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what do u want? new credit card or credit limit increase

New Contributor

what do u want? new credit card or credit limit increase

i just have a curious question to ask people in the group.

 

Let assume both require a hard pull, do you rather want a increase in limit or a brand new card?

 

if possible, please also state your reason.

 

thanks. 

HSBC PREMIER WORLD MASTERCARD- 12000 LIMITS, PENFED- 2500 LIMITS, DISCOVER IT- 10000 LIMITS, CHASE FREEDOM- 3500 LIMITS, USAA MASTERCARD- 6500 LIMITS, CHASE SAPPHIRE- 7000 LIMITS, AMEX BLUE CASH EVERYDAY- 8000 LIMITS, US BANKS VISA PLATINUM- 5000 LIMITS, BARCLAY REWARD- 1500 LIMITS, WELLS FARGO VISA SIGNATURE- 5000 LIMITS, NORSTORM VISA- 5000 LIMITS, SUNTRUST- 1500 LIMITS




29 REPLIES
New Contributor

Re: what do u want? new credit card or credit limit increase

I just got 2 new cards. So I would prefer the CLI on my current. I am planning on gardening for a year to let my cards age before I look for anything new
Starting Score (July 2013) Exp 665 Equ 658 TU 660
Current Score (Feb 2015) Exp: ??? Equ: 765 TU: 776


Amex BCE ($12,000) Discover It ($7,400) Cap1 Cash Rewards ($2,250) Cap1 Platinum ($4,500) Express Next ($1,450)
Valued Contributor

Re: what do u want? new credit card or credit limit increase

Well i guess it depends on what I have vs what card I want. 

 

If it's a card on my list - CSP, BCE, United Club, then i'll take the new card, otherwise I'll take a CLI.


   3/12 $3500     6/12 $1200      10/12 $1500   12/12 $3400    6/13 $12000      7/13 $5000      7/13 $2500       8/13 $2000    8/13 $6000

  | CSP (AU) $12,000 | Amex PRG (AU) | United $6,000 | OCCU $12,000 | Ink Bold | GM $3,200 | DCU $7500 | Luthansa $9000 | SPG $6,000 | Citi AA Executive $11,000 | Ink Plus $5,000                                                                         | EX 2/7 697 | EQ 10/27 721 | TU 12/15 719 |

New Contributor

Re: what do u want? new credit card or credit limit increase

If the CLI difference and new card CL are the same, and the new card offered nothing worthwhile, I'd say a CLI, since it should only positively affect my score, whereas a new card would affect AAoA.

Freedom | BofA CR | Amex BCE | NFCU CR | CSP | Fidelity Amex | Citi AA Plat | Discover it | Amex PRG | US Airways Prem | SW RR Plus | Delta Gold | Citi Double Cash | WF Propel 360 | Chase BA
New Contributor

Re: what do u want? new credit card or credit limit increase

"I'd say a CLI, since it should only positively affect my score, whereas a new card would affect AAoA."

 

NICE point u make there, i wll take it a consideration. ...

HSBC PREMIER WORLD MASTERCARD- 12000 LIMITS, PENFED- 2500 LIMITS, DISCOVER IT- 10000 LIMITS, CHASE FREEDOM- 3500 LIMITS, USAA MASTERCARD- 6500 LIMITS, CHASE SAPPHIRE- 7000 LIMITS, AMEX BLUE CASH EVERYDAY- 8000 LIMITS, US BANKS VISA PLATINUM- 5000 LIMITS, BARCLAY REWARD- 1500 LIMITS, WELLS FARGO VISA SIGNATURE- 5000 LIMITS, NORSTORM VISA- 5000 LIMITS, SUNTRUST- 1500 LIMITS




Super Contributor

Re: what do u want? new credit card or credit limit increase

If the new card has a sign up bonus, then that is a good use of an HP.   The financial value of a CLI is hard to measure, but probably "very small".  

Moderator Emerita

Re: what do u want? new credit card or credit limit increase

Agreeing with longtimelurker. Sign up bonus, yes new cc. No sign up bonus and no rewards, CLI
Community Leader
Valued Contributor

Re: what do u want? new credit card or credit limit increase

I already have a bunch of cards.  Don't need anymore to look after.  CLI for me please... Smiley Tongue

Regular Contributor

Re: what do u want? new credit card or credit limit increase


eddie84 wrote:

I already have a bunch of cards.  Don't need anymore to look after.  CLI for me please... Smiley Tongue


Yes I agree with ^ CLI for me I have enough cards and even though i did want to carry an AMEX card
it's not something I really need ATM,  and I may have too many cards to be honest
it's a hassle juggling 4 cards and seeing the balances approach 300 makes me feel quite burdensome to PIF Smiley Very Happy


Current score TU 708, EX 686 EQ 715
Status I.T.Garden Till 08/2014
Super Contributor

Re: what do u want? new credit card or credit limit increase


mikey78 wrote:

eddie84 wrote:

I already have a bunch of cards.  Don't need anymore to look after.  CLI for me please... Smiley Tongue


Yes I agree with ^ CLI for me I have enough cards and even though i did want to carry an AMEX card
it's not something I really need ATM,  and I may have too many cards to be honest
it's a hassle juggling 4 cards and seeing the balances approach 300 makes me feel quite burdensome to PIF Smiley Very Happy


OK, I should have added that if you have a card or cards that you want to use, but with a low CL so you are paying multiple times a month, then a CLI might be a good idea (it will save you a bit of time, so there's the value!)   But otherwise....

 

As for juggling:   I have about 15 cards (some of which aren't used) and it's not a hassle.   You set auto-pay to PIF on due date, and then adjust for utilization if you want.  

 

Some here have many more cards and do detailed tracking in a way *I* would call OCD but they probably refer to as sound financial management!