Hello
I've recently taken an interest in re-building my credit. For the heck of it, I requested a CLI on my Cap One Quicksilver card, and they tripled my limit to $2250. I guess in error, they sent me a decline letter and it said because my account had been past due in the past 9 months. I guess technically this might be true, as I was two days late in October, but at any rate, it appears the letter was a mistake as my CL was increased prior to the decline letter (I called to confirm) and no late appears on my credit report. I pulled my FICO from Equifax and it was 686 as of 4/6. The mistaken declined letter said my FICO was 714 (from Equifax) on 2/25. No idea why it dropped 30 points in less than two months (well, I did start paying my entire balance off at least monthly starting in February, so perhaps this had some paradoxical effect?) - but anyway, I'd like to apply for a Discover IT card that I was sent a pre-approval for - APR doesn't matter to me but it is a lot lower than CapOne (I'm paying off each month)...
My question is, should I wait until May or June to do this, as to give my new CLI time to appear on my report and help my debt/limit ratio, or just apply for it now? My FICO report says one of the things that is hurting me is a small number of accounts (I only have the Cap One Quicksilver, and a Target store card with 200 limit, no other active credit/installment accounts), and although I know I have a decent chance of getting approved for Discover now, if the CLI improves my score (which won't be reported until later this month during normal statement cycle, I'm guessing), then my starting CL on the Discover might be higher, and contribute to my nice debt/limit ratio. I'm going to purchase my FICO from TransUnion or Experian next month to get another picture - although I might just get all three as I've seen examples here of FICO scores varying 100 points across the three.
Anyway, thanks for your help, and maybe you'll be seeing more of me around the forums.
One would always want to present themselves to lenders in the best light, including the best CLs I could have to show them.
Thanks - I guess I'm wondering how long for it to actually have an impact (does the CLI itself raise my score much, or is it just the extra room for a better debt/limit ratio) - although after looking around this site more it seems Discover IT has fairly high standards so - Should I wait even longer than May/June to apply (assuming I'm maintaining max 15-25% debt/limit ratio and paying in full each month - and trying to manage monthly statement "snapshots" that make me appear better - since I can pay in full almost daily with Cap One. Of course I'd like to appear the best for an application - but I have to weigh the lack of accounts against it all too.