topic Re: CREDIT LINE INCREASE? in Rebuilding Your Credit

CREDIT LINE INCREASE?

Anonymous — Sat, 08 Aug 2009 16:06:16 GMT

per my last post im trying to get my wifes credit better. we are planning on applying for a mortgage in 60-90 days. I read its sometimes good to request a credit line increase but not use it. would anyone suggest this method for my situation?

Re: CREDIT LINE INCREASE?

Anonymous — Sat, 08 Aug 2009 16:27:16 GMT

When applying for a mortgage I would not touch my CR unless it was to pay down or off a debt. Your scores may go down when getting new credit.

Re: CREDIT LINE INCREASE?

Anonymous — Sat, 08 Aug 2009 16:30:16 GMT

just the answer I was looking for thank you

Re: CREDIT LINE INCREASE?

jackg — Sat, 08 Aug 2009 19:22:44 GMT

I agree with happy saying that "new credit" could cause your score to go down, however, if you,as your question states "...request a credit line increase but not use it," it could be a good thing for your score because it would decrease your % utilization, and it would not be "new credit". Just one more "but", your creditor in a worst case scenario could do a hard pull inquiry from all 3 CRA's.I would suggest calling them to discuss it. Ask if they would do more than one hard pull. Don't be too timid to ask what you want to know. Everyone's circumstances are different and there are no standard answers to questions when it comes to FICO scoring and credit in general

Re: CREDIT LINE INCREASE?

Anonymous — Sat, 08 Aug 2009 22:12:10 GMT

Make sure you KNOW that it will not generate a new hard inquiry before any CLI request.

Re: CREDIT LINE INCREASE?

Anonymous — Sat, 08 Aug 2009 23:01:29 GMT

she only has 1 card its Macys does anyone know if they do a hard inq or soft?

Re: CREDIT LINE INCREASE?

Anonymous — Sat, 08 Aug 2009 23:14:22 GMT

@Anonymous wrote:
she only has 1 card its Macys does anyone know if they do a hard inq or soft?

It's a soft, needs to have been at least 6 months since she has last requested a CLI. They can do downward adjustments as well as up tho, what's her current limit and balance on the card?

Do you have any credit cards in your name that have been open at least as long or longer than her card? Are they good histories (no negative marks or lates)? Do they have low or nil balances with decent limit? If so you may want to add her as an AU to a couple of your cards rather than increasing the CL on her macys card... they don't run her credit when she is just added as an AU

Re: CREDIT LINE INCREASE?

Anonymous — Sat, 08 Aug 2009 23:40:25 GMT

Macy's does guideline increases (GLI) every 3 months (with no lates) and with no soft OR hard pull. Some folks get big increases on the GLI, some don't. I only ever get $100 at a time.

If you ask for a credit line increase, they could do a pull. She should call and ask if she's eligible for a guideline increase.

Re: CREDIT LINE INCREASE?

Anonymous — Sun, 09 Aug 2009 03:14:07 GMT

I have 4 CC. I have 1 late payment from sept 08 on a roomstogo account other wise im green checks across the board on all my payment. I actually pay them all early to make sure im not paying late or forgeting. my score is around a 650 the only thing thats hurting my score ide say is inquiries I have about 10 for each bureu. on my CC im at 70% used on eash of them. my credit wasnt the issue for the mortgage we are trying for. I work a commision only job (toyota service advisor) so they need someone on the loan with a steady income. which is 100% understandable. but she is at a 523.

so per my last post im focusing on her credit right now to just get us the house. than I will start cleaning mine up and getting in the 700 club.

with that said should I add her to my CC? they are all atleast 4-6 years old. shes already on my macys which is always in good standing since 1997

Re: CREDIT LINE INCREASE?

Anonymous — Sun, 09 Aug 2009 03:22:01 GMT

@Anonymous wrote:
Macy's does guideline increases (GLI) every 3 months (with no lates) and with no soft OR hard pull. Some folks get big increases on the GLI, some don't. I only ever get $100 at a time.

If you ask for a credit line increase, they could do a pull. She should call and ask if she's eligible for a guideline increase.

I have had my card for over a year and have not got on CLI.

Have never been late.

Re: CREDIT LINE INCREASE?

Anonymous — Sun, 09 Aug 2009 03:32:37 GMT

shes gotten 1 auto increas since 2006

Re: CREDIT LINE INCREASE?

Anonymous — Sun, 09 Aug 2009 15:44:28 GMT

They've never just given me one, but I've gotten one each time I called (every three months) and asked for a guideline increase. I got clued in to it from the Credit Card forum . . .

Usually, Macys hasn't done any kind of pull, but I notice that the last one I asked for did result in a soft pull.

Here's a representative thread on the subject with lots of folks' experiences:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=148328&view=by_date_ascending&page=1

Message Edited by jesslyn on 08-09-2009 08:44 AM

Re: CREDIT LINE INCREASE?

jackg — Sun, 09 Aug 2009 18:00:16 GMT

PHIL,

Without knowing the background of your relationship with your wife I can say this regarding you adding her as an AU on your CC's.

1. If you have 70% utilization of your available credit it will hurt her score

2. Is the one late payment you have on one of the cards you want to make her an AU on? If so that also will hurt her score.

3. I wouldn't count on Macy's giving you a substantial CLI, in fact, you might see a CLD if you ask.

I am telling you what you need to know about what could happen but I encourage you to keep working at i, eventually something will pay off. Good Luck