When asking for a credit line increase ...

WilliamBruce · ‎05-16-2012

What percentage increease is reasonable to ask for: 25%, 50%, 100%?

beb86 · ‎05-17-2012

@WilliamBruce wrote:
What percentage increease is reasonable to ask for: 25%, 50%, 100%?

all depends...history,income,etc...AMEX has a history of allowing up to 3x the CL on the 61st day up to 25k

rootpooty · ‎05-17-2012

whos the lender your dealing with? that will help answer your question

WilliamBruce · ‎05-17-2012

It's Household Bank, current CL is $2K, since 2003. Very good payment record. Current score 664.

HoldingOntoHope · ‎05-17-2012

You can shoot for the moon as you will. Ask for whatever you desire. They will counter with what they are willing to give. Did you mean to say there has been no CLI either auto or requested by you since 2003 or that the account was simply opened in 2003. Either way they should be open to something after 9 + years of good history.

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL

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Roarmeister · ‎05-17-2012

I can't tell you where I read this advice -- perhaps from a letter from Amex after I applied for a CLI. But I believe you should not ask for anything more than a 50% increase every 6 months. YMMW.

Starting Score: EQ 732 October 2007; Current Score: EQ 839; TU 865, July 2022;
Oldest Reporting EQ Account: 20.4 years; EQ AAoA: 9.9 years;
ACTUAL Oldest account 40.1 years; ACTUAL AAoA 19.3 years.

RobertEG · ‎05-18-2012

What is the primary purpose of the CLI? To give you extra monthly spending flexibility, or primarily to improve FICO score?

If you need the extra limit to accomodate your spending, that is one thing.

If only to improve FICO score, balance on the accounts can be controlled to give the same overall % util effect as a CLI.

An intangible effect of a CLI is that it can entice additional debt. The human nature effect.

Low CLI cards kinda make you check your debt. Getting a substantial CLI can trigger more debt.

MarineVietVet · ‎05-18-2012

@RobertEG wrote:
What is the primary purpose of the CLI? To give you extra monthly spending flexibility, or primarily to improve FICO score?
If you need the extra limit to accomodate your spending, that is one thing.
If only to improve FICO score, balance on the accounts can be controlled to give the same overall % util effect as a CLI.

An intangible effect of a CLI is that it can entice additional debt. The human nature effect.
Low CLI cards kinda make you check your debt. Getting a substantial CLI can trigger more debt.

I can personally attest that all this has been true in my life.

marty56 · ‎05-18-2012

@MarineVietVet wrote:
@RobertEG wrote:
What is the primary purpose of the CLI? To give you extra monthly spending flexibility, or primarily to improve FICO score?
If you need the extra limit to accomodate your spending, that is one thing.
If only to improve FICO score, balance on the accounts can be controlled to give the same overall % util effect as a CLI.

An intangible effect of a CLI is that it can entice additional debt. The human nature effect.
Low CLI cards kinda make you check your debt. Getting a substantial CLI can trigger more debt.
I can personally attest that all this has been true in my life.

Me too. There was a time that I only cared about available credit so I new how much I could charge. Things have changed now.

1/25/2021: FICO 850 EQ 848 TU 847 EX