When to ask for credit line increase?

[Anonymous]

I am done applying for new credit.  Here is a summary of cards that I was approved for:

New Cards: 5 (Chase Slate, Chase Sapphire Preferred, Amex Cash Blue, Discover It, Bofa Cash Rewards)

Old Cards: 2 (Credit One, Chase Slate-AU)

Total Credit Limit: $43,100

Total Utilization: $1,233.86

Utilization rate: 2.86%

How long should I wait for each of the new cards until I request a credit line increase? Does doing so affect credit score?

[Anonymous]

I guess the first question would be how new is new. I would think the minimum would be 2 statements cut, and maybe after 6 months. I will let others chime in though.

[Creditaddict]

Amex, right away and then every 6 months if approved and 3 months if denied. (3x current CL)

Discover every 90 days.

Chase will always be a HP and I wouldn't bother!

CLOSE Credit One instantly!

[Anonymous]

Good to know about Chase being a HP.  I want to wait until I see what the impact of having 5 new credit cards on my report will be.  I'm assuming that I will lose a considerable number of points.

[Anonymous]

they'll come back. close credit one. also discover is 91 days
amex is technically instantly but they've tightened the reigns

[newhis]

BofA CLIs are HP also. They sometimes do auto-CLI.

If for any reason you want a CLI with them, aim high, and you can call less than 30 days later and ask to use the same HP but you want more limit. Good luck.

[Anonymous]

Just a quick question, what did you put for your annual income whenever you applied for those new cards?

[Anonymous]

75k. that is my annual salary

[paramed3]

Why close his credit one ? Mine was my first card so it has longest history of 8 years perfect payment. If I close it wipes all of that out.

I have 5 cards total. This month hit my next 6 months or credit line increases and went good.
US air mastercard is HP so left it alone
PayPal smart connect 6000 to 8000
Quicksilver 6000 to 8000
Jc penny 2850 to 4000
Credit one left alone at 1250

Total 31,250
8 years ago at 533 Fico I could not borrow a cent. I could not rent a car. It was a night mare. Took some hard work. Still seems like you have to beg when you ask for CL increase. I always ask for small increases of around 2000 to get approved based on touching 800 fico scores.

If my income was higher with my FICO scores not at or right into 800s I would ask for 20,000 per card shy of credit one. They make you pay for increases as most of you know.

[Anonymous]

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@paramed3 wrote:
Why close his credit one ? Because of the annual fee and how interest is compounded. Mine was my first card so it has longest history of 8 years perfect payment. If I close it wipes all of that out. I think its kind of neat that you have a score in the 800's and still have a credit one. You just might be their highest scoring customer lol.  I plan on closing mine next march before my AF hits.  If you closed yours, the payment history would still help for 10 years, and by then you would have built up enough with other accounts to not need it.

I have 5 cards total. This month hit my next 6 months or credit line increases and went good.
US air mastercard is HP so left it alone
PayPal smart connect 6000 to 8000
Quicksilver 6000 to 8000
Jc penny 2850 to 4000
Credit one left alone at 1250

Total 31,250
8 years ago at 533 Fico I could not borrow a cent. I could not rent a car. It was a night mare. Took some hard work. Still seems like you have to beg when you ask for CL increase. I always ask for small increases of around 2000 to get approved based on touching 800 fico scores.

If my income was higher with my FICO scores not at or right into 800s I would ask for 20,000 per card shy of credit one. They make you pay for increases as most of you know.

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