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I recently checked my score with TU and believe it or not I,m a member of the 800s club. I have 2 credit cards, one with Chase ($8k limit) and the other a credit union student credit card ($k limit).
If I request Chase for a larger limit. Will their credit inquery drop my score? Will having a larger limit increase or lower my score? Oh there has been no inqueries since 2010.
@Anonymous wrote:I recently checked my score with TU and believe it or not I,m a member of the 800s club. I have 2 credit cards, one with Chase ($8k limit) and the other a credit union student credit card ($k limit).
If I request Chase for a larger limit. Will their credit inquery drop my score? Will having a larger limit increase or lower my score? Oh there has been no inqueries since 2010.
If you haven't requested an increase from Chase for a while and they haven't auto increased, it should just be a soft pull, which won't hurt your score.
Not to argue, but a Chase supervisor stated that ALL customer initated CLI's result in a hard pull.... an auto cli would just utilize a soft pull. Each time that I have asked for a Chase CLI it has resulted in a hard pull (even the same day I got approved and then upon activation) ...... just sayin'
+1 on the HP! Chase ALWAYS does a HP for a CLI!
If I were you, I think I'd spend that hard pull on an app for a third card. The standard wisdom is that 3 open accounts is better than 2 for FICO scoring, and the new line of credit would probably be at a substantially high credit limit given your score, so your utilization could also improve significantly.
Yes, the inquiry will reduce your score slightly in the short term, but it will be worth it for the long-term benefit to your credit score and profile.
My recommendation is to apply for the AmEx revolver of your choice. That will drive a stake in the sand so you can take advantage of AmEx backdating on future AmEx applications.
+1 on the Amex app, and yes getting another credit card will probably drop your credit score.
1 inquiry usually costs 2-5 points off your credit score for 1 full calender year off your Fico score, then your new card will lower your AAOA
AAOA accounts for 15% of your credit history. but adding a new line and since you'll probably be approved for a generous line of credit it will however help you maintain your Fico more consistantly since it should reflect a much higher credit limit and with a new limit it'll be harder to max out etc. 35% of your scores are based off utility.
Of course being in the 800 club is nice, but it's nice to get new cards that will reward you much more than staying in that 800 club. Remember that there are cards like Amex BCP which will save the average person close to $600 a year, that's from about $110 of groceries a week, $65 gas week, $100 MONTH department store. at 6% groceries 3% for other two.
Of course nice sign on bonuses help as well, like Chase Sapphire with $500 worth of travel, or Amex PRG for 50,000 points on sign up etc.
wow thanks for the generous advice. i will follow through with the idea of adding a new credit line.
Good luck