When should I request a CLI for the following cards?

[Random_idiot]

CSP- approved 8/18/16

Discover- approved 8/18/16

Cap 1- got approved for a cli on 7/20/16

Wally- denied cli on 7/20/16, also late payment on March 2016.

[mattmyFIC0]

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@Random_idiot wrote:

CSP- approved 8/18/16

Discover- approved 8/18/16

Cap 1- got approved for a cli on 7/20/16

Wally- denied cli on 7/20/16, also late payment on March 2016.

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CSP- I've seen people have good luck with charging up a good portion of the limit and PIF and getting an increase soon after their approval.

Discover- DW had good luck after first statement. Got auto and requested another and got it

Cap 1- Have to wait 6 months since last increase

Wally- Try again after 6 months on time payments

[Random_idiot]

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@mattmyFIC0 wrote:

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@Random_idiot wrote:

CSP- approved 8/18/16

Discover- approved 8/18/16

Cap 1- got approved for a cli on 7/20/16

Wally- denied cli on 7/20/16, also late payment on March 2016.

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CSP- I've seen people have good luck with charging up a good portion of the limit and PIF and getting an increase soon after their approval.

Discover- DW had good luck after first statement. Got auto and requested another and got it

Cap 1- Have to wait 6 months since last increase

Wally- Try again after 6 months on time payments

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Thank you! Time to set that calender up! 

[Anonymous]

About to be 4th statement with Discover & no love from them. Kinda getting impatient. Hoping to see an auto-cli after the 4th statement.
I regularly ask for a cli as well.

[Random_idiot]

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@Anonymous wrote:
About to be 4th statement with Discover & no love from them. Kinda getting impatient. Hoping to see an auto-cli after the 4th statement.
I regularly ask for a cli as well.

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Interesting.. How are your spending habits with the card? I'm only asking because mine are going to be very very low. Maybe all of my payments will be on the CSP for obvious reasons..

[takeshi74]

It is not just about time.  Creditors do not simply hand out CLI's in exchange for time.  The limits and CLI's you qualify for are determined based on your credit profile and income.

Time can certainly matter for a given creditor's policy on how often you can request CLI's but that's only part of the consideration.  You should request a CLI when it meets the creditors policy and your profile and income support a CLI.  You can certainly just pound away at CLI requests but if your profile doesn't support it then you're not going to get one no matter how often you request one.  If your profile only improves to a small degree then you're only going to get a small CLI.

What sort of limits did you get on those cards?  What scores were provided in the letters that tell you what they used?  These are all clues as to where your cerdit profile stands versus the product's underwriting criteria.

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@Random_idiot wrote:

Wally- denied cli on 7/20/16

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The time to request one here is when you've addressed the denial reason(s).

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@Random_idiot wrote:

also late payment on March 2016.

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Every payment must be on time with all of your creditors.  Do whatever you need to do to ensure that.  Set reminders.  Use autopay to cover at least the minimums.  your Payment History must be 100% on time given it's typical weight.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Even if the late isn't reported you can incur fees, penalty APR's, etc.

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@Anonymous wrote:
About to be 4th statement with Discover & no love from them. Kinda getting impatient. Hoping to see an auto-cli after the 4th statement.

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Again, it's not just about the passage of time (or "love" -- it's all business and about risk assessment) but what your credit profile and income qualify for.  3 months in my limit was nearly doubled on my Discover it.

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@Random_idiot wrote:

Interesting.. How are your spending habits with the card? I'm only asking because mine are going to be very very low. Maybe all of my payments will be on the CSP for obvious reasons..

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Do not rely on the usage meme.  My Discover CLI's came with little to no usage.  Same with a number of other cards.  I've never received CLI's on my most heavily cards -- the CSP being one of them.

Your entire credit profile and your income are the primary considerations with any creditor. 

[Random_idiot]

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@takeshi74 wrote:

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@Random_idiot wrote:

Wally- denied cli on 7/20/16

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@Random_idiot wrote:

Interesting.. How are your spending habits with the card? I'm only asking because mine are going to be very very low. Maybe all of my payments will be on the CSP for obvious reasons..

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Do not rely on the usage meme.  My Discover CLI's came with little to no usage.  Same with a number of other cards.  I've never received CLI's on my most heavily cards -- the CSP being one of them.

Your entire credit profile and your income are the primary considerations with any creditor. 

The time to request one here is when you've addressed the denial reason(s).

___________________________________________________________________________________________________________

-Late payment + score. at the time, score was 631, and late payment. I set reminders, so I know for a fact this won't happen again.

This is very good to hear. Like always, Thank you for the info Takeshi. Really appreciate the info, bud.

[MauiMan85297]

I only had my Discover for 2 months and received and email stating my limit went from 1200 to 1700, after reading the email I went to my account page and asked for a CLI and got another $500 for $1000 increase within 1 statement and only had 2 charges on the card and nothing more than $45.

Yet on my Cap1 account it took them 9 months for a CLI on my Venture card sending 2-3k per month through it- YMMV