For two of the three credit cards I have, the issuers (Schools First FCU and Chase) will not increase my credit limit without a hard inquiry into my credit. I haven't had any inquiries in the past year, so I am wondering if it would be beneficial to go for the inquiry and increase my limit (which would help my overall credit utilization), or if it is better not to take the inquiry hit and just stay with the limit I have now.
Out of the two cards, one I hardly use at all, and the other I use quite frequently, but never enough to go over 20% utilization. My other cards carry a $0 balance. Can anyone offer some insight here as to what would be the best route toward improving my score? As a caveat, I plan on making a home purchase (thus applying for a mortgage) within a year, so which method will be most beneficial toward qualifying for a mortgage when the time comes?
That all depends. What are your current credit limits on those cards? If they are low, I say go for it.
I had a Chase that started off as a $1000 credit limit. I requested a CLI which required a hard pull, and now it's at $10,000!