Limit increase denial

[mrshulkisloislane]

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@Anonymous wrote:

@mrshulkisloislane 

Also, can you tell us where you are pulling your scores from and what is NFCU showing for a credit score when you log in?

Scores are from Experian FICO8.  I get all 3 once a month thru them.

Nfcu FICO9 707 as of 05/14/20.

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[AverageJoesCredit]

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@RSX wrote:

aside from the questions above to be answered, i also think you have a spread of cards that your income will not allow you to put much spend on each of them - this is needed for some cards to grow

so i would suggest some closures - get focused on the ones you want to keep, and drop the others

this is my idea - but if they are the wrong ones for you, feel free to mix it up

i would close and keep the following

PayPal MC $300 08/2018 - CLOSE in Aug 2020

PayPal line of credit $2666 08/2018 - KEEP

Walmart $380 03/2018 - CLOSE now

Nfcu GoRewards $2500 08/2018 - KEEP

CareCredit $2900 06/2018 - KEEP

Belk $880 03/2018 - CLOSE now

Target $1500 03/2018 - KEEP

Ashley Stewart $300 11/2017 - CLOSE now

Cap. 1 Plat. $700 10/2017 - see if you can PC to a Quiksilver, if not keep, but try to put all your spend on it for 3-6 months, then SP CLI

Amex BCE $1000 10/2018 - KEEP

Discover $2000 11/2017 - KEEP

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Nah, i dont think income /spend have anything to do with here @RSX  . Her income is / was/ and even reduced still is better than good for those cards imo. You are looking at the poorest person here on myFico and i achieved over 250k in credit limits, including closed cards during last 5 years. There has  to be something in the profile that is spooking. May just be the old collections, even though they shouldnt hold much weight with age maybe the lenders still dont like them?

[RSX]

^^ gotcha - i know there is something else holding back the scores 

i was more trying to get the process streamlined for them

with all those cards, and low limits, it is both hard to get the spend on each and also a misstep/ wrong payment date will cause it to report very high util

i have 11 cards as well, and i know what the struggle is like, with a higher income than OP

[mrshulkisloislane]

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@RSX wrote:

^^ gotcha - i know there is something else holding back the scores 

That's what I'm trying to figure out.  What exactly is holding them down AND why larger limits seem to evade me.

i was more trying to get the process streamlined for them

with all those cards, and low limits, it is both hard to get the spend on each and also a misstep/ wrong payment date will cause it to report very high util

This very fear has me watching my credit like a hawk!

i have 11 cards as well, and i know what the struggle is like, with a higher income than OP

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[mrshulkisloislane]

Listening to you all had me thinking maybe I'm missing something.  So I went back and checked everything.  Scores, and combed all 3 reports.  Decided to burn a hp and request cli on GoRewards.  Requested 8k.  Checked this a.m. they gave me additional $1500 for a new limit of $4k.  I don't see the hp reflecting yet.  Maybe it was this sp everyone is referring to.  I sure hope so.

I will try Discover again after my statement runs.  Will try Amex again next month and let you know the results.

[mrshulkisloislane]

AJC you mentioned old collections spooking them.  Once collections are removed can creditors still see that you had them?  

[AverageJoesCredit]

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@mrshulkisloislane wrote:

AJC you mentioned old collections spooking them.  Once collections are removed can creditors still see that you had them?  

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Id say no if they arent showing. I thought maybe they were showing. My bad.  Congrats on your Navy sp increase. That should start the ball rolling on future  cli .  It is weird on the slow progress. Let me look at your cards again. 

[AverageJoesCredit]

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@mrshulkisloislane wrote:

@Anonymous 

Maybe start by listing what cards/CLs you have now & when these cards were acquired and then add what income you are reporting?

PayPal MC $300 08/2018

PayPal line of credit $2666 08/2018

Walmart $380 03/2018

Nfcu GoRewards $2500 08/2018

CareCredit $2900 06/2018

Belk $880 03/2018

Target $1500 03/2018

Ashley Stewart $300 11/2017

Cap. 1 Plat. $700 10/2017

Amex BCE $1000 10/2018

Discover $2000 11/2017

Reporting approx. $36k/yr income right now.  Work limited due to Covid-19.  normally about $55/yr.

Thanks for responding!

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@mrshulkisloislane  if you can, update your siggy with your most recent scores and dps. 

Ive noticed a couple of these are store cards. Target you should leave a small bslance each month and update your income seems to be the recommended  way. Wally is Cap One who are notorious for hard to get cli with low usage. Paypsl MC and PPC you can try hitting the request credit limit increase to see what comes out. Id put more emphasis on using the MC to try and pry open the cli. It can grow to 10k fast.  Care Credit make sure to keep active if you like it. I believe you can use it at Walgreens or RiteAid. Once in awhile call Credit Solutions for a cli. Amex , it maybe time to try for another card that might bring a higher limit.. If not wanting new cards id recommend focusing your spend more on your Amex, Disco and PPMC. Disco you can try everyday but once a month is sufficient . Check the prequal, you might pick up a second card and get a bigger limit too. No more store cards, concentrate on cards that work for you but also  can grow. 

[Harvey26]

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@mrshulkisloislane wrote:

Listening to you all had me thinking maybe I'm missing something.  So I went back and checked everything.  Scores, and combed all 3 reports.  Decided to burn a hp and request cli on GoRewards.  Requested 8k.  Checked this a.m. they gave me additional $1500 for a new limit of $4k.  I don't see the hp reflecting yet.  Maybe it was this sp everyone is referring to.  I sure hope so.

I will try Discover again after my statement runs.  Will try Amex again next month and let you know the results.

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Did you try for a new card? I think you would have alot of luck with getting a new account. The will HP TU for a new card but I could see you getting a 10K plus SL.

[Anonymous]

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@Harvey26 wrote:

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@mrshulkisloislane wrote:

Listening to you all had me thinking maybe I'm missing something.  So I went back and checked everything.  Scores, and combed all 3 reports.  Decided to burn a hp and request cli on GoRewards.  Requested 8k.  Checked this a.m. they gave me additional $1500 for a new limit of $4k.  I don't see the hp reflecting yet.  Maybe it was this sp everyone is referring to.  I sure hope so.

I will try Discover again after my statement runs.  Will try Amex again next month and let you know the results.

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Did you try for a new card? I think you would have alot of luck with getting a new account. The will HP TU for a new card but I could see you getting a 10K plus SL.

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+1

I totally agree with you @Harvey26