I’m looking to increase my CLs reduce my utilization ratio (which you may know already from my post yesterday RE: balance transfer cards).
For background (as I discussed in my post yesrday, linked above) I am 27 years old, making approximately $ 80,000, with substantial student loan debt (~$ 200k, which is being managed just fine in repayment under an income driven plan), and have decent credit (684 Trans, 678 Exp) with nothing adverse, but those scores are down from ~720 due to the last six months of increasing the utilizations. My current cards are as follows:
BofA Travel Rewards ($ 0 utilized out of $ 1,700 | 14.49% APR | had since 2007, product changed from student card in 2015);
Chase Freedom ($ 3,800 utilized out of $ 5,000 | 13.49% APR | has since 2008);
Chase Slate ($ 0 utilized out of $ 3,500 | JUST APPROVED YESTERDAY)
Amex Blue Cash Preferred ($ 3,900 utilized out of $ 5,000 | 0% Intro APR expires in 1 month, then 21.24% APR | had for 11 months);
Amex Delta Gold ($ 0 utilized out of $ 1,000 | 19.49% APR | had for 9 months); and
Citi Dividend Platinum ($ 4,500 out of $ 7,300 | 12.49% APR | had since 2008).
I’m really now looking to find out which of my CC companies are known to be particularly stingy/liberal with CLIs, such that it warrants a use of the HP.
Bank of America: I currently have the Travel Rewards card, which was product changed from a student card that I’ve had with them since 2007, my longest-held card. That being said, the limit is also by far the lowest of any of my CCs at $ 1,700. Ironically, a couple of months ago they gave me an automatic CLI from $ 700 to its current limit of $ 1,700. I was late on some payments (less than 30 days) in Jan/Feb 2015 and Sept/Nov 2014. In light of these facts, whatever BofA’s reputation is, and my current credit profile, would this one be worth using an HP on?
Chase: (1) Slate – Just yesterday, I applied and was approved for the Chase Slate card to be used in an effort to eliminate my CC debt while not paying interest. I realistically needed about $ 12k of a limit (which I didn’t expect to receive given my other CC limits and utilization ratio), but was given $ 3,500. I called about a reconsideration and was told that any reconsideration would be donne via the standard process of applying for a CLI. Given that doing so would be using the exact same information they used to approve my application less than 24 hours ago, would they really increase my limit based on that same report?
Freedom – I also have a Chase Freedom card, which I’ve had since 2008, and which has a high current balance of ~$ 3,900. I last received a CLI on this card approximately a year ago, but I fear that the high utilization would hurt me in a CLI request. Would it be worth it nonetheless? Additionally, would it possible to do a “two-fer” and have them use the same report to request a CLI on both the Slate and Freedom cards?
Citi: I have their Dividend card, which I’ve also had since 2008 and which has my highest limit of $ 7,300. I recently received a CLI (an increase of $ 1,200) from them in February 2016 via their soft-pull CLI feature. Given that they’re my highest limit card (by far), would they really give me even more?
AmEx: I have two AmEx cards, the Blue Cash Preferred and Delta Gold, and applied for a CLI on each yesterday using their soft pull feature, and was denied as to each. I called and asked for a reconsideration and the representative — without hesitation — told me to call back and request again when I’m making six-figures. Okay lady.
Thanks again everyone for your time and input. It disturbs me that if I had been reading these boards all along, my credit may be in much better shape. But as they say, better late than never!