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Established Member
commonperson
Posts: 27
Registered: ‎09-20-2011
0

Need CC increase advice

I am near the end of the home purchase process, planning on signing on 10/3. I want to increase my credit limits on both my B of A and my Chase cards after signing but before mortgage posts to my CR. I only have one outstanding debt which is on my Home Depot Rewards MC, which as most of you know is now a dead card. The rate is really high, at 15.99 and I have received BT offers from both Chase and B of A, however, neither one has a high enough limit to transfer the balance in full.

 

If I can get a sufficiant increase should I transfer the balance or just leave it where it is and continue to pay? Is it better to leave my lines of available credit open due to the fact that I may have things arrise in my new house that need fixing? When requesting the increase does the community have any tips as to what I should say is the reason I am requesting the increase? If I request one increase right after the other on the same day will the second card see the first card's inquiry?

 

Many thanks.

New Contributor
Switch2007
Posts: 116
Registered: ‎07-26-2011
0

Re: Need CC increase advice

[ Edited ]

First off, congrats on almost closing! 

 

I recently closed on a refi for a huge home remodel project, and wondered about the same things... I waited until after the closing to apply for anything, but the mortgage reported almost immediately. We ended up getting a huge increase on our HD card to cover a purchase (12 months no interest, we'll PIF before it hits, I love free money!) Well, shortly thereafter, DH decided to get an AMEX Zync for the points and had no problem getting that (after the mortgage posted), and I also opened up a Chase Freedom for the cash back offer and the points for home improvement category they had going at that time. 

 

All that to say that if asked why you'd want the CLI, you can easily be honest. Tell them you'd like to BT from Home Depot, while leaving some wiggle room in case of unforseen emergencies. May I ask how long you've had each of those cards? Your history with each of them may be enough for them to not even do a HP. I'm not sure how either of them are with CLI's however. 

 

Hope this helps some... I'm sure someone else may be able to chime in, but BEST OF LUCK! 


Starting Score: 08/01/2009 584
Current Score: 08/01/2011 EQ 684 EX (Lender Pull) 702 TU 712
Goal Score: 780+


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Established Member
commonperson
Posts: 27
Registered: ‎09-20-2011
0

Re: Need CC increase advice


Switch2007 wrote:

First off, congrats on almost closing! 

 

I recently closed on a refi for a huge home remodel project, and wondered about the same things... I waited until after the closing to apply for anything, but the mortgage reported almost immediately. We ended up getting a huge increase on our HD card to cover a purchase (12 months no interest, we'll PIF before it hits, I love free money!) Well, shortly thereafter, DH decided to get an AMEX Zync for the points and had no problem getting that (after the mortgage posted), and I also opened up a Chase Freedom for the cash back offer and the points for home improvement category they had going at that time. 

 

All that to say that if asked why you'd want the CLI, you can easily be honest. Tell them you'd like to BT from Home Depot, while leaving some wiggle room in case of unforseen emergencies. May I ask how long you've had each of those cards? Your history with each of them may be enough for them to not even do a HP. I'm not sure how either of them are with CLI's however. 

 

Hope this helps some... I'm sure someone else may be able to chime in, but BEST OF LUCK! 


Thanks on the congrats! I have had the B of A since 02/07 and Chase since 07/08. I have asked B of A if they do a HP or SP and I get conflicting answers so I am preparing for the worst. I haven't asked Chase yet, but my gut tells me that with Chase it will be a HP. I am trying to delicately balance all of this as I usually shun away from new inquiries like the plague!


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