Reply
Regular Contributor
Posts: 155
Registered: ‎04-04-2011
0

Requesting Limit Increase and Credit Inquiries

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?


Starting Scores (lender pull 3/27/10): 759 (EQ), 752 (TU), 749 (EX)
Current Scores (myFICO 4/4/11): 768 (EQ)
Goal Scores: 800


Take the FICO Fitness Challenge
Established Contributor
Posts: 519
Registered: ‎05-09-2008
0

Re: Requesting Limit Increase and Credit Inquiries

[ Edited ]

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
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.