asking for a credit line increase

oracles · ‎08-18-2007

I got a new credit card 10 months ago. I have been paying the minimum due and never been late. when is it a good time to ask the CC company for a increase in credit. Thanks and BTW, this site is the best

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fused · ‎08-18-2007

oracles wrote:
I got a new credit card 10 months ago. I have been paying the minimum due and never been late. when is it a good time to ask the CC company for a increase in credit. Thanks and BTW, this site is the best

In reality, whenever you want. Which CC do you have? How about the CL and balance?

oracles · ‎08-18-2007

the card is a bank of america and the balance is 5000 and limit is 5500. i used it as a transfer card cuz of its 0% rate. i wanted to ask for a credit increase to decrease the utl. I have another card like this, same amount of time 4000 limit and 3500 balance. I just wanted to know when is a good time to ask for a credit increase, where they will say yes. Thanks

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fused · ‎08-18-2007

oracles wrote:
the card is a bank of america and the balance is 5000 and limit is 5500. i used it as a transfer card cuz of its 0% rate. i wanted to ask for a credit increase to decrease the utl. I have another card like this, same amount of time 4000 limit and 3500 balance. I just wanted to know when is a good time to ask for a credit increase, where they will say yes. Thanks

Do you have any cash on hand to pay down these balances. It's not likely you will be approved for a CLI.

oracles · ‎08-18-2007

how much do i have to pay down on each for them to say yes.

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fused · ‎08-18-2007

oracles wrote:
how much do i have to pay down on each for them to say yes.

It's hard to say! Every CCC has different policies. An educated guess...util <50% of the CL, <30% a much better chance.. Which cards are these?

Anonymous · ‎08-18-2007

BofA does review your accounts for a periodic credit limit increases. I would say that the high utilization and the history of minimum payments has you stuck. Try paying more than the minimum and get the utilization down. Yo may be surprised with a CLI. But that should be across the board.