Quick Credit Questions

[CreditMagic7]

Just a quick and simple question that applies to everyone who holds credit accounts.

Is your actual approval date your opening date with your credit lender also?

When you read suggestions that some lenders offer CLI at 6 months/12 months for example, do some lenders consider the 6/12 months from the exact date of approval/opening or do UW's rather take into account 6/12 statements as reflected on CR's?

When reviewing my own CR i try to view it from an U/W's perspective. If approved on say the month of May but the report doesn't report a statement until July, would July be recognized as historical month #1 or instead May month #1 with July month #3?

Thanks

[gdale6]

Its lender specific some consider 1st of the month others the date of the month (Amex comes to mind).

[AndySoCal]

I would wait until after the statement cuts then consider applying. Only apply for the credit your need and not want.  If your credit utilization on a card on average  month is less than 10% I would not consider asking for  a CLI. If the creditor gives you fine. If my usage on a card  occasionally went above 10% same advice.  I would consider it if may monthly usage on a card was over 10%  every month.  I have three store cards that I will never consider asking for a CLI on.  My current credit limits on my other cards are less than 10%  each month.  Keep in mind  the credit limit on affects your score in regards to you credit utilization.

[CreditMagic7]

From personal observation on my recent reports, reviewing only the new (less 8 months), i wouldn't consider a mere 3-4-5 (blocks ok) months enough regular history to gain the confidence they might want to see.

Now if. within the first 2 months including approval month but minus any CRA statement reports were also included to the the overall recent history equation, some lenders might? use that as CLI policy. But from a CRA report 3 posted reports look way too short period IMO.

Just trying to pin down the graphics from reported data compared to Timeline history from approval month.

Thanks

[AndySoCal]

I would wait at least a year before asking for increase. My experience with US Bank is that they reveiw the account at least once year around the anniversary when I opened the account. They may review more than that but I have received auto CLI's around that date.  How long ago did you open your  CC accounts and who with?

[takeshi74]

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@CreditMagic7 wrote:
When reviewing my own CR i try to view it from an U/W's perspective. If approved on say the month of May but the report doesn't report a statement until July, would July be recognized as historical month #1 or instead May month #1 with July month #3?

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A creditor doesn't need to refer to a report to review the account that you hold with that creditor.