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Frequent Contributor
xiownthisplacex
Posts: 258
Registered: ‎08-29-2011

Increase Credit Limit

If I ask to raise my CC limit, will it be considered a hard inquiry on my credit?


Starting Score Myfico EQ: 676 08/11/2011
Current Score: Citi EQ Pull: 745 Walmart TU08: 750 AMEX EX Pull: 745 1/21/2013 Goal Score: 780+
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Contributor
thebanjoman
Posts: 76
Registered: ‎07-30-2011

Re: Increase Credit Limit

It varies from lender to lender.  Some, like Chase, almost always do a hard pull for a customer initiated CLI.  others, do CLIs based on soft pulls.  Call 'em up and ask.

Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Increase Credit Limit

Yes, call them and ask.  But also, you should generally be prepared for the possibility that it will be a hard pull if you are going to do it.  CSRs don't always know what they are talking about.  There are lots of instances of people being told it would be a soft and then they end up with a hard pull.  So I tend not to ask for a CLI unless I am prepared for a hard inquiry.  I consider it a bonus when it is a soft.

 

 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Valued Contributor
debtisgood
Posts: 1,126
Registered: ‎03-25-2008

Re: Increase Credit Limit

Does your card have an automated system online that will give you an instant answer? My Citi card did and the one time I asked for a CLI the automated system only did a soft pull. If its automated and it was soft once it is a good bet it normally is!

Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Increase Credit Limit


debtisgood wrote:

Does your card have an automated system online that will give you an instant answer? My Citi card did and the one time I asked for a CLI the automated system only did a soft pull. If its automated and it was soft once it is a good bet it normally is!


To clarify, I agree with this.  I agree that it is worthwhile asking here and that there are lenders for which  you can get a pretty good idea.  Main point was that frontline CSRs often don't understand the ins and outs of credit scoring nearly as well as people on these boards.  So you may ask a lender whether they do a hard pull or soft and be told soft only to then see a hard inquiry on your reports.  The CSR isnt' lying to you.  They just don't know, are poorly trained, etc.  So if there's any doubt, it's a good practice in my opinion to assume it will be a hard.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Established Contributor
JonStur
Posts: 902
Registered: ‎12-25-2010

Re: Increase Credit Limit

Have to agree with Walt_K.. It seems like most of the time a customer initiated CLI is hard pull especially with bank cards, it seems Dept Store cards soft more.. I could
Be wrong tho....

Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Frequent Contributor
xiownthisplacex
Posts: 258
Registered: ‎08-29-2011

Re: Increase Credit Limit

Thanks for the help everyone!

I currently have a Capital One Rewards card, but only with a $500, so I want to increase it in order to keep my ratio down. I have a secured card with them for a while and never missed a payment, so i don't know why they only gave me a $500 on this one.

On a side note, I have 7 inquiries since 1-1-11, should I risk asking for a limit raise?


Starting Score Myfico EQ: 676 08/11/2011
Current Score: Citi EQ Pull: 745 Walmart TU08: 750 AMEX EX Pull: 745 1/21/2013 Goal Score: 780+
Hover over image to see limits

NPSL$1,000$9,500$9,500$5,000$5,000$5,500$6,500$5,300$9,000$5,500$4,200$1,200$1,900$1,600$1,600
New Contributor
tuffluck
Posts: 75
Registered: ‎08-18-2009

Re: Increase Credit Limit

definitely not worth it.  2-3 INQ a year max if you can help it.  unless they can confirm it will be a soft pull and not a hard pull.

Frequent Contributor
SevenNEW
Posts: 447
Registered: ‎08-24-2011

Re: Increase Credit Limit


xiownthisplacex wrote:

Thanks for the help everyone!

I currently have a Capital One Rewards card, but only with a $500, so I want to increase it in order to keep my ratio down. I have a secured card with them for a while and never missed a payment, so i don't know why they only gave me a $500 on this one.

On a side note, I have 7 inquiries since 1-1-11, should I risk asking for a limit raise?


You can try the 'luv' button on the web site, on which Cap 1 inmates joke a lot in this forum. If it gives you no love -- which is the rule -- you should not call, because the CSR is simply going to say what you read on the site. (Unless they do things differently with Rewards cards, which is perfectly possible.) At any rate, my experience is that calling Cap 1 never originated a hard pull -- heck, they never even listen to my request!

SevenNEW, Zen Gardener - "Think about it, the garden is better than the Orchard!!"
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Established Contributor
JonStur
Posts: 902
Registered: ‎12-25-2010

Re: Increase Credit Limit

Cap1 generally doesn't give customer initiated CLI's but give them a call anyway..maybe lady luck will smile on you..

Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K

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