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LIMIT INCREASE QUESTION ?

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Anonymous
Not applicable

LIMIT INCREASE QUESTION ?

Hi,

 

Please help me with this questions :

 

I have 2 credit cards  capitalOne with $  6500 limit on it and I owne about $ 200  balance, and Amex  card with $ 1000 balance on it and limit about $ 3000.

 

I am trying to increase my credit score so what I should do ?

 

Do I ask for incress on my credit cards limits and how hard to get the incress ?

 

What us I should do please ?

 

I have a home loan and no car loan.

 

Thanks so much

Message 1 of 19
18 REPLIES 18
Anonymous
Not applicable

Re: LIMIT INCREASE QUESTION ?

To maximize your score I would recommend a third card.  Only allow one card to report a ballance less than 10% of it's limit and pay the other two off in full just before the statements cut.  You can also pay down you American Express card down to 10% and request a 3xCLI to aid your utilization.

Message 2 of 19
tntexans72
Valued Contributor

Re: LIMIT INCREASE QUESTION ?

Since you already have a mortgage and not looking to get an installment loan, I would consider adding 1-2 more cards...maybe add a Chase, Citi to name a couple. Op will chime in good luck. 

Message 3 of 19
taxi818
Super Contributor

Re: LIMIT INCREASE QUESTION ?

Asking for increase would lower your utilization and bring your sscore up. also paying your card down. Which in this case is leave small balance on 1 card. You could get another card. but honestly 3 cards are not really necessary. it helps mostly with utilizatin. Not sure how much a boost you would get but it would go up for sure.

Message 4 of 19
tntexans72
Valued Contributor

Re: LIMIT INCREASE QUESTION ?

CL: 9500

util: 1200

 

You are right around 15% util or so which is good. Sometimes the banks will not risk anymore credit exposure with you. Only way to find out is requesting a cli. Alternative is to open more trade lines. You don't need a new house? Auto loan? That's the quickest way to increase your limit IME. 

Message 5 of 19
SouthJamaica
Mega Contributor

Re: LIMIT INCREASE QUESTION ?


@Anonymous wrote:

Hi,

 

Please help me with this questions :

 

I have 2 credit cards  capitalOne with $  6500 limit on it and I owne about $ 200  balance, and Amex  card with $ 1000 balance on it and limit about $ 3000.

 

I am trying to increase my credit score so what I should do ?

 

Do I ask for incress on my credit cards limits and how hard to get the incress ?

 

What us I should do please ?

 

I have a home loan and no car loan.

 

Thanks so much


By increasing your limit you decrease your utilization, which increases your score.

And both Capital One and Amex are soft pull.... i.e. no 'hard inquiry' on your credit report.

So merely click on the link and apply online for a credit limit increase on both cards.

It's not necessary to add another card.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 6 of 19
Anonymous
Not applicable

Re: LIMIT INCREASE QUESTION ?

1. Get a cli on your amex first. 3x
2. Let the new limit report. Ur score will go up.
3. Let amex report balance
4. Pay off cap one.
5. Ur score will go up more.
Message 7 of 19
tntexans72
Valued Contributor

Re: LIMIT INCREASE QUESTION ?


@SouthJamaica wrote:

@Anonymous wrote:

Hi,

 

Please help me with this questions :

 

I have 2 credit cards  capitalOne with $  6500 limit on it and I owne about $ 200  balance, and Amex  card with $ 1000 balance on it and limit about $ 3000.

 

I am trying to increase my credit score so what I should do ?

 

Do I ask for incress on my credit cards limits and how hard to get the incress ?

 

What us I should do please ?

 

I have a home loan and no car loan.

 

Thanks so much


By increasing your limit you decrease your utilization, which increases your score.

And both Capital One and Amex are soft pull.... i.e. no 'hard inquiry' on your credit report.

So merely click on the link and apply online for a credit limit increase on both cards.

It's not necessary to add another card.


 

Sorry...wow! You have a lot of CC I see. I must catch up! Lol ok back to the original thread. 

Message 8 of 19
Anonymous
Not applicable

Re: LIMIT INCREASE QUESTION ?

Hi,

 

I just want to thank evrybody for the help and the responds to my question.

 

Sorry I just forgot to mention that I do have a store card that the limit on it is $ 700  and the balance on it is $ 300  so I did not know if it will make any different to my sutation ?

 

What do you think now ?

 

Thanks again

Message 9 of 19
Anonymous
Not applicable

Re: LIMIT INCREASE QUESTION ?

PIF the store card.
Message 10 of 19
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