Should I request a CLI?

[connectthedot]

I have an Office Depot CL of 1800 since February. The first statement I purchased around $30 and paid it off. For the first 4 or so months I haven't made any more purchases.

 

Than for the last 2-3 months I started purchasing mostly gift cards and other office supplies my business needs and paid only minimum payments.

 

I now have a balance of around $600 ($150+ gift cards mostly), so that's about 35% utilization.

 

I would really like a higher CL and want to apply for a CLI, but I only have made about 3-4 payments and most of my utilization is gift cards.

 

 

 

How are my chances with a CLI? Would they improve if I paid off down to 30% or 25% utilization?

 

Should I wait another 1-2 payments before I apply?

[ansky0007]

With the history of your items purchased You might get the account closed if you ask for a CLI. I would definately stay away from asking anything that would bring attention to your account. You might end with a CLD or Closure instead.

[BRBiz]

With the history of your items purchased You might get the account closed if you ask for a CLI. I would definately stay away from asking anything that would bring attention to your account. You might end with a CLD or Closure instead.

 

Ya they dont like to see gift card purchases on a regular basis. The chance of getting the account closed or CLD'd would be pretty high.

If your only using a third of the limit why do you need a CLI?

If you tend to only use a portion of your CL and really never any more they are less likely to give you a CLI. Now if you where maxing it out and paying down alot ot in full then ya after about six months you probably would get a increase.

 

Wait till the end of the year and dont buy any more gift cards.

[connectthedot]

I was gonna apply for a CLI today and I thought about posting to creditboard to see what you guys would think.

 

Thanks for the save! Not even considering it anymore.

[BRBiz]

I was gonna apply for a CLI today and I thought about posting to creditboard to see what you guys would think.

 

Thanks for the save! Not even considering it anymore.

 

I'm surprised they didn't put a hold on the account when you bought the gift cards the first time. I went to buy two gift cards right before X-Mas at Office Depot and they declined the sale but that was because my account was fairly new I had made only a couple smmal purchases and didn't have a first payment in yet.

But Citi can be real funny with there cards some times. I'm going to have about $1000 worth of work done on one of my cars at the local Mobil station so I'm going to have them run my Mobil card first just to make sure it goes though.

[connectthedot]

I was gonna apply for a CLI today and I thought about posting to creditboard to see what you guys would think.

 

Thanks for the save! Not even considering it anymore.

 

I'm surprised they didn't put a hold on the account when you bought the gift cards the first time. I went to buy two gift cards right before X-Mas at Office Depot and they declined the sale but that was because my account was fairly new I had made only a couple smmal purchases and didn't have a first payment in yet.

But Citi can be real funny with there cards some times. I'm going to have about $1000 worth of work done on one of my cars at the local Mobil station so I'm going to have them run my Mobil card first just to make sure it goes though.

 

 

Well the first purchase I made wasn't gift cards, it was for office supplies. It was 4 or so months later when I purchased the first Gift Card online and there was no holds. I then able to purchase another few gift cards in the store about a month later. So maybe I got lucky?

 

Yeah I don't know why they are so against gift cards or so picky about what you purchase, I mean shouldn't credit utilization be the main thing while worrying more about an account's payments vs what you purchase?

 

In theory, it should be that if you have $XX credit line, you should be able to use up to the full amount without any problems. That's why I think credit unions are better but that's a whole different thing.

Edited September 1, 2010 by connectthedot

[ansky0007]

I was gonna apply for a CLI today and I thought about posting to creditboard to see what you guys would think.

 

Thanks for the save! Not even considering it anymore.

 

I'm surprised they didn't put a hold on the account when you bought the gift cards the first time. I went to buy two gift cards right before X-Mas at Office Depot and they declined the sale but that was because my account was fairly new I had made only a couple smmal purchases and didn't have a first payment in yet.

But Citi can be real funny with there cards some times. I'm going to have about $1000 worth of work done on one of my cars at the local Mobil station so I'm going to have them run my Mobil card first just to make sure it goes though.

 

 

Well the first purchase I made wasn't gift cards, it was for office supplies. It was 4 or so months later when I purchased the first Gift Card online and there was no holds. I then able to purchase another few gift cards in the store about a month later. So maybe I got lucky?

 

Yeah I don't know why they are so against gift cards or so picky about what you purchase, I mean shouldn't credit utilization be the main thing while worrying more about an account's payments vs what you purchase?

 

In theory, it should be that if you have $XX credit line, you should be able to use up to the full amount without any problems. That's why I think credit unions are better but that's a whole different thing.

 

You are making purchases for gift cards which fit the profile of what many people buy before they start defaulting. When people know their business is going out and they cant pay their bills they sometimes buy gift cards and resell them taking a loss but generating some revenue. You got lucky and if you continue this you will surely get your account closed.

Edited September 2, 2010 by ansky0007

[EvilMan]

You could get away with buying some during Xmas week as gifts for employees but not on a regular bases.