Re: Asking for credit limit increases...thoughts?

HiFromSeattle · ‎07-31-2015

So to follow up to this thread:

Discover gave me +$1,000 more and Cap One (QuickSilver) gave me +$1,000 for one of my cards but not the other, larger card.

I think I still have some paid items that haven't shown up properly yet I am going to wait to boost my score before doing anything requiring a hard pull. Next move I think is to request another credit line increase for the two cards above at the end of next month.

Follow up question: Someone said to call the EO of CapOne if they fail to increase the credit limit of one of my cards (I got the, we will get back to you in 2-3 days message, so i'm assuming that's a fail), what number do I call exactly, who do I ask for and how do I play it? This is super new to me.

Anonymous · ‎07-31-2015

I'm pretty sure Citi has a separate 'Update my income' link. Poke around the website. Others may too. You might want to do that where it's available and so when they DO a SP, they have all the accurate info to decide to give you a CLI without you requesting it.

HiFromSeattle · ‎07-31-2015

Yeah, I have updated all of those...

PS, just tried Eddie Bauer, gave me a $200 increase, lol. I do use their card though and I pay it off every month, so no harm keeping it around...

takeshi74 · ‎07-31-2015

@HiFromSeattle wrote:
After reading the credit limits people have on this site, I am really starting to wonder if I should be pursuing all my CC companies for much higher credit limits, now that my income has doubled since I opened all of these accounts and now that my CC balance is $0.

If income is your only contraint (and it sounds like it is not) you could just update your income and/or request CLI's. Many creditors will verify your current income when you request a CLI.

Given that you have at least one derog I'd recommend adderssing it first.

If your utilization is 0 then why are you seeking out CLI's? What are you specfically looking to accomplish with the CLI's? You said "After reading the credit limits people have on this site" -- is this just keeping up with the Joneses? Is your reported utilization 0? If so, you should allow one balance to report instead of all zeros.

@HiFromSeattle wrote:
I am afraid of hard inquiries

Why? Inquiries are a small factor. If they're cited as a denial reason then that indicates you have bigger issues with your credit that you need to address than inquirieis.

@HiFromSeattle wrote:

I think I still have some paid items that haven't shown up properly yet I am going to wait to boost my score before doing anything requiring a hard pull.

What paid items? If they're derogs then don't expect much. You want to aim for removal of derogs.

@HiFromSeattle wrote:
I got the, we will get back to you in 2-3 days message, so i'm assuming that's a fail

"X days" doesn't tell you anything other than manual intervention is required. It does not tell you the outcome. If they were outright denying you they'd just give you a denial.

kdm31091 · ‎07-31-2015

@HiFromSeattle wrote:
So to follow up to this thread:

Discover gave me +$1,000 more and Cap One (QuickSilver) gave me +$1,000 for one of my cards but not the other, larger card.

I think I still have some paid items that haven't shown up properly yet I am going to wait to boost my score before doing anything requiring a hard pull. Next move I think is to request another credit line increase for the two cards above at the end of next month.

Follow up question: Someone said to call the EO of CapOne if they fail to increase the credit limit of one of my cards (I got the, we will get back to you in 2-3 days message, so i'm assuming that's a fail), what number do I call exactly, who do I ask for and how do I play it? This is super new to me.

The EO is not a magic wand. If the system declined you, they will stand by it if the reasons are sound.

Don't get into the habit of thinking EO is your answer. Besides that, the EO number was recently changed/shut down because of people calling over small matters like CLIs.

HiFromSeattle · ‎07-31-2015

Jeez, talk about conflicting advice.

When I said paid items, I mean big payments on my credit cards that have not shown up in my Credit Karma or other checked credit reports yet.

SunriseEarth · ‎07-31-2015

@HiFromSeattle wrote:
So to follow up to this thread:

Discover gave me +$1,000 more and Cap One (QuickSilver) gave me +$1,000 for one of my cards but not the other, larger card.

I think I still have some paid items that haven't shown up properly yet I am going to wait to boost my score before doing anything requiring a hard pull. Next move I think is to request another credit line increase for the two cards above at the end of next month.

