10-03-2012 10:52 AM
So, I have already spoken with a rep at BofA and he confirmed that any credit line increase will result in an HP on my CR. Since my utilization is under 1% and I always pay off the balance each month, would there really be a benefit to me in the long run? Currently my CL is $7500 and I was thinking of increasing to $10000. Also, how long after the initial hit of the HP will it take for my score to rebound and actually see the benefit? Any advice is appreciated. Thanks all!
10-12-2012 11:43 AM
Sorry everyone, but I really am trying to figure out the best thing to do as I need to purchase a car soon, sharing with the not-soon-enough-to-be-ex is becoming strained at best, and I need to look for housing after that. My CS's are currently 665 (EX Fako), 684 (EQ) and 700 (TU). TU recently went down 4 points inexplicably. The only reason for asking for the CL increase is to have a higher CS going into the car buying process. Any suggestions would help.
10-12-2012 11:50 AM
10-12-2012 11:58 AM - edited 10-12-2012 11:58 AM
If you are looking for a house and/or a car, STOP.
A recent HP will look unfavorably on mortgage and to some extent auto loans.
10-12-2012 12:32 PM
I don't think a higher CL would help your fico unless you need it for utilization
It might. When I requested and got an increase on my Walmart Dicover card from $2800 to $5800 my credit score went from 806 to 811. There were no other changes to my credit history. And my util was <1% during that time frame.
The Walmart Discover was and still is my lowest CL card. I think the increase was due to raising my average CL per card. Any change to util would have been negligible.
10-12-2012 02:43 PM
Thank you for your responses. My initial thinking was that a CLI would possibly bump my scores up enough to qualify for a lower interest rate. I understand the initial HP would decrease my scores but should bounce back. I will be looking at purchasing a car in the next 3-6 months. Yes, I would rather use the better scores for a home purchase but I need a vehicle to get around to look at homes, so...yeah...
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