Credit Limit Increase Strategy?

[Anonymous]

I’m trying to help my husband improve his credit profile as he has no idea about any of this stuff. My goal is to eventually get a CLI on Discover and Chase and doing the least damage to his report score wise. This is how the report looks as far as balance/limit. Excellent payment history, no derogative remarks, no collections, 4 inquiries with scores of Exp: 674, TU:667 and Eq: 670. Are both Chase and Discover HP for CLI? If done on the same day does that hurt your score less or does that even matter? I told him no more cards as I think this is too many with 3 of them being newer and got just because he qualified for them but didn’t actually need them. I have it set up so each month something is charge to the card and then it gets paid off or it will report with $50 or less. Only exception lately has been the Chase card as it was always close to the limit. Suggestions? Ideas? Strategy?

Chase 50/2500 – card is 4 years old, typically the card has been at its limit the majority of the time or close to it. Just paid in down over the last year or so.
Capital One Plat 47/950- card is 4.5 years old
Capital One Quicksilver 0/3000- 1 year old
Kays 0/2000- 3.5 years old
Credit One 0/900- 3 years old
Credit One 0/800- 8 months old
Discover 0/1300- 4 years old
Amazon 50/350- card is almost 4 years old
Big Lots 50/1000- almost a year old
Care Credit 20/2700- 3 yrs old
Kohls- 0/400- new card 5 months old
Walmart 0/400- new card 4 months old

[Anonymous]

Discover and Chase do SP. Your husband's credit score will not be impacted however a denial letter ✉️ on the other hand might hurt his feelings. Discover is very stingy with CLI even if your payments are on time and your utilization is low. If everything seems perfect you will get the Not Enough Experience with Current limit. It won't hurt to try Good luck 

[coldfusion]

Chase is always a HP in response to a CLI request.  They will occasionally auto-CLI but it isn't common.

Discover is a soft pull but recent history suggests that they have tightened up considerably on granting CLIs unless there has been a regular pattern of significant spend relative to the card's credit limit.

Are you looking to put higher dollar amounts worth of spend on some of these cards so need higher limits (example: you're thinking of buying a $500 TV at Walmart using their card), is the primary goal to pad utilization, or ?

[Anonymous]

The ultimate goal is just to have a nice profile all round. No intentions of needing to spend or have higher limits, but if something comes up, I'd feel more comfortable knowing the utilization would still be padded. Only time I can us really needing to use them is the occasional grocery trip inbetween pays and then pay when payday comes. Only exception is holidays, typically we spend and then pay it all off within 2 or 3 months. 

[coldfusion]

OK.  If I were going to pick a card to take a stab at for a CLI it would probably be the Amazon card.  It's a soft pull and they will counter so you can ask for a pretty substantive increase.

[Jnbmom]

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@coldfusion wrote:

Chase is always a HP in response to a CLI request.  They will occasionally auto-CLI but it isn't common.

Discover is a soft pull but recent history suggests that they have tightened up considerably on granting CLIs unless there has been a regular pattern of significant spend relative to the card's credit limit.

Are you looking to put higher dollar amounts worth of spend on some of these cards so need higher limits (example: you're thinking of buying a $500 TV at Walmart using their card), is the primary goal to pad utilization, or ?

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+1

@Anonymous 

Chase is always a HP if you initiate it

[Anonymous]

I hadn't even thought of that! Holy cow, I went for it although I should have asked for more. LOL I asked for $1,000 and they actually gave it to me!

[FinStar]

As the OP has indicated they were approved for the CLI, this thread is now locked and closed to new messages.

@Anonymous- congrats on the CLI.  Feel free to start a new thread in the Approvals section of the forums if you wish to do so (include any other successful CLI approvals on that thread as well, if applicable).