@Anonymous wrote:
@Anonymous wrote:Ok now that I've basically raised deleted majority of baddies from my credit report when should I request a credit limit increase?
Here is what I have and when I opened it, plus the amount:
July 2014-
Capital One Platinum $300 (raised to $500 a few days ago-kinda bummed that it wasn't more)
August 2014-
Capital One Quicksilver $300
Capital One Secured $200
September 2014-
First Premier $300
October 2014-
WalMart $150
Target $150
Kohl's $300
Amazon $600
Macy's $600
November 2014-
Old Navy $150
American Eagle $150
Victoria Secret $350
Torrid $500
CFNA (Firestone) $900
Jared $3000
Total Card (First Access) $300
Verve $500
December 2014-
OneStopPlus $250
Express $250
Lane Bryant $300
Catherine's $300
The Limited $350
Blue Nile $1000
January 2015-
TJ Maxx $300
JC Penney's $300
Car Care Credit $500
Sam's Club $637 (odd amount, and I asked them to repeat that 3 times)
Discover Secured $200
Credit One Bank $300
PayPal Smart Connect $600
Barclay Rewards Mastercard $1000
I made a chart of 1%, 5%, 9%, and 10%. That way I know when my statement closing date is and how much I want the amount to be. I have been staying at or below 10%. I read the many posts and decided that staying below 10% was my best bet, so far so good. I know that it is a lot, but I got kinda happy when I was actually approved for accounts when seven months ago my credit score was below 500. I won't be applying for anything else. I want to concentrate on building these accounts for the next two years. I also want the store accounts to upgrade from store card to credit cards.
1.27.15
EQ: 648
TR: 650 (it went up two points today...YEAH!!!)
EX: 666
That is a lot of new cards in 6 months or so. Also, a lot of the cards are horrible ones with poor to no rewards and AFs (Verve? First Premier?). A lot of new accounts and inquiries is not something you need for rebuilding. One card is enough and a few is better, but you have too many. Don't get me wrong, I have 50+ CC accounts I opened in the last 4 years or so (all but 15 closed) and I apply a lot for cards for a specific purpose (rewards, sign-up bonuses, etc). But cards like the Verve are horrible money sinks and not really needed for rebuilding. Consider closing cards like the Verve before the next AF hits (especially before they start the monthly maintenance fee routine for the second year).
As for when to get CLIs, there is no set standard. If your income and credit profile supports it, after the 6th statement cuts is a good rule of thumb (61st day or later for Amex). Many issuers allow earlier CLIs if you have the right profile and are willing to take a second HP. Given your scores, inquiries (I assume you have a ton), and new accounts, I would not recommend anything but SP CLIs for now. Close AF cards before the next AF is due. Keep the no AF cards and build your credit slowly.
+1 here, as well.
That is a lot of cards in a very short period of time. That is going to spook lenders away from you, not really help you much. When some of them SP you, it may even cause some to second-guess having extended you credit and they may retract. I would seriously consider closing several and then gardening heavy duty for awhile, all the while doing the super great behavior thing on the remaining cards to show you are responsible and deserve an increase. Honestly, I would say try to stay under their radar for a min. of a year with that many new opens and inq in such a short window.
