Are HP CLI's worth it?

trant3 · ‎01-19-2016

OK so I have been on the fence lately on pulling the trigger for a HP CLI on my Fidility Amex & PenFed cashreward, both sitting at $1k from last summer. Believe it or not I have never used a HP for an increase, only for new tradelines, but the $1k limit has been bothering me lately. My credit profile has improved since obtaining the cards so I know I'll at least get "something". Just wanted some thoughts or justification.

FNBO $15k, Aspiration Zero $11k, Affinity FCU $10k, Sofi $15k, Venmo Visa $2.7k, Apple $7k, Citi Custom Cash $14k, Citi Double Cash $15k, Citizens Bank Cash Plus $8k, Chase Amazon $3k, Chase Flex $13.6k, Chase IHG $16k, Amex BCP $9.5k, Amex Hilton $10k, Chase Freedom $26.5k, NFCU Plat $46k, NFCU Cash $33k, Discover IT $29k, Discover Miles $12k, BECU Visa $14k, Wells Fargo Active $6.3k, PenFed Promise $15k, PenFed Gold $20k

AvadaKedavra · ‎01-19-2016

It's hard to say whether or not a HP CLI is worth it. I really think it boils down to the individual. Do you really need a CLI? Can you reports sacrifice another INQ? I think you have to ask yourself those questions first. Personally, I've never done a HP CLI because I don't think it's worth the INQ. I've also never been in a situation where I absolutely needed a CLI.

FinStar · ‎01-19-2016

@AvadaKedavra wrote:
It's hard to say whether or not a HP CLI is worth it. I really think it boils down to the individual. Do you really need a CLI? Can you reports sacrifice another INQ? I think you have to ask yourself those questions first. Personally, I've never done a HP CLI because I don't think it's worth the INQ. I've also never been in a situation where I absolutely needed a CLI.

This exactly OP - weigh the pros and cons and determine if it's worth it. Only you can decide what it's worth based on your credit profile/goals.

Anonymous · ‎01-19-2016

The only HPs I've taken (double pull) for a CLI were to get my Freedom past the starter toy limit. It was my only Visa at the time, and I didn't have a MC yet (I did have an Amex and Discover). For me, it was worth it, even if only to go from $600 to $2k, since some merchants only took V/MC.

Now that I have more cards and better limits, taking a HP for a CLI wouldn't make any sense. I know that inquiries don't count for much, but all I need is limits that are adequate for my spending. As a PIF bonus hunter, lower limits (under $5k) are desirable on new cards since they keep my available-credit-to-income ratio from alarming issuers.

Anonymous · ‎01-19-2016

@AvadaKedavra wrote:
It's hard to say whether or not a HP CLI is worth it. I really think it boils down to the individual. Do you really need a CLI? Can you reports sacrifice another INQ? I think you have to ask yourself those questions first. Personally, I've never done a HP CLI because I don't think it's worth the INQ. I've also never been in a situation where I absolutely needed a CLI.

+1

Anonymous · ‎01-19-2016

I took a HP specifically for care credit last year, as it was my oldest account, and I knew I would get a big increase. It also helped tremendously with my util. So the question is, are they generous with CLIs?

@Anonymous wrote:
@AvadaKedavra wrote:
It's hard to say whether or not a HP CLI is worth it. I really think it boils down to the individual. Do you really need a CLI? Can you reports sacrifice another INQ? I think you have to ask yourself those questions first. Personally, I've never done a HP CLI because I don't think it's worth the INQ. I've also never been in a situation where I absolutely needed a CLI.
+1

longtimelurker · ‎01-19-2016

I agree with all that it depends on your needs and on your report. If there is a card which you "must" use (say your only 2% card) and the toy limit means you have to pay multiple times a month and worry about reported util etc, then yes, an HP for CLI can certainly be justified. Providing that the extra HP won't be likely to prevent you getting something else in the near future!

But specifically on Fidelity Amex. As this card is transferring, I would probably hold off on it, in case Elan allows SP CLIs on it.

Anonymous · ‎01-19-2016

I've yet to take a HP specifically for a CLI, though I have purposefully combined HPs for new apps with CLI requests so that they'd be bundled together. Going forward, I don't really foresee it being necessary but I wouldn't be averse to doing it if I needed to in the future. If my spending increased I might try for more with Citi since my DC is my catch-all for non-category spend, but for now 6k is more than enough.

If it's nagging at you though, the potential harm might be pretty low. If your overall number of inquiries is low and/or you're not applying for anything soon that will take issue with an additional inquiry on your report(s), what's the big deal in taking a HP?

Anonymous · ‎01-19-2016

Sometimes its just the only way for the card to move anywhere. They only last 2 years with diminishing affect over time.

manyquestions · ‎01-20-2016

Penfed will pull EQ and FIA will likely pull TU. If having 1k limits on those two cards bothers you more than having the new inquiries then go for it. Do what will make you happy.