how long to wait for Citi cli after new accounts?

badactor · ‎04-22-2022

I recently opened a cash magnet, business delta reserve, and a gold from amex. I also opened a venmo, citi doublecash, and a local bank card. I'm looking to maximize my purchases to get rewards.

After all this I ask citidoublecash for a cli because it's annoying paying the balance every 5 days ($13.7k card). How long should I wait to request again?

The denied my cli: too many new accounts.

Fico is 785, monthly spend of $120k on cards should double in two months, have 17 cards, 2% utilization, 220k in CL, income is about $2.4M/year, assets $7M no debt or mortgages. I recently opened on amex business card to start down that road.

Remedios · ‎04-23-2022

Depends. If the account is recent and this is the first time you're seeing SP link, weeks to months.

In most cases, six months with no new accounts will do the trick.

Also, if you're insinuating you're cycling through your entire limit multiple times per month, I would suggest you move some spend on other cards. Use is good but not when it resembles abuse. There is no algorithm that's going to take a pause to inspect purchases, so if that's the case, I'd slow down.

If you're simply paying it down a bit, that's fine.

K-in-Boston · ‎04-23-2022

Remedios is spot on. One quirk with Citi is that sometimes they can give the "too many new accounts" or "too many recent inquiries" reason, which may very be valid, but won't necessarily be the primary reason they declined it. They have stopped giving those reasons when you ask for subsequent credit line increases too soon (must wait 6 months between them), but it's very likely they may still give them when you ask early on after receiving a card. I believe on both of my cards (one now closed) it was around the 7 week mark when I actually received the first one, but as stated it can be weeks or months, provided everything else is in order, and can vary by profile.

badactor · ‎04-23-2022

Is considered abuse to pay all charges every few days?

So I'm better off filling up each card and paying off two days before statement end date?

Remedios · ‎04-23-2022

@badactor wrote:
Is considered abuse to pay all charges every few days?

So I'm better off filling up each card and paying off two days before statement end date?

No, not paying off charges. If you aren't at your limit, a single payment before statement cuts can bring it down to whatever you want to report.

You said you were paying balance every 5 days, so if you're using entire limit every five days, that can raise eyebrows on personal cards.

If you are just paying a few thousand every five days, that's fine but unnecessary since a single payment before statement can bring balance down and your money is staying somewhere else where it's making you money for extra 30 days or longer.

For non-trival amounts, it adds up.

So, it all depends on your total use during a billing cycle.

CreditCamelMT · ‎04-25-2022

@Remedios wrote:
If you are just paying a few thousand every five days, that's fine but unnecessary since a single payment before statement can bring balance down and your money is staying somewhere else where it's making you money for extra 30 days or longer.
For non-trival amounts, it adds up.

^^^ this 100%.

But OP said he's doing this because "I'm looking to maximize my purchases to get rewards."

The math on this strategy doesn't make any sense.

badactor · ‎04-25-2022

Yes it does.

I got a new citi doublecash card. I want to move most of my spending to it due to the high rewards. Therefore I need a higher limit or else as others said it will look like abuse.

AverageJoesCredit · ‎04-25-2022

@badactor wrote:
I recently opened a cash magnet, business delta reserve, and a gold from amex. I also opened a venmo, citi doublecash, and a local bank card. I'm looking to maximize my purchases to get rewards.

After all this I ask citidoublecash for a cli because it's annoying paying the balance every 5 days ($13.7k card). How long should I wait to request again?

The denied my cli: too many new accounts.

Fico is 785, monthly spend of $120k on cards should double in two months, have 17 cards, 2% utilization, 220k in CL, income is about $2.4M/year, assets $7M no debt or mortgages. I recently opened on amex business card to start down that road.

I'm curious. You are pushing 120k a month , get a 13k credit limit from Citi based off your profile, and for Citi that's a good sl, and want to push that kind of spend right off the bat?. How old is your profile? With that kind of income/ assets you might get better being a private client with someone. But basing off your current limits and spend, I'm just wondering if it sends flags to lenders like Citi. Not really knowing much else on your profile, I can only tell you with time, the credit world is yours but you have to le it be established with these new cards.

badactor · ‎04-25-2022

I've had credit for 10 years with citi. My business finally hit critical mass last year where my income and assets are growing substantially every month. Amex has embraced it, citi has not. I've had a FR with amex. Amex has extended the most.

I saw from messages on here a user named Mark has 30 credit cards, a 1.3M limit across all. I figured he must have figured out what to do.

FinStar · ‎04-25-2022