CLI effects on application

[takeshi74]

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@jim44 wrote:

Was wondering if anyone has had the experience of requesting a CLI and then applying for a MC about a month later? How bad will my FICO take a hit?  If approved. ..which I'm almost certain will increase my utilization ratio.... 

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Impossible to tell you.  Hit would be mainly the inquiry but impact varies depending on credit.

A higher CL doesn't increase utilization.  It lowers it.  Utilization is balance(s) / limit(s).  If you make the number at the bottom of a fraction larger then it makes the number smaller (e.g. 1/4 is smaller than 1/2).  Increasing balance(s) or decreasing limit(s) would increase utilization.

Where it might be an issue is if a potential creditor isn't comfortable with your current CL's given your credit and income -- or the fact that you've had recent CL's.  This is another situation where results can differ based on credit and income.  Person A could get an approval after a CL while Person B could be denied.  There's no simple and direct relationship at play despite what your question seems to assume.

[jim44]

Thanks Takeshi, as you see I'm still learning.....

Creditaddict, My FICO with TU is 685 (or Fako).  The debt to income ratio is no problem.  No degrogs on TU.

I went to my Lowes Acct and noticed the deal with Synchrony Bank.  Asked for the CLI and received a message that requests can't be completed online at this time. I did the live Chat, which the CR told me she would be glad to see about the message... she couldn't tell me whether Lowes does a SP or HP.  That was a warning to me so I declined the offer for her to complete the CLI request.

I see other threads on my FICO warning about the SB "name change" and to do a CLI request right away.  To me I think it's too late.

[Creditaddict]

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@jim44 wrote:

Thanks Takeshi, as you see I'm still learning.....

Creditaddict, My FICO with TU is 685 (or Fako).  The debt to income ratio is no problem.  No degrogs on TU.

I went to my Lowes Acct and noticed the deal with Synchrony Bank.  Asked for the CLI and received a message that requests can't be completed online at this time. I did the live Chat, which the CR told me she would be glad to see about the message... she couldn't tell me whether Lowes does a SP or HP.  That was a warning to me so I declined the offer for her to complete the CLI request.

I see other threads on my FICO warning about the SB "name change" and to do a CLI request right away.  To me I think it's too late.

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Call 866-519-6441 and do the CLI with them and ask for $25k (tell them you are looking at putting in a new kitchen) THEY WILL COUNTER SO DON'T CHICKEN OUT AND ASK FOR $2k!

[PrimeRate]

My advice: Listen to CreditAddict.

[jim44]

Thanks Creditaddict.  Will do and thanks again for the advice!

[jim44]

Thanks for the advice Creditaddict!  Your suggestion worked and I was granted the CLI for Lowes as requested. I'm glad to be a member of this community!

[Creditaddict]

Great!