Is this advice correct?[ Edited ]
11-23-2012 10:09 PM - edited 11-24-2012 01:06 AM
I just finished reading an article from bestcredit(dot)com about five ways to raise your FICO score an something seems wrong about their advice.
On step #3, is says to have your existing Credit Card limits increased, but it also says that in doing so the inquiry will not effect your FICO score.
From what I've always read here, I thought that these Hard Pulls will look the same as applying for a new credit and they will have an effect for at least 12 months.
Which is correct?
From their web site:
3) Have Credit Limits Raised
Contact your creditors and ask them to raise the limits on your accounts as much as possible.
Although they'll perform a credit check, such inquiries don't affect a credit score.
Account limits can usually be raised every six months, up to a cap determined by the issuing bank.
Most standard cards have a cap of $5,000, while platinum cards are often capped at $25,000.
Banks are more likely to raise credit limits for those with good credit, of course, and for those who report an increase in income.
Incidentally, they don't verify increases in income for existing customers.
Starting Score: 05/12/2007 724 average on all 3
Current Score: 12/15/2014 788(EX) 790(EF) 788(TU) and climbing...
Goal Score: >800 on all 3