Asking for CLIs... When Should I Do It?

For just about anything you want to get off your chest about credit cards.
8 posts
JNK
Platinum Member
Platinum Member
 
Posts: 93
Joined: Wed Aug 17, 2011 10:53 pm
Location: USA

Asking for CLIs... When Should I Do It?

Postby JNK » Tue Sep 20, 2011 2:52 am

So in about a month or so I more than likely will be needing to ask for a +5K CLI on a card I use only for medical financing as I potentially have a major medical treatment coming up.

In lieu of this, if the card I do my medical financing on does a hard pull/needs to do a hard pull, would it be prudent to use that time period to do CLIs on other accounts if I were looking to get CLIs?

Any advice?
Personal Collection:

AMEX: Everyday (MR), Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)


Business Collection:

AMEX: Costco True Earnings
MASTER: None
VISA: Chase Ink Cash


Money card
Centurion Member
Centurion Member
 
Posts: 1361
Joined: Tue Jun 28, 2011 10:13 pm
Location: New York state

Postby Money card » Tue Sep 20, 2011 5:08 pm

It's just me I would never ask for a increase in credit line. But then again you own a business, I would assume it hurts your credit report if this is the case I wouldn't. I would use a different card. if it doesn't affect your report then thats up to you.

since 1989 I never asked for a credit limit increase.

JNK
Platinum Member
Platinum Member
 
Posts: 93
Joined: Wed Aug 17, 2011 10:53 pm
Location: USA

Postby JNK » Tue Sep 20, 2011 5:29 pm

Footing a $5,000+ (5K is the minimum I would have to pay) bill right off the bat is not an easy task and the card that I use only for my medical expenses (and they can get weighty) has a 7.5K ish CL on it with some of it already utilized and being paid off and so I don't want to max out my card.

I forgot to mention that the card in question offers 18 months of no interest if the full amount of the medical bill is placed on the card which is the reason why I use that card specifically for medical expenses. If it had no such offer, I totally wouldn't bother with considering a CLI and would just charge it elsewhere because goodness-only-knows how much rewards I could earn otherwise by charging it elsewhere.

But I can't pay off the 5K+ upcoming bill in one shot or even in two shots and so I know I'll need to carry a balance and in which case... a 0 interest balance carrying option sounds better to me.
Personal Collection:

AMEX: Everyday (MR), Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)


Business Collection:

AMEX: Costco True Earnings
MASTER: None
VISA: Chase Ink Cash

zapper_89
Platinum Member
Platinum Member
 
Posts: 62
Joined: Thu Aug 25, 2011 8:51 pm
Location: South Bend, IN

Postby zapper_89 » Wed Sep 21, 2011 10:35 pm

I did a little research on this myself recently. It doesn't appear as though there is any negative impact to doing more than one at once, from what I read. If you do them in rapid succession it won't even appear on your CR to the other issuers. It will drop your score down a bit for a year, so if you are planning to open a new account it could be negative. However, at least your credit is only impacted by the hard pulls for 1 year, rather than stringing them along.

User avatar
jumbo
Centurion Member
Centurion Member
 
Posts: 363
Joined: Wed Sep 14, 2011 3:17 am
Location: IA

Postby jumbo » Thu Sep 22, 2011 1:51 am

zapper_89 wrote:......However, at least your credit is only impacted by the hard pulls for 1 year, rather than stringing them along.

I suppose its 2 years... the hard pulls remain on your CR for 2 years.. I can see mine for last 2 years.
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card

zapper_89
Platinum Member
Platinum Member
 
Posts: 62
Joined: Thu Aug 25, 2011 8:51 pm
Location: South Bend, IN

Postby zapper_89 » Fri Sep 23, 2011 4:54 am

jumbo wrote:I suppose its 2 years... the hard pulls remain on your CR for 2 years.. I can see mine for last 2 years.


I could be wrong, but from the info from myfico, it states it only affects your score for one year. They remain on the report for two years, but have zero impact during the second year. Additionally, they affect your score the most during the first 6 months.

zapper_89
Platinum Member
Platinum Member
 
Posts: 62
Joined: Thu Aug 25, 2011 8:51 pm
Location: South Bend, IN

Postby zapper_89 » Fri Sep 23, 2011 5:07 am

zapper_89 wrote:I could be wrong, but from the info from myfico, it states it only affects your score for one year. They remain on the report for two years, but have zero impact during the second year. Additionally, they affect your score the most during the first 6 months.


I did a little research on the issue. While it only affects the score for 12 months, a human CSR may interpret it to be negative. It depends on how many you have, you wouldn't want to ask for an increase on all of your cards for sure.

requiredfield
Gold Member
Gold Member
 
Posts: 47
Joined: Mon Sep 26, 2011 8:36 pm
Location: Lost in space

Postby requiredfield » Mon Sep 26, 2011 9:13 pm

I used to ask CSR's if they were showing an increase anytime I talked to one (pre India days). Often there was a no pull CLI just waiting for me to ask. A friend just did the same with Cap1, don't know to where he was speaking. I never allowed a CLI pull. If they were stingy, get a second card and combine but you don't have time for that.

Do you need a bunch of CLIs?
I would try a light touch first, call and ask if they see one for your account.

Do you have many pulls showing on your report? Do you plan on getting more cards/other credit in the near future?
If the answer to either is yes, then I would not allow pulls that aren't needed (CLIs for the sake of a CLI). If you need one to get done what you want to accomplish then it has to be.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests