Should I ask for a credit line increase?

[Anonymous]

Hello,

I have a amex with a 8500 credit limit. I need $2000 of it. I will go beyond the 9% credit limit, that means I might get a hit on my score (728). Should I ask for a credit line increase so that I won't get a hit on my score? Amex will do it but they will have to pull my credit. What are my best options?

usaims

[smallfry]

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@Anonymous wrote:

Hello,

I have a amex with a 8500 credit limit. I need $2000 of it. I will go beyond the 9% credit limit, that means I might get a hit on my score (728). Should I ask for a credit line increase so that I won't get a hit on my score? Amex will do it but they will have to pull my credit. What are my best options?

usaims

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Cash advance? Don't do that. Everything depends on how long you have had the card and when the last CLI occurred. As for a cash advance with AmEx? You might as well call and ask them to do a Financial Review right now. That is the worst message you can send to any creditor. It makes it seem as if you are strapped for cash and have no other way to get it.

If you are just going to charge 2K to the card that's another story but it might be wise to pay it in full on the next statement.

[Anonymous]

It's ok to go over 10% if you PIF every month with Amex.

[wmarat]

For how long have u had this card or when did you u get CLI last time on this card. If it is 6 months + you can hit luv button and ask x3 of your current CL without hard pull.

If you carry balance on AE, make sure to pay it off within 3-4 mos period.

[tonsers]

I wouldn't do it. Going over 10% will give you a temporary drop in score, but if you pay it down quickly, you'll get the points right back. That inquiry will ding your score for a year.

[wmarat]

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tonsers wrote:
I wouldn't do it. Going over 10% will give you a temporary drop in score, but if you pay it down quickly, you'll get the points right back. That inquiry will ding your score for a year.

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I charged on my BOFA MC 25.5% and let it report, got alert 2 days ago that my FICO went up 11 pt., a reason - balance on my credit card. Go figure.

[Anonymous]

It's not as cash advance. I'm charging to fix my transimssion. I have had the card for years, don't even remember if I ever asked for a credit line increase. I can't pay if off next month, but I can pay it off in 90 days. How much of a ding in my score am I going to get?

[wmarat]

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slickwithnomoney wrote:

It's not as cash advance. I'm charging to fix my transimssion. I have had the card for years, don't even remember if I ever asked for a credit line increase. I can't pay if off next month, but I can pay it off in 90 days. How much of a ding in my score am I going to get?

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Maybe not at all, but there is always the risk that AE CLD you.

[Anonymous]

really? carrying a balance for 90 days is a reason for a CLD? that does negate a good bit of the "financing" value of a credit card. i don't think $2000 will be *that* big a deal, especially if you've had long PIF history and you know you can pay it within 90 days.

also i think if you asked for a CLI now and got approved that might make them less likely to review you right away... maybe it would count toward your automated account review so they wouldn't necessarily pull your credit right away after you got approved? i have no idea whether or not this is the case, though. just my 2 cents though.

[wmarat]

According to the posts on this board (and others too) AE is completely unpredictable and behaves like it does care about good chunk of its clientelle.