05-10-2010 02:29 PM
Do all credit cards take 7-14 business days to answer a credit limit increase? Will it always be a new inquiry if they do that? Do increases affect your score? Will they not offer you increases do you now have to ask for them? I am so confused. If I am going to waste an inquiry isnt better to try to obtain new credit vs up a credit limit on crappy first premier (who has helped my score tremendously) PLEASE HELLLLLPPP?
05-10-2010 02:40 PM
CLI can greatly improve your credit score as it effectively lowers your TOTAL credit utilization. Lowering credit utilization is one of the fastest ways of rapidly improving your fico score, as going from total 52% utilization to 20%, i've seen has had effects of up to 30 points! YMMV depending on your credit situation, but it's up to you to leverage the risks of having a hard inquiry and the chances of you getting approved for CLI. Many of the banks I've requested CLI with have done so without any sort of credit check, based on a reasonable bump (~30-50% increase) and very strong payment history + already low credit utilization. I generally mention when I make the request over the phone that I'd like to use the credit card more, but because of the 'low limit' i have, it's very hard to use it effectively without resulting in the card's credit:ratio getting maxed out.
Opening a brand new line of credit, even though you lower your utilization, can likely decrease your fico score for a while. I'd recommend building up what you have an focus on increasing CLI, lowering utilization, and lowering your APR on existing cards.
Depending on the number of hard inquiries you have within the last year, a signle inquiry may only effect your score by 3 points. Lowest impact is if you have 0 recent inquiries. Good luck!
05-10-2010 02:42 PM
CLI can be immediate or take up to 14 days (depends on your credit and the bank).
Usually an inquiry (some hard, some soft)
Offers can vary also.
Have you read the terms and conditions of your First Premiere w.r.t. Credit Limit Increase. First Primiere usually charges a big "finance charge" for increases. This is not a card you want to get an increase with. Probably much better to add another credit card. Tell us more about what you have (Date ooened, CL, balance) and we can help pick one.
05-11-2010 04:29 AM
Currently I have (2) two hundred limit cards, First Premier and Credit One, I have had FP for almost 1 year and Credit One 2 months. My score from My Fico EQ is 681
My transunion and experian was around 623 a month ago (from when my LO pulled my credit) But I believe they are much higher as my score tanked when I recently took out the second credit card that reported a high balances (Ugh thanks Credit One) SO I paid it down and saw an instant increase with my Equifax score. Although I have 3 baddies on my credit report (Ex & Tu) and none on Equifax. I use the cards PIF every month or leave a tiny balance $10 or $15 bucks between the two. I just want better offers or higher limits! I do have a bunch of inquiries from last year and earlier this year so before I knew how bad inquiries are. The ones from last year although not going to fall off should not hurt my score much now. But I do have 3 or four from this year alone. I applied for a home loan, opened a new account with Wachovia, and tried for a credit card (one being credit one). I would really like the following cards, Home Depot ( I am TRYING to buy a house) Walmart, Quicktrip gas card and a citiforward for fun stuff. Now since I am currently in underwriting I cant open any new accounts or pay off any of the 3 baddies. (one BOA $715, WAMU $130 & an account I refuse ot pay because its not mine for $296) Not much but again I am in underwriting and the LO said not to pay so here I am! Aching to build my credit, wanting a higher limit somewhere
and stuck! Oh and Capital One after many declined applications sent me a offer for a secured card...lol. It is so hard to obtain credit. I am open to it but I cant open any new accounts. At least with that card I can have a higher limit at my choice! I am currently living in crappy card toy limit hell. But on the PLUS side last summer I had literally a zero credit score and FP did help although I probably should have went the secured card route. But hey I am trying to buy a house and that wasnt possible last summer. What a difference 1 year and a FP card makes!
05-11-2010 05:11 AM
Don't hold your breath on getting a CLI from FP. I heard they only give you $100 a year if that an you have to pay $25 for that.
05-11-2010 06:17 AM
You should start seeing better offers after your home purchase, (at least I did), and also see a nice score boost after a couple months of mortgage payments.
05-11-2010 06:18 AM
I have been rebuilding my credit for 2 1/2 yrs. I have 2 First Premier Cards after a year I got $200 increase went from $200 CL to $400. They did not do a hard pull on my credit report for this card. I did pay $25 fee. In March I requested a CLI got the 7-10 day message. I forgot about and I notice they increased it to from $300 to $450 with a hard pull on my TU as my other reports were frozen. I did have a 30 day late that they refuse to remove from 2 yrs ago on this card but have been paying on time since. I really don't use these cards anymore just for small purchases to keep it active as I am not feeling all the fees but it helps with my AAOA and its been recommended not to close them. I hope that helps. Good Luck and keep trying.
05-11-2010 06:26 AM
I had a Credit One card for nearly 5 years. This card helped in improving my scores tremendously. You can call the ph# on your statement & go through the prompts & request a CLI. Whether I had a balance or not, I was always approved. Never a hard Inq & for $100 every time. I did this at first, every 6 mos...then I went at 5....then once at 4 (this was well into my 4th year). Approved every time.
Time to hit that phone line LUV BUTTON!!!
07-11-2012 11:05 AM - last edited on 07-11-2012 03:25 PM by MarineVietVet
Hi my name is Edited im writing because im requesting an increase
Please don't post personal information in the public forums - MarineVietVet, myFICO moderator
07-11-2012 11:07 AM - last edited on 07-11-2012 03:25 PM by MarineVietVet
Hi my name is Edited im writing because im requesting an increase
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