Insight on CLIs for 21 y/o (BofA & NavyFed)

  • SoCalGuy
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Hi all. I’m looking for a recommendation on getting a CLI.

I’m 21, working full-time as a systems administrator and going to school part-time. My oldest credit card was opened 4/2011 (BofA Platnum Plus Student VISA), and my only other card is a BofA CashRewards VISA, opened 10/2012. They have their original limits of $600 and $1500, respectively. 6/26/2013 (EX report I pulled on myself), my scores were 717 EX, 721 EQ, and 721 TU. I have since cancelled their on-going credit monitoring, but on 7/13, my EX jumped to 730.

I have never paid anything but the full balance and have never been late. No blemishes whatsoever on my record. I have four report pulls on my record:

9/2/2011 (EX): Bank of America Credit Cards
10/2/2012 (EX): Bank of America Credit Cards
3/1/2013 (TU): Joined Navy Fed
5/3/2013 (EQ): Had to expense the creation of a company AT&T account – spur the moment. Wasn’t aware they ran a credit check. Live and learn.

Not sure if these are the hard or soft pulls…

Since applying for my BofA CashRewards card, I’ve been using that exclusively. I’ve brought it up above 90% utilization twice (90% and 96% -- 65% and 69% if you count my total available credit). My average utilization rate on that card is 61% (or 43.8% of my total available credit).

My questions are:

1) Is this favorable enough to start incrementally increasing my credit every 6 months?
2) What is your opinion for starting to increase my credit? I closed out my BofA savings / checking and only have the two credit cards. All of my banking is now with NavyFed. Should I try for CLIs on the two I’ve got, or try opening up a new line with NavyFed?

Any info / insight you can provide would be greatly appreciated!
7 years 1 week ago #1