Comments on: Requesting Credit Line Increases http://www.bargaineering.com/articles/requesting-credit-line-increases.html personal finance blog with anecdotes, advice and commentary. Sun, 12 Feb 2012 23:30:41 +0000 hourly 1 By: n8 http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-382039 n8 Sat, 17 Dec 2011 02:43:46 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-382039 Sounds like a good idea to me! Off to buy some sale-vodka! Sounds like a good idea to me!

Off to buy some sale-vodka!

]]> By: Karen http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-369759 Karen Sat, 18 Jun 2011 03:12:42 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-369759 Your credit card payment is not the only thing they will consider whether you are a good paying customer or not. The credit bureau also looks at how you pay your gas bill, your utilities, and even your video rental (because they also go through collections when you fail to hand in a late video). They also look at your income, and how long you've been at a job if you want to get approved for a mortgage. tip #1: don't increase limit unless you have to because whenever they have to contact the credit bureau, it hurts your credit rating a little bit. tip#2: have a max. of 2 credit cards but not if you have trouble paying it off. if you don't use them, it's also bad because you increase your credit limit for no reason. source: VISA customer service. Your credit card payment is not the only thing they will consider whether you are a good paying customer or not. The credit bureau also looks at how you pay your gas bill, your utilities, and even your video rental (because they also go through collections when you fail to hand in a late video). They also look at your income, and how long you’ve been at a job if you want to get approved for a mortgage.

tip #1: don’t increase limit unless you have to because whenever they have to contact the credit bureau, it hurts your credit rating a little bit.

tip#2: have a max. of 2 credit cards but not if you have trouble paying it off. if you don’t use them, it’s also bad because you increase your credit limit for no reason.

source: VISA customer service.

]]> By: steffie http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-361462 steffie Sun, 19 Dec 2010 22:06:56 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-361462 Actually I work for AMEX and I always wonder where people get wrong information from when they call and expect results based on nonsense they read online. American Express will do a soft credit pull each time you request to increase your limit! DO NOT CALL IN AND REQUEST AN INCREASE EVERY 6 MONTHS BECAUSE UNLESS THERE IS A SHARP SPIKE IN YOUR CREDIT SCORE, YOU WILL LOOK WORSE EACH TIME YOU ARE DECLINED. Thank you! Actually I work for AMEX and I always wonder where people get wrong information from when they call and expect results based on nonsense they read online. American Express will do a soft credit pull each time you request to increase your limit! DO NOT CALL IN AND REQUEST AN INCREASE EVERY 6 MONTHS BECAUSE UNLESS THERE IS A SHARP SPIKE IN YOUR CREDIT SCORE, YOU WILL LOOK WORSE EACH TIME YOU ARE DECLINED. Thank you!

]]> By: Joshua http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-359588 Joshua Fri, 03 Dec 2010 02:05:43 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-359588 I was just wondering what the general formula was for when you ask for an increase in relations to the actual credit you do have, in order to maximize your chances of getting the increase approved. (And at the same time maximizing the increase in credit. I don't want to ask for something too safe where I get a measly increase.) Is it double the amount of credit that you do have, like the example in Ramit Sethi's book where you asked for $10,000 from having $5,000 in credit? If I currently have a $1,200 limit on a Wells Fargo credit card and a $1,000 limit on a Capital One card and they are both completely paid off, what is the maximum increase that I should ask for? I was just wondering what the general formula was for when you ask for an increase in relations to the actual credit you do have, in order to maximize your chances of getting the increase approved. (And at the same time maximizing the increase in credit. I don’t want to ask for something too safe where I get a measly increase.)
Is it double the amount of credit that you do have, like the example in Ramit Sethi’s book where you asked for $10,000 from having $5,000 in credit?
If I currently have a $1,200 limit on a Wells Fargo credit card and a $1,000 limit on a Capital One card and they are both completely paid off, what is the maximum increase that I should ask for?

]]> By: BestPal http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-358449 BestPal Wed, 10 Nov 2010 01:35:17 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-358449 LP, let us know if your request ever got approved. Also, to improve utilization % on by increasing available credit, is it better JUST to ask for a new card thru a new company or is it better to have some 3-4K balances on 3 different cards, and then ask for a new card with balance transfers from all of those? Which way will give better chances to get a new credit line? LP, let us know if your request ever got approved. Also, to improve utilization % on by increasing available credit, is it better JUST to ask for a new card thru a new company or is it better to have some 3-4K balances on 3 different cards, and then ask for a new card with balance transfers from all of those? Which way will give better chances to get a new credit line?

]]> By: LP http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-358390 LP Tue, 09 Nov 2010 00:41:22 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-358390 I have had a credit union Visa card for over ten years, always paid it on time. Just asked for an increase from 10,000 to 50,000 - but now after reading this maybe I should cancel it? I didn't realize even asking would damage my credit! How ridiculous. Or will it, considering I have been a responsible borrower. I have had a credit union Visa card for over ten years, always paid it on time. Just asked for an increase from 10,000 to 50,000 – but now after reading this maybe I should cancel it? I didn’t realize even asking would damage my credit! How ridiculous. Or will it, considering I have been a responsible borrower.

]]> By: Stacy http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-350747 Stacy Tue, 27 Jul 2010 03:43:15 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-350747 I've had credit cards for over twenty years and have always paid them on time. I am needing a little cash about 3k. Who are some of the easiest banks to get cc from. My score mid to high 600s. I can't ask for increases because I closed these accounts out over a year ago but still making the payments on time. I’ve had credit cards for over twenty years and have always paid them on time. I am needing a little cash about 3k. Who are some of the easiest banks to get cc from. My score mid to high 600s. I can’t ask for increases because I closed these accounts out over a year ago but still making the payments on time.

