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Increase CL or or Open a new CC

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Anonymous
Not applicable

Increase CL or or Open a new CC

Hi All,

 

I need expert advice, been working on my Credit score for 5 years after college. Started at 580 and now I am at 774 on Experian.

every 6 months I request CLI on all my cards and every year I add one new Credit Card to the stable. shall I continue this way? I'm loving it since adding a new CC usually results in a way higher limit than just doing CLI which will helps a lot in decreasing my utilization rate.

 

here is what I have so far:

- Discover: $ 23k

- Capital one platinum: $ 9K

- Citi Diamond preferred: $ 21k

- Credit Union: $ 19 K

- Paypal : $ 9.5K

- Chase Sapphire Preferred (latest one Open a year ago): $ 17k

 

if you suggest going for a new credit card which one would you recommend. if not then I will ask for CLI all at once my CC initialization i keep below 10% all time.

 

Thank you! 

24 REPLIES 24
AllZero
Mega Contributor

Re: Increase CL or or Open a new CC


@Anonymous wrote:

Hi All,

 

I need expert advice, been working on my Credit score for 5 years after college. Started at 580 and now I am at 774 on Experian.

every 6 months I request CLI on all my cards and every year I add one new Credit Card to the stable. shall I continue this way? I'm loving it since adding a new CC usually results in a way higher limit than just doing CLI which will helps a lot in decreasing my utilization rate.

 

here is what I have so far:

- Discover: $ 23k

- Capital one platinum: $ 9K

- Citi Diamond preferred: $ 21k

- Credit Union: $ 19 K

- Chase Sapphire Preferred (latest one Open a year ago): $ 17k

 

if you suggest going for a new credit card which one would you recommend. if not then I will ask for CLI all at once my CC initialization i keep below 10% all time.

 

Thank you! 


Looks like you are doing great. Keep doing what works for you.

 

CU's to join for Savings Rate now and possible Credit Products later!

Message 2 of 25
AllZero
Mega Contributor

Re: Increase CL or or Open a new CC

I would recommend you check to see if you can do a product upgrade from Capital One Platinum to Quicksilver (not the Quicksilver One with the annual fee).  Capital One check for upgrade link

Message 3 of 25
Remedios
Credit Mentor

Re: Increase CL or or Open a new CC


@Anonymous wrote:

Hi All,

 

I need expert advice, been working on my Credit score for 5 years after college. Started at 580 and now I am at 774 on Experian.

every 6 months I request CLI on all my cards and every year I add one new Credit Card to the stable. shall I continue this way? I'm loving it since adding a new CC usually results in a way higher limit than just doing CLI which will helps a lot in decreasing my utilization rate.

 

here is what I have so far:

- Discover: $ 23k

- Capital one platinum: $ 9K

- Citi Diamond preferred: $ 21k

- Credit Union: $ 19 K

- Paypal : $ 9.5K

- Chase Sapphire Preferred (latest one Open a year ago): $ 17k

 

if you suggest going for a new credit card which one would you recommend. if not then I will ask for CLI all at once my CC initialization i keep below 10% all time.

 

Thank you! 


Hi and welcome to the forums 

 

So, are you wanting to add card for utilization padding or is there another purpose? 

How much are you carrying in debt right now? 

 

Message 4 of 25
Anonymous
Not applicable

Re: Increase CL or or Open a new CC

As for recommendations, it depends how you spend your money. Cards exist that can reward almost any type of spend. How you spend helps us steer you toward potentially beneficial cards.

Message 5 of 25
Anonymous
Not applicable

Re: Increase CL or or Open a new CC


@AllZero wrote:

I would recommend you check to see if you can do a product upgrade from Capital One Platinum to Quicksilver (not the Quicksilver One with the annual fee).  Capital One check for upgrade link


Thanks!

will that be consider as a new account? Will my capital one platinum account be closed? This is the oldest account I have and I want to keep it for the history.

Message 6 of 25
AllZero
Mega Contributor

Re: Increase CL or or Open a new CC


@Anonymous wrote:

@AllZero wrote:

I would recommend you check to see if you can do a product upgrade from Capital One Platinum to Quicksilver (not the Quicksilver One with the annual fee).  Capital One check for upgrade link


Thanks!

will that be consider as a new account? Will my capital one platinum account be closed? This is the oldest account I have and I want to keep it for the history.


Nothing really changes besides earning 1.5% cash back. You may get a new Quicksilver card to replace your Platinum. Easy peasy lemon squeezy.

Message 7 of 25
Anonymous
Not applicable

Re: Increase CL or or Open a new CC

I figured the best way to build credit is to keep utilization below 30% which is fine and attainable but within the pandemic because I lost my job I reached almost %30 it took me sometime to get another job now I brought it down to below 10% about ~7k in debt which should be paid off in the next 6-7 months. Best time to ask for credit increase or credit cards when you don't need it because when I needed it the most in the past no one will give it to you with average credit. Hope this help! It just my philosophy. 

Message 8 of 25
Anonymous
Not applicable

Re: Increase CL or or Open a new CC

I am not planning on doing big purchases I distribute my spending across all cards equally between grocery and bills. Best one so far was chase sapphire I paid my rent for 3 months the got the welcome reward so I am looking for a credit card with high balance in the future that can grow with me . Rewards not a big deal though I use chase sapphire for travel points in the past and discover for 2-5% cash back.

Message 9 of 25
Anonymous
Not applicable

Re: Increase CL or or Open a new CC


@AllZero wrote:

@Anonymous wrote:

@AllZero wrote:

I would recommend you check to see if you can do a product upgrade from Capital One Platinum to Quicksilver (not the Quicksilver One with the annual fee).  Capital One check for upgrade link


Thanks!

will that be consider as a new account? Will my capital one platinum account be closed? This is the oldest account I have and I want to keep it for the history.


Nothing really changes besides earning 1.5% cash back. You may get a new Quicksilver card to replace your Platinum. Easy peasy lemon squeezy.


Thank you so much I never thought this is possible without closing the account.

Message 10 of 25
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