Clean File, High Utilization Reduction Experience

[codefreak13]

I am looking for the experiences of people that have had similar profiles to me in the past and have subsequently improved them. I currently have 9 open cards, combined 20.4k limit, 95% total utilization + auto loan at 20% util (4k). I have a couple of paid closed installment loans reporting, the most recent of which was opened 9/17 and closed 10/17. 2-4 inquiries, 1-2 current on ea report. Oldest card is a shade under 5 years, newest card 14 mos, AAoA 2.5 years. No baddies. Current FICO 8 615-620 range.

My question is: at what point of overall util/score improvement did lenders start recognizing profile changes and begin approving CLIs (ex. I have a Discover IT stuck at $1100 and Chase Freedom at $1000 while CapOne QS $4500 and a local CU card $3500)? I will be paid down to near-0 total util in roughly 12-18 months, but I would love to grow a couple of card CLs during the process to accelerate score improvements. I will have all of the bank cards paid off in March and will begin showing a lot of swipes on all of them. Looking for the beaten paths for those before me

[Kree]

I had a bit higher score, and a bit longer AAoA and AoOA, but discover gave me a 5k cli increase when I dropped under 50%

At the same time though my total limit after a 5k cli isn't much higher than your combined limit.

Depending on your income you might be tapped out.

[Anonymous]

Most lenders won't even think about giving you a CLI with > 50% utilization on their card, but if you're talking maxed out aggregate utilization I would say it's an impossibility.

In order to increase your CLI odds, you're going to want to get your aggregate utilization down below 29% and your card utilization on the card that you want a CLI on below 29% utilization as well. 

Until your numbers are in that range, you're going to see mostly CLI denials.

[SouthJamaica]

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wrote:

I am looking for the experiences of people that have had similar profiles to me in the past and have subsequently improved them. I currently have 9 open cards, combined 20.4k limit, 95% total utilization + auto loan at 20% util (4k). I have a couple of paid closed installment loans reporting, the most recent of which was opened 9/17 and closed 10/17. 2-4 inquiries, 1-2 current on ea report. Oldest card is a shade under 5 years, newest card 14 mos, AAoA 2.5 years. No baddies. Current FICO 8 615-620 range.

My question is: at what point of overall util/score improvement did lenders start recognizing profile changes and begin approving CLIs (ex. I have a Discover IT stuck at $1100 and Chase Freedom at $1000 while CapOne QS $4500 and a local CU card $3500)? I will be paid down to near-0 total util in roughly 12-18 months, but I would love to grow a couple of card CLs during the process to accelerate score improvements. I will have all of the bank cards paid off in March and will begin showing a lot of swipes on all of them. Looking for the beaten paths for those before me

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I have not found credit limit increase practices to be predictable, even when utilization was 1% or less.

I know you're not asking for advice, but my advice is to put CLI's out of your mind, and just keep doing what you are doing, paying stuff down.

[codefreak13]

Thank you for your responses. I am not looking for hypotheticals, if possible I was looking for real-world experiences of those in a similar situation. This board is a wealth of knowledge that helped me get back on track years ago, but my favorite posts are those with actual examples.

My income is 80k. I will be below 50% overall util, with 5/9 cards 0 balance by end of next month. I have no problem waiting until I have no balances at all next year before making a single CLI request. Even thoughout this high utilization I've been carrying, Cap One bumped me from 1500 to 4500 on a QS1, which was just PC'd to QS. Kohl's and Amazon also both were auto-CLI'd with ~2k increases. So I got to thinking about the Discover and Chase, and when people in a similar situation to me started getting or requesting CLI for them (both will have a 0 balance by March 15th, but will remain moderate usage with PIF as they have been).

Thanks again!

[SouthJamaica]

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wrote:

Thank you for your responses. I am not looking for hypotheticals, if possible I was looking for real-world experiences of those in a similar situation. This board is a wealth of knowledge that helped me get back on track years ago, but my favorite posts are those with actual examples.

My income is 80k. I will be below 50% overall util, with 5/9 cards 0 balance by end of next month. I have no problem waiting until I have no balances at all next year before making a single CLI request. Even thoughout this high utilization I've been carrying, Cap One bumped me from 1500 to 4500 on a QS1, which was just PC'd to QS. Kohl's and Amazon also both were auto-CLI'd with ~2k increases. So I got to thinking about the Discover and Chase, and when people in a similar situation to me started getting or requesting CLI for them (both will have a 0 balance by March 15th, but will remain moderate usage with PIF as they have been).

Thanks again!

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I know. What I was trying to say is that I've had lots of experiences with CLI's, but haven't a clue as to what role utilization played in them. Anyone who tells you otherwise, is probably blowing smoke.

[jamie123]

I always ask for CLIs every six months from every lender that I know that won't do a HP. You have nothing to lose and everything to gain. All they can say is no. I do CLIs with lenders that do HPs once a year or every two years.

Like other posters here have mentioned, I've been very surprised at getting CLIs when I have had high UTI and very surprised when a CLI request has been refused or met with a pittance of CLI when my UTI was low. I think it must have a lot to do with how much risk the lender is willing to take on at that point in time more than anything else.

I started rebuilding about 6 years ago with zero credit history or open credit cards and a lot of baddies. I now have:

AMEX BCE = $21,500

Discover IT = $30,500

BoA Rewards = $6000

Walmart = $8000

Citi Diamond Preferred = $8000

Cap 1 QS = $13,000

Chase Freedom = $1,500 (Um, yeah!)

I have been running a high UTI for the past year because I'm using the AMEX BCE and Citi Diamond 0% offers but I will be paying them down within the next 2 months. That's when I plan on asking for CLIs from all my cards even the ones that do HPs. I hit Discover's Luv button a couple of months back while I had high UTI so wasn't expecting much. They bumped me $5K from $25,500 to $30,500 so you never really know what to expect. JUST DO IT!

[Anonymous]

Several years ago, before I discovered FF or knew about utilization (if you have a CL then you can charge up to the CL mentality) I was at 80% for a short period of time. The amount was just over $18K on a BoA card. Once it dropped, especially below 30%, but as early as below 50%, the CLI started. I guessed I proved I would pay off a high balance.