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Hi all, I'm looking to increase my CL on all my cards, how do you go about doing so? What makes you an attractive customer to give a CL increase to? My apple card has a paultry $4.5k CL, Amex BCP has $19k, Chase Sapphire has $16k.
@Anonymous wrote:Hi all, I'm looking to increase my CL on all my cards, how do you go about doing so? What makes you an attractive customer to give a CL increase to? My apple card has a paultry $4.5k CL, Amex BCP has $19k, Chase Sapphire has $16k.
While it can vary by lender, the general trend is: use the card heavily and pay it off every month.
If you are not using the card lenders have little reason to increase your limit
How many months do you think you should "use the card heavily"? 1 month, 6 months? Really what I'm trying to do is I'm trying to get my credit profile looking good for a mortgage.
@Anonymous wrote:How many months do you think you should "use the card heavily"? 1 month, 6 months? Really what I'm trying to do is I'm trying to get my credit profile looking good for a mortgage.
I have no experience with the apple card so can't answer that.
Credit limits mean nothing to a mortgage lender, I got my first mortgage with only a $300 limit credit card. Practice AZEO when preparing for a mortgage and your limits don't matter.
@Anonymous wrote:How many months do you think you should "use the card heavily"? 1 month, 6 months? Really what I'm trying to do is I'm trying to get my credit profile looking good for a mortgage.
Step #1 is to stop applying for credit, or at a bare mininum do not apply for anything that risks a hard pull including CLIs.
Since your goal is to table-set in order to apply for a mortgage step #1 is to stop applying for credit, or at a bare mininum at least do not apply for anything including CLIs that risks taking a hard pull.
1 months worth of heavy use doesn't amount to much. 6 months worth of heavy use and consistent PIF is meaningful.
@Anonymous
As @dragontears mentioned, your credit limits have no bearing on mortgage lenders. The only thing increasing your limits might do is lower your overall UTI% if you are currently carrying balances. And if you are carrying any balances at all, always practice AZEO leading up to a mortgage application for the best representation of your credit scores. Giving that card some heavier than normal spend and PIF each month will best increase your chances of CLI's......but as mentioned, also make absolutely sure that the lender doesn't require a HP for CLI.....and, freeze your bureaus in advance, just as a precaution.
Paying interest: In short, don't ever, ever, ever do that if you don't have to. Unless you are simply carrying balances due to a large purchase and intend to pay it off within just a few months....and hey, it happens sometimes, no big deal. Many also find a way to put said purchases on a card with a 0% promo for X months to avoid any interest at all, etc. which is obviously the best scenario.
It is entirely a myth (and anyone who tells you otherwise is not credit-educated) that paying interest has any bearing whatsoever on increasing credit scores or the chances of obtaining CLI's. The only thing this accomplishes is padding the pockets of the lenders....it doesn't positively affect your credit profile at all. In my 8 years of credit history, I have never once paid one red cent in interest and my scores are 809-813.
Great summary of the advice, thank you very much!
i dont think a $19k or $16k card is too small anyway
you could focus on using the Apple card for everything for 3 months, and then ask for a CLI - they are most often an SP
but i think your current limits are fine
Agreed with everyones feedback above.
For Apple, should you chose to request a CLI, it will be SP and can be done via the "message" feature on your card. As others stated, use and consistent PIF pleases GS when they consider CLI's. They will also ask for income and housing numbers typically. I've had it go both ways.
AMEX also "typically" does SP CLI's so you can ask there as well. If you're concerned, make sure your CBs are locked/frozen beforehand.
Chase only does HP CLI's unless they give it to you without asking so I would avoid asking them altogether!!
@Taurus22 wrote:@Anonymous
As @dragontears mentioned, your credit limits have no bearing on mortgage lenders. The only thing increasing your limits might do is lower your overall UTI% if you are currently carrying balances. And if you are carrying any balances at all, always practice AZEO leading up to a mortgage application for the best representation of your credit scores. Giving that card some heavier than normal spend and PIF each month will best increase your chances of CLI's......but as mentioned, also make absolutely sure that the lender doesn't require a HP for CLI.....and, freeze your bureaus in advance, just as a precaution.
Paying interest: In short, don't ever, ever, ever do that if you don't have to. Unless you are simply carrying balances due to a large purchase and intend to pay it off within just a few months....and hey, it happens sometimes, no big deal. Many also find a way to put said purchases on a card with a 0% promo for X months to avoid any interest at all, etc. which is obviously the best scenario.
It is entirely a myth (and anyone who tells you otherwise is not credit-educated) that paying interest has any bearing whatsoever on increasing credit scores or the chances of obtaining CLI's. The only thing this accomplishes is padding the pockets of the lenders....it doesn't positively affect your credit profile at all. In my 8 years of credit history, I have never once paid one red cent in interest and my scores are 809-813.
With that amount of credit history and no interest paid, curious as to why you dont have 850s?. Regardless of whether someone is credit educated or not, life happens and sometimes interest will be paid.
Im amazed 4.5 k is paltry yet was accepted upon approval. To answer Ops question, cls can be increased without paying interest simply by using cards and paying on time. Often a lender will auto increase a card when their card is being used. Other methods are simply requesting cli via sp or hp.