How do I set myself up for the largest possible CLI from Citi?

[Anonymous]

What is the best way to set myself up for the best possible CLI from Citi in six months or so?  I just received my DC card with a $1,000 SL and I was told I should be able to get a CLI around July 2018 or so with a SP.   I don't have much hope for Cap1 which started out as a Platinum card with a $300 CL in the steps program and just PC'd to a QS with a $850 CL.  I've received several $100 CLI's in the past 1 1/2 years.  Two years ago I opened a FNBO secured card with a $300 CL and after 2 years, they finally gave me a small CLI to $600!   Those 2 might be my oldest cards, but I just don't see where they will have any real value, on the up side, I don't have any AF cards.  

Overstock store card was just bumped up from my $250 SL to $750 CL.  Wal-mart and Amazon store cards were just opened within the last few months each with a $200 SL.  My Menards store card which is actually my favorite store card remains at $3,700 CL.  

I haven't bought anything from Overstock in the past year, I just prefer Amazon.  I find it difficult if not impossible to use cards with a $200 CL.  Is there really any reason to go to extra trouble to pay say $10 of the purchase with the Wal-Mart card then the rest with a different card?  I was making a rather large purchase when I applied for the Wal-mart card and since I was only approved for $200, the account is opened with around an 85% utilization.  

Since the Citi DC gives unlimited 2% CB on everyting when you make a purchase and pay it off, I want to make it my primary go-to card for at least the next year or 2.   It also has the most potential for a decent CLI so I want to get the largest CLI possible from them.  

[Anonymous]

Missing some data points to help you, please provide:

1. What are your current FICO 8 scores and where did you get them from?
2. What are your balances on each card individually?
3. What derogatories do you have on your credit report and how old are they?

Give us those data points, we can try to help!

[Anonymous]

As a gross generalization, in order to position yourself for the most favorable CLI results I would recommend:

1 - Strengthening your profile.  This can happen with simple aging, but can be sped up by removing negative items, lowering utilization, etc.

2 - Make heavy use of your current limit.  I'd quantify this on a lower limit card to be at least 50%.  That would mean putting a $500+ spend through the card every cycle.  Always PIF; Never carry a balance.  It's fine to report a balance, but there's no need to ever carry one and pay interest.

These are the 2 main ingredients IMO that if executed will lead to the best CLI results from almost any lender.

[Adkins]

Currently packaging up four presents to ship tomorrow. I've had them for months but some people in my family open their gifts early. I ship at the last minute to keep this to a minimum. Priority mail rocks!

[Anonymous]

I'm considering not even using the Wal-mart card and seeing how long it takes them to close it.  I almost feel like I should use the overstock card but I'm having a difficult time finding something I want from them.  I think I only spent $65 at Menards last month and haven't used the card since, I'm not sure why it is, but the $3,700 CL on that card doesn't seem to help with other limits.  I keep it because it seems to help with utilization with my other low limit cards.  

I think I killed my AAOA when I added these last accounts.  My oldest card FNBO is 2 years but according to Credit Karma, my current AAOA after adding Wal-mart and Amazon is 8 months.  Citi still hasn't reported.  I also added several inquiries 

I just checked FNBO and the score they pulled 11/08/17 was 644.  They should have pulled an updated score on 12/08 but they won't show it to me for several more days.  Capital one is showing 670.  When Chase declined my application, they said my score was 607 so I assume Chase is more right?  I only have about a dozen different scores depending on who you ask.  

[Anonymous]

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@Anonymous wrote:

As a gross generalization, in order to position yourself for the most favorable CLI results I would recommend:

1 - Strengthening your profile.  This can happen with simple aging, but can be sped up by removing negative items, lowering utilization, etc.

2 - Make heavy use of your current limit.  I'd quantify this on a lower limit card to be at least 50%.  That would mean putting a $500+ spend through the card every cycle.  Always PIF; Never carry a balance.  It's fine to report a balance, but there's no need to ever carry one and pay interest.

These are the 2 main ingredients IMO that if executed will lead to the best CLI results from almost any lender.

