Your Advice? How to prioritize asking for CLIs from current cards

[HomeBuyerSpring2021]

I'm trying to shore up my available resources, so I want to request CLIs from current cards and/or apply for a 0% Chase Freedoom Unlimited card. All of my cards have high interest rates because I was waiting for a final derogatory account to fall off before requesting lower rates (which just happened yesterday). My current FICO8 scores are 731-735 (up from 686-698 from the last time I requested CLIs back in Nov 2019). Can anyone share their experienced opinion on how they would navigate this situation?

1. In the current COVID-19 climate, would credit card issuers be willing to lower interest rates?

2. When evaluating CLIs, do credit card companies look at the FICO they last pulled or pull a new one (i.e. do I need to wait for my credit card companies to make their monthly update their site before requesting CLI or will they soft pull my score today?)

3. Looking forward, I could really benefit from a new 0% card & I'm looking at Chase Freedom Unlimited. I don't currently have any inquiries. I would do this after all of my other steps with current cards. But I already have a Chase card. Do they assess credit limits granted on all the cards you hold with them when setting the limit on a new card (I read that Discover will only grant you so much total CL across all the cards you have with them)? In other words, should I apply for the 0% new Chase card to see how much I can get before requesting CLI with current Chase card (which is at some crazy interest rate like 22%)?

4. I saw yesterday online & had confirmed here that AMEX is steadfast with having to wait 6 months between CLI requests. Are any of my other card issuers the same?

Current Cards:

1. Citi
2. Cap One
3. AMEX
4. Chase
5. Discover

Thanks in advance for your advice,

Kimberly

[Anonymous]

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@HomeBuyerSpring2021 wrote:

I'm trying to shore up my available resources, so I want to request CLIs from current cards and/or apply for a 0% Chase Freedoom Unlimited card. All of my cards have high interest rates because I was waiting for a final derogatory account to fall off before requesting lower rates (which just happened yesterday). My current FICO8 scores are 731-735 (up from 686-698 from the last time I requested CLIs back in Nov 2019). Can anyone share their experienced opinion on how they would navigate this situation?

1. In the current COVID-19 climate, would credit card issuers be willing to lower interest rates? Nothing is set in stone but it seems many banks are granting some leeway to help keep profitable customers, so it's worth asking. Worst that happens is they say no.

2. When evaluating CLIs, do credit card companies look at the FICO they last pulled or pull a new one (i.e. do I need to wait for my credit card companies to make their monthly update their site before requesting CLI or will they soft pull my score today?)  Most tend to go from whatever score they last pulled. If your accounts offer a FICO score, watch for it to update before asking.

3. Looking forward, I could really benefit from a new 0% card & I'm looking at Chase Freedom Unlimited. I don't currently have any inquiries. I would do this after all of my other steps with current cards. But I already have a Chase card. Do they assess credit limits granted on all the cards you hold with them when setting the limit on a new card (I read that Discover will only grant you so much total CL across all the cards you have with them)? In other words, should I apply for the 0% new Chase card to see how much I can get before requesting CLI with current Chase card (which is at some crazy interest rate like 22%)? I'm not a Chase cardholder does I'll leave this for someone else to answer.

4. I saw yesterday online & had confirmed here that AMEX is steadfast with having to wait 6 months between CLI requests. Are any of my other card issuers the same?

Current Cards:

1. Citi 
2. Cap One
3. AMEX
4. Chase
5. Discover

Citi, Amex, and CapOne are locked in at 181 days between CLIs. Disco is all over the place - some go years without them, some get them once a month for three months at a time, some are in between. Chase I don't know but I think you can request it pretty much when you want, knowing it'll be a hard pull when you do.

Thanks in advance for your advice,

Kimberly

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[AverageJoesCredit]

1) some lenders can lower apr rates that arent lowered by Fed but is lender specific and usually you need to have a card at least a yea,  ie Navy, Disco, Citi, Boa, even Amex at times

2) Most lenders will use a current score they have , usually updated once a month, ie Amex, Discover, but on occassion the score they use may be months old.

3) if you are under 5/24 and already have a Chase card, your oddsare good for a new card. If the card will help you greatly in what it offers go for it. Chase bases most of the limits it extends based off your profile and income, usually they wont ectend more than 50% of ones income though their are exceptions.temember Chase is not known for low apr.

4) Amex has a 6 month rule if APPROVED, 90 days wait period if denied. Many lenders have their own rules, ie Citi , if eligble, you can get a possible  sp cli every 6 months. 

So you can request  sp cli from Citi ( must have sp lanuage) , Cap One, Amex, and Discover. Chase is always a hp so sometimes best to app a new card. 

