Credit Utilization Q's

[Anonymous]

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@takeshi74 wrote:

People can answer with generalized responses but the best way to address this matter is to pull the reports that you expect Amex to pull and look at what your reported balances are.  Generally balances are updated by the card companies a few days after the statement cuts but the credit bureaus may not instantly update and they don't all update their records with the same timeframe.  I personally found a monitoring service that allowed my to perform daily pulls on all 3 bureaus very handy when applying for new cards as I could tell exactly when balances were updated and the timing was optimal to apply.

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@riffdex wrote:
The last time I applied for a CC, i was denied ): This was about four months ago. They also informed me that my credit score was 750 at the time. Idk why I would have been denied that offer at the time, but I read that it is best to wait 3 months after a credit inquiry before applying again, which is what I did.

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Generalizations like that really don't mean anything.  In 3 months one person's credit could have improved while another's could have declined and yet another's could have remained the same.  Any recommendation only mentioning time is only considering inquiries on your report and that's just one of many factors affecting your credit.  The creditor you applied with probably supplied specific reasons why you were declined (balances, inquiries, etc).  Use that as a guide on what you need to address.

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What credit monitoring service are you referring to?

[riffdex]

Hey yall thnx for all the help. Just thought id write back to say that I just applied online for the card and got instantly approved!! I think I was just overthinking all this because I was denied my last credit application (this really took me back at the time because I was feeling like my credit was pretty good even then).

Anyways, the site says my card should arrive in 7-10 days. It did not mention my credit limit. I was wondering if theres any way I can find this out online or by calling, or if I just need to wait for the card to arrive? Whatever it is, I plan to ask for a 3x CLI on day 61.

[asphaltcowboy]

There ya go, Congrats, and best of luck to you

you can call

[pizzadude]

Congrats on the approval !

[lhcole77]

You can call in and find out your credit limit.

Also, from my experience, EX reports update the fastest, followed by EQ, then TU.

Have you asked for CLI from WF yet? They let me call in every 4 months and approve CLI with SP.

[riffdex]

I actually did ask WF for a CLI. It was about a year ago, and they denied me, I'm guessing just because I was so new to credit. I'm willing to give it another shot, but I'm wondering if getting a CLI from WF right now will decrease my chances on day 61 of getting a 3x CLI with my new AMEX? If I choose between an AMEX or a WF increase, I'd prefer AMEX bc my WF doesn't have any rewards and therefore I won't be using it if I can avoid it. Discover actually increased my CL around the same time without me even having to ask. (from $2000-$2250 lol)

[SnackTrader]

As long as the WF CLI is a soft pull (which can't be seen by other lenders) then there shouldn't be anything but a positive impact on your credit report. I have not seen any stories where Amex denied CLI after a person obtains other SP CLIs, only when a HP has been involved (and usually only when there are a lot of them).

Many people have shared their stories about 3x CLI in the Official discussion thread. Feel free to read around there, you will find that denials occur, but aren't as common as you might think.

[riffdex]

Thank you all for the great help/advice.

@SnackTrader: any way I can find out if WF would do a soft CLI (perhaps from people familiar with the matter here)? Id rather not do any hard pulls for awhile. I got my AMEX and Im happy for now. I also realized I have a GE issued Belk card and, having read somewhere I think that GE is easy to give CLI and only do soft pulls, would it be a good idea to go ahead and try to get CLI for the WF card and the Belk, or just keep safe with the WF card? (On another note, I saw my Experian credit report has the Belk card listed as a "Charge Card". I know for a fact it is a credit card, and it even lists its credit limit on the EXP report as being $1700. Just wondering how this factors into all this. Would this card be considered a "charge card" and therefore have less of an effect on my credit?)

To wrap all of this up, could anyone suggest a strategy for my next goal of acquiring a penfed 5% cash back gas credit card. I was denied this card before, but I really want it. I just want a card I can get 5% cash back on gas to use year round. I hate being at the will of the credit card companies confusing rotating categories where, half the time, I cannot get cash back on gas purchases, and half the time, i forget to sign up for cash back on gas purchases. Once I get the penfed (or another 5% cash back gas card), I will be set for awhile. Just wondering how long I should wait before applying for the penfed, and any other strategies to help me get it. I know the obvious answer of "never miss a payment", i just meant if there are other techniques. Unfortunately my income is pretty low atm ($15,000) and penfed seems pretty tight w credit. Im just hoping my good credit history can make them consider me. I wouldnt even mind a low limit like $500 where I could just make multiple payments in a month. As long as i got 5% cash back. I know im asking a lot of questions, im just so new to all this credit stuff and hoping to learn more. Thanks again for all the help everyone!

[SnackTrader]

I don't know much about WF since I don't have their card. But I did a quick search on the forums and found this:

http://ficoforums.myfico.com/t5/Credit-Cards/WF-CLI/m-p/2021539/highlight/true#M560390

You should probably start a new thread to ask more about the process. And keep searching because I think there are more detailed threads out there.

Charge cards should make no difference on your credit profile. Amex charge cards make a difference in utilization because of the way they report balances, but otherwise positive history is always positive. I don't believe store cards that report as charge cards make any difference.

My only advice is give it a few months before applying so that your Amex isn't so new.

[lhcole77]

Every CLI I've gotten from WF has been a SP. Call the 800 number and ask he CSR just to confirm for yourself.

I've never been denied a CLI with WF and I've always made sure by balance was reporting 0 the day I called.