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Best way to get multiple credit line increses (need help)

SteelerNYC
Valued Contributor

7k isn't a ton of debt in the grand scheme of things. I...

7k isn't a ton of debt in the grand scheme of things.

 

If it's proving problematic to pay off 7k while you currently have no mortgage, I fear that having a significant mortgage could really send you into dangerous territory.

 

I think some tweaks to your budget and knocking this debt out on your own first will both: 1) raise your scores for the loan 2) let you evaluate the amount of mortgage payment that will work in your budget without getting you into trouble.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $139,100 total revolving, 21% utilization
3.25% mortgage July 2020, $20k used Auto Loan October 2020, $20k PenFed Personal Loan Dec 2020
687/683/673 EX/EQ/TU w/ 5/6/6 INQs as of Jan 2021
Spending 2021 in the Garden
Message 11 of 13
happyman1976
Frequent Contributor

Re: Best way to get multiple credit line increses (need help)


@julie5 wrote:

@happyman1976 wrote:

Snychrony cards grow fast! lowes not so much but walmart master cards ect start oyr with good SL and grow fast....they help my untilization a alot.


Catch 22 situation....

I want the refi to pay off the 7,000 cc debt and make some much needed repairs.

I have offers from Walmart,etc.But I figured to raise limits from the good cards that I have...

I joined MyFico to work on my credit in order to refi....2 years now

The house is debt free...Worth a lot...but old with additions that are not up to code....


I took the hit and added some Syncrhony bank cards because they grow so fast....what you owe is 30% of your score so it hurt awhile but My Fico scores rebounded really fast....my Chevron visa went from 1500 to 10k in one year same as my walmart mastercard....so even though I don't use them much that's 20k in untilization righ there....every credit profile is different and as different goals. good luck.

Message 12 of 13
julie5
Frequent Contributor

Re: Best way to get multiple credit line increses (need help)


@CreditGuyInDixie wrote:

@julie5 wrote:

I have had the AMEX for about a year,,..never use...would the 3x CLI work without usage?


It's a bad idea to obtain a card and then not use it within the first 90 days.  Cards that have never been used even once are at a high risk of being closed by the issuer.

 

Youn should use that card very soon.


I will use it.....

Thanks for the reminder....you have given great advice today , I have noticed

 


Message 13 of 13
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