If you add your current  aaoa, limits and dates opened you might get some better suggestions.  Best of luck

[HomeBuyerSpring2021]

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@AverageJoesCredit wrote:

1) some lenders can lower apr rates that arent lowered by Fed but is lender specific and usually you need to have a card at least a yea,  ie Navy, Disco, Citi, Boa, even Amex at times

2) Most lenders will use a current score they have , usually updated once a month, ie Amex, Discover, but on occassion the score they use may be months old.

3) if you are under 5/24 and already have a Chase card, your oddsare good for a new card. If the card will help you greatly in what it offers go for it. Chase bases most of the limits it extends based off your profile and income, usually they wont ectend more than 50% of ones income though their are exceptions.temember Chase is not known for low apr.

4) Amex has a 6 month rule if APPROVED, 90 days wait period if denied. Many lenders have their own rules, ie Citi , if eligble, you can get a possible  sp cli every 6 months. 

So you can request  sp cli from Citi ( must have sp lanuage) , Cap One, Amex, and Discover. Chase is always a hp so sometimes best to app a new card. 

If you add your current  aaoa, limits and dates opened you might get some better suggestions.  Best of luck

---

Thanks! Very clear. Also the clarity on AMEX wait period if approved vs. denied was helpful. I'd read that on the Fool website earlier, but they didn't distinguish between approved/denied, so it just looked like conflicting bullet points. One question on #3 (above). I don't know what 5/24 means?

Here's my card line-up in case it makes it easier to make additional recommendations. I usually pay off all cards in full every month. That might not continue in the very near future.

1. Citi (opened 5/2017) – 22.49% ($500 limit - $280 balance) – turned down request for CLI on 10/6/2019
2. Cap One (opened 4/2016) – 25.24% ($3,000 limit - $2,070 balance) – automatic CLI on 12/8/2019  
3. AMEX (opened 11/2016) – 25.99% ($3,000 limit - $105 balance) – granted request 3x CLI on 11/9/2019
4. Discover (opened 5/2017) - 25.24% ($9,400 limit - $2,596 balance) – granted request CLI on 10/28/2019
5. Chase (opened 8/2016) – 24.24% ($2,000 limit - $215 balance) – they gave me automatic increases twice since opening card then took away $7,500 in Oct 2018 (I was AU on my ex-husband’s card & kept myself listed (I didn't have card & wasn't using it) because it was a 19 year old card, but he bought a home HVAC & was carrying the balance for a few months, so I decided to go ahead and take the Credit Age hit so I could have 100% control of my own credit when it came time to buy a house (so either the drop in Credit Age or the high balance I couldn’t control or maybe just dumb luck made Chase review account & they took CL from $8,500 to $1,000 ... that was not a good morning surprise!). All my other factors were positive. They gave me a $1,000 auto-bump in 4/2019. I haven't requested any CLIs.

DON’T KNOW IF YOU CARE ABOUT STORE CARDS:

-----------------------------------------------------------------

1. Amazon Store (11/2016) – 28.24% ($3,500 limit - $182 balance) – granted request for CLI on 10/4/2019
2. Atheta Store (9/2016) – 27.24% ($1,500 limit - $40 balance) – granted request for CLI on 9/10/2019

Thank you!

[Anonymous]

First off, I'd pay off those smaller balances and let them reflect. Those two and three digit balances should be pretty easy to clear and by having a number of zero-balance cards, you'll look a lot better to the creditors you're asking for increases. 

5/24 is a reference to Chase's anti-spree rule - they will deny new accounts to anyone who has opened 5 or more accounts in the last 24 months. In-branch approvals can override this but that is the standard rule to go by.

[HomeBuyerSpring2021]

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@Anonymous wrote:

First off, I'd pay off those smaller balances and let them reflect. Those two and three digit balances should be pretty easy to clear and by having a number of zero-balance cards, you'll look a lot better to the creditors you're asking for increases. 

5/24 is a reference to Chase's anti-spree rule - they will deny new accounts to anyone who has opened 5 or more accounts in the last 24 months. In-branch approvals can override this but that is the standard rule to go by.

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Ah thanks for the clarity on 5/24. That makes sense.

Do those balances matter if not reported? These are all current balances. Though in typing this I'm realizing that you might be saying that the individual credit card company is seeing the current balance on their own card?

Kimberly

[AverageJoesCredit]

To better your scores, it recommended that you try to keep your balances at zero except one, AZEO method, though it does help to show usage of cards with each lender. 

[Remedios]

Chase CLI will be a HP.

If your user name is indicative of your intent to buy a house this spring, I'd avoid HPs till that's completed. Older scoring models used for mortgages are neurotic.

Rest of CLIs would be SPs so no harm in asking after you make your CR really pretty, but not before that. 

You do have to wait 90 days when amex denies request for any reason other than "asking too soon" 

When you ask too soon, you're free to ask again, 6 months from previous increase. No 90 days are imposed when asking too early.

Also, you have balance on all your cards.  You want at least half of them reporting $0.00, if you can. 

