Ever had a credit limit increased automatically? | TigerDroppings.com

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Shankopotomus
New Orleans Pelicans Fan
Brian Roberts Fan
Member since Feb 2009
18246 posts
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Ever had a credit limit increased automatically?


Is this common with credit cards? Recently I was viewing my account statement for a particular credit card, and the statement shows my credit limit has doubled?!

I mean, this is great but I did not know this would occur automatically. I like it, saves me the phone call etc.

Anyone else have this happen?







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ProudLSUMom
LSU Fan
Baton Rouge
Member since Sep 2007
2407 posts

re: Ever had a credit limit increased automatically?


Many times!





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Cajun Revolution
Columbia Fan
Member since Apr 2009
40348 posts

re: Ever had a credit limit increased automatically?


CC companies (you can see their views on your credit report) tend to pull your credit report once a year (some pull it quarterly). If your balance is relatively low to your credit limit and your FICO score has increased, and you have ontime payment history...they'll bump it up.


This post was edited on 12/12 at 12:36 pm


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VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
10421 posts

re: Ever had a credit limit increased automatically?


Yep. Seems to be increased on an annual basis.





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Shankopotomus
New Orleans Pelicans Fan
Brian Roberts Fan
Member since Feb 2009
18246 posts
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re: Ever had a credit limit increased automatically?


great info guys thanks.

Am I to assume the increase in credit available will offset any hard inquiries involved in the process?






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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29500 posts
 Online 

re: Ever had a credit limit increased automatically?


quote:

Am I to assume the increase in credit available will offset any hard inquiries involved in the process?


I don't think there are any. If you have an existing account with them it doesn't count as a "hard" inquiry.






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Shankopotomus
New Orleans Pelicans Fan
Brian Roberts Fan
Member since Feb 2009
18246 posts
 Online 

re: Ever had a credit limit increased automatically?


interesting. I guess if it is not borrower initiated then it counts as a "soft" inquiry...?

I might take a look at my CR and see if anything shows up. Anyway, it is good news as I am hoping this will help my score over time as it improves my debt/credit ratio by double on this account.






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Teddy Ruxpin
LSU Fan
New Orleans, LA
Member since Oct 2006
17974 posts

re: Ever had a credit limit increased automatically?


quote:

CC companies (you can see their views on your credit report) tend to pull your credit report once a year (some pull it quarterly). If your balance is relatively low to your credit limit and your FICO score has increased, and you have ontime payment history...they'll bump it up.


I think my student loan debt makes this almost impossible. I had to get it raised manually.

I'm hoping they notice that I am putting about $25,000 a year in charges on a card that now has a $3K limit and realize I make an OK amount of money and that its paid off at all times.






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Will Cover
Southeastern LA Fan
Bangor, ME
Member since Mar 2007
24430 posts
 Online 

re: Ever had a credit limit increased automatically?


Does not count as a hard inquiry. Creditors can do a soft pull when they initiate the increase process.





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buddhavista
Member since Jul 2012
3543 posts

re: Ever had a credit limit increased automatically?


very common. I worked at a bank, and we had an automated credit limit increase process. we would run it every 6 months or so, depending on other factors.

The bank would only give me a $2k credit card when I worked there, which surprised me b.c they were my employer and knew exactly how much I made. They seem to increase it every year. I still get my employee T&Cs despite having left them 10 years ago.






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RonFNSwanson
New Orleans Pelicans Fan
University of LSU
Member since Mar 2012
14748 posts

re: Ever had a credit limit increased automatically?


Yeah, mine generally increases every year without asking





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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21039 posts

re: Ever had a credit limit increased automatically?


You may want to request an increase if you are reaching more than 30% of your credit limit each month even if paying it off. That negatively effects your credit score.





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Jim Rockford
LSU Fan
Member since May 2011
33315 posts

re: Ever had a credit limit increased automatically?


Yeah, and I've also had it decreased automatically, when the companies were trying to lower their exposure. Neither had anything to do with my spending/payment habits, as far as I can tell.





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Cajun Revolution
Columbia Fan
Member since Apr 2009
40348 posts

re: Ever had a credit limit increased automatically?


quote:

I had to get it raised manually.

I'm hoping they notice that I am putting about $25,000 a year in charges on a card that now has a $3K limit and realize I make an OK amount of money and that its paid off at all times.


I've recently taken an aggressive hold of my credit report/score so I will tell you what I learned.

1. Your bank makes a "soft" inquiry every month on you. I have no idea why but Capital One does. I don't have any outstanding loans with them.

2. Don't ever try to manually raise your limit. It counts as a hard inquiry and often times they won't raise it anyway. Best thing to do is leave the card cleared out or with little balance and let it sit. My interest rate was cut from 23 to 9.9% on my Bank of America by doing that. Limit hasnt changed though

3. AMEX charge card is your best bet for your finances. I'll never use another credit card again.

4. Hard inquiries on your report will hurt you. I've made alot of changes over the past 1.5 years and I probably have had 7-8 hard inquiries (Insurance, car loan, new credit card, increase limit, etc.) and it dropped my score.

Hard inquiries only come from you initiating credit, don't do it unless you have to. I went from high 700s to middle 700s- a 25 point drop over it.






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BallyHOO
Belmont Fan
Member since Oct 2005
6620 posts

re: Ever had a credit limit increased automatically?


Happens all the time.





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