That's actually what I kind of figured. The CLI itself isn't a bad thing (besides like you said, there could be a bigger payout with some patience), but alot of it would be about discipline as well. Maybe some people would be too tempted with all the extra credit that they'd get themselves into a bigger bind then they were already in.
@Existentialist wrote:The short answer is yes... absolutely. Heres the thing: the issue isnt with the CLI itself - its whether a CLI is going to be beneficial to your overall credit goals. Notice my usage of the word 'overall' as opposed to 'immediate'. On the surface I understand the mindset that says an increase even a small one is better than none. This isnt necessarily true however. Its akin to accepting a smaller payout now versus a potentially larger one down the line so that real the ? then becomes... how patient are U?
@U stated your total util is running about 85% currently. Thats fairly significant so although U may qualify for addtl CLs the reality (in the case of the $150 U recently received) is that a CLI that small is NOT actually working for U - more like... its just there. One of the points I try to stress when discussing credit matters is just bcuz u CAN do something doesnt mean that U should. I will submit (b4 the ? is raised) that a significant enough CLI could prove beneficial. That much goes without saying. But its about understanding what your present situation dictates.... and right now you're @ 85% util. See where this is going?
There would be no point in tempting fate even if a higher CLI were offered when its clear your focus should be decreasing your UTIL. Its easy enough to let a $150 CLI sit to the side but could U do the same if the CLI was $1500 instead? Perhaps U could but why chance it? What many fail to acknowledge is that in the credit-game-of-life, planning, timing and patience is key. And in this particular game one can ill afford to lose. And although I get that most ppl will accept a CLI regardless I'd be remiss in pointing out that just bcuz its what many would do that its not necessarily what U should do. As I said, consider the state of your overall credit goals first. If its available to U now (CLI) it stands to reason it will be available later (barring a total meltdown which I assume U arent going to let happen... right?) and in larger form.
There used to be a game show called 'Press Your Luck'. In this (credit) game however I'm going to suggest U not (but I aint gonna lie the whammys on there were hilarious as heck).
Good ? and best of luck.
@Anonymous wrote:
@issues636 wrote:I'm paying off 3 of my credit cards right now, running like an 85% util total. Just reading around the forums,
Maybe I'm missing something.
Did you miss something about keeping your utilization below 30%?
You have over 15K in credit, that's like 14K of debt.
Stop buying cool stuff and pay that puppy down
Yeah I know, haha. Part of that was a downpayment on my truck (used my AmEx 18 month 0% APR), and then I had a few unforeseen expenses a little later on where it all just added up. I'm getting there little by little. The 85% util is actually whats reported right now. I have the Lowes, Kohls, Freedom paid off entirely. $300 left on the Amazon, $1200 left on the Capital One, $4500 left on the Amex and about $4400 left on the Discover. I'm guessing I'm actually sitting at roughly 60-65% right now. 85% is just what CapOne would have seen if they pulled my score for that CLI. I'm putting roughly around $1200 a month towards CC payments, so I should have the Amazon and the Capital One paid off by about the first week of May. The good thing is, the bigger balances (AmEx and Discover) are both still in a 0% promo period, so it's mostly interest free, for now.