When to request a CLI

[Kree]

Hello,

While I was in school finishing my master's degree my fiance lost her job for being pregnant. Unfortunately she lost a labor board appeal, because we could not prove that this was the true reason for release.  To make ends meet I ended up maxing out my credit, and dropped from 740s to 660s.  I tried to get a debt consolidation loan but my high utilization got me rejected a few times.

Since then I've managed to get below 80% and my scores are back in the 700s. myfico scenarios say that I should be on my way back to 740 by february, and the 800 club by 2019. However I need an auto loan in December and want to bump my scores a bit to help get the best rates.  Reading these boards I was introduced to the concept of requesting a credit limit increase to drop my utilization a bit faster.

Because of the tight window I'm not sure when the best time to request a limit increase is. I want to get it early enough to be on my reports Dec 14th, but late enough to take advantage of my creditscore growth. Also I am not sure if I should request a limit on one or more of my credit lines.

Capitol One QS -  $65 of $1500

Discover -         $11,029 of $12800

Capitol One overdraft LOC - 0 of $500

The last time I had a CLI my Discover had a $4000 limit, and when I paid it down to $0, they automatically raised it to $12,800 without a request. So I am a complete newbie to actually requesting one.  Apologies if more information is needed.

Cheers,

Kree

[Anonymous]

With Discover you can request at any time. It's a SP. For Cap1, and I don't personally have any of their cards, but I believe you can request a CLI every 6 months? But I could be completely wrong on that one. 

[simplynoir]

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@Anonymous wrote:

With Discover you can request at any time. It's a SP. For Cap1, and I don't personally have any of their cards, but I believe you can request a CLI every 6 months? But I could be completely wrong on that one. 

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Like Discover is Cap1 is a SP which you can request at any time but once you accept their CLI offer you can't request another for 6 months.

[Kree]

Wow,

Thank you both for the quick replies. Forgive my lack of knowledge. What does SP stand for?

[Anonymous]

Soft pull, so no ding to your credit scores

[simplynoir]

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@Anonymous wrote:

Soft pull, so no ding to your credit scores

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Yep, some lenders perform soft pulls (SP) when performing CLI requests and don't affect your credit at all. Others perform hard pulls (HP) in which they pull your credit scores and it comes up as an inquiry on your report. If you don't know what kind they pull feel free to search or ask around here.

[Kree]

I went ahead and put in requests. Discover was a quick no. And C1 said it would take 2-3 business days to decide. Thanks all for the help.  I will try again Nov 14th, and hopefully that will report by the time I need to get an autoloan.

Cheers,

Kree

[Anonymous]

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@Kree wrote:

I went ahead and put in requests. Discover was a quick no. And C1 said it would take 2-3 business days to decide. Thanks all for the help.  I will try again Nov 14th, and hopefully that will report by the time I need to get an autoloan.

Cheers,

Kree

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Hi Kree, 

Just wanted to let you know that the 2-3 day message on CLI for Cap 1 is usually a denial. There should be a letter in your documents in your account within a day or so. I've reeived that letter a few times myself unfortunately. 

[Anonymous]

I would join a credit union for a auto loan. It's inexpensive to join and usually the best rates. Plus it'll help your credit profile. Just a thought.

[Jerry45]

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@Kree wrote:

Hello,

While I was in school finishing my master's degree my fiance lost her job for being pregnant. Unfortunately she lost a labor board appeal, because we could not prove that this was the true reason for release.  To make ends meet I ended up maxing out my credit, and dropped from 740s to 660s.  I tried to get a debt consolidation loan but my high utilization got me rejected a few times.

Since then I've managed to get below 80% and my scores are back in the 700s. myfico scenarios say that I should be on my way back to 740 by february, and the 800 club by 2019. However I need an auto loan in December and want to bump my scores a bit to help get the best rates.  Reading these boards I was introduced to the concept of requesting a credit limit increase to drop my utilization a bit faster.

Because of the tight window I'm not sure when the best time to request a limit increase is. I want to get it early enough to be on my reports Dec 14th, but late enough to take advantage of my creditscore growth. Also I am not sure if I should request a limit on one or more of my credit lines.

Capitol One QS -  $65 of $1500

Discover -         $11,029 of $12800

Capitol One overdraft LOC - 0 of $500

The last time I had a CLI my Discover had a $4000 limit, and when I paid it down to $0, they automatically raised it to $12,800 without a request. So I am a complete newbie to actually requesting one.  Apologies if more information is needed.

Cheers,

Kree

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Citi is every 6 months.