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+1

In my experience #2 is more important.  Citi wants to see you using the card frequently, responsibly, and PIF.  If you have to carry a balance, keep it under 8.9% As long as your overall profile gets better in 6 months, and you've demonstrated that you are using this card to the point that the limit is insufficient, you'll get a decent CLI.

[HeavenOhio]

I'd zero in on the Citi card, following BBS's advice. The only thing I'd worry about with the other cards is keeping reported utilization in check.

Definitely don't go out of your way to spend on Overstock. You'd just be wasting money. If the card ends up being closed, either by you or the issuer, so be it. An important rule when acquiring store cards is that you have to be able to use them without having to invent ways to do it. That's a problem with a merchant like Overstock, but it shouldn't be an issue with Menards, Walmart, or Amazon.

Don't rely on Karma for account age stats as they're frequently wrong. When Karma computes account ages, its front end software doesn't include closed accounts, while both FICO and VantageScore do. If you have closed accounts on your report, your AAoA is going to be better than what Karma is telling you.

Chase may have given you a FICO score, or it may have given you its internal score. Take a close look at your denial letter, and it should tell you.

Speaking of FICO, you might want to pull all three FICO8s by getting the $1 trial at CreditCheck Total. Sign up, grab the reports and scores, and cancel within seven days.

[Anonymous]

You should take 6 months- 1 year off of apping, You've more cards than YOU know what to do with. And most have low limits.
Now with that said, even though you have the low limit cards, you MUST put them to use and do this thing I call Charge Wisely. Spend...Pay...Spend...Pay! That way you show the bank you're worthy of more and that you know how to handle your finances.

It will all come full circle soon. 12 months is not long, although I know it can feel long when you're in the rebuild stage. You want instant gratification.

Citi is a great bank. They are conservative with their lending. Both them and Chase are two beasts. If you've got Citi, you're going to need to show them that you're worth their time. A lot of poeple on here can't even get Citi to smile at them.
Citi has already started you off with $1k. Which is a lot more than other banks would do for someone in your shoes.
That $1k is a lot (for a rebuild) and you can really do a lot with that. While it may not pay your rent, everything else that is major, like your cell phone, light bill and car note, should be going thru that card. And after they are charged, you should be paying it all off in FULL!
That is how you are going to get more increases in the next 6 months.

Walmart is backed by Synchrony Bank. They will increase you wonderfully, but again, you must show them you're worth the time. Again, going back to that Spend-Pay thing.

Overstock is backed by Comenity Bank. Again...you must show them you're worth the time. Again, going back to that Spend-Pay thing.

You have some really great cards to start a really great credit life with. You can be the envy of your friends and family because you'll be able to get things that they can't. But you need to learn how to use your credit wisely. 
CHARGE (Spend) and PAY (In Full)! Then watch your credit grow.

***remember never to charge more than 50% of any credit line limit***bankruptcy should never be an option.

Hope this helps.

[Anonymous]

Your scores don't add up to your story, so I think we're not connecting on what is needed to help you.  Your scores are not at the "middle" level yet, which means there is something on your reports that is keeping them down.

Do you have any baddies or derogatories?  Any lates posted?  Something is keeping you down from the 700s, we need to find out what it is and if that's why bank lenders aren't extending you useful credit limits.

[Anonymous]

How do you explain this?  I just logged into my Menards account online and my CL went from $3,700 to $4,600.  Being a store card, it's highly unlikely that the increase will make much difference.  I buy stuff there like laundry soap, cleaning supplies, tools for work, they often have some food items and ?????   Every few months they have an 11% rebate on everything in the store, so I did pick up a bunch of supplies for an electrical project.  I often pick up items there that I'm reimbursed for, so I don't need to invent ways to use the card.  

I am having a bit of remorse over applying for Wal-mart and Amazon, if there is such a thing as application remorse????   My preference is to only have a couple major cards and that's enough, but somehow, I end up will all these extra cards in my wallet.  I'm really just looking to replace my FNBO card and Cap1 card because they won't grow.  If I have to take a HP to get a $300 CLI from FNBO in a year, then I don't have any further use for them.  If Cap1 only gives me another $100 CLI in June/July 2018, I have no further use for them either, they can both go along with Overstock.  

I'll be keeping Citi, Menards and hopefully I'll have one other decent card in a year.