asking for an increased credit limit. HOW?

[ZORG]

I am about to send out requests to have my credit limit raised. So I am wondering....

Should I ask for a specific amount? Or should I ask for a limit raise based on some sort of a percentage, such as my current limit or a percentage of the amount(s) I am currently paying off on them? Or should I just ask for a credit-limit raise and just allow the creditor to assign an arbitrary or pre-designated limit?

Thank you.

~Z

[Recovering Attorney]

well, why should they give you one? Think from their perspective.

1. Have you made all payments on time in the last 12-18-24 months?

2. Is your utilization 50% or less? How long have you had the card?

3. Do you have/use other cards with present balances on?

4. Would you like the increase to move other debt to this card issuer? ( like maybe on another card you intend/have closed at your request?

5. Has your debt level remained constant but the cardholder's income has gone up?

[ZORG]

Thank you for your input RA. Although all of your points are things to consider, you did not answer ANY of my questions.

Does anyone have any answers to the original questions that I asked?

Thank you.

~Z

[chilton1]

well I think RA was trying to also tell you that you can use the answer to his questions to state your case and ask for a credit line increase.

I think it is up to you if you ask for a specific amount or simply let them decide.

You did not mention the creditors. Knowing who you will be asking for an increase can also help to determine how you approach the task at hand.

[VonAngel (aka EarthAngel)]

Should I ask for a specific amount? Or should I ask for a limit raise based on some sort of a percentage, such as my current limit or a percentage of the amount(s) I am currently paying off on them? Or should I just ask for a credit-limit raise and just allow the creditor to assign an arbitrary or pre-designated limit?

That depends on the creditor. For instance, AMEX asks how much of an increase you're requesting while Juniper determines the increase they want to award you. Are you looking for a specific CL or do just want an increase w/o a preference in mind? If you would like to have a $5,000 CL as opposed to the $1,000 CL that you currently have, then you should ask for that. However, like I said, it depends on the creditor. If they won't feel comfortable giving you that increase (b/c of the reasons listed by RA), then they're going to deny you flat w/o counter offering. Who's the creditor? Are you doing this request in writing or by phone? In my experience, I found it best to request a CLI via telephone. It has allowed me speak w/ a person about my request and receive better cooperation.

[ZORG]

Thank you for the input so far.

I only recently learned that increased credit limits help your credit score if they are used correctly.

My motivation for credit limit increases is for the purpose of improving my credit score. I want the credit increases regardless of how much or how little they are.

I just want to ask for my credit limit increases in such a way as to have the best chance of getting my increase requests approved.

Anyone else? Please reply.

Thank you.

~Z

[hawaiiguy]

Z,

What I have done in the past with a similar situation is just call them and request an increase. The company will give you the max they can at the time, which should serve for your purpose.

[kakorot63]

I have a question.

If you ask for an increase of your credit limit just to raise your credit score, will the credit card (for example orchard bank) pull your credit to determine if you deserve an increase? And if so, would the credit pull effect your score?

Or do they make a decision based on your past 12-18 months payment history etc, as stated above?

[hawaiiguy]

In my experience, yes, I have always seen an inquiry on my report when I have asked for an increase.

[VonAngel (aka EarthAngel)]

If you ask for an increase of your credit limit just to raise your credit score, will the credit card (for example orchard bank) pull your credit to determine if you deserve an increase? And if so, would the credit pull effect your score?

Or do they make a decision based on your past 12-18 months payment history etc, as stated above?

It depends on the creditor. Orchard does a soft pull as Hooters does a hard if YOU request a CLI. Soft pulls do not affect your score; hard pulls may, depending on your CR.

[ZORG]

So I called one of my credit card companies today. I asked them to raise my credit limit. They made me listen to some promotional crud, but after the rep made his required pitch my request was approved.....

I was required to pay $15.00 for a $100.00 limit increase but my % just went from using 75% of my available credit to using about 50% of my available credit on that card!

[myscoresawful]

I'm not sure who you are going to ask for an increase, but at the First Premier website, there is a link that you click on to request a CLI. That's all you do, I am not sure what they take into consideration, and it might be better to call them and talk to them.

They will most likely (any of them) pull a soft or hard report...simply to see if you have established a ton of other credit cards and maxed them out, even if your credit has been good with them for a while.

[Nascar3]

I know this thread is over a year old, but does anyone know if First Premier does a hard pull when asking for a CLI?

[1flyfisher]

Why don't you call them up and ask them?

I know this thread is over a year old, but does anyone know if First Premier does a hard pull when asking for a CLI?

[Nascar3]

Because usually the $6.00/hr CSR anwering the phone don't have a clue what you are talking about when you speak of "hard" or "soft" pulls and just give you any old line.

[lovebug5]

I believe FP does do a hard pull, from what I've read everywhere. They also charge you a fee if you request a CLI.

[1flyfisher]

I'm not Familiar with First Premier. If the CS rep can't answer your question then ask to speak with someone who can. I have called Hooter's, Juniper, BoA, Wells Fargo, and Orchard Bank and asked for credit line increases and whether there would be a soft pull or a hard pull and the CS rep was able to tell me what they did(Hard or soft) and even in a few cases who they pulled(either Tu, Ex, Eq) if they did a hard inquiry.

Hooter's does a hard pull every time.

Boa is soft

Orchard is soft

Wells is soft just like BOA

Juniper is soft

Because usually the $6.00/hr CSR anwering the phone don't have a clue what you are talking about when you speak of "hard" or "soft" pulls and just give you any old line.

[Nascar3]

I DO know that when I was on the phone with Hooters today I asked the CSR who they pulled and she told me they pulled ALL THREE. Now, that's not what I have read here on this board. I have yet to see who they actually did pull on my reports yet because my reports haven't updated. I'm hoping that she is a "dummy" and doesn't know what she is talking about (and I'm assuming she is.)

[1flyfisher]

As far as Hooters I can't remember who they pull but I am sure they do a hard pull as I just called them like a 2 weeks ago and the CSrep said it would be a hard pull.

BUT they do their own regular CLI's so it is best to just wait for a CLI from Hooters.

I DO know that when I was on the phone with Hooters today I asked the CSR who they pulled and she told me they pulled ALL THREE. Now, that's not what I have read here on this board. I have yet to see who they actually did pull on my reports yet because my reports haven't updated. I'm hoping that she is a "dummy" and doesn't know what she is talking about (and I'm assuming she is.)