apply for new CC and/or CLI (or both)?

[iLoveCali]

in 4 years of credit history i have like 20 CC (5 store CC) and one car loan (1 year old.).

my credit scores are 720-740, EXP and EQ are frozen , and i forgot the pin code.

the CL vary from 29k - discover down to 1500 to citi and WellsFargo. total CL = 120K. Credit util. =~ 2%.

 

i have :2 amex, 1 barklay, 3 CC BofA , 1 cap1, 2 CC - Chase , 1 CC - citi, 1 CC Delta CU, 2 CC - discover, 1 CC - wellsfargo. all of them have rewards, 0 $ annual fees.

 

AMEX - doesnt increase the limit, it worked only 1 time 1 year ago. last try dec. 2015, soft pull. they recently upgraded the regula amex(1% points ) to amex everyday (20% more points )

 

barklay - asked for CLI = HP --> i canceled. i dont use more than 10$ a month.

 

cap1 - i am thinking to get a 2nd one, but 3 HP on each CR aint a good ideea.

 

chase - the new freedom unlimited bonus is temptig, and then ask for CLI on slate and Freedom, then move the limits on the new 1, then leave like 500$ on the old ones.

 

Citi - 0 apr for 18 months is tempting, but no rewards and i dont think i can get a high limit.

Delta CU - not a every day card.

 

Discover - the newest is growing every 2-3 months with soft pull. the oldest stays at 29K for like 6 months ... not enough experience with the limit.

- i cant apply for the 3rd one. (company rules)

 

WF - same like citi or barkley - its one of the oldest, i got like 200$ CLI when i asked so not a everyday use.

 

so far, i have no ideea what CC should i try to apply for. i am looking for 0 APR at least 1 year, some rewards, visa/mastercard, and a higher limit as possible(minimum 5k- ideal will be 10K) / also some credit unions for Georgia State will be accepted .

 

it might be the chase freedom unlimited, and maybe citi for the long introductory 0 APR , and i would like to apply for maybe another 3-4 (it may be credit card store, but to use it everywhere).

 

on the store CC - the only1 i like is the lowes with 20k limit (i got this from day1), the rest are <1k and no CLI in 3 years.

 

now .... after this, i am thinking to try to ask for a CLI on all 3 BofA CC, the 2 chase, and 1 amex, and maybe later the rest

 

do you think its a good strategy ? i know it will ruin my Credit scores for few months but i dont care. i dont mind to put 4-5 HP on my reports. the goal is to increase as much as possible the CL on the CC.

 

any advise on how to do the talking on CLI will be appreciated.

and should i bother to ask for CLI ? or should i apply for new CC, the to combine the limits ?

 

 

[Kat58]

I wouldn't apply for more CCs, I would just work on CLIs.

 

You have several CCs already, that should have 0% BT offers.

[mendelssohn]

What are your goals?

 

Your average limit is pretty low, and I'm guessing that is because you opened most of those cards around the same time. CLIs would be a good option, and you can also combine limits with BOA and Chase.

 

With Barclays, you are better off applying for a new card and moving limits.

 

Before you apply for anything, make sure that you can use the cards that you apply for.

[iLoveCali]

i dont need BT offers. i dont have debts. i can easyly pay everything in full, but i am waiting for august statement, because those are CC with 0 apr and i dont spend more than i can afford. the thing is that if i pay in full every months, i can't have a high balance on my reports. i let the balance grow month by month and i pay a bit over the minimum. when the 0 apr promo ends, i pay in full.

 

now i am looking for another 2 CC with 0 apr, before i ask for CLI.

 

having so many CC, i need advise on how to approach the companies to get a higher CLI. i would like to avoid an HP on my report for a 200$ CLI or a denial.

[iLoveCali]

What are your goals?

 

Your average limit is pretty low, and I'm guessing that is because you opened most of those cards around the same time. CLIs would be a good option, and you can also combine limits with BOA and Chase.

 

With Barclays, you are better off applying for a new card and moving limits.

