approved by one main - any other options?

[Anonymous]

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@jg1983 wrote:
I tried for a $5000 CLOC back in January and was denied but my Eq score was somewhere around 620 or lower. Also I have made a couple payments on my credit cards. Don't know if it will be enough to get me approved this time. I have come a long way over the last year getting rid of negatives and getting my score up but my inquiries are high and there is nothing I can do about that. Most of them are when I was trying to get a car loan and didn't know better. One dealership is responsible for about 10 inquiries. Most are over a year old though.

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Did you ask why the CLOC was denied? 

[jg1983]

If I remember correctly it was age of accounts and/or my 30 day late payment on my car loan. I will see if i can find the denial letter.

I am actually working with an attorney to file a lawsuit to have the late payment removed from my credit. I was able to take care of all my other negatives but this one is being stubborn. The CRAs failed to respond to dispute letters and my attorney thinks I have such a good case he will take it on contingency. We'll see how well that goes.

[Anonymous]

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@jg1983 wrote:
If I remember correctly it was age of accounts and/or my 30 day late payment on my car loan. I will see if i can find the denial letter.

I am actually working with an attorney to file a lawsuit to have the late payment removed from my credit. I was able to take care of all my other negatives but this one is being stubborn. The CRAs failed to respond to dispute letters and my attorney thinks I have such a good case he will take it on contingency. We'll see how well that goes.

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I would make sure whatever reason they denied me the first time looks better the second time.

[jg1983]

Ok so I found the denial letter. First of all it was Jan. 20th. Secondly the reason for denial is "limited credit experience". The key factors listed are:

Length of time accounts have been established
Level of delinquency on accounts (my 30 day late is my only delinquency)
Time since delinquency too recent (it is now 9 months old)
Lack of recent revolving account information (I didn't have any credit cards at the time. Maybe that will make a difference this time.)

So to me it looks like I have taken care of those issues other than the delinquency which is older now so maybe I have a chance. Also my Eq score back then was 588 (lower than I remembered) and is now 641. Do you guys think my chances are better this time?

[jg1983]

Well I rolled the dice and tried for a $5000 CLOC on the website. I was instantly approved! I wish I would have tried for more because now my utilization will go up and my credit score will go down. Is it possible to get them to raise the limit maybe by calling them and asking for more or does that just seem like I'm being greedy? Do you think they would do a personal loan application on the same credit pull? What about a CLI on my cash rewards card? Both of those would help my utilization rather than asking for a bigger CLOC. Either way I have most if not all of what I need to repair my car now. Even if my credit tanks for a few months at least I don't have to get ripped off by one main now.

[Anonymous]

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@jg1983 wrote:
Well I rolled the dice and tried for a $5000 CLOC on the website. I was instantly approved! I wish I would have tried for more because now my utilization will go up and my credit score will go down. Is it possible to get them to raise the limit maybe by calling them and asking for more or does that just seem like I'm being greedy? Do you think they would do a personal loan application on the same credit pull? What about a CLI on my cash rewards card? Both of those would help my utilization rather than asking for a bigger CLOC. Either way I have most if not all of what I need to repair my car now. Even if my credit tanks for a few months at least I don't have to get ripped off by one main now.

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As they say in Vegas "Hold what ya got".  Remember there is the possibility had you asked for more, you would have been denied.  You can wait 3 months and increase the CLOC. Super Congratulations!!  This forum rocks!

[jg1983]

I don't actually need more money but I was just concerned about my utilization percentage going up and my score going down. How big of a hit will my credit take if I max out the CLOC?

[Anonymous]

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@jg1983 wrote:
I don't actually need more money but I was just concerned about my utilization percentage going up and my score going down. How big of a hit will my credit take if I max out the CLOC?

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From what I understand, the CLOC is counted like a revolver. If that's true and it's your highest limit, then you will take a hit.  However, if it's one of your lower limits, the impact will not be as great.

[jg1983]

It will be my highest limit. All of my cards combined don't add up to $5000. That is why I was considering trying for a CLI on my NFCU credit card.

[enjoimorenow]

Utilization will not permanently hurt your scores, so I would not really worry about it.  It does not have any "memory" so having high uti for a couple months is not going to permanently damage your scores.

Your scores will take a hit for the time that you have high utilization, but as soon as it is paid off, your scores will return to normal, and probably increase due to the new credit line.

Might be better if your scores take a hit in the short term anyways, because it will motivate you to pay off the CLOC rather than carrying a high balance at a fairly high interest rate (but still much better than one main for you).  If you had a higher limit, you might not worry about paying it off as much or you might be tempted to accumulate more debt with the available funds.