Best time to request Credit Line Increase

[Anonymous]

Hope everyone's New Year has gotten off to a good start!

So I'm back after a mini hiatus but for a good reason and, not to make it too long, I started paying attention and focusing on my credit in early 2020. In Sep 2020 I found myFICO and this forum and was able to get my scores up higher in order to purchase my home in Sep 2021.

I now want to get back into the swing of things and see where I can improve my credit file for the long run.

Here's what I have currently:

• FICO Score 8: EQ 788 / TU 791 / EX 778
• 1 Mortgage Acct: opened Sep 2021 (not reporting yet)
• 2 Installment loans: Auto lease & Student loan
• 2 Revolving CC: 2 Citi cards, one with 0 bal of $5k limit, one with 35% utilization of $7.5k limit
• Age of oldest acct: 23 yrs 9 mos
• Avg age of accts: 15 yrs
• Age of most recent opened acct: 9 mos (auto lease)
• No negative marks at all - totally clean credit file

I'm thinking I should get my credit limits/lines up. Quests:

1) What is a good amount of available credit that I should aim for?

2) Is now the best time to request credit limit increases on my 2 open Citi credit cards?

3) Should I also apply for a new credit card?

4) Do I request CL increases and apply for new CC at the same time?

On another note, is it normal that the Mortgage account hasn't reported on my credit file yet?

Thank you in advance for all the help and insight!

[FireMedic1]

The thing that sticks out for me is FICO likes 3 revolvers for the credit mix. You got the loans covered. I'd grab that 3rd card before the mortgage hits and scores take a dip. As far as Citi CLI's. I'm not rehearshed on Citi on how they do CLI's. SP vs HP.

[coldfusion]

As for Citi CLIs,  if it is a core card and you request online it is normally a soft pull and when they return the results they may also give you the option of taking a hard pull to potentially get a larger CLI.    If it is a card issued through Citi Retail Services (Sears, Macy's, Home Depot, Best Buy, Bloomingdales, etc) it depends on the specific card, some of them like the Macy's cards are SP yet others like Home Depot always trigger a HP.

[Anonymous]

If you are going to end up with a HP I would suggest you go to another bank. It is never good to have all of your eggs in one basket. Chase, BofA, Barclays etc would all be a good choice for you, even PenFed but a $5 savings account is required.

I personally love Citi Bank but it is time for you to get a card from another bank. Leave well enough alone as it is now at Citi.

Thanks

Mark

[Anonymous]

@FireMedic1 

Thanks for the info! Any specific card that is more favorable for me to grab that 3rd card?

[Anonymous]

I thought about exactly what you mentioned and applying for a card at BofA (who I bank with) and/or Wells Fargo (have mortgage thru).

[FireMedic1]

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@Anonymous wrote:

@FireMedic1 

Thanks for the info! Any specific card that is more favorable for me to grab that 3rd card?

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With those scores. Get what you'll use and earn rewards. Field is open. Good Luck! Others will have ideas to choose from. Me with a BK I'm limited.

[DJRobbieD]

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@FireMedic1 wrote:

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@Anonymous wrote:

@FireMedic1 

Thanks for the info! Any specific card that is more favorable for me to grab that 3rd card?

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With those scores. Get what you'll use and earn rewards. Field is open. Good Luck! Others will have ideas to choose from. Me with a BK I'm limited.

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@Anonymous, I concur with many of the above posts.  You have a strong credit profile, so the credit card world is your oyster.  I agree with going for lender diversification, e.g. getting a new card from someone other than Citi. 

Regarding which lenders and which cards to target, that'll depend on your spending patterns and ultimate goals.  Are you looking for cash back or travel rewards?  What are your heaviest categories for spend, e.g. dining, groceries, discount stores, gas, etc?

[coldfusion]

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@Anonymous wrote:

I thought about exactly what you mentioned and applying for a card at BofA (who I bank with) and/or Wells Fargo (have mortgage thru).

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Both BoA and Wells Fargo are at least to some extent relationship banks, which could work in your favor.   Between the 2 I lean toward BoA in large part because their CLIs are soft pulls and they tend to be fairly generous, but you may find the Wells Fargo Active Cash or a different 2% cashback card like the FNBO Evergreen (check the prequal) a better fit if you don't currently have a Citi DoubleCash. 

[805orbust]

FNBO Evergreen is a great card actually. 2% cash back, no annual fee. If you've got no thoughts on what direction to go in that's a great one. If you bank with BOA that's an obvious good choice. Wells has given both DW and DS about a 50% auto increase over the last 9 months or so. I'm also surprised no one mentioned Chase. Freedom Unlimited is a pretty simple rewards card with no annual fee and they'll probably start you off with a generous limit as well.