 days passes and you can try again.

I picked these banks and CUs because they're known to be generous. Chase, BofA along with a few other large national banks normally use a computer to give you an instant decision. Some want a banking relationship in order to give you a card.

IME those that have instant decisions, give the highest SLs on average. Verses lenders that do manual reviews . Penfed and Navy sometimes will manually review apps. There's really no way to know if their systems will approve you instantly. I'd say there's more of a chance Navy will approve instantly vs Penfed.

You also can research what credit report each lender pulls(google credit pull data base) And use that to your advantage. Some lenders are more adverse to new accounts than others. From what you've said so far. You shouldn't have that issue.

You can't be afraid of being denied. It will happen sooner or later. Don't let that discourage you. If you're getting denied back to back. Time to take a break and allow your reports to cool off. 

Try to find cards that will be useful in your household as well. That means doing a lot of research.

Message 6 of 22
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Established Contributor

Re: App-Extravaganza!! Advice needed.


@65musclecar wrote:

Forgot to mention the BofA and Barclays cards were both opened in Feb 2017 and Cap 1 gave me a $2000 Credit Limit Increase about a year ago in August 2016. I haven't asked for any Credit Limit increases, the one I got was automatic.


Definitely give the Cap1 SP cli button a push. I had last received an auto-cli from them a little over a year ago putting my limit at $2500 before I realized you could request an increase & did so via the button. Came back with an instant $2k cli approval. What card do you have with them? If it started as a platinum or secured there's no harm in asking about an upgrade to quicksilver. My history with Cap1 goes like this :burned them with c/o on a $1500 starter card in 2008, pif & settled up account in 2010,opened plat card at $500 in 2013, 2 auto increases & one request later and as of Aug 2017 my total line is $5200. In my exp with them they have been fairly generous in giving you the opportunity to build your credit & take chances with rocky credit history. Have heard otherwise from others but they were let in my rebuild & growth. Good luck! 

Fico8 (Jan '19) - EQ 699 TU 798 EX 798

Message 7 of 22
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Re: App-Extravaganza!! Advice needed.

Thanks again Gmood1 !!!!   Tons of great info!    

 

 (After the SP CLIs) I'm going to take your advice and app for the Merryl, then request CLI on BofA.  What amount is "shooting high" in your opinion?  I have $7500 on BofA now, so $15k? $20k?

 

Also curious what income is needed to get best CLIs?  I have three separate small businesses so I have some flexibility about what I pay myself (it will affect my taxes, but I'm weighing the pros and cons). 

 

This is a little off topic but related:  DW's no longer getting company car, so we need to get a new one, wondering best route as far as credit building and App-Spree. Is there a lease that doesn't hit credit?  Will autoloan hurt my scores and chances to get CLIs?  or help?

 

 

4/23/2019: EQ8=737(8 INQs) EX8=797 (9) TU vantage=703(14) Utilization = 17%
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs, 14months since last account opened, Adverse Action 4/2018 closed 3 BofA accounts and CLD Chase Sapphire, CLD Barclays, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $500, Golden1 $10k, Chase Sapphire $2850, DCU $10k, Marvel $1k, BBVA $2800, HSBC $1850, Care Credit $8000 TCL = $79k

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k



10/12/2018: EQ8=662(12 INQs) EX8=673 (11) TU8=667(13) Utilization = 95% (I know I'm paying it off now!)
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 8 of 22
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New Contributor

Re: App-Extravaganza!! Advice needed.

Ok, so I CLI'd online on my Cap 1 card (current limit $4400) and got the 10 day message:

 

"One of our credit line specialists is reveiwing your account. You'll receive the results of our reveiw in approximately 10 days."

 

 

 

Wondering if I should still CLI on my other Cap 1 ($300 limit) or wait? Smiley Frustrated

 

 

4/23/2019: EQ8=737(8 INQs) EX8=797 (9) TU vantage=703(14) Utilization = 17%
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs, 14months since last account opened, Adverse Action 4/2018 closed 3 BofA accounts and CLD Chase Sapphire, CLD Barclays, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $500, Golden1 $10k, Chase Sapphire $2850, DCU $10k, Marvel $1k, BBVA $2800, HSBC $1850, Care Credit $8000 TCL = $79k

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k



10/12/2018: EQ8=662(12 INQs) EX8=673 (11) TU8=667(13) Utilization = 95% (I know I'm paying it off now!)
AAofA 4yr 1 mo, Oldest Account 23yr 5mo, no lates, no derogs

3/22/2018: EQ8=733 EX8=740 TU8=730 Utilization = 20%
BofA Platinum $15k, BofA Cash $11k, BofA Travel $15k, Cap1 Plat Mastercard $550, Cap1 World Mastercard $6400, Cap1Venture $20k, Barclays Cashforward $2500, Golden1 $10k, Chase Sapphire $28k, TCL = $108k Total Inquiries = 11 per CRA

Golden1 Auto $50k/53k, Mercedes Benz Fin lease $14k/$16k


Fico 8 Scores 8/23/2017 EQ= 776 EX = 805 TU= 785 (vantage score)
no derogs Smiley Happy
*BofA Platinum Plus Mastercard $7500, Capital One Rewards $4400, Capital Platinum Mastercard $300, Barclays Cashforward $2500, TCL = $14,700 Usage 2%, Total Inquiries = 3

9/21/2017 Added Cap1Venture $20k, Cap 1 CLI to $6600, TCL = $78,100 usage 4%, Total Inquiries = 6 per CRA

Message 9 of 22
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Community Leader
Super Contributor

Re: App-Extravaganza!! Advice needed.

It's been a while since I got a CLI on Capitol one. It was every 90 days when I was doing it. That's been over a year ago. Thought I read it's every 6 months now.. though I could be mistaken.

Shoot for the stars with BofA! They'll counter offer you, if you shoot too high. $20k is a good one.
I wouldn't be surprised if your BofA doubled in limit.

Penfed is a good one for Auto loans. You can use the same HP for their other products as well. It's a HP on EQ to join. So you might as we'll get it all in that HP.

Yes your scores may dip a little after the loan reports. They'll rebound quickly. In two months or so, your scores could possibly be higher than before adding the auto loan.
If you don't have an installment loan. No doubt, it will help you in the long run.

App for Merrill first then do the CLI request. They'll pull EX. If you do it the other way around, they'll pull TU for CLI. Not sure if they'll use it for the Merrill Lynch app.

With income, there's no magic number. I've used my income on certain apps and household on others. I input $100k household or less for individual income.

Message 10 of 22
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