Credit limit increase?

[Anonymous]

My first post here garnered more help than I was looking for since I was more venting than anything. The help is very much appreciated and am back with a question rather than venting.

Here is where I am with credit cards and limits. I have two Capital One Quick Silver cards with $2500 and $500 respectively. I have a Discover IT Chrome with $1500, NFCU rewards with $25,000, American Express Everyday Blue with $2000, Walmart/Capital One $300, Merrick Bank with $1250 (auto increase to $2500 after 7 months of on time payments), Military Star with $4400, Lowe's/Synchrony $300, Nebraska Furniture Mart with $1500. The oldest of these cards is about 11 months the newest is about a month.

I use my credit cards for everyday spending and bills and the rewards. I don't carry a balance on any of them unless there is a no interest deal available. Otherwise the balance is paid in full every month.

Given that I pay bills and everyday purchases with my credit cards I'm wanting to get my available credit raised toa level that I can pay the balance on each when they are due and still keep my utilization at 6% or less. Currently I'm at 6% utilization but I have to pay the amount owed on many of my cards before the statement drops. I would prefer to have a rolling balance month to month and not have to worry about paying before the statement drops.

What is the best way to get credit limit increases for my purposes? That is to keep my credit utilization low not to actually use that much line of credit. So far I have tried to get a limit increase from my oldest cards Capital One and Discover only to be denied. Thank you for any help and I apologize for the long winded post.

[CreditInspired]

Hi and welcome
Well, your UT is already low so I really don’t understand the question. You could ask your lenders to change the due dates on your cards so they can all coincide. Also, try not to use all cards every month. Rotate the cards usage to get the biggest bang for your buck.

Also, IMHO, with your oldest card only 11 mos, your AAOA is like a mere 5 mos. You basically have no history with the CCCs so I don’t think you’ll be seeing CLIs anytime soon. I believe because you are continuously applying for credits and adding new accounts, it’s hurting your chances for CLIs.

So, please slow down, let your newest account age 6-12 months, and try for a CLI on your Discover and AmX since they are SPs.

[Brian_Earl_Spilner]

I opened about the same number of cards as you in 2018 and the reason I can't get any CLIs, according to the lenders, is I opened too many cards.  I've been gardening and hope by April I'll be able to start getting increases as my INQs will start dropping off my reports and my youngest cards will have started hitting the 1 year mark.

[Anonymous]

Thank you for the reply! I am definitely taking the advice of letting my existing accounts age before applying for more credit. I would like just like to pay whatever the statement says rather than having to worry about paying the balance before the statement is ever generated. My credit utilization is where it is because I pay many of my balances before the statement generates. This way when the statement is generated it shows a $0 balance and is reported the same. The cards I use most are the NFCU rewards for bills and everyday purchases (earns 1.5% CB on every purchase), Discover for gas and restaurants, and American Express for groceries and some store purchases. I hope this helps clarify my question. Thank you again. I'm a complete noob trying to understand the ins and outs of credit scoring and getting the most from the hard work.

[Anonymous]

Thank you for the reply. I haven't been told that by any of my card companies but I kind of fear that is the reason.

[mrfufoppss]

my profile is almost identical to yours my oldest card is 11 months also, time is your only friend right now. come to the garden with me and use the time (6 to 12) months to learn from our Fico family, its the best thing you can do at this point and learn the existing cards you have

[AverageJoesCredit]

You most likely wont see big cli from Cap One unless you put in heavy use. Discover is hit and miss, though by using it and paying will eventually open the door. How great is Navy? Just look at your limit then look at your other cards. No other lender would do that. Treat Navy right, thats a lender worth having.

[Anonymous]

I can't begin to tell you how greatful I am to NFCU. They offered me an outstanding credit limit upon approval and couldn't be happier. Plus a decent interest rate and $250 cash rewards bonus after 3 months with qualifying spending (which I have reached). The NFCU card is another new card, only two months old since approved. However definitely a card I intend to keep for a very long time.

[M_Smart007]

@Anonymous, Welcome to the forums! .

Your profile is still relatively young. Keep using your cards and let your profile age.

building a nice solid credit profile requires patience. to much to fast, and you could spook lenders.

Slow and steady wins the race.

Happy Holidays

[CreditInspired]

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@mrfufoppss wrote:
my profile is almost identical to yours my oldest card is 11 months also, time is your only friend right now. come to the garden with me and use the time (6 to 12) months to learn from our Fico family, its the best thing you can do at this point and learn the existing cards you have

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Hear, hear.