]]> By: Jim http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-344793 Jim Tue, 11 May 2010 04:54:27 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-344793 Someone emailed me the other day because they requested an increase before the six month period. They were denied. He was maybe a week early, so he requested it when the normal six month period would've ended and he was approved. I think you should ask for a smaller increase, $20k is too high a jump from $3600. Someone emailed me the other day because they requested an increase before the six month period. They were denied. He was maybe a week early, so he requested it when the normal six month period would’ve ended and he was approved. I think you should ask for a smaller increase, $20k is too high a jump from $3600.

]]> By: her every cent counts http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-344783 her every cent counts Tue, 11 May 2010 00:19:03 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-344783 Hi, Question for you... I had my AE blue cash card for a long time now, never requested an increase on it. It has a $3600 limit. I'm now doing a ton of traveling for work and have to pay up front, so I thought it would be best to put it on this card. I tried to increase my limit to $20k but was denied. Would it be bad to ask for a more reasonable increase now? Do I need to wait another 6 months before asking to raise it again? I basically have 0% utilization of my cards, as I pay of my balances in full each month. Hi,

Question for you…

I had my AE blue cash card for a long time now, never requested an increase on it. It has a $3600 limit. I’m now doing a ton of traveling for work and have to pay up front, so I thought it would be best to put it on this card. I tried to increase my limit to $20k but was denied. Would it be bad to ask for a more reasonable increase now? Do I need to wait another 6 months before asking to raise it again? I basically have 0% utilization of my cards, as I pay of my balances in full each month.

]]> By: Sean http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-342379 Sean Tue, 06 Apr 2010 17:35:15 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-342379 See if your lender is a rapid rescorer customer. Also different lenders have different cut-offs for their mortgage percentages. http://www.bankrate.com/finance/credit-debt/tips-for-boosting-your-credit-score-1.aspx See if your lender is a rapid rescorer customer. Also different lenders have different cut-offs for their mortgage percentages.

http://www.bankrate.com/finance/credit-debt/tips-for-boosting-your-credit-score-1.aspx

]]> By: Sean http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-342378 Sean Tue, 06 Apr 2010 17:32:05 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-342378 Never ask for a credit increase for at least 6 months of getting a new card. You are almost guarenteed to be denied and the inquiry may hurt your credit score. After 6 months you could ask for an increase (although you will probably get increases naturally), but it will probably still hurt your credit score. If you are a responsible spender and pay your credit card bills every month I would suggest getting a second credit card. It will hurt your score in the short run, but allow you to build two accounts at once. This will improve your score in the long run by lowering your debt to credit limit ratio and increasing your credit history time (for 2 accounts instead of one). If you are not a responsible spender then just stay how you are and wait while your credit limit slowly grows. Never ask for a credit increase for at least 6 months of getting a new card. You are almost guarenteed to be denied and the inquiry may hurt your credit score. After 6 months you could ask for an increase (although you will probably get increases naturally), but it will probably still hurt your credit score.

If you are a responsible spender and pay your credit card bills every month I would suggest getting a second credit card. It will hurt your score in the short run, but allow you to build two accounts at once. This will improve your score in the long run by lowering your debt to credit limit ratio and increasing your credit history time (for 2 accounts instead of one).

If you are not a responsible spender then just stay how you are and wait while your credit limit slowly grows.

]]> By: Anonymous http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-342376 Anonymous Tue, 06 Apr 2010 17:25:12 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-342376 Never apply for a credit increase until at least 6 months, probably safer with 12. Before 6 months you will be rejected 90% of the time. Never apply for a credit increase until at least 6 months, probably safer with 12. Before 6 months you will be rejected 90% of the time.

]]> By: lacera http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-340540 lacera Tue, 16 Mar 2010 16:55:07 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-340540 Hi, I'm a first time home buyer. The mortgage broker I talked to said that if my credit score was only a little bit higher I could have received a lower interest rate. He recommended me to talk to a consultant. Of course the consultant asked for a good chunk of money. Now I'm wondering if I can get those 4 points with out paying a consultant. I'm thinking of asking for an increase on my Amex credit card limit via online form and paying off the card completely to decrease my credit utilization percentage. Do you think this would be a safe move since online form would not do a hard inquiry? Hi,

I’m a first time home buyer. The mortgage broker I talked to said that if my credit score was only a little bit higher I could have received a lower interest rate. He recommended me to talk to a consultant. Of course the consultant asked for a good chunk of money. Now I’m wondering if I can get those 4 points with out paying a consultant. I’m thinking of asking for an increase on my Amex credit card limit via online form and paying off the card completely to decrease my credit utilization percentage. Do you think this would be a safe move since online form would not do a hard inquiry?

]]> By: Dan1 http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-338496 Dan1 Sat, 20 Feb 2010 08:04:19 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-338496 I am a new credit card holder... I'm in college and only have a student card for $500. I would like to increase it some but don't want to hurt my already almost non-existent credit score. What should I do? I am a new credit card holder… I’m in college and only have a student card for $500. I would like to increase it some but don’t want to hurt my already almost non-existent credit score. What should I do?

]]> By: aua868s http://www.bargaineering.com/articles/requesting-credit-line-increases.html/comment-page-1#comment-332690 aua868s Mon, 07 Dec 2009 01:07:46 +0000 http://www.bargaineering.com/articles/requesting-credit-line-increases.html#comment-332690 earlier i used to automatically find citicard offering me increases in limits in my account page...i had combined my 2 citicards to 1...since then haven't got a limit increase offer! earlier i used to automatically find citicard offering me increases in limits in my account page…i had combined my 2 citicards to 1…since then haven’t got a limit increase offer!

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