I rarely post here, but I've been soaking up the excellent advice for more than a year, and I'm getting very close to being mortgage-worthy - thanks! I had a question I hope folks might be able to help me with. I have a Citi MC that's 13 months old. I got one "no-pull" increase in September, and would like to get one more and give my credit report time to update before I go for a mortgage, possibly in June though July or August is looking more likely right now. So far, I'm still getting the "application" screen when I inquire about CLI through the website. I did have one payment 12 days late in December. What are the chances that I will be able to get an increase WITHOUT a hard inquiry on my report in time for the higher limit to show when I go for the mortgage? I am assuming that one of two things (the late payment or the time lapse since the last increase) is keeping me from getting the automatic approval now, and I'm wondering what the "statutes of limitation" are on those two factors. I appreciate any help!
I can tell you my experience ... I asked Citi for a $2500 increase on my existing $6K card, rep told me that it will cost me a hard inquiry, and if I don't want to risk an inquiry, she had the discretion to give me only $1k increase. I took it, not wanting to risk the inquiry. I did not have any lates however. Did you pull your credit reports already? And do you see the 12-day late on your report? If not, you are okay. Citi used to be a little forgiving if the lates are not more than 30 days. But they seem to be more stringent nowadays, reporting even a 1 day late as more then 30 days late : You will get a CLI only once every 6 months, so plz let 6 months pass (from last unasked-for increase)before you request them. -- lakpr
Thanks! I knew they usually limited to one increase per 6 months so I waited 6 1/2 months before checking. I'll check again after my next statement drops, but I've heard they sometimes pull hards for phone calls even without telling you, so I don't want to try calling. This was never intended to be anything more than a FICO-boosting card - I'll never incorporate credit cards into my daily life again - so I don't really NEED a high CL for any other purpose. If the ratio of balance to CL is what matters, I should be OK. (I've been carrying a small balance on it - never more than $200.)
Look at the balance transfer screen. Sometimes they'll give a CL increase with a balance transfer. Of course, you have to do the balance transfer. The good part is that Citibank will give you a balance transfer by writing you a check for the amount. You can deposit it in your account, and I don't see why you couldn't just wait a month and pay it off with that money. You may pay a little interest, but the balance transfers are pretty low interest rate and it really won't be that much.
I just spoke with Citi this week looking for a CLI - I was told that since I was late (about 10 days) within the past six months I wasn't eligible. I was then offered the option to pull a CR - I declined. I don't need the increase. I just wanted it to help with ratios. Oh, well. The rep did advise to "charge it up then pay it down - charge it up then pay it down" and I should receive an automatic increase in a couple of months. It appears the Citi cannot see any over-limits or lates for six months to do automatic increases. It also appears that Citi has an internal profit score - hence her telling me to use the card. I've also read on the board that it is best to leave a significant balance on the card for a couple of billing cycles (perhaps 20% or even more?) - this shows them that you want to use the card and make them money, but are also responsible. I've been with Citi for years and think the customer service is great...but default rates are atrocious. I think I read 28.24% on the current apps
