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First off I wanted to say that waiting for creditors to update is killing me! I had about $28,000 in credit debt on 18 cards and about 89% utilization. On Feb 22nd, I paid off every single credit card to a zero balance. My current Fico08 range from 651 to 681, projections on the MyFico simulator will be around 770ish (if it is accurate at all).
I would like to apply for NFCU CLOC and was wondering how to go about it. I have an go rewards credit card with a $1500 credit limit after one CL increase from $500 back in November 2018. After all of the credit cards report to the bureaus, should I request for the CLOC? Do I ask for a CLI on my Navy Fed credit card? Do I double app and apply for the more rewards and the CLOC on the same day?
Congrats on paying down your debt!!
Maybe wait till Navy updates your score on their website / completes an AR -- folks have reported that you stand a chance at getting a soft pull on apps if done at this time; otherwise, you'll be hit with an HP for each app you submit. You can app for the cloc, a CLI, and a new card in the same day - it's been done before. They'll pull EQ for the CLOC and CLI, TU for the new card app. If you can wait till after they review your account, then you may only get a hard pull on TU for the new card app, and get luck with soft pulls on the CLOC and CLI since the AR is done with EQ. Of course -- as with everything, this is all YMMV -- there is a good chance at SPs, but you may still be hit with HPs. If you don't care about the inquiries - then go for it as soon as your reports update with the reduced balances.
Here's the Navy CLI / Additional card thread -- the last few / recent posts include one stating that two CLIs were received in one day - after AR -- and both were soft pulls.
Oh -- and don't let every single card report a $0 balance -- -all cards at zero will cost you FICO points because there is a penalty for 'no revolving credit usage'. Make sure one card reports a small balance....
Good luck!!
@essexjet wrote:First off I wanted to say that waiting for creditors to update is killing me! I had about $28,000 in credit debt on 18 cards and about 89% utilization. On Feb 22nd, I paid off every single credit card to a zero balance. My current Fico08 range from 651 to 681, projections on the MyFico simulator will be around 770ish (if it is accurate at all).
I would like to apply for NFCU CLOC and was wondering how to go about it. I have an go rewards credit card with a $1500 credit limit after one CL increase from $500 back in November 2018. After all of the credit cards report to the bureaus, should I request for the CLOC? Do I ask for a CLI on my Navy Fed credit card? Do I double app and apply for the more rewards and the CLOC on the same day?
1. Disregard simulators; they are bunk.
2. If you pay all credit cards down to zero, be sure to let one report a small balance when statement hits.
3. To apply for CLOC go to Open A New Account > Checking Line of Credit
4. The CLI request will almost undoubtedly result in a hard pull.
5. I don't think it would be a good idea to apply for both a new card and a CLOC on the same day.
@SouthJamaica wrote:
@essexjet wrote:First off I wanted to say that waiting for creditors to update is killing me! I had about $28,000 in credit debt on 18 cards and about 89% utilization. On Feb 22nd, I paid off every single credit card to a zero balance. My current Fico08 range from 651 to 681, projections on the MyFico simulator will be around 770ish (if it is accurate at all).
I would like to apply for NFCU CLOC and was wondering how to go about it. I have an go rewards credit card with a $1500 credit limit after one CL increase from $500 back in November 2018. After all of the credit cards report to the bureaus, should I request for the CLOC? Do I ask for a CLI on my Navy Fed credit card? Do I double app and apply for the more rewards and the CLOC on the same day?
1. Disregard simulators; they are bunk.
2. If you pay all credit cards down to zero, be sure to let one report a small balance when statement hits.
3. To apply for CLOC go to Open A New Account > Checking Line of Credit
4. The CLI request will almost undoubtedly result in a hard pull.
5. I don't think it would be a good idea to apply for both a new card and a CLOC on the same day.
What SJ said....
Thank you for the advice. Looks like i'll just be applying for the CLOC only in about a month. Do you ask for the maximum right off the back?
Well after not listening to anyone I decided to ask for a CLI and was declinded. I am anxious to see what the reason was