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BofA just gave me another $5000 Cash Rewards Visa , then approved many CLI to $15,000. EXPERIAN score of 726By bunyan
I already had one $5000 Cash Rewards Visa with BofA and a $300 limit Signature Visa as well. The $300 Visa was open since 2007. The $5000 limit one has been open since 2011. I also have a $2500 Amazon store card since about 2011 and a Capital One Quicksilver Visa with an $800 limit, and a Capital One Platinum MasterCard with a $700 limit. Have had both of those since 2010. The $5000 BofA Cash Rewards card, Amazon Store Card, and both Capital One cards have all been as the limit since last summer. I never had any late payments. I have had my checking account with BofA since 2007. I also have a business account with BofA. No Money Market amounts or anything like that with them. My Experian score is 726 (That's who they pulled)
I was in the branch on Monday and the teller said I had a Credit Card offer. So I sat down with the representative, and had him put in an application for another Cash Rewards Visa with a $5000 limit. That was instantly approved and I got the credit card in the mail yesterday. So today I'm at work and decide to call in and do a balance transfer from my other cards to my new card. While I'm talking to the CSR I ask if he thinks I can get a CLI to 10 or 15 grand. He said he thinks I can and maybe they won't even do another inquiry since I just got this card yesterday. I said ok go for it. 15 grand. He doesn't get an immediate answer back and says I should hear something in the next 3 days. This was around 1PM today. I check my account at 4 and I see my limit is up to $15000 on my new card. Wooo hooo! The CSR also said that I can get a cash advance for up to my maximum credit line at 0% until April of 2016. Fees are 3%. He already had approved me for $4800 (Since my initial credit limit on the new card was only $5000) but said once I get my CLI just call him back and he can give me more.
I'll be calling him Friday! Lol I'm gonna put all my other card balances on here so I can get the 0%. They'll be paid off well before then.
Since I've seen the light from this board and MyFico.com I now understand that to really help your chances in the future to increase one's current credit line limits it's best to try to run as much through your CC's as possible everyday instead of just using your bank debit card, cash or writing checks.
One poster on this board or Myfico (i forgot which one( stated he was running $10-$15K a month on a $5K limit card using this strategy without the cash advances though I think.
My question is two fold.
To help with mass usage of my credit cards (on all my personal and different businesses I own for day to day, monthly and yearly expenses) will CASH ADVANCES help or hurt me in the eyes of the credit card companies in regards to helping me increase my credit limits? Basically do CC companies see someone that takes cash advances differently then someone that spends the exact same amount on some product or service?
Like they're in need of the cash and more of a risk to them. For example instead of paying a contractor for work they do for you with a check you could pay them in cash through a CC cash advance. Yes, you'd get hit with a 2-3% fee. But you would get to run more transactions through your credit cards and thus in theory you would use your CC's more instead of just for purchases of products or services.
Again from everything I've read, besides keeping your CC at a zero balance and then leave $2 on one card every month. For maximum chances to increase your credit lines the more transactions the CC companies see you do every month the more likely they are in the future to give you a CLI but also a bigger one correct?
Please chime in with your first hand experiences with this.
Thanks so much.
I'm finally finalizing my Christmas Breaking Bad marathon (watching Season 5 episode 12) so all his cash has got me thinking cash!
OMG! Can't believe it worked!
DW applied for 3x CLI, from $9,400 to $28,200, instant approval!
It was on her Amex Blue everyday card.
Her FICO scores:
Exp : 789
TU : 798
Eq : 806
Card used lightly over last 61 days, PIF always. She wants to achieve credit pimp status in the next year!!
Thank you fellow CB'ers for all the great advice! (special shout out to BobWang, Ubercat, mendlesshon, HoustonLynne, CV91915, SecretAgentWoman)
Got this antique Orchard Bank card that got schlepped off on Cap One. At the time I was not thrilled at the prospects of being adopted by Cap One since from what I read online they were worse than HSBC. But Cap One gave me a CLI to $10k so I was happy.
Every couple of months I try the LUV button more for the free FICO than anything else. And, expectedly, I always get shot down usually for insufficient use. But I get my FICO, which was my original goal.
So two days ago I figure I'll go for another FICO and got the usual "under review" message. The past three months I've used my Cap One card a lot, but still had no expectation of getting a CLI. Today get the message than they increased to $15k. I'm shocked!
But no FICO.
I'm not sure if it's just because of holiday season or maybe Cap One really does like to see usage. Still, even though $15k is below average, considering it is from Cap One I will take it with gratitude.
One thing I noticed that's changed with the LUV button is that now it asks for your usual monthly CC spending. I wonder what effect that has in their decision.
Hi CB - first off, truly impressed with the amount of information and knowledgeable people on this forum. I really appreciate all the information sharing and people willing to help.
We are in the process of repairing our credit (wife + I). I recently ran my credit score on creditkarma.com and was shocked to see it drop to the mid 550s (thankfully my wife is hovering just above 700). Although I never maintained my credit report, I was definitely surprised to see it so low and it did serve as a wake up call! We have a goal to apply for our first mortgage in 2-3 years. After finding this forum and reading the past week or so I think I'm ready to take some action. I'd be really grateful to anyone that takes the time to read through and confirm this is the correct approach and offer any advice.
Pulled all 3 credit reports from annualcreditreport.com Opted out via outbound link disallowed.. I did the 5 year online method. I'm thinking we should do this permanently (we could always opt back in)? I am going to call to remove all old and inaccurate addresses/names/phone numbers in the "Personal Information" section. There was quite a few that are wrong or outdated. It seems this is probably the only thing CB suggests we remove via phone call? Or would mail be safer/better? Remove Negatives from our accounts. I have a few and they are as follows: 30 day late payments: I have mostly 1 late payment (30 days) across 7 different credit accounts. Should I write a "GOODWILL" letter and ask for an adjustment? Or should I ask first for the creditor to validate the account? If that fails should I keep asking for a Goodwill adjustment or ask for a Pay to Delete? Essentially question here - what is the best order of steps and if I do one will it affect the other (i.e. Goodwill adjustment will cause a validation attempt to be denied). Closed in Settlement: My wife has 2 accounts with Chase that were closed/settled for less than full balance. What is the best approach to get this removed? The unpaid balance ranges from 2-4k. If we do a pay to delete would we expect to pay that much? Finally, these accounts are expected to be removed from our report on 01/2017... should we just wait it out since we're not planning on buying a house any sooner? Closed accounts: We have a few accounts that just show as closed by "grantor". They appear to be in good standing, no late payments, no high balance... just closed by "grantor". Should I try to get these removed? If so, how? Once all the above is done, we're going to try to open some positive accounts, probably starting with a secured credit line. We also need to pay off some high balance accounts to improve our utilization ratio.
So that's the plan! Please critique and let me know if I'm doing this right. I really appreciate it! Thank you ALL!