Credit Limit Increase Confusion

DI · ‎10-08-2009

I am wanting to increase my credit limit with State Farm.. They are wanting to do a hard pull on my report. I told the rep that its not necessary to do a hard pull when a soft pull can be made. I told the rep I am not applying for new credit.

The rep says in this economy things changes. The rep is wanting me to remove the freeze on my report to do the hard pull and make a decision. I had a freeze on all of my reports when a soft inquiry was made in July.

Isn't the data and score the same whether its a soft or hard inquiry?

Message Edited by DI on 10-08-2009 10:10 AM

Message Edited by DI on 10-08-2009 10:12 AM

Message Edited by DI on 10-08-2009 10:34 AM

DI · ‎10-08-2009

bump

creditwherecreditisdue · ‎10-08-2009

@DI wrote:
I am wanting to increase my credit limit with State Farm.. They are wanting to do a hard pull on my report. I told the rep that its not necessary to do a hard pull when a soft pull can be made. I told the rep I am not applying for new credit.

The rep says in this economy things changes. The rep is wanting me to remove the freeze on my report to do the hard pull and make a decision. I had a freeze on all of my reports when a soft inquiry was made in July.

Isn't the data and score the same whether its a soft or hard inquiry?

It is, but it doesn't matter. If it is their policy to give CLI's on a hard inquiry that's the way it is and you're not going to change it. Some institutions won't even consider giving you a CLI, some will only do it on a hard INQ (Chase) and others may require a hard or soft INQ "depending" (Citi, BofA, Discover, Macys, etc.). "Depending" usually means depending on whether or not you are willing to accept whatever CLI they are willing to give you for "free".

plasticman · ‎10-08-2009

Hi DI,

I have a State Farm CC. They seem to heavily lean toward TU pulls. They pulled a hard TU for me initially. Thus far, always soft my TU for ARs. Perhaps, if or when you decided to go forward, you can just unfreeze TU.

Just curious...Did they initially hard pull TU for you? Does State Farm always soft TU for your ARs?

As for your question, I have not yet heard/read a good reason for it. Maybe it is just to alert other lenders a change may have happened in the TL. I dunno..

edited for clarity

Message Edited by plasticman on 10-08-2009 09:45 AM

DI · ‎10-08-2009

@plasticman wrote:
Hi DI,

I have a State Farm CC. They seem to heavily lean toward TU pulls. They pulled a hard TU for me initially. Thus far, always soft my TU for ARs. Perhaps, if or when you decided to go forward, you can just unfreeze TU.

Just curious...Did they initially hard pull you? Does State Farm always soft TU for your ARs?

As for your question, I have not yet heard/read a good reason for it. Maybe it is just to alert other lenders a change may have happened in the TL. I dunno..

I had the card since 2007. My TU report was pulled then. I always got soft pulls from them when I received CLI's. They did a soft pull as early as July for a CLI. I got denied due to inactivity on my account. Since then I have made puchases and paid in full. I may need to call back and speak with another rep. That person must be new on the job.

Message Edited by DI on 10-08-2009 11:45 AM

plasticman · ‎10-08-2009

@DI wrote:
@plasticman wrote:
Hi DI,

I have a State Farm CC. They seem to heavily lean toward TU pulls. They pulled a hard TU for me initially. Thus far, always soft my TU for ARs. Perhaps, if or when you decided to go forward, you can just unfreeze TU.

Just curious...Did they initially hard pull you? Does State Farm always soft TU for your ARs?

As for your question, I have not yet heard/read a good reason for it. Maybe it is just to alert other lenders a change may have happened in the TL. I dunno..
I had the card since 2007. My TU report was pulled then. I always got soft pulls from them when I received CLI's. They did a soft pull as early as July for a CLI. I got denied due to inactivity on my account. Since then I have made puchases and paid in full. I may need to call back and speak with another rep. That person must be new on the job.
Message Edited by DI on 10-08-2009 11:45 AM

Do you have State Farm Insurance? If so, you may try finding out what you can through your agent. I initially applied through my agent because they receive some sort of bonus for the application.

I have yet to ask for a CLI. I wish I could help with first hand experience. I tell you what...I will call the State Farm CC department and see what they tell me. I will post back.

DI · ‎10-08-2009

@plasticman wrote:
@DI wrote:
@plasticman wrote:
Hi DI,

I have a State Farm CC. They seem to heavily lean toward TU pulls. They pulled a hard TU for me initially. Thus far, always soft my TU for ARs. Perhaps, if or when you decided to go forward, you can just unfreeze TU.

Just curious...Did they initially hard pull you? Does State Farm always soft TU for your ARs?

As for your question, I have not yet heard/read a good reason for it. Maybe it is just to alert other lenders a change may have happened in the TL. I dunno..
I had the card since 2007. My TU report was pulled then. I always got soft pulls from them when I received CLI's. They did a soft pull as early as July for a CLI. I got denied due to inactivity on my account. Since then I have made puchases and paid in full. I may need to call back and speak with another rep. That person must be new on the job.
Message Edited by DI on 10-08-2009 11:45 AM
Do you have State Farm Insurance? If so, you may try finding out what you can through your agent. I initially applied through my agent because they receive some sort of bonus for the application.

I have yet to ask for a CLI. I wish I could help with first hand experience. I tell you what...I will call the State Farm CC department and see what they tell me. I will post back.

Yes, I have rental insurance with them. That's a good idea! I forgot about my agent. I never had to call her.

Anonymous · ‎10-08-2009

DI I am just curious if you are financially fit why are you looking for CLI??? I follow this fourm daily and do not alway respond to questions etc. It seems to me you had a number of recent new CC on thread two weeks ago. Seeking new CLI is not financial fitness, just risky IMO. In this climate yes CLI is seeking new credit and CCC are asking for hard pull- seems valid to me.

plasticman · ‎10-08-2009

DI,

Just called the number on the back of my card. The frontline CSR stated:

1. Auto CLIs are given based on periodic reviews of CR. ( typical response IMO )

2. One is eligible for a CLI after 12 months of the card opening.

3. They will pull soft for CLIs for requested amounts under $1000

4. Requested CLIs over $1000 will require a hard pull

edited for clarity

Message Edited by plasticman on 10-08-2009 10:03 AM

Lyythine · ‎10-08-2009

I would contact your agent... My agent guarantee's me approval every time I talk to him (but I never have taken him up on that offer.)

Ive been a State Farm customer since I was 15 - So 15ish years and have Auto, rental, and Personal Property (watches, etc

and Im also a co-owner on all of my mothers accounts which she has had for over 45 years, so - I really think that they (the agent) can have a lot to do with the approval, increase, etc:

Just my 2 cents