Hello All,
i am am really fighting the urge to apply for anymore credit, but I have been focusing on CLIs. I’ve heard many say in this forum that Lowe’s was generous. I was only approved for $500. I have no negative marks, no late payments. I have opened three cards in the last three months, and two of them are maxed out because I took care of some installment items with high interest rates. I have used the Lowe’s card and spent probably over $400. Paid it off in full before cycle date. It’s been about two months. Why are they not increasing my limit???? 😡
@Anonymous wrote:You answered your own question. You have two maxed out cards and they're both new cards to boot. When you get them under control, Synchrony will surely roll out the red carpet.
This. Get your util% under control and CLI will come.
+1
0% offers on new purchases and balance transfers are great and useful, but all lenders and scoring models see is that you are using a lot of your available credit so they have to be used in balance or you just have to be patient until they come down.
Edit: And with Synchrony now oddly using VantageScore 4 for lending decisions, utilization is more important than ever when it comes to getting new or additional credit from Synchrony as it's not as forgiving as more common FICO models are. This coming from someone whose TU VS4 is about 50 points lower than TU FICO 8.
Their use of VS4 may ultimately prove out that our old adage that utilization has no memory is no longer true, since VS4 uses trended data. Because of this, an increase on a line with Synch may not happen as soon as utilization comes down. They may want to see a couple months of controlled, low-percentage use to feel comfortable increasing one's limit.
I'm shooting from the hip here and it may not matter, but since trended data is the one big advantage that VS4 offers a lender over other models currently available, I tend to think that's why they switched over, and through that lens, it makes sense to use it.
Yeah I think in the not-too-distant future utilization will prove to have a memory after all. I guess the upside may be a little more stability with the CLs we get. If a lender gives you $10k on a card after going through your historical data, that's a pretty solid approval that may prove to be less volatile or susceptible to reductions if you have occasional usage spikes.