Cap One requires serious use before they will grant one. 

Citi doesnt like too many or too high balances.

Discover is 🤪. 

Right now, I wouldnt ask for anything until CR looks really pretty 

Times are rough, and I wouldnt draw too much attention unless absolutely necessary. 

[Anonymous]

The reported balances are all that matter. If you pay those off before the statements cut, they're a non-factor. The issuing banks will know the spend and that's the main thing that matters. It does pay to let a balance report on each card from time to time though, so other lenders see that you use all of your cards and aren't just sitting on idle credit lines.

[AverageJoesCredit]

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@HomeBuyerSpring2021 wrote:

---

@AverageJoesCredit wrote:

1) some lenders can lower apr rates that arent lowered by Fed but is lender specific and usually you need to have a card at least a yea,  ie Navy, Disco, Citi, Boa, even Amex at times

2) Most lenders will use a current score they have , usually updated once a month, ie Amex, Discover, but on occassion the score they use may be months old.

3) if you are under 5/24 and already have a Chase card, your oddsare good for a new card. If the card will help you greatly in what it offers go for it. Chase bases most of the limits it extends based off your profile and income, usually they wont ectend more than 50% of ones income though their are exceptions.temember Chase is not known for low apr.

4) Amex has a 6 month rule if APPROVED, 90 days wait period if denied. Many lenders have their own rules, ie Citi , if eligble, you can get a possible  sp cli every 6 months. 

So you can request  sp cli from Citi ( must have sp lanuage) , Cap One, Amex, and Discover. Chase is always a hp so sometimes best to app a new card. 

If you add your current  aaoa, limits and dates opened you might get some better suggestions.  Best of luck

---

Thanks! Very clear. Also the clarity on AMEX wait period if approved vs. denied was helpful. I'd read that on the Fool website earlier, but they didn't distinguish between approved/denied, so it just looked like conflicting bullet points. One question on #3 (above). I don't know what 5/24 means?

Here's my card line-up in case it makes it easier to make additional recommendations. I usually pay off all cards in full every month. That might not continue in the very near future.

1. Citi (opened 5/2017) – 22.49% ($500 limit - $280 balance) – turned down request for CLI on 10/6/2019
2. Cap One (opened 4/2016) – 25.24% ($3,000 limit - $2,070 balance) – automatic CLI on 12/8/2019  
3. AMEX (opened 11/2016) – 25.99% ($3,000 limit - $105 balance) – granted request 3x CLI on 11/9/2019
4. Discover (opened 5/2017) - 25.24% ($9,400 limit - $2,596 balance) – granted request CLI on 10/28/2019
5. Chase (opened 8/2016) – 24.24% ($2,000 limit - $215 balance) – they gave me automatic increases twice since opening card then took away $7,500 in Oct 2018 (I was AU on my ex-husband’s card & kept myself listed (I didn't have card & wasn't using it) because it was a 19 year old card, but he bought a home HVAC & was carrying the balance for a few months, so I decided to go ahead and take the Credit Age hit so I could have 100% control of my own credit when it came time to buy a house (so either the drop in Credit Age or the high balance I couldn’t control or maybe just dumb luck made Chase review account & they took CL from $8,500 to $1,000 ... that was not a good morning surprise!). All my other factors were positive. They gave me a $1,000 auto-bump in 4/2019. I haven't requested any CLIs.

DON’T KNOW IF YOU CARE ABOUT STORE CARDS:

-----------------------------------------------------------------

1. Amazon Store (11/2016) – 28.24% ($3,500 limit - $182 balance) – granted request for CLI on 10/4/2019
2. Atheta Store (9/2016) – 27.24% ($1,500 limit - $40 balance) – granted request for CLI on 9/10/2019

Thank you!

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1) Citi card- does it have  not needing to pull a credit report language on cli page? If so you can try now Also hop on chat and ask if you have any offers  to lower apr.  They can do this upon request if eligble

2) Cap one -because you got auto, im not sure if that resets the 6 month cli process but being sp, it doesnt hurt to try now

3) Amex, in May as you now know you can request up to 3x your cl. Also check their prequal if you are interested in another Amex card, pretty reliable. 

4) Discover, you can hit request everyday if you want, lol i do but you really only have to try once a month usually after your FICO score  has been updated.  You can try now if you like. You may also check out their prequal as you may hsve up to 2 cards at once. Just know recently there has been some getting requests for income verification,  4506 , upon applying 

5) Chase , must be under 5/24 for chsnce at approvsl, cli are hp request.  Apr cannot be lowered

6) Amazon, hit the cli request ( luv) button every 4 months or so. Shoot a little high on requests as Synchrony  can counter. Max online that can be granted is 10k, anything over need to call Credit Solutions. Higher your TU better your chances

7)  Athleta, not sure if Comenity or Synchrony, but usually sp to request cli. 

Hope that helps