When should I ask for a CLI?

[RyVision]

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@Anonymous wrote:

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@bichonmom wrote:

A good general rule of thumb is 6 months. Sometimes a year, depending on the situation. How many is "a bunch of accts"? 2 or 3, and I'd say 6  mos is fine. If you have 5 or 6, I might wait 9 to 12 mos. Just depends. Also, Chase isn't so sensitive to new accts and inq as Barclay's or Amex.

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9 new accts. Yikes, lol.

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9 in same month definitely hits the "red line" on the "bunch" guage!   You might want to wait at least 9 months. That's a lot of new accounts in the same month as well as recent HP's (you could end up with a new HP on all 3 CRs requesting a CLI from Chase under those circumstances for very little reward).  You might want to see if you can wait the full 12 months if  you want to be on the safe side and then possibly get the best CLI (Chase tends to HP for any CLI request, usually just one CB though).  So yes, you could be waking the sleeping giant in the middle of a good snooze......

[Anonymous]

O' man this is a crazy one but nicely done my friend good luck with your gardening I too would wait a full year actually wait 13 or 14 months make sure all of those app inquiries fall off your report before you ask for any kind of a CLI and when you start asking I would staggar them by quarters like every 3 months do like two and go from there.

[RyVision]

There were several posts added while I typed my response.   So I saw a bit more info LOL

Um...   You caught the app bug alright LOL   You really need to wait at least 12 months.  I'm sure you noticed the reactions here to the info you added, how experienced eyes sort of jumped out of virtual eye sockets?  That's what Chase's reaction will probably be if  you ask for a CLI before 12 months, because you're actually asking them to LOOK at your report and the new accounts and dig deeper into other CB reports for more info.  Lay low until after mid summer next year.  Hopefully you won't be CLD'd by any of your new accounts before then.

[Anonymous]

I have to agree with the other responses you have recieved.  The best plan is to wait 12 monhs.  In 12 months all those new accounts will be a year old and the inqs will also be a year old.  I would suggest you do not app for anything else in a year and try to make sure that you have no more hard pulls for anything in that year as well.  So many inqs for CCs in a short period will not look good at all. 

When you do approach Chase for a CLI, I would proceed with caution if they tell you it will be a hard pull.  I am not sure how Chase operates...

[marty56]

First thing you need to do is ask yourself why do I want to do this.  If you are doing this to reduce your overall util, then I wouldn't do it.  IMHO that is a sign you may be in trouble with your CC management.  Same thing goes if your card is close to being maxed out.

If you are looking to make a major purchase, call them and let them know that.

Finally if you decide to do this, assume the worst in that it will cost you and INQ.

Be patient.

[Repo-ed]

Agreed w/ the ^^^^

I'm hoping that you are not carrying balances already on those 9 new accounts, and hoping for CLI to lower (then run-up) your Util%

Look deep and try and avoid going back to that bad place in your life, where you would have never been approved for those cards.

[Anonymous]

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@Repo-ed wrote:

Agreed w/ the ^^^^

I'm hoping that you are not carrying balances already on those 9 new accounts, and hoping for CLI to lower (then run-up) your Util%

Look deep and try and avoid going back to that bad place in your life, where you would have never been approved for those cards.

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I was not planning on asking for a CLI until October. Not right now. And I was never approved before because I did not believe in having credit cards while still in college and young. I got two store cards about two years ago, and it never occured to me to apply for a major card. But I recently graduated from college and started thinking about credit and credit scores. I pulled my credit report, and my was at 570 due to limited history. So, I started using my Walmart and Paypal card more and paying in full each month. I jumped up to 610 pretty fast, not sure why. I was not very credit knowledgable at the time. I applied for a Finger Hut to pay for a desk for my room in my new apartment. Paid that off in full in two months and saw another boost in credit score--639. In March, I got an offer for a Southwest card because I am a member of Southwest Rapid Rewards. I ignored it, but another one came in the mail. I honestly did not believe I would get it. But curiosity killed the cat and I applied. Instant approval with a $5,000 limit. And then the rest is history!

No, I currently have great utilization, about 11%. No maxed out cards. Balances on 3 out of 11. (I have two older store cards, so brings my total card count to 11.)  My Chase card is at 0%. I am pretty good at my spending habits. No late payments. My collection baddie was from before I was of age. My mom, a single parent, opened up an account for me, but had to use funds she deposited for me and some. Unfortunately, she forgot to pay it off before it was charged off. So, I sent the collection company a GW this year and got it taken off after explaining the situation that it was not my fault. I am pretty frugal. It bugs me to even spend money on food, so I am hoping I'll never feel the urge to max out my cards. But I also never thought I'd carry a CC in my wallet, so we'll see. I doubt it though. Seeing my score go from 636 to 708 in three months has been a thrill. Would hate to ruin the uphill hike to a wonderful credit score.

[rootpooty]

OK spill the beans. Who did you get approved with and what limits? This def classifies this as APPS GONE WILD! LOL

[LS2982]

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@Anonymous wrote:

I personally think that's a great plan.  I would just wait until October and then ask then!  Congrats on your card and keep up the good work!

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I agree, I would wait at least 6 months to gain good history with the card then go for it!

EDIT: after reading into more, wait 12 months (and even at that I'd be cautious.......you may experience AA with a few lenders)

[Anonymous]

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@rootpooty wrote:
OK spill the beans. Who did you get approved with and what limits? This def classifies this as APPS GONE WILD! LOL

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This is in chronological order:

1. Fashion Bug $500.00

2. Chase Southwest Visa Signature $5,000

3. Citi HHonors Visa Gold $3,000

4. Capital One Platinum Visa $500

5. Wells Fargo Platinum Visa Rewards $4,000

6. Nationwide Visa $500.00

7. Sallie Mae Visa $2,500.00

8. HSBC Cash or Fly Rewards Mastercard $1,000

9. Tigers Credit Union Platinum Mastercard $2,000