03-20-2013 09:13 AM - edited 03-20-2013 09:20 AM
As the title says I am 22 years old and currently have a credit limit of $1,000 on one of my credit cards. I do not carry a balance month to month. I pay the balance in full each month.
My father cosigned the account with me and my credit score is currently 760.
Should I try to apply for a credit limit increase to $10k or $20k? Is this too much of a jump?
Should I just request for the highest credit limit increase my credit card (US Bank) company can offer me?
EDIT: I just realized between my Amex and Wellsfargo cards, my total credit limit is $41k.
Would it be smart to try and increase my credit limits on all these cards as high as possible, even though my utlization is at 0%?
Any help is greatly appreciated
03-20-2013 09:20 AM - edited 03-20-2013 09:21 AM
$10k or $20k is definitely too much of a jump, even for the banks (like Amex and GE) that are known to be generous. OTOH, when you call for an increase, they'll nearly always ask you to name a figure that you want and won't accept an open-ended "whatever you can give me" request.
In your shoes, I might ask for $2.5k or $3k. Some MyFicoans would probably suggest you be bolder, but that seems realistic to me. If you're actually planning a big purchase or a big trip, you could ask for more, citing the upcoming expense as your reason.
Before doing anything, I'd find out whether the bank in question requires HPs or will give a CLI with an SP.
03-20-2013 09:22 AM
Just saw your update. At age 22 with $41k in credit, I'd be inclined to sit tight. But that's just me. I definitely wouldn't expect US Bank to match your other CLs in one big jump.
03-20-2013 09:23 AM - edited 03-20-2013 09:25 AM
Since you have a credit score from the card I will assume that you have had the account open for greater than 6 months. If that is the case I would either call or go on line in the account and find a Request Credit Line Increase button (We call it a Luv Button) around here. You may be stretching in asking for a 10,000 limit but more surprising things have happened. In any event most creditors if they cannot give what you ask will provide a counteroffer. I am not familiar with US Banks policies but someone will chime in who knows them. Congratulations on maintaining positive credit behavior at such a young age. And if you stick around here and learn you will be a credit guru in no time.
Just saw your editied reply. If both of those other cards are in your name and not authorized user I would definetely hit up US Bank.
03-20-2013 09:46 AM
I always name a high amount and am the same age as you and they will either approve it or counter with a lower amount they can give. Income factors into it as well so keep that in mind. On another forum someone said US Bank does not counter if they cannot approve for the requested amount, so for them I wouldn't try for too high a limit.
My utilisation is also always at 0% and maybe sometimes only up to 5% and analysts always say they prefer that to seeing high balances, so you shouldn't have a problem.
03-20-2013 11:16 AM
03-20-2013 02:46 PM
05-24-2013 12:05 PM
Well, I didn't provide them all the information they needed so they sent me a request for the rest of the info.
So, I am going to resend the limit increase request with the rest of the info along with a request for a 25k limit.
Let's see what happens, lol
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