@Anonymous wrote:Hey all,
Was wondering if some of you can share your experiences on requesting a credit increase?
I have capital one $300 credit limit and Victoria Secret (comenity bank) $250. Since 2016. I had terrible payment history but still paying it. I have been doing good for the last 5 months. I have been trying to keep up with my payments since I intended on getting a house in the future. After more time of on time payments, or heck even if I pay it in full right now....When would be a good time to ask for a credit increase?
If it were me. I would wait at least 6mo with clean payment history before trying. Definatly try to be debt free. It only helps you if you have a zero balance before requesting.
I think getting a credit line increase may not be the most important thing right now, as far as your credit goes. It's important to pay debt off, if possible, and make sure you're at a place you can consistently make your payments. If that doesn't happen, your credit will suffer regardless of your credit line.
[2/2019]
You’re welcome!
CC companies generally look at credit score, history, income and (sometimes) usage when giving a CLI. If any of those are off, they may decline. If there are late payments, that's generally a negative indicator. I would strongly recommend making payments on time as there are lasting effects of late payments. 30 day late payments generally have an impact of 2 years, 60/90/120 generally hurt much longer. As mentioned, set up auto-pay to make a doable payment, plus make extra payments in a month if you can. I wouldn't bother with a CLI at this time because of the scores listed in your sig. Give it at least another 6 months before requesting a CLI. Just my two cents, as always YEMV.
