Asking for Credit Increase

[Anonymous]

I'm sure this has been addressed before but I wanted to hit it again. 

When asking for a credit increase:

1) What is the average most people ask for? (i.e. $500,$1000,$5000)

2) When is the best time to ask for a credit increase? (i.e. Christmas maybe)

3) When asking for an increase a lot of cards will ask you why you would you like an increase, so I ask what is the most common answer to that question?  (i.e I'm thinking about buying new carpet and putting it on my card, or the bold option like well actually I'm just trying to increase my credit score I've always paid my card on time and I would like a higher limit so it looks better, haha/but with out the haha I just though it was funny!)

Ready GO!!!

[bichonmom]

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@Anonymous wrote:

I'm sure this has been addressed before but I wanted to hit it again. 

When asking for a credit increase:

1) What is the average most people ask for? (i.e. $500,$1000,$5000)

2) When is the best time to ask for a credit increase? (i.e. Christmas maybe)

3) When asking for an increase a lot of cards will ask you why you would you like an increase, so I ask what is the most common answer to that question?  (i.e I'm thinking about buying new carpet and putting it on my card, or the bold option like well actually I'm just trying to increase my credit score I've always paid my card on time and I would like a higher limit so it looks better, haha/but with out the haha I just though it was funny!)

Ready GO!!!

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I think what you ask for depends on where you're starting and how much you want. From my own experience and what I've read here, it's usually better to ask for more and accept their counter-offer. You can always ask the CC their policy and if they do counter. So far the ones I've done have countered.

My CU didn't ask why I wanted it; however, when I spoke to them to recon the CLI, I explained that I'd like to use the card to run all of my monthly expenses through it, but it was really hard to do with such a small limit. And also if the balance reports high util (because the CL isn't adequate), then my FICO drops. I don't know if that's the best tact; I was just being honest with them.

IME, the CLI you get it what they're willing to give. Period. But if you ask for LESS than they're willing to approve, then they may be willing to give you more than that. But you'll never know because they don't usually go over what you ask for AFAIK.

It did seem like CCs were pretty generous around Xmas, but I wouldn't necessarily want to wait till then to ask for one.

[marty56]

If you have a specific reason for the increase, like a major purchase, I would let them know that.  Also if you know when it will be PIF, then let them know as well.  In general,  I also lt  the CC know before I am going to make a major purchase as well.

[boomhower]

It really varies.  Some companies they will give you whatever the computer will allow.  Others actually have humans playing a part in the decision.  I've use the I want to put everything through and need more room reason with success. 

[Anonymous]

Ok well I don't mind elaborating a little I guess.

I read in some cases on here about people haveing huge credit limits and i'm sure they also have pretty awesome income.  But let's say I have an American Express Costo Card and it's 10,000 limit and I want to raise it to 15,000 do you think that's reasonable if my credit score has gone up recently and I tell them I want to buy some new carpet or something?

I have the same situation with a Credit Union same scenario same ammount just curious if anyone has actually had this same or simular situation and if they had any advice on it?

Thank you everyone else that already commented!

[improvingmycredit]

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@Anonymous wrote:

Ok well I don't mind elaborating a little I guess.

I read in some cases on here about people haveing huge credit limits and i'm sure they also have pretty awesome income.  But let's say I have an American Express Costo Card and it's 10,000 limit and I want to raise it to 15,000 do you think that's reasonable if my credit score has gone up recently and I tell them I want to buy some new carpet or something?

I have the same situation with a Credit Union same scenario same ammount just curious if anyone has actually had this same or simular situation and if they had any advice on it?

Thank you everyone else that already commented!

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Hey BigDaddy! 

You can ask for up to 3X your credit limit with Amex every 6 months to a credit limit of 25K.   It's a SP and it's automated so no need to elaborate on the "whys" to anyone.

I just recently got a CLI with my CU and it was a HP.  I just told them the truth about why I wanted the limit increase.  I recommend asking for the the most that you want and both the CU and Amex will counter offer if they can't approve you for what you ask.  This is my experience anyway.  YMMV.  Hope this helps.

[Anonymous]

Sweet that's exactly the type of feedback I was looking for, Thank you!!!!

[MrShush]

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@Anonymous wrote:

I'm sure this has been addressed before but I wanted to hit it again. 

When asking for a credit increase:

1) What is the average most people ask for? (i.e. $500,$1000,$5000)

I shoot for the moon. The last time I requested increases I tapped Bank of America and Barclay's Priceline Rewards Visa Signature. My BoA card was $2500 and used sporadically. I requested $10,000 online and received the message to call. I never called but they did call me. The credit analyst called me instead; she asked a few questions like income, time at job, and why. I told them I may want to take advantage of a BT offer. Approved for the 10K on a soft pull.

Barclay's was pretty much the same except I never answered the phone. My limit was $7500 upon approval and when I received the card I requested more at activation and they gave me $12,500 before I detached the card from the paper! About a year later I requested online and nothing happened. I gave it a week and tried again. I requested $20,000 (another $7500 increase--I was feeling lucky). An analyst called me but this time I didn't answer. I checked my voicemail and the rep mentioned nothing as to approval or denial. I logged on and viola--$20,000 limit with a hard pull. I can't complain about that however.

2) When is the best time to ask for a credit increase? (i.e. Christmas maybe)

 I never calculated any best time to ask. Most of my requests that required an analyst were random times during the year but if I recall they were usually in the spring and summer months.

My other requests were the clockwork 4-6 month variety with Sam's Discover, Home Depot Consumer Credit, Discover More, and so on. I have NEVER asked American Express. I don't want to play games with them just because lately they seem generous. I have a Platinum (duh, NPSL), a Blue with a $10,000 limit and a Delta Gold with a $7000 limit. I've had both for over the recommended minimum but don't use the revolvers nearly enough to justify an increase incase they decided to scrutinize my motives.

3) When asking for an increase a lot of cards will ask you why you would you like an increase, so I ask what is the most common answer to that question?  (i.e I'm thinking about buying new carpet and putting it on my card, or the bold option like well actually I'm just trying to increase my credit score I've always paid my card on time and I would like a higher limit so it looks better, haha/but with out the haha I just though it was funny!)

Most of my responses to the 'why' question was " I want to take advantage of a balance transfer offer". Only with Bank of America I told the analyst that I didn't want to max out the card with the potential transfer and the headroom was needed so my FICO didn't tank. I think she was amused that I knew my scores could possibly suffer.

Ready GO!!!

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[lazylane]

I don't feel confident enough to ask for a specific amount so I usually say ask for whatever the max that I can be approved for. When I requested an increase from Bloomingdale's I said  "with the amount of my CL, I can only get 1 or 2 items from your store" and they gave me a $1800 increase. And with my Bergdorf Goodman account I said "I would like shop at your store more but I'd like to have enough credit to shop there with" and they gave me a $500 increase I feel like I may be shortchanging myself by not asking for specific amounts. 

[Anonymous]

Well I gues we know now to just shoot for that stars hu Lazylane!