Hi, All. I've been lurking here for 2 months and I want to thank you all for the tremendously helpful information. After learning how the scoring works, In just two months, I've been able to move my scores from Fair to Good/Excellent just by taking out a personal loan and paying down maxed out CLs and getting a small CA knocked off the reports.
My file is short and thin and my CLs are low as I had a bunch of COs in 2011 and some other headaches in life in subseqent years. But, I've realized I should focus on rebuilding my credit if I'm going to get anywhere.
Sooo, what's the best way to approach Cap1 and Synchrony for CLIs?
I have a $1500 Cap1 Silver that I would max and pay down mid-cycle and max again, always PIF (so I understand that use of the card is a big factor in my favor). Also have a $500 Cap1 Walmart (often maxed, always PIF), and a $300 Kohls (rarely makes it out of the sock drawer). These are all 2 - 4 years old, and I did burn Cap1 in 2011 for a $2K CO. I have not used the Luv button and they have only voluntarily increased my line once in 2019. I'm hoping to push for a substantially higher CL on the Silver, and then push for what I can get on the other two cards. Should I try the Luv Button first or just go straight to the back door number for an Account Specialist (800-625-7866 I think)?
Synchrony with their 0% financing offers got me to max out PayPal ($1900) and Amazon ($1200), with both being paid to avoid interest. Also another Sync store card for Abe's of Maine, I was given an opening CL of $2500 last May, only used it a few times (max $1100 and always PIF) and then they dropped me to $250 after Christmas (with a $225 balance). That's when I realized I had no idea what I was doing with my credit. So, two questions: Is 2 months too soon to ask for the reduced line to be reinstated? My score is now way better than it was when they opened the account! And (2), should I call their credit analyst first (866-519-6441) or take my chances with the Luv button? I'm hoping to bump all three lines substantially.
Also, in both cases, if I do speak with a credit specialist, should I discuss all 3 accounts on the same call or space it out?
I think the only complicating factor is that I did open a $4K loan 1 month ago, so the recency of new credit may be a potential reason for denial (but it really helped my scores all around). Any thoughts or suggestions are appreciated. I'm totally new to this game.
TIA for your help. You guys are the best!
