Will credit limit increment after my credit score

[Anonymous]

Hi myfico Fam,

trust you all doing great. I'm new to the forum and would like to learn more from everyone on here. Been reading all the good topics here as well. 

First, I'm new in the country and trying to build my credit. 

Ok. My FICO score is 662, TU - 644 , EQ 615

i have 46 credit inquiries on my credit. Most of it came on when I was applying for a loan to buy a car. 

I have a CU secured card of $500 with 2% utilization  and a Barclays card from Apple $2k. With the interest of 22.9% , 86% utilization , suntrust secured card $600 with 1% utilization and interest of 19.6%

i want to call Barclay to reduce the interest and increase my CL. but I'm afraid I will have more hard inquiries on my credit.

Just want to if I call them to reduce my interest and increase my CL, will I have hard inquiries on my credit. 

I would be grateful for any advise to have my credit to 700. 

[Anonymous]

I do not know if Barclays does SP CLI's as I do not have a card from them. However, with your scores in the solidly in the middle 600's with high utilization and 46 inq...

1. Dont app for anything

2. Pay down your balances to less than 10% of your limits.

3. Dont app for anything

4.  Use your cards like a debit card, oly buy what you can pay for and PIF every month right before the statement cuts.

5. Dont app for anything

If you do this, just by keeping your utilization low and letting some those inq age off your score could jump to the 700's.

Its all just time and money

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

I do not know if Barclays does SP CLI's as I do not have a card from them. However, with your scores in the solidly in the middle 600's with high utilization and 46 inq...

1. Dont app for anything

2. Pay down your balances to less than 10% of your limits.

3. Dont app for anything

4.  Use your cards like a debit card, oly buy what you can pay for and PIF every month right before the statement cuts.

5. Dont app for anything

If you do this, just by keeping your utilization low and letting some those inq age off your score could jump to the 700's.

Its all just time and money

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I agree with this.  You need to pay down that Apple Card to under $200, pay off the other two credit cards to zero and don't app for anything new for at least 6 months and better for a year.  All those inquiries are going to freak out a lender.  Also when you are maxed out, like you are with Barclay's, they are not likely to give you a CLI.  Like all lenders, they only give CLI's to people who don't need them.  Great country, isn't it?

[Anonymous]

I can tell you for fact it is HP for self inquired CLI and a SP for Auto LUV with Barclays. I have card with them and received a SP for my auto CLI at 6 months.

[Anonymous]

Thank you all for the advise.  Will do just that. 

[gdale6]

You need to garden for at least 6 months, you have very high utilization and this needs to be paid down. What you want is 1 card reporting a balance of 1-9% of its individual CL to the CRAs and the rest of your cards at 0. You can use the cards that will report a 0 balance you just need to PIF prior to the statement cuts. Those inquiries will not have any effect on your Fico after 1 years time though they will stay on file for 2 years. Barclays customer initiated CLIs are HPs, as far as interest rate reduction dont know if its an HP but I would not even try until you get the cards paid off and down so your Fico comes up. You have the 3 bankcards so after this is paid down and you have some history reported you can get a store card to help raise your FIco, its not necessary you get it right now and when you do it should be one that you will actually use. Welcome to My Fico and good luck in your credit journey