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Best strategy to apply for new cards, increase CC limits

The last post in this topic was posted 1278 days ago. 

 

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Hi everyone,

 

 

I have finally paid off my CC cards (seems like a dream!) I have the following cards and the limits:

 

Venture One card - $6,000

Chase - $15,000

Michigan Schools and Government Credit Union Visa Titanium - $10,000

Lowes - $17,000

HomeDepot - $7,000 (which is not getting reported on my credit)

My Best Buy Citi - $5,000

American Express Premier Rewards

 

My scores on Myfico,com are from 720-730, I was planning to apply for a HELOC but issues with my late taxes are putting a hamper to this and I was thinking maybe I can apply 3 months from now, it's not a necessity right now to be approved for a HELOC though so if it hurts my chances for a HELOC it will be ok for me to wait even longer.

 

Was is the best strategy to increase my credit while taking the least hit to the my credit score.

 

Based on my current setup what cards would you recommend to apply for? (I know for chase I qualify for any of their cards), should I apply for CC increases in one shot for all my cards or do one, wait a few weeks, do the other, etc (Venture one is a soft inquiry, the rest seem hard pulls)

 

Thank you very much!

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If you plan to use heloc, I would wait 3 month. 0.25 or 0.5 rate difference could add up to a lot on big balance on heloc. Cap One and Lowes might offer soft increase.

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Hi Mendelssohn,

 

One of the main factors for applying for new cards is for my utilization to improve my credit score, not sure if any particular card is more valuable to the credit bureau formula. Another factor is that I'm trying to use just one card to track my business expenses (light travelling, mainly things related to renting houses and stocking vacation rental), using the American Express Premier Rewards for business and the Chase Freedom for personal, I could use another card for business when they don't accept american express but mainly it's for credit utilization purposes.

 

Should I begin with applications to X number of cards or start with asking for CLI (the ones left seem all the hard pulls)? Or do I have enough cards for now and should just ask for credit line increases?

 

Haydeno,

 

At this point if I can't make the heloc work it will be totally fine, a little tired of the rat race so maybe I won't grow to much this year with my business but would be nice to relax a bit and enjoy life!

 

Thank you guys!

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You can manage your reported utilization by paying before the statement closes, instead of after. Just make sure you let one account report a small balance (don't use Chase for this), instead of $0 on everything. You might also want to consider a business card that doesn't show up on your personal reports.

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