The other way to go about a CLI is by calling and inquiring about balance transfers. Let them talk them up and go on. Then when they have finished their schpeal, you would say that you are interested but your current credit line would not allow for the balance transfer. Many times, banks hear this and offer a CLI for the balance transfer.
Dylan1982 wrote:I definitely DO NOT need the increase, with my utilization at 93% and over all 49%, the point of the CLI increase is to lower both of my utilizations down and to help boost my credit score a bit. Currently at 700 (accordign to Credit Karma).
Can you explain this more to me, for some reason I'm not following you..
Maybe I will wait like you stated then. They sure as shiit will not lower my APR. Currently at 12.49%. Used to be at 6% before the economy tanked.
Dylan1982 wrote:Another thing that I want to add. I really havent used my card in some time, maybe here and there for small purchases.
Also, the other day I got an invitation in the mail for a Citi Diamond Card.
CC Deville wrote:To elaborate on my "The other way to go about a CLI" post......so lets say you have a credit card (usually with little to no balance) and you want a CLI. You could call the bank and inquire about what kind of balance transfers they are currently offering on your exisiting account. Lets say they are offering 12 months 0% APR. So, they will usually be excited to inform you of their current balance transfer promotions. Once they have explained the promotion, you would let them know that you are interested in the balance transfer offer; however, your current credit line would not be sufficient to handle the balance that you wish to transfer. A lot of times they will ask how much more you need and if reasonable, they will grant it. In your case, I would take baby steps from $7,700 to maybe $10,000. And then in a year or so call back and see about getting up to $13,000 and then another year up to $15,000.
I would truly recommend holding off for now. I understand where you are coming from in terms of having good credit and being a long time cardholder. But you also don't want to rock the boat. Once you have paid the balance down below 30% utlization you could certainly try for the CLI. You may also want to consider opening an account from a competitors bank, like Citibank, and transfer the GM Card balance to the new account at 0% to get it paid down sooner. Who knows, having that balance paid off might prompt GM Card to give you an auto CLI (not guaranteed of course but could happen).
Dylan1982 wrote:If I go that route, then wouldn't the CSR then ask my "other cc info" to make the balance transfer to my GM Card? How would I go about it, trying to icrease my CL w/o actually doing a BT to my acct?
CC Deville wrote:Good question, yes they do, but you would get the CLI first. So they would ask, "how much were you looking to transfer?" And you would let them know that you need your credit line to be $10,000. They almost always increase the limit first. Then when they ask for your other CC info, tell them that you will call back once you get your statement to process the transfer.
Dylan1982 wrote:I called them today to see if they have any BT options available and the CSR said none available.