Who to ask for CLI?

[Ragnar375]

Looking for the best means to quickly and sizeably increase available credit in order to boost FICO (other than paying huge chunks on cards). 

What CLI might I expect for listed existing accounts? Any suggestions for cards to apply for that will provide a high credit limit? Or maybe I need to find a personal loan to consolidate? 

Have the following cards with limit and balances: 

Amex: $5200, $3800

Discover: $5100, $5000

Boa1: $23,600, $23,150

Boa2: $3900, $3620

Target: $12,500, $12,375

HD: $3000, $315 

Kohls: $1500, $0 

Had HD acct approx 2 years and they auto-increased (from $1500?) about a year ago. Remainder of accts had for 15-20 years and I don't recall ever asking for CLI. 

DTI is around 28%. 

FICO 8: 709, 707, 707

CC: 705, 696, 695

Mort: 646, 671, 685 

Credit reports show: 

-WF Mortgage pmt late 30 days - 3 times in 2018 

-BoA HELOC late 30 days - 1x 2020; May, July, Oct 2022 (these were "oops" I kick myself for!) 

- Had 5'ish oops (1-10 days) late pays sprinkled across cards over last two years (don't show on reports). 

Purpose:

- Anticipate applying for HELOC to do some renovations before selling in 6-12 months. 
- Anticipate adding a kid to an existing or new card to have for emergency purposes when they head to college in fall. 

[mgood]

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@Ragnar375 wrote:

Looking for the best means to quickly and sizeably increase available credit in order to boost FICO (other than paying huge chunks on cards). 

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Paying huge chunks looks like by far the best,  and possibly only, option. 

[reluctantgarden]

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@Ragnar375 wrote:

Looking for the best means to quickly and sizeably increase available credit in order to boost FICO (other than paying huge chunks on cards). 

What CLI might I expect for listed existing accounts? Any suggestions for cards to apply for that will provide a high credit limit? Or maybe I need to find a personal loan to consolidate? 

Have the following cards with limit and balances: 

Amex: $5200, $3800

Discover: $5100, $5000

Boa1: $23,600, $23,150

Boa2: $3900, $3620

Target: $12,500, $12,375

HD: $3000, $315 

Kohls: $1500, $0 

Had HD acct approx 2 years and they auto-increased (from $1500?) about a year ago. Remainder of accts had for 15-20 years and I don't recall ever asking for CLI. 

DTI is around 28%. 

FICO 8: 709, 707, 707

CC: 705, 696, 695

Mort: 646, 671, 685 

Credit reports show: 

-WF Mortgage pmt late 30 days - 3 times in 2018 

-BoA HELOC late 30 days - 1x 2020; May, July, Oct 2022 (these were "oops" I kick myself for!) 

- Had 5'ish oops (1-10 days) late pays sprinkled across cards over last two years (don't show on reports). 

Purpose:

- Anticipate applying for HELOC to do some renovations before selling in 6-12 months. 
- Anticipate adding a kid to an existing or new card to have for emergency purposes when they head to college in fall. 

I was in a similar high-utilization situation a few years ago, and the fastest way out is a consolidation loan from SoFi or the like, which will shoot up your FICO, since they are viewed as less risky than CCs by the CB algorithms. Of course, then you need to have the means/discipline to pay CC statement balances entirely each month going forward. The CC issuers will then be more likely to grant CLIs after you pay off with the loan. 

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[CYBERSAM]

You have very high utilization and max cards reporting! I would be very surprise to see any bank extend any credit to you. If you don't take care of the balances quick, very likely they are going to get closed or AA.

[Jnbmom]

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@CYBERSAM wrote:

You have very high utilization and max cards reporting! I would be very surprise to see any bank extend any credit to you. If you don't take care of the balances quick, very likely they are going to get closed or AA.

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I agree I would pay them down as much as possible huge red flags to creditors. I don't  think anyone will give you increases or extend credit. I am surprised your scores are where they are .

[mgood]

I didn't mean to sound so curt. Since no one else has responded, I'll try again.

[EDIT: Ok,  you got some more responses while I was putting this post together. Listen to them.]

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@Ragnar375 wrote:

Have the following cards with limit and balances: 

Amex: $5200, $3800 [73%]

Discover: $5100, $5000 [98%]

Boa1: $23,600, $23,150 [98%]

Boa2: $3900, $3620 [93%]

Target: $12,500, $12,375 [99%]

HD: $3000, $315 [11%]

Kohls: $1500, $0  [0%]

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If I'm reading it correctly, that's $54800 aggregate credit limit on cards and you owe $48260 which is 88%.

80% or more is considered "maxed out," and a huge red flag. You have four cards in the 90-something percent range and your total is 88.

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@Ragnar375 wrote:

DTI is around 28%. 

FICO 8: 709, 707, 707

CC: 705, 696, 695

Mort: 646, 671, 685 

Credit reports show: 

-WF Mortgage pmt late 30 days - 3 times in 2018 

-BoA HELOC late 30 days - 1x 2020; May, July, Oct 2022 (these were "oops" I kick myself for!) 

- Had 5'ish oops (1-10 days) late pays sprinkled across cards over last two years (don't show on reports). 

Purpose:

- Anticipate applying for HELOC to do some renovations before selling in 6-12 months. 
- Anticipate adding a kid to an existing or new card to have for emergency purposes when they head to college in fall. 

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The high utilization and multiple lates will probably scare most lenders away. If you have the means to pay down a significant part of your balances, I'd say do that now. This is the priority, even if you have to delay plans for renovations. IF you can get a debt consilidation loan, it would help a lot. Just don't run the cards back up if you do. This looks like an emergency to me. If you can't resolve it very soon, you may be talking to a bankruptcy attorney in the near future.

Good luck.

[Blender]

With the current economic times and record number charge offs, I dont think any of those lenders are going to be willing to lend you anymore with your current individual utilization. But Amex is a SP, so give it a try. Cant speak on the rest.

Adding a kid to these existing cards will hurt their credit. You have a history of lates and doesn't seem like you have the means or plan to pay them down/ off, so all together doesnt seem smart. 

[Ragnar375]

Acknowledged. And upon selling home and downsizing, that's priority #1. 
Where might I look for the next best bang for the buck? 

[Traveler101]

Some folks gave you some great advice. 

As far as your Oops payments, it use to be if you checked your monthly payment history, there would be no information available on the particular month that you were late even by a day because you did not pay as agreed. If that still holds true, that accompanied by late payments scattered, could send some huge red flags. 

I wouldn't worry so much about what else you can acquire at the moment, I'd focus on trying to hold onto what you had with delinquency rates up and banks pulling back. Otherwise, your next bang for your buck could be a secured card. 

Best of luck to you.

[NoMoreE46]

I believe the maxed out is 88.9% for aggregrate; the OP is very close. 

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@mgood wrote:

I didn't mean to sound so curt. Since no one else has responded, I'll try again.

[EDIT: Ok,  you got some more responses while I was putting this post together. Listen to them.]

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If I'm reading it correctly, that's $54800 aggregate credit limit on cards and you owe $48260 which is 88%.

80% or more is considered "maxed out," and a huge red flag. You have four cards in the 90-something percent range and your total is 88.

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The high utilization and multiple lates will probably scare most lenders away. If you have the means to pay down a significant part of your balances, I'd say do that now. This is the priority, even if you have to delay plans for renovations. IF you can get a debt consilidation loan, it would help a lot. Just don't run the cards back up if you do. This looks like an emergency to me. If you can't resolve it very soon, you may be talking to a bankruptcy attorney in the near future.

Good luck.

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