So, I have already spoken with a rep at BofA and he confirmed that any credit line increase will result in an HP on my CR. Since my utilization is under 1% and I always pay off the balance each month, would there really be a benefit to me in the long run? Currently my CL is $7500 and I was thinking of increasing to $10000. Also, how long after the initial hit of the HP will it take for my score to rebound and actually see the benefit? Any advice is appreciated. Thanks all!
Sorry everyone, but I really am trying to figure out the best thing to do as I need to purchase a car soon, sharing with the not-soon-enough-to-be-ex is becoming strained at best, and I need to look for housing after that. My CS's are currently 665 (EX Fako), 684 (EQ) and 700 (TU). TU recently went down 4 points inexplicably. The only reason for asking for the CL increase is to have a higher CS going into the car buying process. Any suggestions would help.
If you are looking for a house and/or a car, STOP.
A recent HP will look unfavorably on mortgage and to some extent auto loans.
I don't think a higher CL would help your fico unless you need it for utilization
It might. When I requested and got an increase on my Walmart Dicover card from $2800 to $5800 my credit score went from 806 to 811. There were no other changes to my credit history. And my util was <1% during that time frame.
The Walmart Discover was and still is my lowest CL card. I think the increase was due to raising my average CL per card. Any change to util would have been negligible.
Thank you for your responses. My initial thinking was that a CLI would possibly bump my scores up enough to qualify for a lower interest rate. I understand the initial HP would decrease my scores but should bounce back. I will be looking at purchasing a car in the next 3-6 months. Yes, I would rather use the better scores for a home purchase but I need a vehicle to get around to look at homes, so...yeah...