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New Card or Cli?

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Anonymous
Not applicable

New Card or Cli?

Hello everyone!  
I'm currently stuck in a pickle and I'm hoping someone can point me in the right direction.  

I'm stuck with the decision of either accepting a cli on my current card. The cli would be 2.5k. The other option is opening up a new credit card with my CU with a 3.5k starting limit but it's a rewards card with a pretty good program. The hard inquiry has already been added to my CR.  The CU rep that called me suggested that the CLI would be the best option because it won't negatively affect my credit like opening a new account, but I was looking forward to some good rewards...

 

Keep in mind I am in a rebuild and the goal is to move whatever balances I have on crappy cards over to my current  CU card because they have 1.99% on all balance transfers for 12 months. After this decision I'll be back into the garden for Atleast a year Bc I will have a few cards with more than enough credit for me at this time.  

sorry that was so long winded and thanks in advance !

16 REPLIES 16
FireMedic1
Community Leader
Mega Contributor

Re: New Card or Cli?

You wernt long winded. Why waste the HP and a higher limit with perks? As you said garden time afterwards. Build that relationship with the CU even more. JMO.


Message 2 of 17
Anonymous
Not applicable

Re: New Card or Cli?

 


@FireMedic1 wrote:

You wernt long winded. Why waste the HP and a higher limit with perks? As you said garden time afterwards. Build that relationship with the CU even more. JMO.


Thanks for the advice..

The cli would be nice but I was leaning towards getting the new card with the perks and requesting that CLI in 6 months or so. I guess the CUs biggest concern was the new account bringing down my AAOA but with a year to garden or possibly more, I suspect the damage it does to my AAOA will be way less significant then. Well I hope anyways lol. 

Message 3 of 17
SUPERSQUID
Valued Contributor

Re: New Card or Cli?


@Anonymous wrote:

Hello everyone!  
I'm currently stuck in a pickle and I'm hoping someone can point me in the right direction.  

I'm stuck with the decision of either accepting a cli on my current card. The cli would be 2.5k. The other option is opening up a new credit card with my CU with a 3.5k starting limit but it's a rewards card with a pretty good program. The hard inquiry has already been added to my CR.  The CU rep that called me suggested that the CLI would be the best option because it won't negatively affect my credit like opening a new account, but I was looking forward to some good rewards...

 

Keep in mind I am in a rebuild and the goal is to move whatever balances I have on crappy cards over to my current  CU card because they have 1.99% on all balance transfers for 12 months. After this decision I'll be back into the garden for Atleast a year Bc I will have a few cards with more than enough credit for me at this time.  

sorry that was so long winded and thanks in advance !


I am also rebuilding. the way i see it now is the time to take the dings for decisions. personally i would opt for the new better card and take the ding in score because your score is going to yoyo a little during a rebuild anyway, good luck.

{ BK7 DC 12/2019 } target 1600/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
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Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 4 of 17
Anonymous
Not applicable

Re: New Card or Cli?


@SUPERSQUID wrote:

@Anonymous wrote:

Hello everyone!  
I'm currently stuck in a pickle and I'm hoping someone can point me in the right direction.  

I'm stuck with the decision of either accepting a cli on my current card. The cli would be 2.5k. The other option is opening up a new credit card with my CU with a 3.5k starting limit but it's a rewards card with a pretty good program. The hard inquiry has already been added to my CR.  The CU rep that called me suggested that the CLI would be the best option because it won't negatively affect my credit like opening a new account, but I was looking forward to some good rewards...

 

Keep in mind I am in a rebuild and the goal is to move whatever balances I have on crappy cards over to my current  CU card because they have 1.99% on all balance transfers for 12 months. After this decision I'll be back into the garden for Atleast a year Bc I will have a few cards with more than enough credit for me at this time.  

sorry that was so long winded and thanks in advance !


I am also rebuilding. the way i see it now is the time to take the dings for decisions. personally i would opt for the new better card and take the ding in score because your score is going to yoyo a little during a rebuild anyway, good luck.


Thanks!  Good luck with your rebuild as well!

Message 5 of 17
FireMedic1
Community Leader
Mega Contributor

Re: New Card or Cli?

@AnonymousAs profiles grow the dings become less for new stuff. I remember coming out of BK the dings were like say what with new accounts. But once the portfolio became bigger. It didnt hurt as much. Heck a couple cards didnt move the needle with HP's. As long as AAoA's stays above 2 yrs min. Things remain kinda stable. Of course the higher the better. Your plan is well thought out. You'll be fine getting those perks with the new card. Congrats BTW!


Message 6 of 17
Anonymous
Not applicable

Re: New Card or Cli?


@FireMedic1 wrote:

@AnonymousAs profiles grow the dings become less for new stuff. I remember coming out of BK the dings were like say what with new accounts. But once the portfolio became bigger. It didnt hurt as much. Heck a couple cards didnt move the needle with HP's. As long as AAoA's stays above 2 yrs min. Things remain kinda stable. Of course the higher the better. Your plan is well thought out. You'll be fine getting those perks with the new card. Congrats BTW!


Sounds good.  My AAOA is pretty solid thanks to student loans from 2010-2013.   Thanks for the congrats btw!  It feels nice to start to get out of $300-$500 SL territory and on to some better cards!

Message 7 of 17
FishingGuy
Frequent Contributor

Re: New Card or Cli?

I agree with everyone above,  take the new card.... don't worry about the short term "ding"  This takes your rebuild to the next level with the new starting line,  use the card pay it.... and your next apps will be at this level or higher. 

 

In a few months after this card reports I would also call some of your existing "low limit" cards and request CLI only if they will consider them on soft pulls.   I would plan doing that strategically, using each card a bit more and making several payments a month before the bill cuts and before the request.  Save the hard pulls for new accounts when you're ready.

Message 8 of 17
Anonymous
Not applicable

Re: New Card or Cli?


@FishingGuy wrote:

I agree with everyone above,  take the new card.... don't worry about the short term "ding"  This takes your rebuild to the next level with the new starting line,  use the card pay it.... and your next apps will be at this level or higher. 

 

In a few months after this card reports I would also call some of your existing "low limit" cards and request CLI only if they will consider them on soft pulls.   I would plan doing that strategically, using each card a bit more and making several payments a month before the bill cuts and before the request.  Save the hard pulls for new accounts when you're ready.


Thanks for the advice! 
I feel like I've played my cards very well up to this point. This next level I feel will be very rewarding with some patience and good management on my end 

Message 9 of 17
Anonymous
Not applicable

Re: New Card or Cli?


@FishingGuy wrote:

I would plan doing that strategically, using each card a bit more and making several payments a month before the bill cuts and before the request.  Save the hard pulls for new accounts when you're ready.


I would just caveat that by saying that some issuers, notably WF, apparently frown on multiple payments per month. So don't go too overboard!

Message 10 of 17
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