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How to increase my Credit Line (CL)??

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Anonymous
Not applicable

How to increase my Credit Line (CL)??

Hello everyone,

 

I have 5 credit cards (2 chase, 1 AMEX, 1 Bank of America, 1 Wells fargo) with total CL of $7000 (I know it's pretty low for 5 cards), because I started out most of my credit cards with student cards. My total CL started with total of $6000 and took me 2 years to reach $7000 CL. Every 6 months or so, I called them and tried to increase my Credit line, but never got approved.

 

My usage of credit card is pretty high (around 20%) but I never miss payment. Does CL have to do with your income? Since I'm a student, I don't have any good solid income.

 

Please instruct me how to increase my Credit lines? Thank you.

 

 

Ayanhein

Message 1 of 21
20 REPLIES 20
Creditaddict
Legendary Contributor

Re: How to increase my Credit Line (CL)??

Your income will be a big factor right now probably.

What Amex do you have, they might be a little more giving with lower income unless you are saying you make less than 12k a year?

Message 2 of 21
Anonymous
Not applicable

Re: How to increase my Credit Line (CL)??

I have True Earning Amex from Costco. The funny thing is AMEX was my first credit card with CL 800 and never got raised.

Message 3 of 21
Creditaddict
Legendary Contributor

Re: How to increase my Credit Line (CL)??


@Anonymous wrote:

I have True Earning Amex from Costco. The funny thing is AMEX was my first credit card with CL 800 and never got raised.


you almost always have to ask with amex, I would call them now and ask to go to 2400.  You can ask for increases at the rate of 3x current CL every 6 months and it's always a soft. you might be able to do online also if you can navigate your way through the links that get you there.  If it's available on your account it will approve it instantly.  Maybe consider adding a second Amex card, Amex loves to give out multiple cards and since you have such a very long history with them you would not take a score ding for a new account because it would date back to your Costco card and based on that history they are very likely to give a much higher cl on second account

Message 4 of 21
Creditaddict
Legendary Contributor

Re: How to increase my Credit Line (CL)??

Have you by chance pulled either your EQ or TU score from here at MyFico?

Message 5 of 21
Anonymous
Not applicable

Re: How to increase my Credit Line (CL)??

Yea i just pulled my FICO scores 2 days ago. My fico scores of TU was 724 and EQ was 708.

 

Also i checked my credit scores at Zendough by TransUnion, and i got 770.

Message 6 of 21
Creditaddict
Legendary Contributor

Re: How to increase my Credit Line (CL)??

Well Amex uses there own version of EX but I would bet money there is something in the formula that puts current amex holders in good standing higher in scoring!

Message 7 of 21
Anonymous
Not applicable

Re: How to increase my Credit Line (CL)??

Thank you for AMEX tip. I never know that i can ask 3x of my current line with my credit history. I think i asked them $1500 once through their website in the first year, but i got denied. Now it's time to try again and i hope it wont hurt my fico score.

 

So if i called them and they offerend me another AMEX with good CL, and i accepted it, does it affect my FICO credit scores? Will they pull inquire for new AMEX card?

Message 8 of 21
Creditaddict
Legendary Contributor

Re: How to increase my Credit Line (CL)??


@Anonymous wrote:

Thank you for AMEX tip. I never know that i can ask 3x of my current line with my credit history. I think i asked them $1500 once through their website in the first year, but i got denied. Now it's time to try again and i hope it wont hurt my fico score.

 

So if i called them and they offerend me another AMEX with good CL, and i accepted it, does it affect my FICO credit scores? Will they pull inquire for new AMEX card?


They might say you are pre-approved for something, but they won't know CL until you actually apply and they will hard you but if they open a new account it will date back to 09(being this month if you applied now), year being when you opened your Costco card so it would probably help your credit and raise you some points vs ding you for a new account if you opened with a different bank.

Message 9 of 21
Anonymous
Not applicable

Re: How to increase my Credit Line (CL)??

Oh wow that's a great tip. Thank you so much.

Message 10 of 21
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