Applying for CLI with high utilization %

[Anonymous]

Hi all, a brief overview of my credit card situation first. I have four cards right now: Guitar Center (HSBC) for $2600 (90% util), Wells Fargo College Card for $1100 (95% util), Chevron Texaco (GECRB) for $550 (86% util), and a GE Capital Sport card (GECRB) for $3000 (46% util). My utilization % across the board is currently at about 74%. I went through a pretty irresponsible few years and for a long time carried all of my cards at near 100% without having the income to back it. I've been casually paying down my balances for the past year or so, but as of right now I'm trying to get serious about boosting my credit.

From what I'm reading, I can immediately expand my  credit and lower my util % by obtaining CLIs. GE gave me an automatic $1000 CLI on my Capital Sport card about a month ago. I've never actually asked for a CLI myself though, only received automatic ones. Do you all think it would be worth it to ask for CLIs with my utilization being so high? Would it pretty much be an automatic denial because of my utilization being so high?

Information from MyFico report: 680 Equifax score, 4 years credit history, 0 negative indicators, 0 mortgage/installment loans, 1 recent inquiry

[Skye12329]

Personally no. I would suggest getting your util. lower like below 30% before asking for an increase. Im not sure if any of those are SP or HP. I always assume HP for cli unless its Cap1. So personally i wouldnt ask for an increase till you get them paid a little lower. 

[Kenny]

You could try calling credit solutions for a CLI on your two with them.

Unfortunately, you aren't doing yourself any favors with the high numbers, but maybe GE will be willing to increase it a bit.

[Anonymous]

Thanks for the replies, Skye and Kenny. Yeah, I know all to well about the high numbers. Young and dumb. I have enough CC debt relative to my disposable income that it'll take me a good long while to get those numbers paid down to <30%, so I was thinking a CLI might be a good way to put a big dent in that utilization number overnight. Now I'd also read that one should wait four statement periods between requesting CLIs from GE, does that hold true across multiple cards? i.e. if I just got that auto CLI of $1000 a couple months ago on the one card, can I still ask for a CLI on the other card?

[Kenny]

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@Anonymous wrote:

Thanks for the replies, Skye and Kenny. Yeah, I know all to well about the high numbers. Young and dumb. I have enough CC debt relative to my disposable income that it'll take me a good long while to get those numbers paid down to <30%, so I was thinking a CLI might be a good way to put a big dent in that utilization number overnight. Now I'd also read that one should wait four statement periods between requesting CLIs from GE, does that hold true across multiple cards? i.e. if I just got that auto CLI of $1000 a couple months ago on the one card, can I still ask for a CLI on the other card?

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You should be able to ask for a CLI on both. (you didn't request the 1k cli previously.. or atleast that's my rationale. lol)

[Creditaddict]

1. Wells can check by calling in for sp cli, I wouldn't do a hp with util. This high but no harm in sp.

2. Chevron yes, online... Every 4 months, keep asking!

[Anonymous]

Okay so I tried for the Chevron/GE card and was denied. Didn't want to push my luck trying for the other GECRB card, especially since I did just receive a CLI, so I called Wells Fargo afterwards. The representative told me they'd have to process it and make a decision within 7-10 days, which to me means that some kind of speed bump came up and those kinds of things NEVER go in my favor...

So I'll keep my fingers crossed for WF, but for the time being I'm stuck at square one 

[Kenny]

Have you clicked the luv button on the ge cards? I would honestly click them every month until you get an approval -- and then remember the day you were approved for the CLI and place it on your calendar 4 months down the line to ask again.

Was this on the phone with Credit Solutions??

[Anonymous]

Nah, I only did the luv button. Is the button a soft pull vs calling in for a hard pull, or some arrangement like that? Should I still try calling in anyways?

[Creditaddict]

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@Anonymous wrote:

Nah, I only did the luv button. Is the button a soft pull vs calling in for a hard pull, or some arrangement like that? Should I still try calling in anyways?

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Sp for chevron and calling credit solutions is not the same as number on card and it's manual review sp