Requesting a CLI with my CU?

[MostlyAwake]

I'm in the process of having a bunch of medical collections removed from a cancer diagnosis in 2013 and was able to get the total down from 41 to 19 by simply asking for it to be recalled in exchange for PIF. The rest of them wouldnt play ball so I'm doing that other process that we don't talk about in the open.

So as of right now I have those 19 Medicals and no other derogs. Which was good for a 485 EQ starting out and 589 after those 20 or so medicals came off.

I have a vehicle loan with my CU for $22,500 which has a balance of $7,200 as of my next payment and a perfect payment history ( got the car @1.9% before diagnosis when EQ was 740ish ).

With the same CU I have a personal line of credit for $3,000 which I just today paid down to a balance of $100. I wanted the payment history to continue and its 3% of my balance as the minimum. I set the $3 to auto pay from my checking account with the same CU which has never been overdrawn in 7 years of existing.

The only other line in my file is a Capitol One With a limit of $800 and a balance of nothing more than my netflix bill which auto pays from this card and then this card auto pays itself in full.

TLDR version of my questions is, If I wait long enough for my report to reflect that line of credit being paid down how much of a bump can I expect if any? And regardless of what effects it has on my score, how likely is it that the CU would do some deductive reasoning and use my credit with them as a basis for increasing my line of credit from $3k to $5k?

I know I'd never get 5k at a sub 600 EQ with no other factors but a perfect history auto loan thats 66% paid off and a near zero balance line of credit with a perfect history has to give them some kind of indication that I'm just a responsible person who was unlucky and got cancer right?

[MostlyAwake]

Didnt mean to write a novel. Sorry.

[MostlyAwake]

My phone won't let me edit my post but I wanted to add that the line of credit was established in 2014 while medical collections were still being added so I'm not sure how many I had or how bad my score was. I told her not to tell me a number because I was irritated about what I knew was happening to my history.

[takeshi74]

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@MostlyAwake wrote:
TLDR version of my questions is, If I wait long enough for my report to reflect that line of credit being paid down how much of a bump can I expect if any? And regardless of what effects it has on my score, how likely is it that the CU would do some deductive reasoning and use my credit with them as a basis for increasing my line of credit from $3k to $5k?

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No idea.  We can't tell you the exact scoring impact and we don't know what the underwriting criteria are for your CU for a CLI.

It sounds like you've made a lot of improvements but 19 is still quite a number of derogs which tend to have a significant impact and hold one's scores down as long as they are reporting.  Keep at it.

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@MostlyAwake wrote:
I know I'd never get 5k at a sub 600 EQ with no other factors but a perfect history auto loan thats 66% paid off and a near zero balance line of credit with a perfect history has to give them some kind of indication that I'm just a responsible person who was unlucky and got cancer right?

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It's not just the accounts with the creditor that matter.  Your entire credit profile matters.  From a FICO scoring perspective, medical conditions and luck are not a consideration.  I would doubt that your CU would consider these either but your CU may have easier underwriting criteria than other creditors.  Again, though, 19 derogs is still a lot.  A single derog can be a problem.

Try Googling whychat's HIPAA method and see if you can make use of it.

[CreditDunce]

Most CU's consider your credit history with the CU when making decisions.  There is no way for us to know about your credit union.   However, since you do have good payment history with the CU, I would think about applying for a CC from them.  It will help your score to have at least three revolving trade lines.  The CU may be willing for you to apply for a CC and the LOC CLI on one HP.   Worst case is you wait for more of the baddies to be removed, then try again. 

Are you sure the CU will close your LOC once it is paid off?  If the LOC stays open, you will not loose any credit history by paying it off.   Even if they close the LOC, it will stay on your credit report for about 10 years.  I have a LOC with Penfed that I have never used.  They keep it open and report the history every month. 

To give a quick (albeit small) boost to your FICO score, you should only let one of your revolving lines report a small balance (1-9% of the CL).  The other should report a zero balance.  It isn't necessary to always micromanage your balances.  However, it is a good idea to do so before applying for CLI's or new TL's.  Right now both of your revolving trade lines are reporting a balance.

My last piece of advice would be to use your credit card more.    The more you use the credit card, the more likely Cap1 is to give you a CLI.   Cap1 CLI's are almost always SPs. You still want to PIF every month.  You may even need to make multiple payments each month.  If your Cap1 card has an AF and/or no rewards, be sure to ask them to waive the AF and/or add the 1.5% cash back feature.   

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