When should I ask for an increase on my limit?

cwwatts1202 · ‎03-30-2012

I opened a secured First Premier credit card in November 2011, I've paid it on time and in full each month. My limit is $300 and I paid a $95 dollar security deposit? How long should I wait before I ask for an increase on my limit? Thanks!

laz98 · ‎03-30-2012

First Premier is not generally known for being generous with credit limits or increases, & there are sometimes fees associated with any increases you do get. Just a buyer beware, so to speak

pizzadude · ‎03-30-2012

+1 to Laz's comment ~ if I were you I'd be looking to jettison the First Preemie card and find something with lower fees. Do you have any other CCs open ? Have you tried the Cap1 or HSBC rebuilder cards ??

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

CreditScholar · ‎03-30-2012

I wouldn't expect anything from them. Get rid of them as soon as you can and you'll be better off for it.

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL

MrShush · ‎03-30-2012

Usually, it would be a 6 month wait, but since you pay for increases anyway IIRC, go for it whenever you please, IF you are willing to pay. My 2¢.

LS2982 · ‎03-30-2012

@cwwatts1202 wrote:
I opened a secured First Premier credit card in November 2011, I've paid it on time and in full each month. My limit is $300 and I paid a $95 dollar security deposit? How long should I wait before I ask for an increase on my limit? Thanks!

IMO, I would not ask unless your OK with paying them a fee 25% of the total increase.

EQ FICO 548 3/3/16

LS2982 · ‎03-30-2012

@cwwatts1202 wrote:
I opened a secured First Premier credit card in November 2011, I've paid it on time and in full each month. My limit is $300 and I paid a $95 dollar security deposit? How long should I wait before I ask for an increase on my limit? Thanks!

IMO, I would not ask unless your OK with paying them a fee 25% of the total increase.

Looks like too many people are telling you the same thing!!

EQ FICO 548 3/3/16

cwwatts1202 · ‎03-30-2012

They charge for an increase?! Wow. it's the only CC I have..i'm trying to rebuild my credit...wouldn't it look bad if I closed the card? Wouldn't that hurt my score I mean? I got approved for a Cap 1 secured card, $200 deposit, $200 limit...but didn't do anything with it since I got the First prem. with a lower deposit and higer limit.

LS2982 · ‎03-30-2012

@cwwatts1202 wrote:
They charge for an increase?! Wow. it's the only CC I have..i'm trying to rebuild my credit...wouldn't it look bad if I closed the card? Wouldn't that hurt my score I mean? I got approved for a Cap 1 secured card, $200 deposit, $200 limit...but didn't do anything with it since I got the First prem. with a lower deposit and higer limit.

Do yourself a HUGE favor and axe FP and go with Cap1. Make deposits on it to get a higher CL.

Don't let FP kill you with fees!!!

EQ FICO 548 3/3/16

cwwatts1202 · ‎03-30-2012

I havent had any problems with them thus far...I mean I only use 10% of my limit, and I pay it in full each month...except of course the annual fee, which I won't be paying again till November...the interest is outrageous (49.9%) but since I'm only using 10% and paying it off in full each month, im not worried about the interest...I dont wanna hurt my score by closing it, if it will hurt it. I just won't ask for an increase I guess, and try to get another CC and not use the First premier.