I am planning to open either a couple of new credit cards or an unsecured loan. I haven't figured out which option makes more sense just yet. I currently have 2 credit cards which have been open since 2006. I have limits of $2.5k and $1.5k. I was thinking about requesting an increase on my Chase account. I know that it will be a hard inquiry, mostly likely on TransUnion. Do you think that it would be worthwhile to do this before opening new accounts? I know that my limits are very low. I never used my cards much in the past, but I have been spending more on them in the past few months. I pay them in full each month and do not carry a balance. My scores are in the low 800s.
Would it make sense to look for an increase before applying for other products? I don't know if it's worth the hard pull or not. Thanks!
I would say request the CLI first. If you get it, wait a statement cycle for the new high limits to report to the credit bureaus, and then apply for the new cards. You should only incur one hard pull, which should not be a big deal with your scores. The higher limits reporting will be more beneficial when you apply for a new card, because prime lenders will try to match, or even exceeed what you have now.
Why aren't you considering requesting one on the second card?
What cards are you considering? What do you need more cards for (other than building credit further)?