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Raising Available Credit


augie
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The last post in this topic was posted 3876 days ago. 

 

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What is the most efficient /best way to increase your available credit (without applying for a new line of credit)? Not counting paying the balance down quickly. Trying to get down to 1% utilization. Thanks.

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It depends on how long you have had the cards, how long since last CLI, what their deal is on CLIs.

 

For example, I just got a Barclay's last month. There is no hope of a CLI before 6 months, but pretty much auto CLI after 7th. Amex will often do 3X CLI after 61 days. CapOne will almost never do a CLI on some cards especially through the online system. Really the best way with CapOne is the Exec Office email method.

 

What cards are you looking to CLI? How long have you had them? When, if ever, was the last time you requested a CLI?

 

If you provide that, I am sure there are plenty of people on here who can give you just the right strategy to have the best success with each card.

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Capital One -$500.00 6 years,never had CLI approved. Last CLi requested was last month (balance $470.00)

Capital One -1000.00 1 month. (balance $850.00)

Orchard Bank -$300.00 6 years,never had CLI approved. Last CLi requested was last month (balance $200.00)

Wells Fargo - $1000.00 1 month (hoping they auto CLI after a few months of payments and bringing the balance ($85.00) down.

Target - $200.00 6 years,never had CLI. though I heard with usage after 4 months, you might get an automated CLI(Had balance at 0.00 for over 4 months.)

 

TU - 650

EQ - 642

EX - 650 (frozen)

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OK, first thing is I agree with Mendelssohn. It will be hard to get CLI increases with utilization near 50% overall, and with your CapOnes at 94% and 85%, and Orchard at 67%. Orchard is now part of CapOne, so all those would be done the same when you are ready. Email the executive office, someone will call you back, almost always the next day. The newer CapOne card will not get an increase after one month, but the older CapOne and Orchard may be contenders if you get the utilization down. My $300 CL went to $1000. It took around a week from the time I spoke to them until it hit. Others have reported quicker, or instant. The Wells Fargo will likely not CLI after one month, especially as it is your highest CL. Target is a great candidate for CLI, as the balance is so low and you have had it a long time. Maybe they can upgrade it to a Target Visa? According to the creditpulls database, you are right around the lower end of the scale with your scores, but as a long-time customer, maybe they give that some weight. But again, the utilization needs to come down.

 

For the record, my scores are just a bit above yours, maybe 20-25 points, and it is because of utilization. When mine was around 30%, my scores were where your scores are. With lower utilzation, you could get that 20-25 points easy, maybe more. That would likely lock in the CapOne increases, the Target upgrade, and allow you to take a shot at Barclay's. they are an exclusive TU puller, and I was approved for $2K last month with a 675 TU.

 

Also, pay attention to the dates your cards report. Obviously, you cannot fool the rep on the phone, as they can SEE your balance. But by making your payments hit before the balances hit your reports, you can make your utilization look better sooner. For example, my CapOne cuts on the 21st and reports on the 24th. That usually shows on my reports by the 28th. If I paid this month's bill on the 22nd of July, it would be Aug 28th before that was reflected in the balances on my credit report, nearly 5 weeks later. By paying on the 20th, the pay-down hits the reports only 8 days later.

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