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My journey has been pretty amazing.
Ive been in the garden almost 2 years and I recently pulled the trigger on the Citi Diamond perferred. (I chose this card because of its 21 month no interest charge on balance transfers)
..Approved for 4k
I also applied for a line of credit with Chevron Credit Union, approved for 7.5k
I have other cards in my wallet
Navy federal Flagship rewards 8k, credit limit increase was denied
Capital one Quicksilver converted to Savor but credit limit increase denied. Stcuk at 3800
Capital One Venture Credit Limit Increase Denied...stuck at 2000
Care Credit 800
Barclays U Promise was at 5,800 but I moved 2000 from another product to make 7,800
Barclays Rewards was 2500, moved the 2000 to the UPromise card
Walmart at 5000
Its been hard to get increases because my utilization has been through the roof before I could finally pay down my balances...(I was young and excited to finally be able to obtain credit again after a long hard fought battle of cleaning up my reports)..I waited till I got almost all of them paid off to apply for increases and Havent gotten any...But even with new card approvals like the Citti Diamond Perferred, I cant seem to break 10k...My income is about 85k a year. While I can make sense of the denials ont he credit limit increases, I dont know why the current approvals I get are for cards that just cant seem to break the limits I already have....Anyone wanna chime in with some ideas on when the next time to apply for an increase would be, of course now id try to keep my balances low....I jus bought my first house but used the line of credit as the down....So i gotta work that back down....If I keep my balances low, when would be a good time to ask for an increase, 3 months? 6 months?
Oh I agree with you, but it wasnt until after I got the card that I used the line of credit. During the time I was approved, everything had a balance of less than $20 except walmart which was maxed out at the time
I wish I had known citi had small starting limits lol...It doesnt allow me to utilize the promotion of zero interest for 21 months on balance transfers...My last card, walmart, still has a higher limit...I can try paying some down and then balance transfering the rest...But i was hoping for a starting limit that would cover the whole balance
@odjohnson3 wrote:Oh I agree with you, but it wasnt until after I got the card that I used the line of credit. During the time I was approved, everything had a balance of less than $20 except walmart which was maxed out at the time
I wish I had known citi had small starting limits lol...It doesnt allow me to utilize the promotion of zero interest for 21 months on balance transfers...My last card, walmart, still has a higher limit...I can try paying some down and then balance transfering the rest...But i was hoping for a starting limit that would cover the whole balance
I got my Double Cash when they first opened the card(2014 I think) and they started me with a relatively low limit comparatively to my other cards(I think around 6k). Just last month I got my limit over 10k on the WEMC version. Most of my other cards are in the 15-20k range. Keep paying off debts and limit increases will come. The only thing with Citi is they take time.
Never apply for a new card while a current card is maxed. You may be approved, but the terms may be less than desirable.
Also, try to have zero balances on at least half of your cards as "too many accounts with balances" can be used as a reason to either deny or to issue a card that has less than desirable terms.
Your DTI can definitely be one of the main key factors. Try not to carry too many balances on several cards btw. Other than CCs and your recent mortgage, do you have any other loans? What are your FICO scores and AAoA? What are the main reasons being cited by your lenders with the recent CLI denials?