How often to request CLI?

[Anonymous]

Was wondering about CLI requests...

All of my cards are soft pulls for CLI.  is there any downside to applying as often as possible (daily/weekly/monthly/quarterly)?

I realize that it may not help to apply frequently... unlikely to get 2 within a 6 month period, it goes on algorithms and scores so if the scores dont change since your last request it wont matter, etc..

but the behavior seems to be all over.  like my carecredit increasing me form 5800-12000 then 12000-15000 3 days later.

im request these very often, some weekly.  is there a downside to that?

[GApeachy]

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@Anonymous wrote:

im request these very often, some weekly.  is there a downside to that?

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It's a gamble in this climate and if you're not putting some satisfactory spend on them then you might take some heat.  Don't know your lenders but a search around here for each one may shed some light on their cli denials/approvals/backlash.

[kdm31091]

Right now I would be avoiding any CLI requests unless truly necessary for upcoming spending. Don't go for CLIs that are just for padding or on cards you rarely use. In the current climate lenders are manually reviewing things more and you may not like the results. Don't put eyes on your acocunts unless there's a good reason IMO.

[KJinNC]

I have no insight to offer on the current climate. I haven't experienced anything related to the covid-influenced new economic environment, so your guess is as good as mine there.

Prior to that: I was basically spamming Sync (Amazon and PayPal) and Discover with CLI requests. It worked with Sync, but Discover won't give me the time of day. Maybe if I hadn't spammed Discover, I would have had better luck with them, no way for me to check. I doubt it, though. Spamming Sync has evidently not bothered Sync. I don't think they really care, since it's automated and has no real cost for them.

Even though Amex is SP, you have to be a bit more measured with them, due to limitations they impose on how often you can check.

Apple (GS) has denied me twice, citing insufficient use of the card. Fair enough. I ran a few hundred dollars through it recently and paid it off right away. I tried again yesterday, but got a weird message that my Apple ID was not associated with a credit card, and they wanted me to call them, which I didn't do. I will try again soon. Maybe one of their computer systems was being flaky. I don't care enough to call and wait an hour on hold.

I haven't had my Citi cards long enough to try. Coastal is HP.

Good luck!

[Anonymous]

Thanks for the info.  i wont apply for any CLI's for the time being.  ive gotten a few recently so i did get some help with debt to credit there.

I have usage on basically everything.  either paying down high balance or monthly spend.  here is where im at currently:

Walmart	$0.00	$1,450.00	0.0%	22.90%
Paypal	$2,099.00	$3,500.00	60.0%	25.49%
Amazon	$5,972.00	$6,000.00	99.5%	27.49%
Venture	$2,165.00	$7,000.00	30.1%	17.99%
Amex	$5,214.00	$8,500.00	61.3%	22.49%
QuickSilver	$787.15	$9,000.00	8.7%	22.99%
CareCredit	$0.00	$15,000.00	0.0%	21.49%
Total	$16,237.15	$50,450.00	32.2%	22.98%

Trying to get my middle score to 760 as we are in the mortgage process right now.  removing my baddie got me to 740, but still some work needed.

[M_Smart007]

Try to get your utilization down on your individual cards below 28.9% (calculate a little lower in case interest post)

try to get you overall aggregate utilization below 8.9%  .. ( I feel 6% or less is optimum .. MHO)

[Anonymous]

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@M_Smart007 wrote:

Try to get your utilization down on your individual cards below 28.9% (calculate a little lower in case interest post)

try to get you overall aggregate utilization below 8.9%  .. ( I feel 6% or less is optimum .. MHO)

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Yeah, thats what im gunning for.  I just paid walmart down to 0 and am about to get Amazon under 88.9% with an $830 payment that hasnt reported yet.  (was told getting that one under 88.9% was most important).  from there ill probably attack venture getting it under 28.9% and then paypal.  ill keep amazon under 88.9% but its going to trail the other even though it has the highest APR.  quickest path to everything under 28.9% is to let that ride a bit even with the APR hit.

would do a balance transfer (i can move up to 5K into my venture with no fee) or a BT card but in the mortgage process so dont want to rock that boat based on what some have suggested

[Anonymous]

Interest costs are not your friend. Nor are high utilization rates. Regarding a mortgage, a 760 score might get you a look, but mortgage underwriters are likely to be uncomfortable with your current utilization rates.

To score well, appropriate goals are getting your total debt below 10K (that is a scoring threshold), and getting your highest utilization / highest interest rate cards down. Amazon first.

Following the advice from @M_Smart007 regarding <29% UT for all cards, and <9% aggregate will help you. A lot.

From a scoring perspective, getting your total debt below 8.9% for total utlization will bring you past 4 key thresholds. All are important for higher scores:

- total debt <$10K, then

- total debt <$5K, AND

- total aggregate utilization <29%, AND

- total utilization <9%.

Those are 4 significant thresholds, and each one you get to should increase your score.  That means paying over $12K which is significant $$.

If you can do that, you will:

- cut your payments quite a bit, AND

- save you a ton on interest, AND

- see your scores increase, AND

- appear to an underwriter as a far more attractive candidate for a mortgage.

Also, stop apping. Inquires are not the most significant scoring factor, but they, in combination with any new accounts, will likely bring your score down (inquiry penalty, new account penalty, reduced average age of youngest and of average account age).  

Regarding your CLIs, if you are trying to reduce utilization by increasing your limits and not paying down your debt, an underwriter will see that, understand that, and not like that.

Assuming you have a clean payment record, credit card debt reduction will help you increase your scores the fastest. Doing so will help you get the lowest rate AND best terms on a mortgage.

[Anonymous]

I undortunetly dont have 12K to throw at this but i can put 1500 a month towards. it.

[Wavester64]

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@kdm31091 wrote:

Right now I would be avoiding any CLI requests unless truly necessary for upcoming spending. Don't go for CLIs that are just for padding or on cards you rarely use. In the current climate lenders are manually reviewing things more and you may not like the results. Don't put eyes on your acocunts unless there's a good reason IMO.

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I agree with this 100%. I tried for a CLI yesterday for Citi/Costco that I feel under normal circumstances I would have been approved for, but I got DENIED. I shouldn't have even bothered, but in the interest of "padding" I did.

I wont do that again..