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How will my credit score be impacted?

Established Member

How will my credit score be impacted?

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!

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3 REPLIES
Valued Contributor

Re: How will my credit score be impacted?

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?

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
Message 2 of 4
Established Member

Re: How will my credit score be impacted?

Yes a credit line increase. I've had the b of a since '08
Message 3 of 4
Valued Contributor

Re: How will my credit score be impacted?

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. 

Equifax My FICO score 814 11/29/2016, Discover TU FICO 807 12/29/2016 Citibank Equifax Bankcard FICO score 827 12/27/2016 Average of Accounts 13 years and no Installment accounts, 1 TU inquiry in 2015
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