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Credit Line Increases

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paramed3
Regular Contributor

Re: Credit Line Increases

Yea I've lived by those rules now almost 10 years. Those first 2 are unreal to help you.

I wonder why so many put an empassis on CLI I don't care if I do have 25k on one card I sure will never carry a 2500 10% balance over 1 month. I have noticed this. I let a girl use my quicksilver card for furniture 12,000 and she paid me cash. I let it stay out there 3 if 4 months and paid like 3000 a month. You have no idea how it affected my FICO. First a huge dip 75 points but as I paid it in large chunchs it screamed upward. After I paid it off and I had money from her I could have first month my FICO went from a drop od 703 - 718 to 808 800 and 798 last month. I wanted to see what it would do to charge that much and pay huge payments on it.
Starting FICO Score 2007: >> >> 533 -- God those were some Dark Days !!
Current >>>> 9-29-15 - (Experian 800 FICO-8 - (Equifax 798) - ( Transunion 808 )FICO Goals: 820-830 For all 3 or above
Ultimate Fico 850 x 3 Even if for a week Just to say I crawled out of the sewer and trust me it was the pits. I could not borrow a cent
Message 11 of 17
paramed3
Regular Contributor

Re: Credit Line Increases

I experiment like this a lot. Then after all paid I hit all credit cards up for CLI got total of 5300. Not bad should have been better. One wanted hard inquiry I said naw I'll let you give me one. The quicksilver raised from 6000 to 8000 the balance on us air card wanted a hard Inquiry. I probably could have raised that card to 15k now at 10 but did not want to carry that inquiry 2 years with 2 due off in 10 to 12 days leaving only 1 that is 1 year old Dec 17th as well.

They should teach FICO scoring and credit in HS
Starting FICO Score 2007: >> >> 533 -- God those were some Dark Days !!
Current >>>> 9-29-15 - (Experian 800 FICO-8 - (Equifax 798) - ( Transunion 808 )FICO Goals: 820-830 For all 3 or above
Ultimate Fico 850 x 3 Even if for a week Just to say I crawled out of the sewer and trust me it was the pits. I could not borrow a cent
Message 12 of 17
amakol
Regular Contributor

Re: Credit Line Increases

Security.

 

My usual spending pattern is to report no more than $1000 per month and PIF after statement cuts. Because of a temporarily low income, my balances are up to over $7000.

 

2 years ago when my total CLs were around $10K this 70% utilization would have tanked my FICO and put me in trouble with my creditors. Now, I don't think I've seen my score move more than 5 points from 1% to 7% utilization. It provides a peace of mind and safety against changing financial situations.

 

Other than that, for some people it's pride and for others it's a high score to test what the limit is.

EQ 740 FICO, 4 INQ | EX 736 FICO, 5 INQ | TU 745 FICO, 5 INQ | CL $175K | AAOA 4 Years
Message 13 of 17
paramed3
Regular Contributor

Re: Credit Line Increases

To me it's a little of both. After great fico all my life then falling in a pit the pride of doing it working at it is rewarding and to know I went from no on credit card applications to now I have over 30k in CLI makes you feel like you corrected a lot of mistakes. As far as the limit yes I like to see what I deserve having again paid my bills perfect for 10 years. I want to have 50k in cl I just hate to hard inquiry to get the discover or BOA or Amex blue now that I actually qualify. It's been years since I qualified for those cards The 3rd inquiry I have is where I went to bank for installment loan and told her don't have me unlock my credit files unless you are positive I Qual for the loan. She did and turned me down. I was furious is not the word. I called bank president and he would do nothing. I was out by 5% debt to income. It cost me a hard Inquiry for nothing. Other 2 coming off this month where I bought my new Toyota truck 2 years ago.
Starting FICO Score 2007: >> >> 533 -- God those were some Dark Days !!
Current >>>> 9-29-15 - (Experian 800 FICO-8 - (Equifax 798) - ( Transunion 808 )FICO Goals: 820-830 For all 3 or above
Ultimate Fico 850 x 3 Even if for a week Just to say I crawled out of the sewer and trust me it was the pits. I could not borrow a cent
Message 14 of 17
languedoctor
Valued Member

Re: Credit Line Increases

Regarding the benefits of higher limits . . .

 

FICO isn't the only benefit.  I've been told by people I trust that higher credit limits are beneficial for credit decisions that are reviewed (as opposed to computer-automated).  In other words, a $12k card and a $9k card will make a better impression than seven $3k cards.

 

I've also seen some evidence of this.  I got approved for Chase Freedom and BofA Cash Rewards within a few days of each other, with the Chase card having a $2800 higher limit than BofA.  I asked BofA for a $3k increase, and they approved me for $2800.  Not quite what I asked for, but exactly enough to match Chase. I wonder if I'd have received the same response if the comparison had been different (say, if Chase had been $2800 lower, instead).

 

Again, I don't know this for a fact.  It's just something I filed under trusted advice.  And the BofA CLI could have been a coincidence (though I know it was handled by a human, because I was on the phone with her).

 

Others' experience may be different.

Barclay's Aviator Red | Bank of America Cash Rewards | Chase Freedom | Citi AAdvantage Platinum Select | Discover It
(too dumb to figure out images)
Message 15 of 17
Anonymous
Not applicable

Re: Credit Line Increases

you aren't understanding my statement. yes, you're correct in that higher limits "CAN" attract higher limits but it doesn't affect the SCORE.
Message 16 of 17
gdale6
Moderator Emeritus

Re: Credit Line Increases

Several posts has been removed from this thread for violations of our TOS and FSR policies. I want to remind everyone that you must post in an FSR manner I thank you for your understanding on this and to those of you who are I thank you.

 

http://ficoforums.myfico.com/t5/Credit-Cards/Forum-Etiquette/td-p/2905196

 

gdale6

myFico Moderator

Message 17 of 17
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