Poll: Which is better?

[BluePoodle]

Just curious what some of your opinions might be.

I know we all LOVE Auto CLI's and CLI's with soft pulls, but...

Which do you think is a better use of a Hard Pull?

A new credit TL OR a CLI on an old one

[TRC_WA]

If you are like me and aren't opening any new accounts any time soon the HP is better used on a CLI and there is no new account ding.

It's nice to get SP CLI's but unfortunately it cost me a TU HP last month to get my BECU card increased from $7k to $8500.  I'm fine with it though because it's my homestate CU and a good one at that.

[xerostatus]

Too many variables to consider...

For me personally, I'd much more readily take the HP for a new TL, since usually a new card means new rewards (most likely reason why I want the card in the first place) and sign up bonuses (second most likely reason). I'm at a point where additional limit(s) has limited (no pun intended) benefits, since I dont carry balances and thus won't see a big change in utilization or something like that.

Slightly off-topic:

I am desperately trying to resist the urge to app right now, and it didn't help that I checked Chase's prequal this morning and found out I am prequal'd for both the CSP and the Marriott cards, both of which I've been lusting after for some time (not for any real good reason, it's just I wanted to add a metal card into my collection, which makes it all the more imperative that I resist the urge to frivilously app for a card I dont need =X)

[Blodreina]

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@BluePoodle wrote:

Just curious what some of your opinions might be.

I know we all LOVE Auto CLI's and CLI's with soft pulls, but...

Which do you think is a better use of a Hard Pull?

A new credit TL OR a CLI on an old one

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CLI on an old one, particularly when one knows their score has improved a great deal and warrants a larger limit.

You don't take the new account/AAoA hit with a CLI.

[-NewGuy-]

Depends entirely on needs. If you need solely to lower your UTIL, or increase CL on a good card so you can use it more, and don't want to affect your AAoA, then HP CLI. If you need a new card with necessary benefits then a new card.

[coldnmn]

I felt good taking a HP to double my Discover IT as I like shop Discover and some of the rewards and wont hurt my utilization. But I never have many inquiries anyway. I may not feel the same if I had a lot of inquiries.

[Anonymous]

Interesting to see the responses, because I would have thought it was a no-brainer!  This is because I have never seen the "real" value of a CLI except in those cases where you have to pay the card several times a month, and a CLI will save you time and effort.      I sort of discount utilization concerns because this is a month by month thing, and unless you have too much debt, it is controllable.

So I would always reserve HPs to get a new TL, for any signup bonus and, as stated by another poster, to get new rewards which is presumably why I want the card.

But obviously others have different opinions!

[xerostatus]

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@Anonymous wrote:

Interesting to see the responses, because I would have thought it was a no-brainer!  This is because I have never seen the "real" value of a CLI except in those cases where you have to pay the card several times a month, and a CLI will save you time and effort.      I sort of discount utilization concerns because this is a month by month thing, and unless you have too much debt, it is controllable.

So I would always reserve HPs to get a new TL, for any signup bonus and, as stated by another poster, to get new rewards which is presumably why I want the card.

But obviously others have different opinions!

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I agree, I think the main lines of reasonings stems from what the priority goal is.

On the one hand, if you've already got a pretty good credit score/history, and are keeping your util within manageable numbers, then CLI's really only have a limited value to you. So, a new TL with potentially new/better rewards or attractive sign-up bonuses is what would justify the HP. A CLI is less useful for someone who already has enough revolving limits to keep their util under control.

On the other hand, if you're still in credit-building stage, have a thinner file, and/or trying to increase your scores, then a new TL might be more detrimental than they are beneficial (lowering of AAoA + new TL + new inq vs lower util due to higher overall limits). So a HP CLI might be more bang-for-your-buck, since you wont see your AAoA drop, no "new accounts", and will still help you pad your util and thus increase your scores.

[destine2grow]

This is a really good question. I am still learning more and more about my credit but I have come to realize how much an HP affect my credit and now will only do it out if necessity vs want. So if I really needed an CLI to help with utilization or so I wouldn't have to make multiple payments I would take the HP. I also only will apply for cc that fits my lifestyle, that way I don't waste and HP.

[jamesdwi]

depending on the lender a new TL with the possibility of moving CL around can be far nicer than a CLI, a new tradeline can pssibly more 10 times more than any amount you could ask for with a CLI without studdering... for example I had a 3.3k freedom card, and chase gave me a CSP with a 10k limit, then they approved me for a 20k CL on southwestern card, I would of never had the guts to ask for a 20k CLI on any card.