CLI Increase

[NYFan63]

I have a BK7 on my CR discharged 01/10. I have some liens showing on my CR as well that I am working on paying off but won't be paid off for another few years. I have the following CC's: LLBean 5100/5500(balance / credit limit), (3) Cap 1 CC 's 2000/2750, Merrick Bank 500/2000,. I just got approved for a BarclayCard for $2k and a Best Buy card for $1k. Current MyFico score are EQ636, TU 659. I will have some funds to pay down most or all of the Cap 1 balances($2k) in the next month. I considered requesting an increase to my LLBean Visa but don't want to ding my scores since I just got approved for the BarclayCard and BB this past week.

Should I request the increase to attempt it improve my util %?

Thanks in advance.

[coldnmn]

Congrats on your new cards. As far as asking for a CLI only if it's a soft pull. IMHO I think you will be declined with utilization that high. Welcome to the forum, please join the garden meeting in credit cards, everyone is welcome. Let your seedlings grow and people are there to help.

[LearningMoreAboutCredit]

I would work on reducing your overall UTI significantly by paying what you can comfortably afford before requesting a CLI to improve your chances of success.  Word of wisdom: don't get caught up in app envy from reading all the successful CLI requests and new TL approvals.  Work on utilization until it is at an optimum level to <10% and ONLY app for TLs that fit your specific needs.  Your recent approvals match your current TLs and if you had gardened those prior to your app spree, you may have gotten larger initial lines which would also increase your UTI.  I know that doesn't really answer your question and I'm not criticizing you but a well laid plan gets the best results.

Retreat to the garden and work on the liens and if your CLI request for LL Bean is a SP after your CR has updated, then go for it but I wouldn't chance it otherwise.  However, it is ultimately your decision to go with your original plan.  Good luck!!!

[FocusedAndDetermined]

I agree with previous repsonders.  You need to reduce your utilization and also let the recent inquiries age a bit, before requesting any CLI. 

Building/rebuilding takes time, patience and planning.  Don't rush things - time is your friend.

[NYFan63]

Thanks to all and agree with all of your assessments. I will join you all in the garden and work on paying down my balances to improve my util %. This site is so informative and beneficial.

Thanks again!

[SunriseEarth]

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@NYFan63 wrote:
I have a BK7 on my CR discharged 01/10. I have some liens showing on my CR as well that I am working on paying off but won't be paid off for another few years. I have the following CC's: LLBean 5100/5500(balance / credit limit), (3) Cap 1 CC 's 2000/2750, Merrick Bank 500/2000,. I just got approved for a BarclayCard for $2k and a Best Buy card for $1k. Current MyFico score are EQ636, TU 659. I will have some funds to pay down most or all of the Cap 1 balances($2k) in the next month. I considered requesting an increase to my LLBean Visa but don't want to ding my scores since I just got approved for the BarclayCard and BB this past week.

Should I request the increase to attempt it improve my util %?

Thanks in advance.

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You may want to search the board for Barclay CLI.  AFAIK, they need 6 months of history to do CLIs, but I'm unsure if they're SP or HP.  However, given that you're LL Bean CC is effectively maxed out, I doubt you'll be approved for CLI.  

Also, what type of liens do you have?  I used to work in wage garnishment adminstration, and I can tell you that state or federal tax liens really aren't difficult to get rid of at all.  Most agencies would prefer not to invoke garnishments, so they'll usually accept other arrangements.  

[NYFan63]

I have a payment plan agreement with the State for the tax lien. I assume it won't be removed from my CR until it is paid off.