Requesting credit line increase

[Anonymous]

does it hurt credit if you are denied? I have been approved by one credit card and thinking about requesting with another card.

[Kenny]

It's the same as an inquiry if the request for the credit limit increase is a hard pull. It only doesn't hurt to ask if it's a soft pull credit limit increase.

[striehl8212]

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@Anonymous wrote:

does it hurt credit if you are denied? I have been approved by one credit card and thinking about requesting with another card.

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As long as the CLI is a SP, it will only benefit you. If it is a HP, it can be from both sides. The hard pull will stay on your report 2 years (only factor in for 1 year though), but your utilization will drop which can be viewed aa a positive thing when taklking about a credit score. 

[Anonymous]

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@striehl8212 wrote:

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@Anonymous wrote:

does it hurt credit if you are denied? I have been approved by one credit card and thinking about requesting with another card.

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As long as the CLI is a SP, it will only benefit you. If it is a HP, it can be from both sides. The hard pull will stay on your report 2 years (only factor in for 1 year though), but your utilization will drop which can be viewed aa a positive thing when taklking about a credit score. 

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thats the goal. i need to find the reference for abbreviations. lol

[Creditaddict]

Who are you looking to request CLI with?

What is current CL and how long have you had it?

[Ghoshida]

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@striehl8212 wrote:

As long as the CLI is a SP, it will only benefit you. If it is a HP, it can be from both sides. The hard pull will stay on your report 2 years (only factor in for 1 year though), but your utilization will drop which can be viewed aa a positive thing when taklking about a credit score. 

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How will the utilization drop? I thought there were no changes to the utilization if the CLI is not approved. 

By the way, is there a way to find out generally which CC has a soft pull and which ones do a hard one for CLI (without calling the rep, e.g. a database on this forum)?

I believe Cap One does a soft pull, so does Citi. Discover did a hard pull on me. Any idea about AMEX, Chase? 

Also, how long should I have a card before I call / apply online for a CLI? My 3 month-old Freedom has ridiculously low limits, but that's perhaps because of my high current utilization on other cards and relatively small history. What's the point of 0% APR !

[Creditaddict]

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@Ghoshida wrote:

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@striehl8212 wrote:

As long as the CLI is a SP, it will only benefit you. If it is a HP, it can be from both sides. The hard pull will stay on your report 2 years (only factor in for 1 year though), but your utilization will drop which can be viewed aa a positive thing when taklking about a credit score. 

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How will the utilization drop? I thought there were no changes to the utilization if the CLI is not approved. 

By the way, is there a way to find out generally which CC has a soft pull and which ones do a hard one for CLI (without calling the rep, e.g. a database on this forum)?

I believe Cap One does a soft pull, so does Citi. Discover did a hard pull on me. Any idea about AMEX, Chase? 

Also, how long should I have a card before I call / apply online for a CLI? My 3 month-old Freedom has ridiculously low limits, but that's perhaps because of my high current utilization on other cards and relatively small history. What's the point of 0% APR !

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discover you can call every 90 days and ask about SP CLI they will tell you if they need HP and you can tell them no.

Amex, you should request 3x current CL at 61 days and then every 6 months.

chase is always HP

[Anonymous]

I want to request CLI with GE Care Credit. Current limit is $1000 and the card will be 1 year old next month. No increase requests thus far.

[Ghoshida]

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@Creditaddict wrote:

discover you can call every 90 days and ask about SP CLI they will tell you if they need HP and you can tell them no.

Amex, you should request 3x current CL at 61 days and then every 6 months.

chase is always HP

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Thanks, that's great to know. 

If I'm requesting a CLI, is it better to lower balances on that particular card (i.e. 30% or less) or wait so that all-over balances are lowered? Do banks differentiate that way between balances on their cards and other cards? 

Is that 30% a good threshold target utilization for decent success rates? (Because Chase will be a HP, I want to be kinda on the safe side before I call them).

[Creditaddict]

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@Anonymous wrote:

I want to request CLI with GE Care Credit. Current limit is $1000 and the card will be 1 year old next month. No increase requests thus far.

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they do HP but you can request a CLI through the automated phone system and I would ask for $20,000 (they will counter... ALWAYS)

it may spit out a code and tell you to give it to the agent and transfer you to an agent, that is fine... do it and stil request $20k, they will counter!