Any reasons to not accept or ask for credit limit increase?

[Anonymous]

Hi, I overall have about 30k in credit limit (ranging from 4.2k to 13k per card) with 5 cards total. I've been requesting credit limit increases every 6 months (easy with citi) but I also have a Chase freedom and since they don't have the online request to do it & I always feel awkward to call and ask because they always ask for a reason why you want to increase.. Is it worth it? should I ask for a limit increase? I have a utilitazion of 3% overall. What reasons have you guys used? My previous time I said I was going on a trip (which I did but never touched that card lol)

Thanks

[creditguy]

As long as a CLI is not a HP then no harm no foul in asking or receiving one. The only time to avoid is to limit exposure but that's probably not an issue at this time. If you feel awkward asking then skip it but if you do follow through just tell them you'd like a larger line for a future purchase and you like using their card, but hey it's your call.

[Anonymous]

I enjoy all the cards I have and because I don't want or need any other new cards as of now (besides two), a hard pull is worth it for me since I like to see my cards grow after awhile.
Chase increased one of my card from 12k to 24. Another from 9k to 18k. Hard pulls on both but I knew I was going to get approve anyway.

[Anonymous]

---

@Anonymous wrote:
I enjoy all the cards I have and because I don't want or need any other new cards as of now (besides two), a hard pull is worth it for me since I like to see my cards grow after awhile.
Chase increased one of my card from 12k to 24. Another from 9k to 18k. Hard pulls on both but I knew I was going to get approve anyway.

---

For me the first time I called and asked them for an increase (exactly 6months ago) they told me it was going to be a hard pull which I said ok to but it never showed up, and they asked me how much I wanted which had me like ...well how much can you give me, but they said I had to give them a number, did that happen to you as well? I got instantly approved for the amt i requested which made me wonder if I asked for too little haha.. :/ 

[Anonymous]

You should have told them to leave it. By leaving the amount empty it gives you the maximum increase. I was told this by two reps when I did the CLI. I asked them why didn't ask me for the amount like one of the previous reps from the Phillipines. They both gave me the same reasons hence my large increases. They reps were from the states.

I told them the reason was for traveling.

[takeshi74]

The reason for the CLI doesn't really matter.  It won't make or break your CLI.  Your credit profile and income, however, will.

As for why you might not -- if a creditor is concerned about amount of credit extended to you that would be one reason.  However, generally you don't know these things until you run into your ceiling with that creditor.  We do know max exposure for some creditors out there (regardless of one's credit profile).  USAA, for example is $50K.  If you're near max exposure and want a CLI or another card then you probably don't want to take a CLI with that creditor.

---

@Anonymous wrote:

but I also have a Chase freedom and since they don't have the online request to do it & I always feel awkward to call and ask because they always ask for a reason why you want to increase.. Is it worth it? should I ask for a limit increase?

---

Your call.  Worth is always highly subjective.  It's a hard pull with Chase if you initiate.  Most don't seem to have much luck with customer initiated CLI's with Chase, FWIW.

Despite how many around here are HP averse, an HP generally has little impact.  If you're seeing significant impact from one HP then you have bigger issued with your credit profile that you need to worry about.  HP's can have a bigger impact for those with thin profiles and/or profiles with issues.

[Berk]

You did ask for ANY reason...

A big one that jumps right out at me is that if I am a person who can't handle a whole lot of credit I might not want to ask for or accept a whole lot of credit. 

[joltdude]

If your applying for a mortgage, you may not want to ask for credit limit increases or accept them if they require a hard pull.....

Ask for them a few days after you exchange keys and close on a morgage if youd like one ...

-J

[Anonymous]

---

@Berk wrote:

You did ask for ANY reason...

A big one that jumps right out at me is that if I am a person who can't handle a whole lot of credit I might not want to ask for or accept a whole lot of credit. 

---

Although I'd bet most people who fit that profile would not think about it or make that consideration, so it's a good one to list. I'd imagine most folks who can't handle credit are always trying to get more.

[Anonymous]

I applied for a CLI with my QS1 but did not accept it because I didn't like the amount offered. I asked again the next month and they doubled the amount. I held out because I'd heard this happens and I didn't really need the increase since I don't use the card.