02-22-2013 02:08 PM
I wasnt sure quite which sub-forum to post this? So I figure General Topics fits for the most part.
I have a Personal Line of Credit through First CommonWealth Bank - $2,500
I have had it for about 6 - 7 months now.
Initially got it for a home project, and am in the proccess of paying it off.
normally paying more then the min. monthly based on work pay lol, and in a couple months when my auto loan is payed i'll be kicking up the monthly payments even more!
Back at the time of applying I wasnt really aware of this forum. Also was not aware of how P-Lines of Credit Reported on files. as in Revovling Credit or Loan style.
But since then I've become aware that it reports basicly like a credit card effecting my revolving credit limits.
First off, I don't know what everyone's experiance with Lines of Credit, or First Commonwealth Bank for that matter lol. But can I request a line increase? At the bank itself, through a number, whichever??
Secondly since my util. for the individual account is still on the high side, if I can should I wait to get it down more before asking?
I ask because of the way I use the line I don't want to max out / have high utility usage for the line again which can hurt my scores until I pay them down.
02-22-2013 04:15 PM
oh, nevermind i guess, I contacted customer service email, and they got back to me rather quick, quicker then anticipated actually lol. Aperently they cannot just add credit onto an existing line but must create a new esablished line of credit with a higher limit. which basicly I'm taking that would create a new hard inquiry.
I was hoping the simplier route would have been avialable, but it's not, slightly unfortunite on my part but you live you learn.
Well I think I'll just sit on what i have for now, trying to build up credit for the future. My score will rise as I pay this down and continue other good credit habits and more opertunities will open.