CLIs vs Applying for a new card

[kc12286]

I'm debating asking for a CLI on a Visa card, issued by TD Bank vs applying for a new card. Does anyone know how one or the other would affect scores? I know they're both hard pulls. But one I mean is, I would think asking for a CLI would probably only result in a hard pull in one place, as opposed to a hard pull on all three CRAs.

I don't know what TD pulls but I've had the card for several years now, only asked for CLI once and was denied because my revolving accounts were way too high. I've since paid down many accounts, including TD and in the next payment it will be completely paid off. I was thinking this would be a good time to ask for a CLI.

[Anonymous]

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@kc12286 wrote:

I'm debating asking for a CLI on a Visa card, issued by TD Bank vs applying for a new card. Does anyone know how one or the other would affect scores? I know they're both hard pulls. But one I mean is, I would think asking for a CLI would probably only result in a hard pull in one place, as opposed to a hard pull on all three CRAs.

I don't know what TD pulls but I've had the card for several years now, only asked for CLI once and was denied because my revolving accounts were way too high. I've since paid down many accounts, including TD and in the next payment it will be completely paid off. I was thinking this would be a good time to ask for a CLI.

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IME very few creditors/lenders pull a hard INQ for a CLI. But there are a few out there that do. As far as which report they pull it varies and is always possible they can pull more then one report. 

Depending on what you need additional credit for should be your determination if you need a CLI or possibly apply for a new credit card. Weigh all the options, do you pay a fee for the card, do you get rewards, what type of rewards (cash, account credit, points, etc). If this is the only credit card you have IMO I would opt to apply for another credit card, but thats my own opinion.

EDITED TO ADD; Applying for CLI will only have an impact on your score if its a hard pull, also possibly have a positive impact if they raise the limit and lowers your UTIL. Applying for new credit will have an impact for the INQ, and possibly an impact because your AAoA will change. INQ's are usually a very minimal impact and usually with-in 6 months to a year your scores will recover. New account and change in AAoA can vary depending on your credit profile.

[kc12286]

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@Anonymous wrote:

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@kc12286 wrote:

I'm debating asking for a CLI on a Visa card, issued by TD Bank vs applying for a new card. Does anyone know how one or the other would affect scores? I know they're both hard pulls. But one I mean is, I would think asking for a CLI would probably only result in a hard pull in one place, as opposed to a hard pull on all three CRAs.

I don't know what TD pulls but I've had the card for several years now, only asked for CLI once and was denied because my revolving accounts were way too high. I've since paid down many accounts, including TD and in the next payment it will be completely paid off. I was thinking this would be a good time to ask for a CLI.

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IME very few creditors/lenders pull a hard INQ for a CLI. But there are a few out there that do. As far as which report they pull it varies and is always possible they can pull more then one report. 

Depending on what you need additional credit for should be your determination if you need a CLI or possibly apply for a new credit card. Weigh all the options, do you pay a fee for the card, do you get rewards, what type of rewards (cash, account credit, points, etc). If this is the only credit card you have IMO I would opt to apply for another credit card, but thats my own opinion.

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When I asked this bank for a CLI in the past, I specifically asked if it was a hard pull and was told that it was. I was denied at that point. It's not my only card, it's my second oldest I believe BUT I'd have to double check that on the CRs.]

It's a rewards card, points, through TDs points website. I'm not sure, they changed the points program and the points one can accrue. Points used to be through Visa Extras. It's not a great points card either, 1 point per $1 spent.

I thought it might be good to try for a CLI since I've paid down most of my balance and should have it completely paid off by the next statement.

[score_building]

I think banks are pulling for CLI requests more often these days.  TD is rather conservative with credit and would not be surprised if they do pull for a requested CLI, so be prepared for it; then you can be surprised if it doesn't happen.