When to ask for credit limit increase?

[Anonymous]

Currently, I have a Capital One Platinum Visa with a $1000 CL.  I also have a Citi Dividends Mastercard with a $1290 CL.  If I pay them down to 5-10% utilization, currently way up in the 80% range, how long should I wait to ask for a CLI?  Keeping in mind that I have maybe 1-3 lates on each card over the course of the 8-10 years that I've had them (one each was last month).  

Will both be a soft pull?

What should my expectations be?

[Anonymous]

Capital one is always a soft pull. But with recent late pays I would guess it would be declined. You can try but I think it will be 6-12 months after your late payment before you would likely be approved for a CLI.

[Anonymous]

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@Anonymous wrote:

Currently, I have a Capital One Platinum Visa with a $1000 CL.  I also have a Citi Dividends Mastercard with a $1290 CL.  If I pay them down to 5-10% utilization, currently way up in the 80% range, how long should I wait to ask for a CLI?  Keeping in mind that I have maybe 1-3 lates on each card over the course of the 8-10 years that I've had them (one each was last month).  

Will both be a soft pull?

What should my expectations be?

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If you missed payments on both accounts wihtin the past month I woudn't even consider asking for a CLI for a minimum of 6 months.  It may take even longer than that before either one will grant you one.

[Anonymous]

Thank you both!  I will pay them down to 5-10% in the next 30 days and just keep them around for 6 months or so before trying to request a CLI.

[Anonymous]

Take your time and don't rush it. These things take time to build.  Pay them down and do so for a year.  After the year, go ahead and try 👌

[SouthJamaica]

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@Anonymous wrote:

Currently, I have a Capital One Platinum Visa with a $1000 CL.  I also have a Citi Dividends Mastercard with a $1290 CL.  If I pay them down to 5-10% utilization, currently way up in the 80% range, how long should I wait to ask for a CLI?  Keeping in mind that I have maybe 1-3 lates on each card over the course of the 8-10 years that I've had them (one each was last month).  

Will both be a soft pull?

What should my expectations be?

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1. Low utilization percentage is a FICO scoring factor, but not necessarily meaningful in getting CLI's.

2. Capital One CLI's are soft pull, so there's no harm in asking, but usually they come only at 6 month intervals when they come.

3. With Citi it's sometimes soft pull, sometimes hard pull, and those also usually require waiting 6 months.

As to whether or when you'll get one, no one knows. It doesn't sound to me like your prospects are great at this juncture.