CLI/App Strategy ENDGAME

[gen-specific]

Okay, I'm nearing the end of my credit card game. I'm coming out the garden in April, unfortunately my credit score dropped dramatically over the last quarter due to miscalculations about individual card utilization and separately a late payment on a business card I guaranteed. I currently have $145,00 of available credit

GOALS:  

- CLI the Custom Credit Line up to $50,000

- CLI Chase Sapphire Preferred up as high as they let it. This is my main card.

CAVEATS: 

- My current highest credit limit is $30,000 on AMEX. Institutions don't generally lend much higher than what other institutions lend (catch-22)

STRATEGY A:

- After I file my taxes, I'll be able to prove income and cash flow for last year if asked

- do 3X CLI on AMEX and send in tax return if necessary (this will potentially give me $90,000 available credit on the AMEX)

- take whatever counteroffer AMEX gives, call one of their credit analyst/underwriters to get it a little higher

(wait a month for it to report across the credit agencies)

- CLI Chase Sapphire Preferred, now that I have a higher limit on the AMEX. Assuming AMEX is the easiest to get a higher limit on

- CLI Custom Credit Line

- CLI any credits cards I have with a limit under $10,000

- Close and credit cards that result in a limit under $10,000 (none of these cards are 'old' and have much weighting on my credit age)

STRATEGY A DOUBTS:

- After CLI on AMEX, institutions may be wary of lending me more. I don't plan on using the AMEX

STRATEGY B:

- CLI Chase Sapphire Preferred

- CLI Custom Credit Line

- CLI any credits cards I have with a limit under $10,000

- Close and credit cards that result in a limit under $10,000 (none of these cards are 'old' and have much weighting on my credit age)

STRATEGY C: 

- CLI/APP EVERYTHING!!!! @_@

Thoughts suggestions? Specifically between STRATEGY A and STRATEGY B, but I'll consider other things you guys mention

[myjourney]

Bump for help 

[hayhayhayday]

the custom credit line site says max credit line is 25k

would cli anything that will do with a soft. Then cli amex (not sure I would try 90k unless you make 300+)

[gen-specific]

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@hayhayhayday wrote:

the custom credit line site says max credit line is 25k

would cli anything that will do with a soft. Then cli amex (not sure I would try 90k unless you make 300+)

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You're right, 25k it is then that seems much more easily attainable

That reminds me , isn't the AMEX a soft ?

[takeshi74]

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@gen-specific wrote:

- do 3X CLI on AMEX and send in tax return if necessary (this will potentially give me $90,000 available credit on the AMEX)

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You won't actually send in your tax return.  They'll send you a 4506-T so they can get a transcript.  If you're planning on counting on your 2013 tax return you may want to wait as it seems that they might not immediately accept prior year tax returns if this post is any indication:

http://ficoforums.myfico.com/t5/Credit-Cards/Amex-CLI-and-they-want-a-4506T-form-filled-out/m-p/2033...

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@Anonymous wrote:

@MustangSaluki said

I told him well, I sent you my last two tax returns, 2012, and 2011... He then interupted me and said, NO. I need 2010 and 2011 we are not accepting 2012 yet and now your request will be rejected becuase you did not follow our instructions...

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That was posted on 4/5/2013.

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@gen-specific wrote:

- My current highest credit limit is $30,000 on AMEX. Institutions don't generally lend much higher than what other institutions lend (catch-22)

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Higher limits won't hurt but, as always, it's not just about limits.  Chase has their own internal scoring and each of us has an internal limit with them so you have to have some headroom for a CLI with Chase.

[gen-specific]

that was very helpful, so this gives me a little wiggle room

So the new strategy will be:

- Attempt to CLI custom credit line to max in April

- wait for till May or June to CLI the AMEX a little higher, so the tax transcript will more likely include 2013 (but I'll call and ask)

- wait a month for that new limit to report across the agencies

- CLI the Chase Sapphire Preferred

This also gives me more time for my credit score to recover

ALTERNATIVELY

I can simply attempt to CLI the Custom Credit Line and the Chase Sapphire Preferred

and then try again in six months. Since this AMEX stuff with the tax reporting will take so much time, if the institutions can't CLI my Chase Sapphire Preferred much higher due to not having other much higher limits, then I can try it again in six months.