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?
Re: Requesting Limit Increase and Credit Inquiries
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!
American Express Blue Cash Everyday $6600 Barclays US Airways Premier World Mastercard $14500 Chase Sapphire Preferred $5000 Chase Freedom Visa $1000 Chase United Explorer $8500 Citi AAdvantage Platinum Select Visa Signature $7500 Citi ThankYou Premier World Mastercard $7500