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Don't HPs lose most of their impact well before the 24 month mark?
@Anonymous wrote:Don't HPs lose most of their impact well before the 24 month mark?
Pretty much by the 12 month mark you should have minimal - if not any at all - impact from a HP but the reporting of it still matters for some issuers. Shows credit seeking behavior the more you have regardless if you were approved or not unless it can be explained away like auto loan and home loan shopping.
@DR527 wrote:From my rebuild(2016) to now my income has doubled. Also is that normal? Do people who receive luv button and automated increases. Report higher income once they recevied their cards? I thought it only had something to do with spending and payments.
If your income has doubled, I'd also say you should report that to Chase, you may get a SP CLI from that. As everyone else has noted though, with recent derogs and all the inquiries, it can be difficult to get CLI.
The OP said that he has 28 HPs "falling off" in September, which to me suggests that they're reaching 2 years in age and that this past September they became unscoreable. We would need clarification on this from the OP, as to whether those HPs are reaching 1 year in age this coming September, or if they already did this past September. Scoring wise the difference would be significant.
With regard to the original question as to "why" no CLIs, it's really best to keep it simple and state "because your overall profile doesn't currently support them." From there all the sub-categories can be put under a microscope like payment history, utilization, inquiries, income, age of accounts, etc. but the bottom line is that right now simply isn't the time. In order to get there, you fix any of those things that may be holding you back. GW letters for potential baddie(s) removal is a great idea, keeping utilization low, always making payments on time, no new credit apps or HPs and just letting accounts age. Those things above can change a profile a noteworthy amount in 6 months and dramatically in 12 months. Sit tight and things will go the way you are hoping, OP.
@DR527 wrote:I understand, but I still don't get it. LOL Why send me the message about high limits? Or why would Chase not see that Citi is willing to lend me more and readjust. But you guys are right, I will continue to make on time payments and allow my HP to fall down to zero. And see about goodwill some more of these old baddies. Thanks.
Except it doesn't work that way. Because Bank A gives you xxx amount, doesn't mean Bank B will say "By golly, we need to one-up Bank A". In fact, Bank A may not even match themselves. That is to say, you have a $4k limit on a Citi Costco. You may apply and be approved for a DC from Citi, but for only $1k. Or you may flat out be declined. But why? After all, they've given you $4k on one card, you should automatically be approved for at least 4K on all their cards, right??? Oh if it were that simple...
Building credit is time consuming and hard enough. REbuilding credit, is a Sisyphean task.
Instead of beating the dead cli horse, you'd be better off putting your effort in cleaning up your credit report as best you can.
One thing no one has addressed here is that you have 7 installment loans, 1 personal loan & 4 student loans. The decline reasons reflect around high balances which could be on the installment loans. Citi is particularly weird about high balances on loans and home equities. how long have you had the 7 loans? what is the balance ratio?
@Anonymous wrote:
Please do follow up with updates as they hit the 12-month mark. I don’t know that anyone has ever documented data points on scores vs that many maturing HPs.
Interesting, I'm a little excited to see results as mine fall off. I haven't had any hp's in over a decade. I now have 7 as of Oct/Nov/Dec 2018 so that might add to the DP's.