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Credit Limit Increases, hows & whys?

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Anonymous
Not applicable

Credit Limit Increases, hows & whys?

I don't plan to ask for these now but want to know for future knowledge.
 
Do CLI's involve a pull of your credit report?
 
Is it a soft or hard pull?
 
What about  asking the APR be lowered? Is credit pulled for that?
 
Is the main reason for CLI's to decrease your debt to credit ratio?
 
I get a little confused on this stuff.
 
Thanks,
Eventually
 
 
Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Credit Limit Increases, hows & whys?



Eventually wrote:
I don't plan to ask for these now but want to know for future knowledge.
 
Do CLI's involve a pull of your credit report?
Sometimes hard sometimes saoft depending on the issuer but they generally let you know ahead oftime if they will require a new credit report and you can always ask
 
What about  asking the APR be lowered? Is credit pulled for that?
Usually not.
 
Is the main reason for CLI's to decrease your debt to credit ratio?
Depends.  Me I may request an increase for that reason or if it is a card I would like to use more, I may ask just to keep uti on that card down.
 
I get a little confused on this stuff.
 
Thanks,
Eventually
 
 



Message 2 of 10
MidnightVoice
Super Contributor

Re: Credit Limit Increases, hows & whys?



Eventually wrote:
.
 
Do CLI's involve a pull of your credit report?
 
Is it a soft or hard pull?
 


Usuall a hard pull.
 


Eventually wrote:
 
What about  asking the APR be lowered? Is credit pulled for that?
 


I believe so (hard).  So ask for both at the same time  Smiley Happy
 


Eventually wrote:
Is the main reason for CLI's to decrease your debt to credit ratio?
 
I get a little confused on this stuff.
 


Either that or to get further in debt  Smiley Very Happy



The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 3 of 10
Anonymous
Not applicable

Re: Credit Limit Increases, hows & whys?

Thank you Brammy, I appreciate it.
 
I may look into some CLI on down the road on some of my accounts.  Not going to do anything now that requires any further pulls.   I don't need extra credit but I would like to up some of my low CL's eventually in case I have to carry a higher balance like I am having to do on my Carecredit right now.
 
Thanks,
Eventually
Message 4 of 10
haulingthescoreup
Moderator Emerita

Re: Credit Limit Increases, hows & whys?


@Anonymous wrote:

I don't plan to ask for these now but want to know for future knowledge.
Do CLI's involve a pull of your credit report?
Is it a soft or hard pull?
What about asking the APR be lowered? Is credit pulled for that?
Is the main reason for CLI's to decrease your debt to credit ratio?
I get a little confused on this stuff.
Thanks,
Eventually



I asked for a CL increase on my USAA AmEx card and was deeply startled to get it. I have now realized that it will be perfect for an upcoming remodel, since I get a point for every dollar I charge, wherever I use it. Then I can pay it off with my line of credit. So I plan to churn a LOT of appliances, flooring, cabinetry and windows through this card.

If you have a points card and could get a CLI, this might be a reason to do so. I would like to say that this was carefully planned and analyzed, but it is just something that dawned on me after I got the new $30K CL. sheer dumb luck!

I didn't get a hard inq, but they had just done one a week or so ago for the HELOC, so I guess they didn't need one. It was done late at night by clicking a button, so no human took the time to refer to my report.

I asked for drops in my APR this past spring after seeing that my mostly-unemployed college senior had a rate half that of mine. They dropped the rates on both my cards to 9.25%; no inqs. This was all USAA; YMMV.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 10
Anonymous
Not applicable

Re: Credit Limit Increases, hows & whys?

I have gotten CLIs on three cards this month by request and not one hard pull.
Message 6 of 10
oneloveforall_2000
Frequent Contributor

Re: Credit Limit Increases, hows & whys?



@haulingthescoreup wrote:

@Anonymous wrote:

I don't plan to ask for these now but want to know for future knowledge.
Do CLI's involve a pull of your credit report?
Is it a soft or hard pull?
What about asking the APR be lowered? Is credit pulled for that?
Is the main reason for CLI's to decrease your debt to credit ratio?
I get a little confused on this stuff.
Thanks,
Eventually



I asked for a CL increase on my USAA AmEx card and was deeply startled to get it. I have now realized that it will be perfect for an upcoming remodel, since I get a point for every dollar I charge, wherever I use it. Then I can pay it off with my line of credit. So I plan to churn a LOT of appliances, flooring, cabinetry and windows through this card.

If you have a points card and could get a CLI, this might be a reason to do so. I would like to say that this was carefully planned and analyzed, but it is just something that dawned on me after I got the new $30K CL. sheer dumb luck!

I didn't get a hard inq, but they had just done one a week or so ago for the HELOC, so I guess they didn't need one. It was done late at night by clicking a button, so no human took the time to refer to my report.

I asked for drops in my APR this past spring after seeing that my mostly-unemployed college senior had a rate half that of mine. They dropped the rates on both my cards to 9.25%; no inqs. This was all USAA; YMMV.


why us a line of credit when you can just use cc, line's of credit, use up the money on your house. always use someone else money...
Message 7 of 10
Anonymous
Not applicable

Re: Credit Limit Increases, hows & whys?



@oneloveforall_2000 wrote:




why us a line of credit when you can just use cc, line's of credit, use up the money on your house. always use someone else money...




The problem is that using someone else's money usually involves paying that someone else for the privilege.

And the whole "use up the money on your house" is the mentality that got us into the mortgage crisis and debt crisis we are in today.
Message 8 of 10
haulingthescoreup
Moderator Emerita

Re: Credit Limit Increases, hows & whys?

I have a HELOC to pay for home repairs and improvements, as it was meant to do. The amount is for a little over half the equity in our home. I think we'll be OK.

Message Edited by haulingthescoreup on 10-07-2007 04:58 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 9 of 10
Anonymous
Not applicable

Re: Credit Limit Increases, hows & whys?

Unfortunately one of my favorite cards that I would like to get more use of, ALWAYS does a hard which explains why it sits at a 1500.00 CL.    I hate it cause it means that I can't even put one month's cahrges on it without putting it over that magic 50% mark so its rarely used.  Maybe I will ask on renewal in May.
Message 10 of 10
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