@leo222 wrote:Was wondering what you guys thought about this...I generally try to be conservative with my CLI requests when they ask me how much I want (i.e. I will ask for maybe a $1000 increase on a $6k or $7k card). Generally, this has been working for me - With that said, I recently did a CLI with Citi Diamond where they didn't ask how much of an increase I wanted, and they ended up automatically upping me from $3500 to $7500...So, I'm wondering if I'm undershooting my requests? My line of thinking is that a conservative request will have a greater chance at approval, and I really don't want to have a CLI denied if I'm asking for too much.
I'm pretty sure that almost all lenders will simply make you a counteroffer if they're disinclined to approve the requested amount. So I don't think you have anything to lose by going for the gold.
Let me tell you a story. I was like you once. Naive and hoping to get more breathing room on a $300 credit line attached to my Bank of America Cash Rewards card. I would put in a request and get to $600, another request to $1000, another request to $3000. Then another to 6000. After that point I started reading this forum and noticed 3x the existing limit was standard and options existed to break out of toy limit hell with rapid 10x increases sometimes. I was racking up extra HP's for going at a fraction of the growth rate I could have just because I was nice. Also I would have suffered less at the smaller limits. I stopped being nice to banks and started extracting higher numbers along with getting higher bumps. Now I can easily drive a Toyota Corolla through my card if I wanted to and a dealer would be willing to charge it. Most lenders either do not let you choose and you get what they offer which is the best option. Otherwise you play a game of credit limit roulette with either your number being agreed to or getting offers that more closely match what they can give. If they agreed then it was too low to begin with. You best bet is to look up what criteria the bank uses and shoot for the moon.
@leo222 wrote:Was wondering what you guys thought about this...I generally try to be conservative with my CLI requests when they ask me how much I want (i.e. I will ask for maybe a $1000 increase on a $6k or $7k card). Generally, this has been working for me - With that said, I recently did a CLI with Citi Diamond where they didn't ask how much of an increase I wanted, and they ended up automatically upping me from $3500 to $7500...So, I'm wondering if I'm undershooting my requests? My line of thinking is that a conservative request will have a greater chance at approval, and I really don't want to have a CLI denied if I'm asking for too much.
A cli will be granted based off their algorithms and your profile, not how much you ask. Imho, when given the chance to request a specific amount, shooting a little higher than normal is good so as not to leave potential credit on the table and maybe suprise yourself that they give what you ask. Know thy lender and their cli practices. Shooting for the moon is all good but asking for 100k on a card that ones profile doesn't really support may rub an UW wrong if it's manually reviewed
. Just my view
Keeping in mind that a bank will only grant you what they think you can handle...
I used to do the itsy-bitsy CLI request thing, thinking it gave me a better chance of approval. Then, after hanging around here a lot, I tossed that theory out the window! Now I ask for RIDICULOUS increases, knowing full well that the bank may deny it outright, or counter with a smaller offer--or approve it! And I've had all three results.
It actually boils down to how creditworthy the bank believes you are. If there is some kind of internal boo-boo associated with asking for big increases, I'm unaware of it.