 

Before you apply for anything, make sure that you can use the cards that you apply for.

my goal is to maximize the credit limits with as low impact as possible on the CR. i have no plans to buy a house on the next 2 years. so i dont mind a dent on my reports for now.

 

i use all the credit cards at least 1-3 times a month, and the new ones for large expenses.

 

with BofA i had some strange responses. i applied for 2 CC at once = instant accept. i asked for high limit, they said(in written) that i dont have enough revolvings accounts. (i had 12!!! ). then i asked a CLI for the oldest one, they denied (answered that i have too many revolvings accounts) in the same day. i got 2 hard pulls and 1 soft in same day. but i got 2 new CC with a higher limit than the old one.

 

i ussually apply once a year for 5-8 CC followed by some CLI on the oldest ones..

 

now i have too many, and i am think to have a different approach/strategy.

[Kat58]

I wouldn't apply for more CCs, I would just work on CLIs.

 

You have several CCs already, that should have 0% BT offers.

[mendelssohn]

What are the limits on your cards?

[iLoveCali]

average CL is ~5k $

discover 29k$ and 16k $ (and growing)

 

amex 11k$ and 8k $

 

bofa - 7k, 6k and 0,5K$ (the oldest)

 

cap1 6k $

 

chase 5,5K freedom slate 2k

 

barcklays 3k$ / citi 1,5$ / WF 1,8K $

 

lowes CC - 20k

best buy/ target/frys / macys/ kohls 500$-800$ (i am thinking to close those, those are pretty useless for me now.)

[mendelssohn]

Have your Discover cards reported those limits yet?

 

Do you use both of your Amex cards?

 

When is the last time you asked for a CLI with any of your BOA cards?

 

How many cards have you opened in the last 24 months?

 

I wouldn't close the store cards. They're not doing any harm and don't have AFs.

Edited July 4, 2016 by mendelssohn

[iLoveCali]

1. yep. limits are reported on both discovers CC.

2. yep. i use both amex every month 30-50$ statements.

3. 2 of my bofa CC have 11 months. the old 1 has 4 years. asked for a CLI in august 15

4. its hard to say, i opened 6 CC on august 2015 + auto loan and another 3 CC in october 2014. i have like 12-14 HP on each credit reports, the newest ones are from august 2015.

5. the reasons i would like to close the store CC(best buy/ frys/ kohls) are: a very low limit and no possibility to increase it. BB told me i dont use the CC enough(i had a 500$ tablet with 6 mo. 0apr) frys told me they dont do CLI, bt i can apply for a new CC/ kohls deny for high balances (i never spend more than 10% of CL, and i never had a balance higher than 5% of total CL). i dont know the effect on the score or history, but guess it would not harm a lot.

[Big Bear]

You said you have cards with rewards. How does that profile look and is it working for you? I don't quite understand looking for low APR cards given your current profile (having said that one of my newest cards was specifically for a no fee 0% BT: Alliant).

 

You have 9 CCs opened within the last year. I'd personally sit on those for quite some time and play the CLI game.

 

Citi didn't start matching my highest limits until I wasn't in the "too many new accounts" bucket. Age fixes a lot of things.

[iLoveCali]

well... there are 2 ways to increase my total CC limits. new CC or CLI. i wasnt that lucky with CLI in the past, but i am thinking to try to open few CC and try to increase some limits. but ... i dont want to put some HP on my reports just to get a 10 day letter response. i dont have good experience on how to successfully get a pretty CLI on my CC. So any advice or tips from personal experience are wellcome.

 

ps. when the "new accounts" became old ?

 

pps. if citi offered me a very small limit, i dont even think to try a CLI. but 1 amex / chase / bofa / maybe cap1 worth a shot.

Edited July 5, 2016 by iLoveCali

[Big Bear]

In my experience when I had a thinner file and a lot of new accounts CLIs were small and spread out and new tradelines that were approved were generally lower limits due to the risk of so many new cards. And I started out much slower. Only after I had all of my cards at least a year old the CLIs start to climb. Spacing out the apps further beyond that were leaps and bounds better.

