Re: What am I doing wrong for a CLI?

Anonymous · ‎09-09-2016

Morning everyone, I have a question that has been bothering me this moring. Current credit status, scores ranging from 632-649, 19 years old, currently a $500 limit card from my local Credit Union (1.7 years) and a $400 limit Credit One Visa (yuck, I know) Recently (as in 2 weeks ago) I was able to purchase a new vehicle, no co-signer, through Wells Fargo Dealer Services. Question is, before the car loan (around a month ago or so) I requested a CLI from my credit union. I have never missed a payment on this card, paid in full every month with the exception of 1 month carryover. I was denied the increase (requested an icrease to $1,000) At the time my score was around 630, as reported by the credit union. What do I need to focus on to get the increase approved? I was more surprised that I was approved for a $13K loan on my own, but not a limit increase. Thanks!

creditguy · ‎09-09-2016

People are often surprised they can get a car loan but not a big limit credit card or a CLI, they shouldn't be since a car loan is secured by collateral, whereas a CC is not. In your case it could be that your particular CU is too conservative to grant a CLI with your scores. Your scores aren't terrible but not super great either and CU's tend to be more tighter with the purse strings than other lenders like Cap One or CU's like NFCU. Also whatever is holding your scores down could be the reason as well. Work on getting your scores up and shop around for other lenders and you'll have better luck.

Anonymous · ‎09-09-2016

Forgot to mention, I also received a letter from Capital One last week, preapproval for a secured card with the minimum $49 down payment for a $200 credit line, which I did accept. Not alot of limit but overall it at least gives me a little more revolving credit.

dragontears · ‎09-09-2016

What was the denial reason?

newhis · ‎09-09-2016

I want to know what is keeping your score down.

If it is just UTIL then you can fix that by paying your cards before statement date so 1 report only $40 and the others $0. If your card report high util even if you pay them before due date every month, then your score is not as high as it could be.

If you didn't pay a card for a month, then you may have a late there that could bring your score down. Any other bad things in your report?

Anonymous · ‎09-09-2016

Sorry guys, one of those days where I'm not thinking about anything. Between my credit union card, Credit One and Capital One, all are paid on time every month, sometimes multiple payments in a 30 day period. The one time I didnt pay in full I still made a payment, just not all of what was owed. The factor keeping my credit score down is due to a small loan I have through Matco Financial for tools that I purchased. 3 months of late payments shows up on CR due to me being a moron and not switching the card being used on their autopay system. This had originally dropped my score from around 675 to around 590 after everything was said and done. Car loan, Credit One card and Capital One card have all been obtained since this happened

CJ7 · ‎09-09-2016

@Anonymous wrote:
The factor keeping my credit score down is due to a small loan I have through Matco Financial for tools that I purchased. 3 months of late payments shows up on CR due to me being a moron and not switching the card being used on their autopay system

Have you tried calling Matco and explaining what happened? It can't hurt to ask for them to rescind the late pays.

While you may be to blame for the first month, I'm blaming them for the other 2 if they didn't notify you that your account was past due.