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Credit Card Limit Increase Question
Posted on 8/7/14 at 11:08 am
Posted on 8/7/14 at 11:08 am
I would like to apply for a longterm (12+ months) 0% intro APR credit card with the maximum CL in about January.
Right now I am at a low CL from college cards and I am eligible for Auto CL increase. Would it make more sense to increse the CL to help my score or to keep low CL so that I can qualify for more on a new card?
ETA: Why I want this high CL 0% interest card:
I have some large company expenses that are coming up in future months that will be fully reimbursed (10-15k+). I also have an investment account that pays out a guaranteed 4% up to a certain amount in November. I can make a guaranteed 4%+ by November (~$400-600)
Right now I am at a low CL from college cards and I am eligible for Auto CL increase. Would it make more sense to increse the CL to help my score or to keep low CL so that I can qualify for more on a new card?
ETA: Why I want this high CL 0% interest card:
I have some large company expenses that are coming up in future months that will be fully reimbursed (10-15k+). I also have an investment account that pays out a guaranteed 4% up to a certain amount in November. I can make a guaranteed 4%+ by November (~$400-600)
This post was edited on 8/7/14 at 11:09 am
4
Posted on 8/7/14 at 11:58 am to GenesChin
I'm not an expert, but I would think it would be helpful to have a larger limit on your existing card(s).
I couple of years ago, I requested an increase from 5k to 10k on one of my cards (provider A) and they gave me 7500. About six months later, I applied for another card with a different provider (B) and they gave 10k. Then about another 6 months later, provider A auto increased my limit on their card to 11k.
Not sure if that is how it works for everyone, but I would think it wouldn't hurt to have a bigger credit limit already on your credit history, unless it was massive and you were perceived as a risk.
I couple of years ago, I requested an increase from 5k to 10k on one of my cards (provider A) and they gave me 7500. About six months later, I applied for another card with a different provider (B) and they gave 10k. Then about another 6 months later, provider A auto increased my limit on their card to 11k.
Not sure if that is how it works for everyone, but I would think it wouldn't hurt to have a bigger credit limit already on your credit history, unless it was massive and you were perceived as a risk.
Posted on 8/7/14 at 12:19 pm to kennypowers816
I am thinking about asking for a minor increase just to help. I am just afraid with my limited credit history (~12 months now, ~18 at app) that I am going to get shafted on my intro credit limit despite having perfect payment, relatively low credit utilization (never carry balance) and solid income.
Posted on 8/7/14 at 12:27 pm to GenesChin
quote:
I am eligible for Auto CL increase
They told you this? What is the card? Also, do you know your credit scores from all 3 bureaus?
Posted on 8/7/14 at 12:50 pm to GenesChin
quote:
I am just afraid with my limited credit history (~12 months now, ~18 at app) that I am going to get shafted on my intro credit limit despite having perfect payment, relatively low credit utilization (never carry balance) and solid income
That's the wrong attitude. You aren't getting shafted. You have a limited credit history. I have over a 30 year credit history. There's a big difference there when a credit grantor looks at the two of us all else being equal.
Posted on 8/7/14 at 1:17 pm to GenesChin
My Amex having such a high limit has made other cards go much higher FWIW
I have no idea how to answer your question but that is something I thought you might find helpful
I have no idea how to answer your question but that is something I thought you might find helpful
Posted on 8/7/14 at 2:11 pm to GenesChin
quote:
Would it make more sense to increse the CL to help my score or to keep low CL so that I can qualify for more on a new card?
keeping a low credit limit on Card A won't get you more credit limit on Card B. in my experience, it's the opposite. i always want a higher limit to keep utilization low. if you're eligible, go ahead and take it.
Posted on 8/7/14 at 2:32 pm to VABuckeye
quote:
That's the wrong attitude. You aren't getting shafted. You have a limited credit history. I have over a 30 year credit history. There's a big difference there when a credit grantor looks at the two of us all else being equal.
I meant shafted by upping my CL on my other card. I think I am going to auto up it on my other card.
The card with the auto CL increase is a Discover It card and when I was on the phone, they said they should be able to do one based on my credit history with them, solid payment history and a soft pull of my credit score.
ETA: Also, my student loans (very minor amount) are in deferment until November and I started to make payments in July. How big a difference will starting to pay these loans off early be? I mean, does the loan start reporting me to CRAs differently and boost my score?
This post was edited on 8/7/14 at 2:35 pm
Posted on 8/7/14 at 2:55 pm to GenesChin
As long as your utilization is low increasing another card should only help. Keep it very low when you apply for the new card to show how responsible and frugal you are with your credit. Good luck.
Paying extra on your student loans will have no bearing at all. Paying them on time will.
Paying extra on your student loans will have no bearing at all. Paying them on time will.
Posted on 8/7/14 at 3:31 pm to VABuckeye
quote:
Paying extra on your student loans will have no bearing at all. Paying them on time will.
Would starting my payments earlier have an effect? Granted 5 months isn't some huge different but that would be roughly 33% of my current credit history
quote:
As long as your utilization is low increasing another card should only help. Keep it very low when you apply for the new card to show how responsible and frugal you are with your credit. Good luck.
Thanks. I found a few good 0% APR cards that I would like to have regardless for rewards. If I can make about 500$ on top of that, I'd be stoked
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