FICO – what do I need to get approved for a line raise?

I have a Barclaycard card that recently offered me a 5% balance transfer deal. I had a $0 balance on the Barclaycard card, and a $1500 limit.

I transferred $750 into it from a card that was charging 21%. I didn’t want to max it out, because I know that can hurt your rating (ratio of balance vs. total credit line). Plus the 21% card is a closed account, so my available credit on that account doesn’t mean anything toward my ratio. (?)

Anyways, my question is, if I have a FICO score of 640, is that high enough to call Barclaycard and request a line increase? If I can get my credit line up to say, $2500, I could then transfer another $1000 or so from another high interest card and still have some padding left over to make it a good ratio.

What I DON’T want to do, is request a line increase and get shot down, because I know those inquiries hurt your FICO. But I’ll risk it if there’s a good chance I can get approved for the increase.

So who out there can give me some advice on this? Should I wait a few more months until it’s over 670?

P.S. Barclaycard cardholders have access to their FICO score for free and is updated monthly. I strongly recommend anyone who is concerned about their score to try to get an account with them, instead of paying to see your score.

I’d pick door #2

I personally feel leave your savings account alone for unscheduled events (need I say “Rita”). The advantage is this method improves your credit score since savings accounts don’t factor in on ones score.

Getting a loan means you’re reshuffling your debt, so one would need to have discipline to not start new card debt while the credit union loan is being paid. I just wish Greenspan would quit raising the interest rates because practically every month’s card statement my rate jumps .25%. Very discouraging.

While it’s true that bankruptcy is an option

While it’s true that bankruptcy is an option. it does not fix the underlying problem of spending control. If you’re in the habit of spending more than you have, that habit needs to change or you’ll find yourself in the same position later with few to no options because of your bankruptcy. It does “hang around” for at least 7-10 years.

I wish that homestead did, but it doesn’t. Homesteading just helps out on your taxes and such. Everyone has given me alot to think about. My cousin did a plan that a finanical guy on the radio talked about. You keep your budgeted money in envelopes. One for food, gas, medical, gas, and such. I think I will try that, after I see what we spend money on. Wish me luck all and THANKS SOOO MUCH for all the advice.

My cousin is a lender and he has given loans to people out of bankruptcy less than 3 months. He said they prefer a bankruptcy over a low Fico score for a few reasons. One of them being, they realize you can’t file again any time soon. And many times people have long work historys which are very beneficial.

There are many people who were able to reestablish credit right away. But, I agree if you don’t get control of the symptom it will happen again..thinking about a friend who is now out of her 10th yr of a previous bankruptcy and ready to file again…WOW…

Credit and marriage?

I am engaged with improving credit (should be pretty good by next year) but my fiance has a LOT of credit issues from a foreclosure in a previous marriage to numerous medically related bills. We are not looking to purchase a home for the next 3 years due to educational goals but that time will come so I am attempting to be proactive. Can anyone make suggestions as how we may be able to get married without her credit history uniting with mine?

I’m not sure if this is possible so I ask. Our best scenario is probably to get a house using my credit when the time comes since she has at least one long-term credit hit (foreclosure) so any advice is welcomed.

I’ve read the following somewhere – is that true?

My wife and I had a similar situation. I had previously filed a Chapter 7 and it was still lurking around on my credit when it came time to buy a house. I made significantly more money than she did so affording the payments was no problem. Our mortgage broker suggested that we do the loan in her name only because with my name on the loan the interest rate would have been 2 points higher.