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

[Anonymous]

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@takeshi74 wrote:

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.

I can attest to this. It barely made a dent in my score and I took two HPs. It's not that big of a deal untless your scores are super low and you want to increase it. 

Takeshi74, I didn't know that 

[Anonymous]

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@takeshi74 wrote:

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.

I can attest to this. It barely made a dent in my score and I took two HPs. It's not that big of a deal untless your scores are super low and you want to increase it. 

Takeshi74, I didn't know that many don't have much luck when CLI is initiated. That's something new to me! 

[Kevin86475391]

A simple reason IMO why you might decide not to ask for a CLI is because you don't actually need it and may not want your profile/account to needlessly stand out.

I personally have no intention of asking any of my creditors for CLIs any time in the foreseeable future. I PIF weekly (just my personal preference for handling my bills, irrespective of spending or limits), spread my spending across seven different cards (again, just my preference. I hate the notion of concentrating spending), and generally keep spending fairly low to begin with. So my utilization on a given cards tends to be under 1% when I PIF. I don't care if I qualify for CLIs or could be getting them regularly; I have no need for them.

I think quite often people - especially people on credit forums lol - pursue CLIs more or less for their own sake without a specific need. I think many people view chasing credit as a sort of game, like they're trying to unlike achievements or reach a new level. Alternatively I think a lot of people are drawn into keeping up with the Joneses and comparing themselves to others. But my best friend/sister/co-worker/dog groomer has a 30K limit. I deserve one too.

More philosophically I think people have a tendency to get on 'happiness treadmills.' I'll be happy once I get approved for a prime card; becomes I'll be happy once I have all prime cards; becomes I'll be happy once I have a five digit limit; becomes I'll be happy once I have all five digit limits; becomes I'll be happy once I...what? Get named High Supreme Consumer Extraordinaire of the Year and worshiped as a god by the lenders?

I'm not saying there's anything wrong with trying to improve your credit profile or setting goals for yourself; I'm just asking where does it end and what's your bigger picture objective?

To flip the question around, why do you want a CLI if you have 3% utilization and don't really need it? Maybe you do have a very good reason and of course that's your business. But if the reason is just, "Because requesting a CLI is a thing I can do and I'll probably get approved for it, so why not?" That's not really a good reason IMO.

Regardless, good luck with whatever you decide!

[Anonymous]

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@Anonymous wrote:

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@takeshi74 wrote:

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.

I can attest to this. It barely made a dent in my score and I took two HPs. It's not that big of a deal untless your scores are super low and you want to increase it. 

Takeshi74, I didn't know that many don't have much luck when CLI is initiated. That's something new to me! 

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I can agree with this as well - after the first 2 or 3 recent INQs and subsequent new accounts, INQs have stopped dropping my scores altogether, and they're not dropping from the additional new accounts in a short time period either for some reason.

[Anonymous]

I feel it's not worth a HP for a CLI if the limit is already sufficient. You don't need to max yourself out and just see how high you can get cards IMO because that is a waste and it could (not always but possible) hurt your chances with other institutions if you keep your exposure high. Realistically, if you PIF then there's no need to have a card higher than your monthly spend (although most people do it's still not a need)

I feel people get too privileged on here and try to just see how much they can get. Realistically, it's just credit and the amount you have had no bearing on life

[RonM21]

I'm not big on HP increases unless I feel that I can afford to use a HP and that the chances are strong that it will be approved for a decent amount.