I was bowled over in October 2018 when Chase took my CL from $8,500 to $1,000. Being only a couple years into building my credit back up after 2008 aftershocks & other life changes, I didn't know a credit card issuer could just decide to taketh away so suddenly and significantly. At that time my scores were taking a hit because of a large balance my ex-husband was carrying on a card I was AU on. I'd kept it my name on the account because it was 20+ years old & helping my otherwise 2-year old credit age greatly & usually he didn't carry large balances (HVAC purchase). And I think I may have just paid off a high balance on Chase which might have triggered an account review (I can't remember the details). Anyway Chase slapped me & it hurt.
So as I'm shoring up my reserves for the future by getting a new 0% card (approved yesterday) & planning to request CLIs on my other cards since my score just went up 25+ points from a final derogatory falling off, I'm wondering which of my existing card issuers are the most skittish with lowering CLs & which are the most generous in terms of $$ when granting CLIs?
- Citi
- CapOne
- AMEX
- Chase
- Discover
Also I just read on a different post that even with ones doing soft pulls, most credit card issuers don't necessarily use the most recent monthly credit score they've pulled when making CLI decisions. Is this true across the board? Are they able to get up-to-date credit scores from the credit bureau with a soft pull? Or is there just a delay between when they post my most recent score they pulled & when they actually use that most recently updated score in their CLI decisons?
Thanks in advance,
Kimberly
What are your actual FICO scores?
What are your balances on these cards and what are the limits?
How long have you had each card and have you ever received a CLIs from any of them?
You need to provide a little more detail
@HomeBuyerSpring2021 wrote:Also I just read on a different post that even with ones doing soft pulls, most credit card issuers don't necessarily use the most recent monthly credit score they've pulled when making CLI decisions. Is this true across the board? Are they able to get up-to-date credit scores from the credit bureau with a soft pull? Or is there just a delay between when they post my most recent score they pulled & when they actually use that most recently updated score in their CLI decisons?
With Amex there's a 2-3 week gap between when the score available to you in your account is used in lending decisions.
@Jnbmom wrote:What are your actual FICO scores?
What are your balances on these cards and what are the limits?
How long have you had each card and have you ever received a CLIs from any of them?
You need to provide a little more detail
Oh yeah, I'm sorry. I've actually already posted all the details & gotten advice on a different thread several days ago for how to handle my specific situation for requesting CLIs. This question is more about the general "word on the street" reputations of the credit card issuers I already have. Like are any of them known for certain behavior. I want to keep it in mind when deciding where to reallocate my recurring bills & make other decisions as I move forward. Because while I can optimize my CLs, I'd also like to gather some intel to minimize the likelihood that I'll get another slap in the face that causes my house of cards to fall down because I'll have more informed expectations.
I was just approved for a 2nd Chase card with a 0% APR & $17K limit (which is my largest at this point before requesting CLIs with my current cards). I'm in waiting mode on requesting the CLIs for them to update my scores after that derog dropped off. So this question arose from being happy about the CL with my new 0% card but the realilty that they could take it away as quickly as they gave it to me. My current Experian is 734 having just gone up from 698, but Trans & Equifax lagged by 3 weeks on dropping it off my report (just a few days ago), so I don't know those scores yet.
Amex out of those is the the most generous IME.
Chase is like pulling teeth.😂
Discover is middle of the road.
Citi is middle of the road. Maybe a little more conservative than the others besides Chase.
You have big lender cards.
IMHO you need atleast one CU lender. They are normally more stable and less likely to mess with your CL during the not so good times.
It's not impossible that they won't slash. Just less likely.
Big lenders sway more with the market.
@Gmood1 wrote:Amex out of those is the the most generous IME.
Chase is like pulling teeth.😂
Discover is middle of the road.
Citi is middle of the road. Maybe a little more conservative than the others besides Chase.
You have big lender cards. IMHO you need atleast one CU lender. They are normally more stable and less likely to mess with your CL during the not so good times. It's not impossible that they won't slash. Just less likely. Big lenders sway more with the market.
That's a good point. I've never dealt with Credit Unions. Does anyone know if there is a specific board where I can learn about them on here? I always thought they were just for people who were part of a specific group (e.g. employer, association, military branch, etc.)
Cap1. As long as you don't miss a payment, they will never flinch. The only "AA" I've ever heard about from them that wasn't due to missed payments, is when they cut large limits down to $10k for people that weren't using them. All your charges will go through, even overseas. Their fraud investigations are quick and they replace cards quickly. Because of that, I will always carry a cap1 card on me for emergencies.
@UncleB will agree
This is a good place to start.
https://www.depositaccounts.com/checking/reward-checking-accounts.html
A lot of these have open membership. You can join ACC
For free by entering codes Andrews or Consumer.https://www.americanconsumercouncil.org/membership.asp?dname=Americanconsumercouncil.org
https://www.magnifymoney.com/blog/best-of/credit-unions-anyone-can-join/
NFCU
would be a terrific one to join if eligible. Penfed is another, no military affliation needed
I'll even throw in Langley FCU. Very easy to join this one. @AverageJoesCredit will be proud of me 😂
@Brian_Earl_Spilner wrote:Cap1. As long as you don't miss a payment, they will never flinch. The only "AA" I've ever heard about from them that wasn't due to missed payments, is when they cut large limits down to $10k for people that weren't using them. All your charges will go through, even overseas. Their fraud investigations are quick and they replace cards quickly. Because of that, I will always carry a cap1 card on me for emergencies.
@UncleB will agree
That's very good to hear because it really stinks to do the right thing & still have your credit taken away at the time you need it most! But, alas, the world is not made of cotton candy and rainbows.
@Gmood1 wrote:This is a good place to start.
https://www.depositaccounts.com/checking/reward-checking-accounts.html
A lot of these have open membership. You can join ACC
For free by entering codes Andrews or Consumer.https://www.americanconsumercouncil.org/membership.asp?dname=Americanconsumercouncil.org
https://www.magnifymoney.com/blog/best-of/credit-unions-anyone-can-join/
NFCU
would be a terrific one to join if eligible. Penfed is another, no military affliation needed
I'll even throw in Langley FCU. Very easy to join this one. @AverageJoesCredit will be proud of me 😂
Thanks so much @Gmood1 This is a great list to start my credit union education! I appreciate it.