Is there a certain time you should use the luv button for cli?

[heather06]

i am curious about whether there is a more ideal time to try the luv button for cli? Should you have a certain credit score or uti before trying it? Im looking for cli on 2 cards - a quicksilver one by cap1 and my hsn comenity card? Also may want to look at cli for amazon store card. last time i asked which was more than a year ago was denied so im a little gun shy. no negative items on report - have had all these accounts for almost 3 years and stuck at the current credit lines. cap1 is at $5,000, hsn is at $4000, amazon is at $2550. my credit lines on all of them are almost maxed out so should i wait to do the cli button or is it possible to try now. really would love to find a way to improve my uti as i am paying these cards down.also once you get an increase - how long do you need to wait before using luv button again?

thanks for any info!

[medicgrrl]

I would wait until you've paid the cards down. I know Cap1 and Comenity are typically a SP so it most likely won't hurt to try, but you probably will be denied.

[Anonymous]

Your FICO scores could be anywhere from 40-70 points lower if you're maxed out on even ONE card.  Being maxed out on all cards means your FICO score is destroyed.

Pay everything down to $0 except for one account that you pay down to $5.  Then wait 2 months for everything to report.  Then request CLIs when your FICO scores go way up from managing credit well.

Right now you're a huge credit risk to lenders.  People who run high utilization are the ones who are most likely to default, other than people who have recent 30D lates or worse!

[heather06]

thanks everyone for your input. i am not maxed out on any of them but i am almost maxed out so how do you plan paying them down. they all have the same interest rate but i have 2 cards that are higher credit limits than the rest. should i make double payments on those for a few months or make a bigger payment on one at a time?  I am not in a position to be making large payments on any of them as I dont have the funds but i could try to make double payments on a few or take $1,000-$2000 and put it towards one or a few cards. what is the best way to start paying them down if i do not have large amounts of money initially to pay them down immediately.

thanks again for all your advice!

[heather06]

also all my scores currently are in the mid-600's across the board on all reports - 650's...... i know that paying my cards down will help just trying to figure out best use of $ if i can put $1000-$2000 towards it in the next month or 2.

thanks again for the tips!

[AverageJoesCredit]

Best way to get specific advice is to list your cards with exact amount owed and their limits, plus their apr. This way youll get more specific advice such as snowball method or other methods.

[Anonymous]

If your utilization is over 89% on any one card, you're considered maxed out by FICO. So pay down everything to under 89% (including whatever interest will post).

[Meanmchine]

All 3 cards you listed are normally all SPs. Start with Amazon ( shouod be the easiest )

[heather06]

Thank you all for your advice. AverageJoesCredit - you mentioned for me to list all my cards and their related info to get more specific advice. Should i do this on this post or post it in another forum? want to make sure that I am posting in right place. Thank you!

[AverageJoesCredit]

Hi heather06, here is fine. I only asked because normally if we can see where your balances are , many of the more experienced vets here can help you in regards where you should attack which balance first to perhaps,maximize you lowering your utilization and therefore getting better chance at cli. Remember having an Amazon, that card has great potential to reach 10k and is much easier to get cli if your balances are lower. Its hard for them to offer a cli if tgey sp your report and see not only their catd maxed but others too. Funny thing about credit its easier to get when you dont need it than when you actuslly do