Lowering utilization via increasing credit lines...

[tcbofade]

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@elim wrote:

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@Revelate wrote:

Hey T,

If you have some non-trivial lines which I suspect you do given how long both of us have been on this forum, why not add her as an AU to one or two and see if they count (FICO 8, they will on older models and there's plenty of CU's pulling those) and therefore dumps her revolving utilization down as it's almost always faster to shed CC debt with a higher credit score... simply more options.

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  This is a great idea. Then when your remodel is finally paid down, remove each other as AU and it will be like the accounts never happened. I'm sure you have some stuff ready to fall out of 0% promo so you are probably still going to need some heavy lines anyway. I would wait a month or two, ask for some CLI's, then app away. 

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This works well in theory, but not in our case.

... my utilization is worse than hers... 

[tcbofade]

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@Anonymous wrote:

I don't think the cards she'd be approved for now will really help matters. 

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....and THAT is why we're sitting in the garden behaving ourselves.

She could easily get approved for crap worthless credit card accounts with fees and higher interest rates than what she already has...that doesn't help any.

She should soon be close to dancing on the edge of an approval for a "good" account with BT offers as far as FICO is concerned, but her util is too high to get an approval for anything helpful. 

[driftless]

Hi Tcbofade,

I read this thread last night and I didn't comment as it sounds like you have already really thought through the lowering the utilization through CLI question.  I was just wondering if changing your DW's payment pattern, i.e. - targetting the smallest balance, targetting the highest APR card, or the card with the highest utilization, would make any appreciable difference in the pay down time or FICO score (thinking targetting the highest utilized card here)?  I have read threads about payment strategies but I don't recall any comments on if they change the speed of the pay down.  Sending positive vibes of continual health to your AC for the duration of the summer.  

Enjoy the summer,

David

[AverageJoesCredit]

Understood on the chat and luv button tcbofade. Happened to me recently when i got the denial letter, they used a report from December with my baddie on it. Yikes, you would think their sps would be mire current

[UncleB]

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@tcbofade wrote:

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@AverageJoesCredit wrote:
Tcbo, how have you tried getting cli with her Sync cards? Luv button, chat ,or Credit Solutions?

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Yes, tried luv button and chat in April... no go, and no suprise.  I am deliberately NOT asking in May or June, hoping that a cli request in July will cause them to pull a new report instead of using an older one. 

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You're already getting great advice from some of myFICO's best, but I'll just mention that what you describe is common with Synchrony when using the button or chat... if you'll call Credit Solutions they put you on hold while they pull a fresh TU report (almost always SP).  I was also getting denied with Lowe's (button) due to referring to an old report... that's actually what drove me to call CS for the first time. 

Both times I've called, I've used the foreign call center, 877-379-8173.  Note that when I called they weren't interested in small-talk; they strictly want your account number, name, income, (maybe monthly housing?) and how much CLI you want, then they will place you on hold while they check your credit.  Note that if you ask, they generally don't say if it's a HP or SP, but I've not seen a report of a HP in quite a while.  For my Sam's Club MC they did need to send a text to my phone to verifiy that it was me calling, but otherwise very straight-forward.  In other words, you don't have to justify your CLI request (they truly don't care).

Good luck no matter what you decide! 

[tcbofade]

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@driftless wrote:

Hi Tcbofade,

I read this thread last night and I didn't comment as it sounds like you have already really thought through the lowering the utilization through CLI question.  I was just wondering if changing your DW's payment pattern, i.e. - targetting the smallest balance, targetting the highest APR card, or the card with the highest utilization, would make any appreciable difference in the pay down time or FICO score (thinking targetting the highest utilized card here)?  I have read threads about payment strategies but I don't recall any comments on if they change the speed of the pay down.  Sending positive vibes of continual health to your AC for the duration of the summer.  

Enjoy the summer,

David

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Thank you for the positive vibes...  lol...

Our AC is in good health, it's just entirely too small for this house.  Someone saved some money by putting a 2 1/2 AC unit on a 2,400 sq ft house.  (Should be a 3 1/2 ton).

Creates $500 electric bills and a rather warm house...

[tcbofade]

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@UncleB wrote:

Both times I've called, I've used the foreign call center, 877-379-8173.  Note that when I called they weren't interested in small-talk; they strictly want your account number, name, income, (maybe monthly housing?) and how much CLI you want, then they will place you on hold while they check your credit.  Note that if you ask, they generally don't say if it's a HP or SP, but I've not seen a report of a HP in quite a while.  For my Sam's Club MC they did need to send a text to my phone to verifiy that it was me calling, but otherwise very straight-forward.  In other words, you don't have to justify your CLI request (they truly don't care).

Good luck no matter what you decide! 

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While I hope you are correct, getting DW to MAKE that phone call is not easily accomplished.  We live in a Ricky and Lucy type home and I am expected to take care of these things...which I happily do, right up until I have to call on one of HER accounts.   Women. 

Methinks that she and I will take a day off from work somewhere in July and just sit on the phone with various customer service types all day.

Thanks for the thought! 

[Anonymous]

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@SouthJamaica wrote:

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@tcbofade wrote:

Thanks all, for the constructive feedback.

We MAY have to replace our AC this summer, and I'm hoping to get her scores high enough to qualify for a zero percent deal.

The SCT might work for some useless utility fluffing... I'm going to chew on that...

We ARE paying the debt down, it just takes a while....

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That would be a mistake, adding a bunch of low limit, useless store cards, along with the inquiries, new accounts, and lower average age of accounts it would bring. The opposite of what you should be doing.

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I totally disagree.  At a certain credit line store cards will increase your score and really help if you have high utilization.  I got a Pottery Barn via SCT instant 2500.  Then called in next day for CLI to 3500.  And  a month later called in for another CLI to 5000 dollars.  To me a useless card is a Capital One with a 500 dollar limit a 24.9 percent interest and no rewards and does hard pulls accross all 3 credit bureaus.  And you don't even get inquries via SCT.  If you shop at the stores they provide higher rewards than you would get with any cash back visa/matercard.  

[SunriseEarth]

IMHO, I think your efforts are best spent on SP CLIs.   For the Sync cards, definitely call Credit Solutions and aim for the stars.  

[AverageJoesCredit]

+100 Uncle B in regards to calling Credit Soultions. Many times people believe you need an excuse to try, ie, im going to go buy a big tv etc etc, but like you said, all you need is 5 minutes of your time. Just let them know you would like s credit limit increase and the rest as UB explained is that. Now sometimes, you may not be approved but others you may be countered but it is a good way to see where you stand.