how to ask for an increase in credit limit

[moondog7324]

You need to manage your debt, not your debt to credit limit (Utilization)- you are setting a trap for yourself.

[Anonymous]

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@Anonymous wrote:

viola...you have a better ratio and therefore better FICO score

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That's true - however paying off $480 of your existing debt would have the same effect and honestly even getting a job in McDonalds at $7 an hour means in 68 hours of part time work (what - 4 weeks?) you could have the same utl without potential dings to your credit report from inquiries.  I just don't think you are likely to get those increases...yet.

Also the increase you are asking for it 12.5% (of that card limit) not the lower figure you mentioned

[Anonymous]

what's so bad about managing my debt AND getting a better dtclr.  I think I'm managing my debt pretty well

[Anonymous]

sus,

I'm talking about asking for a 500 dollar increase into an 8K limit.  500/8k = 6.25, right?

[kyobakes]

 if you have 4000 in cc debt already, you may want to hold off and pay it down.  You're just asking for trouble and temptation...as a college student, i once had 93% utilization...with 8700 available to me.  It was disastrous...i sold what I didn't need and am slowly working my way out of the hole.  The solution isn't a CLI, it's to pay it down.  Plus, i'd say wait atleast a year age of account before asking for any such cli.

I'd hate to cross paths with you on my way out of the credit pit as you are on your way in.  Trust me.

[Anonymous]

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@Anonymous wrote:

3) I gave them the "wrong" answer when they asked what my household income is.

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A "wrong" answer to this question is punishable with a $1000,000 penalty and 30 years in prison. Just saying .

Just give it time. And apply for a credit union like Alliant in half a year from now.

[kyobakes]

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@Anonymous wrote:
what's so bad about managing my debt AND getting a better dtclr.  I think I'm managing my debt pretty well

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If you're not going to listen to us, then get out of this forum...you have a bad attitude.  You are going to do what most young people do...and that's what pleases you.  Go ask for your CLI...but don't come crying to us when you are denied.

[Anonymous]

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@Anonymous wrote:

sus,

I'm talking about asking for a 500 dollar increase into an 8K limit.  500/8k = 6.25, right?

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For 500? Yes.

However you said:

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@Anonymous wrote:

on the other hand...(with a 1K increase in credit limit)

       debt = 4k

       cl = 9k

dtclr = 44%

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If it was $8500 limit you would have a 47% DTIR

Which in that case you only need to pay off $240 to get the same ratio.  Again at $7 an hour that's 34 hours of work... honestly even when I was doing 30 hours of school a week (18 months ago) I was still working 40 hours a week on top of that so I didn't take on any debt whilst I was in school.

You do want to manage your debt.  The problem is that you already have 4000 in debt - you want to pay that down not give yourself more room to incur more

[Anonymous]

kyobakes,

So far you are the only one I see with a bad attitude, trying to call me out like that.  I am asking legtimate questions and I genuinly appreciate everyone's advice...I really don't know what your talking about bud. If I'm coming off as defiant it's becuase I'm not sure everyone understands where I'm coming from and I want to clarify my case.  You said that I should work on paying my debt off first before trying anything else, but you are under the impression that I've racked up 4K in debt.  I merely used that number in my example to try and explain what I'm talking about.  I actually have hardly any unpaid balance on any CC.  This is why I think that this CL increase might be a good idea.  You clearly aren't a fan of this idea, I appreciate your input but please refrain from attacking

[haulingthescoreup]

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kyobakes wrote:

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@Anonymous wrote:
what's so bad about managing my debt AND getting a better dtclr.  I think I'm managing my debt pretty well

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If you're not going to listen to us, then get out of this forum...you have a bad attitude.  You are going to do what most young people do...and that's what pleases you.  Go ask for your CLI...but don't come crying to us when you are denied.

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kyobakes, I agree that OP is headed in the wrong direction, but we ask everyone here to be friendly and supportive.