Credit Card Center Advertiser Disclosure†
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...
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.