 

So I guess there are two methods. Try to sprint by clawing inch by inch or marathon it, take a step back and slow things down. YMMV of course, but my opinion is to take a break from applications until those youngest cards are all 13 months old.

[iLoveCali]

thank you very much for your feedback.

 

i usually wait like 12 months, before i try to apply for new ones and then CLI.

 

i think i can wait until the end of september to do the move with CLI.

 

-for amex you can ask a CLI every 6 mo. i tryed first time after 2 years(from 8k to 11k), then denial at least 3 times ... but no hard inq. except last year in august.

 

-for BofA: should i ask all 3 CC at once for a CLI ? or just 1 ? also i am thinking to combine the limits on one CC, but i am afraid i might damage the Credit score/ history.

 

- barklay, citi, have small limits and almost 1 year history ... so i dont plan to ask for a CLI

 

- chase: freedom 5,5k intial limit. 23 months old, slate 11 months ... i am thinking to apply for freedom unlimited / then try a CLI on both..

 

- cap1 (1% rewards)- is 4 years old. 6k $ , i tryed after 2 years for a CLI , denied for not using enough (balance ~15-20% of CL) they pulled all 3 CR. i dont plan to ask anymore

 

- with discover it works every 2-3-6 months with soft pull, i have no complains, but i wish to read about all the CC like i read about the CLI on discover

 

this is not an action that i am planing to do it right away. i am just need some feedback on how i should handle the CLI to be successfully and large from the users who have a longer history and experience with CLI and try to avoid any mistakes they may did in the past.

[iLoveCali]

and one last question: i have ~5k balance (that's ~4% of total CL). should i pay the balance and wait for a 0 statement, before i will ask for the CLI ? or just pay in full all the CC?

[Kat58]

 

[muntja]

 

This is nice... i want to steal it for future use

[Big Bear]

Definitely take some time to read more of the master threads on here to know what to expect for some of your questions. Read through them but most importantly check the last couple of pages for most recent info (these things happen).

 

Master CLI Thread...which issuers pull soft versus hard, timing, etc:

https://creditboards.com/forums/index.php?showtopic=542383&hl=%2Bmaster+%2Band+%2Bcli

 

Link to an option for soft pull CLI attempts with Citi:

https://creditboards.com/forums/index.php?showtopic=548822&page=1

 

Master list of which issuers will combine cards, info on how much has to remain on donor card, etc:

https://creditboards.com/forums/index.php?showtopic=524538&page=20

[Big Bear]

In addition to holding off on new applications try to avoid hard pulls if you can as you're much more likely to get denials now than in several months of more age.

 

I assume you've seen the Discover luv/love button thread.

 

Citi link above will teach you the language they use when doing a soft pull versus a hard. Master CLI Thread will show you to wait six months between. All the info is out there as the others are pointing out.

 

BOA love hard pulls. Would do one for each of your requests.

 

One last thing...my limits with Chase are terrible. I got in with them "too soon" so I have multiple cards with what are now toy limits. Hard pulls all day long to get them to catch up so I haven't bothered. I'd have been better waiting with them specifically.

 

Okay one more thing on top of that...

Use a spreadsheet if not already so you can log your CLI attempts, both failures and successes.

[Big Bear]

Okay I can't stop...

 

Of you do go the route of combining some cards, if the donor card doesn't have an AF, keep it open. Your thicker file in years down the road will benefit.

[Kat58]

[Big Bear]

Lol

 

My trying to help is like OP's addiction to applying for more cards.

Edited July 6, 2016 by Big Bear

[Big Bear]

So how many applications were submitted this week?

[iLoveCali]

thank you very much for your feedback and tips, Big Bear. i am a bit busy and i will be back in couple days with new questions.

 

no applications(for CC or CLI) until september for sure.

 

ps. i wish ... all the CC to do the CLI like Discover