Follow up question: Someone said to call the EO of CapOne if they fail to increase the credit limit of one of my cards (I got the, we will get back to you in 2-3 days message, so i'm assuming that's a fail), what number do I call exactly, who do I ask for and how do I play it? This is super new to me.

Congrats on progress!

Cap One does allow reallocation of CLs now (it closes the donor card and moves all CL to the receiver card). You might consider this. What kind of card is the older Cap One? Are the terms of that card any better than your newer Cap One?

SunriseEarth · ‎07-31-2015

@kdm31091 wrote:
@HiFromSeattle wrote:
So to follow up to this thread:

Discover gave me +$1,000 more and Cap One (QuickSilver) gave me +$1,000 for one of my cards but not the other, larger card.

I think I still have some paid items that haven't shown up properly yet I am going to wait to boost my score before doing anything requiring a hard pull. Next move I think is to request another credit line increase for the two cards above at the end of next month.

Follow up question: Someone said to call the EO of CapOne if they fail to increase the credit limit of one of my cards (I got the, we will get back to you in 2-3 days message, so i'm assuming that's a fail), what number do I call exactly, who do I ask for and how do I play it? This is super new to me.
The EO is not a magic wand. If the system declined you, they will stand by it if the reasons are sound.

Don't get into the habit of thinking EO is your answer. Besides that, the EO number was recently changed/shut down because of people calling over small matters like CLIs.

The EO number was changed because they don't like cold calls. Email still is accepted and they do get back to you quickly.

I agree that one should try other methods before contacting the EO. However, if a regular CSR cannot resolve your issue, escalation is perfectly acceptable. It's really up to the individual to decide what that escalation point is. If not having a CLI becomes a dealbreaker for someone, I'm pretty sure the EO wants to know. That said, the EO is not a panacea. Sometimes, they can pull off some great feats and other times, you may still get a "no" answer.

Imperfectfuture · ‎07-31-2015

@kdm31091 wrote:
@HiFromSeattle wrote:
So to follow up to this thread:

Discover gave me +$1,000 more and Cap One (QuickSilver) gave me +$1,000 for one of my cards but not the other, larger card.

I think I still have some paid items that haven't shown up properly yet I am going to wait to boost my score before doing anything requiring a hard pull. Next move I think is to request another credit line increase for the two cards above at the end of next month.

Follow up question: Someone said to call the EO of CapOne if they fail to increase the credit limit of one of my cards (I got the, we will get back to you in 2-3 days message, so i'm assuming that's a fail), what number do I call exactly, who do I ask for and how do I play it? This is super new to me.
The EO is not a magic wand. If the system declined you, they will stand by it if the reasons are sound.

Don't get into the habit of thinking EO is your answer. Besides that, the EO number was recently changed/shut down because of people calling over small matters like CLIs.

You don't know the EO was shut down for calling about cli's. I have an extension just for that purpose. Please don't state as fact what you are guessing.

Signature needs updating

SouthJamaica · ‎07-31-2015

@HiFromSeattle wrote:
So over the course of the past 3 months I have taken my CC utilization from 100% to 0%, my Exp/Eq/TU/FICO scores from ~610ish each to 730ish on average. My income has increased from $40k in 2014 to $62k 2 months ago, to $78k today.

I have cards:

Citi Thankyou Rewards: $4,000 credit limit
Discover it: $1,600 credit limit
Chase Slate: $400 credit limit
Capital One: $1,700 credit limit (just saw a $500 increase of automatic credit limit 2 months ago, before my scores were updated and before my income was raised)
Capital one card 2: $500 credit limit
US Bank: $500 credit limit
Eddie Bauer: $750 credit limit (saw an automatic increase 3 months ago before any debt was paid/income increase)

After reading the credit limits people have on this site, I am really starting to wonder if I should be pursuing all my CC companies for much higher credit limits, now that my income has doubled since I opened all of these accounts and now that my CC balance is $0. I am afraid of hard inquiries, and would be hestitant to let them do that, but I know CapOne doesnt pull hard inquiries.

It just seems like my credit/income situation is night and day and it seems like I could push the envelope to get these credit cards to $5k+ each. Thoughts?