New Card or CLI

[ChiTownTony]

I'm trying to decide if I should apply for a new card or ask for a CLI on my current Visa (it would be a hard pull). All FICO 8 are above 800, only $10 debt on a card (AZEO), 3 credit cards currently, no inquiries in over 2 years.  My current Visa has a $4500 CL and I would like a bit more since I will be making some life changes here shortly. 

PayPal: $6000 CL ($0 balance)

Discover: $1750 CL ($0 balance)

Visa: $4500 CL ($10 balance)

No mortgage or car loan

Thanks in advance.

[FinStar]

Who is the lender for the Visa? 

[ChiTownTony]

Regions

[SDMarik]

If your life changes are going to cause some larger expenses, you might want a higher overall CL to avoid a big spike in your UTIL. You have solid scores with a super low util, if that is all accurate it seems like an issuer would be happy to open up a nice line for you. It's better than getting a smaller CLI then trying to apply for a new card with higher limits AFTER your utilization pops.

Especially if that Visa is a Chase card, they will hard pull for an increase anyway, so you might as well try for a new card with a higher typical starting limit.

If your new life chnages are going to lead to charges that you will pay for in full, then it doesn't make much difference. However, if you plan on carrying a balance, the name of the game (for me at least) would be getting my overall CL as high as possible before the spend starts.

Certain cards will guarantee a minimum starting limit of $5,000 or more.

[ChiTownTony]

Thanks.

My life change is that I will be moving and would like to put the expenses on a card instead of using my savings. My Visa card is Regions and it would be a hard pull for a CLI.

I'd preferably like a card with a greater limit than my current $4500 in case the moving expenses go over that. I don't want to split the charges over more than one card. 

[FinStar]

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@ChiTownTony wrote:

Regions

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Since you mentioned that you will be making a substantial purchase, do you want to stick with Regions or see about exploring other lenders where you can potential obtain a SUB? Is your current Regions card a cash back version or...? 

Since you're an existing Regions customer, you can also check to see if you are pre-approved for any CC offers online. 

[SDMarik]

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@ChiTownTony wrote:

Thanks.

My life change is that I will be moving and would like to put the expenses on a card instead of using my savings. My Visa card is Regions and it would be a hard pull for a CLI.

I'd preferably like a card with a greater limit than my current $4500 in case the moving expenses go over that. I don't want to split the charges over more than one card. 

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Cards like the Chase Saphire Preferred (or reserve) will have a minimum limit of $5,000, yours might very well be higher than that with your current scores.

Also, discover is usually a soft pull for a CLI and you seem to have a pretty low line with them, that one might have some room. My starting limit with Discover was $15,000 and my ficos were about 50 points lower than yours when I got approved for it. Granted, things like income will make a difference as well.

[ChiTownTony]

Thanks for responding.

Regions is a cashback card getting 1.5%. 

There are no offers for me at the current time.

[ChiTownTony]

Yes Discover denies me all the time because I rarely use the card which is understandable. 

I could look into Chase. That would be promising it seems. Thanks for the input.

[FinStar]

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@SDMarik wrote:

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@ChiTownTony wrote:

Thanks.

My life change is that I will be moving and would like to put the expenses on a card instead of using my savings. My Visa card is Regions and it would be a hard pull for a CLI.

I'd preferably like a card with a greater limit than my current $4500 in case the moving expenses go over that. I don't want to split the charges over more than one card. 

---

Cards like the Chase Saphire Preferred (or reserve) will have a minimum limit of $5,000, yours might very well be higher than that with your current scores.

Also, discover is usually a soft pull for a CLI and you seem to have a pretty low line with them, that one might have some room. My starting limit with Discover was $15,000 and my ficos were about 50 points lower than yours when I got approved for it. Granted, things like income will make a difference as well.

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One thing to consider, is the OP willing to commit to an Annual Fee CC? While CSP or CSR can be very lucrative products for the right individual, it also depends how this fits the OP's strategy and long term goals. Perhaps CFF or CFU may be alternatives in the event OP wants to avoid any AFs.