Is there a specific strategy with your credit before appling for CLI?
I'd rather not add more CC's right now to my profile as I may be apply for a mortgage in the near future, but I'd like to take advantage of my CLI's on the SP cards. I haven't requested them in months, and some in years as my credit was hanging out at close to 90% utilization.
I have since paid off all but 3 cards, and once they've all reported I should be about 5%. Currently reports are showing I am at 20% due to a few cards still not reporting the new balance.
Is the 10-15% difference of utilization going to make any big difference when asking for the CLI's ?
@Anonymous wrote:
@socalchef00 wrote:Is there a specific strategy with your credit before appling for CLI?
I'd rather not add more CC's right now to my profile as I may be apply for a mortgage in the near future, but I'd like to take advantage of my CLI's on the SP cards. I haven't requested them in months, and some in years as my credit was hanging out at close to 90% utilization.
I have since paid off all but 3 cards, and once they've all reported I should be about 5%. Currently reports are showing I am at 20% due to a few cards still not reporting the new balance.
Is the 10-15% difference of utilization going to make any big difference when asking for the CLI's ?
For a card to be rated "good" your utilization should be no more then 28.9% on any one card.
For a card to be rated "excellent" your utilization should be no more then 8.9%
Your total utilization should be 8.9% or less for a good rating
Your total utilization should be no more then 4.9% for an excellent rating.
It is all up to you
Your Synchrony and Discover cards are SP for CLI's
Thanks
Mark
Thanks. I should be good then to start requesting, but I may wait a few more days to se when my Capital one and Kohl's cards report.
@Anonymous wrote:
@socalchef00 wrote:
@Anonymous wrote:
@socalchef00 wrote:Is there a specific strategy with your credit before appling for CLI?
I'd rather not add more CC's right now to my profile as I may be apply for a mortgage in the near future, but I'd like to take advantage of my CLI's on the SP cards. I haven't requested them in months, and some in years as my credit was hanging out at close to 90% utilization.
I have since paid off all but 3 cards, and once they've all reported I should be about 5%. Currently reports are showing I am at 20% due to a few cards still not reporting the new balance.
Is the 10-15% difference of utilization going to make any big difference when asking for the CLI's ?
For a card to be rated "good" your utilization should be no more then 28.9% on any one card.
For a card to be rated "excellent" your utilization should be no more then 8.9%
Your total utilization should be 8.9% or less for a good rating
Your total utilization should be no more then 4.9% for an excellent rating.
It is all up to you
Your Synchrony and Discover cards are SP for CLI's
Thanks
Mark
Thanks. I should be good then to start requesting, but I may wait a few more days to se when my Capital one and Kohl's cards report.
Just remember that Kohls IS Capital One and the maximum CL you can ever have there is $3,000
Thanks
Mark
At Kohl's or with Capital one in general? I'm almost at max then with Kohl's. Dont need increase there. Just want them to report the correct balance
@4sallypat wrote:Be careful about requesting CLI - some banks will HP.
A HP inquiry will report to your mortgage report and you will have to explain on LOE during the mortgage loan process if within 12 months.
I had to go thru with a LOE after I opened escrow. Lender wanted to know what a 3 months old HP from Best Buy was and when I explained it was not new credit, but a CLI and showed statements of before and after the CLI - the lender was satisified.
After that, I applied only for SP credit so that none showed up before and during escrow.
Very lucky that the X1 card and 2 new business accounts did not show as inquiries due to the SP....
None of the new credit showed up even the day before funding when the mortgage lender ran a SP.
After escrow closed, new accounts reported - WHEW!~
I only plan on requesting CLI's on SP credit cards. Especially since I my be appling for a HELOC or new mortgage
@Anonymous wrote:
@socalchef00 wrote:
@Anonymous wrote:
@socalchef00 wrote:
@Anonymous wrote:
@socalchef00 wrote:Is there a specific strategy with your credit before appling for CLI?
I'd rather not add more CC's right now to my profile as I may be apply for a mortgage in the near future, but I'd like to take advantage of my CLI's on the SP cards. I haven't requested them in months, and some in years as my credit was hanging out at close to 90% utilization.
I have since paid off all but 3 cards, and once they've all reported I should be about 5%. Currently reports are showing I am at 20% due to a few cards still not reporting the new balance.
Is the 10-15% difference of utilization going to make any big difference when asking for the CLI's ?
For a card to be rated "good" your utilization should be no more then 28.9% on any one card.
For a card to be rated "excellent" your utilization should be no more then 8.9%
Your total utilization should be 8.9% or less for a good rating
Your total utilization should be no more then 4.9% for an excellent rating.
It is all up to you
Your Synchrony and Discover cards are SP for CLI's
Thanks
Mark
Thanks. I should be good then to start requesting, but I may wait a few more days to se when my Capital one and Kohl's cards report.
Just remember that Kohls IS Capital One and the maximum CL you can ever have there is $3,000
Thanks
Mark
At Kohl's or with Capital one in general? I'm almost at max then with Kohl's. Dont need increase there. Just want them to report the correct balance
The Kohls card is issued by Capital One that specific card has a maximum CL allowed of $3,000. Capital One Visa or MC there is no maximum per say. One of my Capital One cards has a CL of $30,000 but I have seen many post on here that their CL's are much higher then that.
Thanks
Mark
Thanks. thought so.
Now if Kohl's, Cap1, and Lowes would just report the new balances that'd be great LOL
@socalchef00 wrote:Is there a specific strategy with your credit before appling for CLI?
I'd rather not add more CC's right now to my profile as I may be apply for a mortgage in the near future, but I'd like to take advantage of my CLI's on the SP cards. I haven't requested them in months, and some in years as my credit was hanging out at close to 90% utilization.
I have since paid off all but 3 cards, and once they've all reported I should be about 5%. Currently reports are showing I am at 20% due to a few cards still not reporting the new balance.
Is the 10-15% difference of utilization going to make any big difference when asking for the CLI's ?
1. It varies from lender to lender.
2. I assume you want to apply only where the lender uses soft pulls, rather than hard pulls.
3. Soft pulls are always based on older data, so don't make the mistake of thinking your current data is what they will see.
4. If you give us the names of the specific lenders, you can get some tips on optimum "strategy". The only lenders as to which I have any opinion on "strategy" are:
(a) Chase (never apply for CLI because it's only hard pull, hope for auto CLI after making heavy use of card and paying it off);
(b) Discover (there is no single strategy that makes sense, its decisions are all over the place and highly unpredictable; but it's always soft pull);
(c) credit unions in general (they all seem to use hard pulls for CLI requests);
(d) Citibank (wait 6 months in between applications, and the site will tell you whether it's SP or HP; if SP apply; they will often give modest CLI's; if you want to get bigger one you have to call and reapply and it will definitely be a HP; no set strategy, but significant but not excessive usage is best); and
(e) Amex (you can make SP CLI requests asking for new limit up to 3x current limit; if granted, wait 6 months before asking for new one; if denied, wait 2 months before asking again).
