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CLI without hard pull question

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Valued Member

CLI without hard pull question

What's up everyone,
Just to vent and share my experience with you guys. I have chase slate with 1000$ limit for 4 years so far and chase never offer any credit limit increase at all. Last year I decided wether to request limit and take hard pull or open new card and I opted for option 2. So I open new card with Wells Fargo and again my CL was 1000$. Yesterday marked the 12 month with WF so today I called and requested an increase. They say it has to be a HP. I said no thanks
I am really getting frustrated with those people as my credit score is near 800 across all CB and no bad stuff on my report at all so why they never offer increase. so now am stuck with 2 cards with low limits that are not enough to do anything. Like last month I could pay for a plane ticket due to low limit.
Should I: A. put a request with a hard pull with either chase or WF or
B. Open a third credit card and hope they treat me with better limit.

Message 1 of 30
29 REPLIES 29
Super Contributor

Re: CLI without hard pull question

We'd need more info on your file to give you sound advice here.  The question I have is why are you getting $1000 starting limits with scores around 800? 

 

A couple of factors outside of score that have a big impact on SLs and CLIs would be your income and possibly your monthy spend (depending on creditor).  If you could provide some feedback on these numbers as well as some more insight about your profile that would be very helpful.

Message 2 of 30
Valued Member

Re: CLI without hard pull question

That's what make me wonder why am getting low limit. I honestly don't know why. The only thing I could think of is that my credit history is short (4 years old) but I had the impression that 4 years old credit file is in the ok department. My income is ok around 70000$ and no late payment no collection etc Am also try to keep my monthly spend less than 30% of my limit

Message 3 of 30
Super Contributor

Re: CLI without hard pull question

How many total accounts do you have on your credit report and what is the average age of them?  You say your credit history is 4 years old, so I'm assuming 4 years is your oldest credit line meaning that your AAoA (average age of accounts) is less.  If you only have a couple of accounts, you are considered to have a "thin" file which can hold people back from larger limits depending on the creditor.

 

As far as utilization which you briefly touched on, your monthly spend relative to your limit is irrelevant to scoring and your overall file.  What does matter is what type of balance you let report relative to that limit. 

 

You can spend $1000/mo on a $1000 limit as long as you pay it off or pay it down significantly.  Actually, you can spend more than this if you make multiple payments.  Spend $1000, pay it off, spend another $1000, pay it off and let $0 report.  You just spent $2000 but reported $0 for this cycle in this example.

 

Are you letting a balance report?  When you say 30%, do you mean you just spend $300/mo on a $1000 credit line or are you letting a $300 balance report at the end of your credit cycle?  These are two very different things.  Spend doesn't matter so long as it gets paid off.  Balance left is what impacts lending decisions such as approvals, approval amounts, CLI amounts, etc.

 

If you aren't already doing it, you want to make sure you're letting less than 9% of your credit limit report.  So, on a $1000 limit you would want $80-something to report at most; never $90+ or it will look less favorable to lenders, especially if you are applying for new credit.

Message 4 of 30
Valued Member

Re: CLI without hard pull question

Thanks buds. And yes I only have 2 accounts only and let it balance report something between 100 $ to a 150$ A month. By the look of it, it seems it's the thin file that causing banks to be reluctant offering larger limit. Is there anything I can do to encourage banks to increase the limit 

Message 5 of 30
Super Contributor

Re: CLI without hard pull question

Only 2 things will really help here.  One is time.  Time is the answer to a lot of credit-related questions.  Over time you will prove yourself to be a worthy borrower and as they become more comfortable with you they are more likely to extend you additional credit.

 

The other thing you should work on is thickening your file.  Once you get to 5 accounts or so some people start to consider it not being "thin" any longer.  While I don't recommend opening up accounts for no reason, thickening a file can be a perfectly valid reason.  You could open a share secure loan which would be another account with no HP for starters, which will also help your credit score by roughly 30 points as it will help your "credit mix."  After that I would open up 2 more revolvers, ones that you think would be of use to you either now or down the road.  With all of those accounts reporting you'll build more solid credit history, thicken your file and IMO increase your chances for greater limits.

Message 6 of 30
Established Contributor

Re: CLI without hard pull question

Don't take this too personally from Chase.

 

I've had a Chase card for over 8 years. I'm still stuck at the same 1000 limit. I refuse to allow a hard pull. My scores like yours are 800+. This is the lowest limit I have. I have an Amex BCE with a 34K limit, and a Discover with a 44K limit. these are my largest 2, but I have several others with decent limits.

 

Why I haven't closed it yet, I have NO idea Smiley Happy

 

K


You can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing!
Message 7 of 30
Super Contributor

Re: CLI without hard pull question

BBS has given you a lot of good advice.  Do you have any open installment loans?  If not (as BBS mentions) we can suggest a quick painless way to add 30 points to your score and make your profile thicker at the same time.  Since thickness seems to an issue, this seems like a no-brainer solution (if you have no open I-loans).

 

You may find this guide helpful about card issuers, and how to get soft pull CLIs at each (assuming they allow it).

 

http://www.doctorofcredit.com/credit-cards/which-credit-card-companies-do-a-hard-pull-for-a-credit-l...

 

I will suggest that you not worry too much about CL size.  It will increase if you give it time.  And we can suggest ways to make very large purchases even with a small CL.

Message 8 of 30
Valued Member

Re: CLI without hard pull question

I am looking into secured loan. many thanks y'all 

Message 9 of 30
Super Contributor

Re: CLI without hard pull question


@glenheath2011 wrote:

I am looking into secured loan. many thanks y'all 


If you read the first 2-3 posts in this thread, it will tell you pretty much all you need to know.

 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

Message 10 of 30
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