06-07-2013 08:35 AM
I am currently 24 years old. I have two credit cards a Discover it card and a Bankamericard Cash Rewards card. The discover card has a limit of $7,600 and the BOA card has a limit of $2,500. My current FICO score is a 762 as shown by transunion on the fico site. If i were to ask for a limit increase on my BOA card how much would my score be impacted? I ask that because from what I read BOA uses a hard pull when wanting to increase your limit on one of their cards. Thanks for any help in advance, I am new to the site and i am still learning!
06-07-2013 09:34 AM
I presume you want a credit line increse. The inquiry would lower your score probably 5 points or less depending your credit history. Also, how long have had the Bof A card?
06-07-2013 12:31 PM
You can ask for an increase yes. If you are asking with the thought that the higher limit help your score that depends. If the credit limit decreases your utilization yes it will help lets say from 30% to 20% yes it would. If you are talking about loweriing your utilization from 9% to 6% probably not at all. Other than that the higher credit limit by itself does not increase the score. My own personal guide to ask or not is if I am using 20% of the credit limit each month I wil consider asking / if not ask for an increase. If it is a one time event no I will not ask.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO