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Anonymous
Not applicable

credit card limit

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.

Message 1 of 9
8 REPLIES 8
Elcid89
Contributor

Re: credit card limit


@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.

 

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

Message 2 of 9
nuggets321
Frequent Contributor

Re: credit card limit

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'

TU-721 (MortgagePull) EQ- 697(MortgagePull ) EXP 693(MortgagePull) FWEB 24,2015
My Wallet : Dicover More 35,500 CL -Amex Zync NPSL -WellsFargoRewards4800 - -CapOne 3000CL -GEMBWalMart 5000CL - Zales 4000CL-Kays 2900--Macys 5000CL /SSFCU 5000CL / CitiBank Diamond Pref 15000CL - CHASE Freedom 13500CL -Lowes 10,000 CL - BBuyStoreCard 10,000CL Sears Store Card (Citi) 3000 - Firestone CFNB 1400 Toyota Financial $35,000 Auto -2200DiscountTire(GECRB) Citi TY Preferred 8100CL - Chase Slate$4000-BofA15000-ToyotaRewardsVisa$10,700 -BofA$8500 AMEX BCE 9,500
Message 3 of 9
scientifics
Frequent Contributor

Re: credit card limit

+1 on the HP! Chase ALWAYS does a HP for a CLI!

Message 4 of 9
Epcot
Valued Contributor

Re: credit card limit

Congrats on the great scores! My experience has also been HP for Chase customer initiated increases.

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 849 EX 835 TU 841
Message 5 of 9
TheConductor
Established Contributor

Re: credit card limit

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. 

 

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12), Total CL $1k on 2 TLs
Current: EQ 709 (CCT 2/4/15), EX 704 (CCT 2/4/15) , TU 702 (CCT 2/4/15), Total CL $110.3k on 14 TLs Goal: 740+ x3
My Wallet: Amex BCP $30k, Chase United Explorer $16k, Amex SPG $13.5k, Barclaycard Ring MC $12.5k, Chase CSP VS $12.2k, Discover it $10.5k, C1 Venture VS $6.5k, Chase Slate $3.5k, Amex Hilton Surpass $2k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Citi BestBuy $500
My Loans: Prosper $25k/36mo, Prosper $17k/36mo
My Business: Chase Ink VS $5k, Amex BRG NPSL (> 10k),
Message 6 of 9
distantarray
Established Contributor

Re: credit card limit

+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.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Message 7 of 9
Anonymous
Not applicable

Re: credit card limit

wow thanks for the generous advice. i will follow through with the idea of adding a new credit line.

Message 8 of 9
Cadillac-XTS
Established Contributor

Re: credit card limit

Good luck

Message 9 of 9
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