how to ask for an increase in credit limit

[haulingthescoreup]

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drewsky6 wrote:

kyobakes,

So far you are the only one I see with a bad attitude, trying to call me out like that.  I am asking legtimate questions and I genuinly appreciate everyone's advice...I really don't know what your talking about bud. If I'm coming off as defiant it's becuase I'm not sure everyone understands where I'm coming from and I want to clarify my case.  You said that I should work on paying my debt off first before trying anything else, but you are under the impression that I've racked up 4K in debt.  I merely used that number in my example to try and explain what I'm talking about.  I actually have hardly any unpaid balance on any CC.  This is why I think that this CL increase might be a good idea.  You clearly aren't a fan of this idea, I appreciate your input but please refrain from attacking

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drewsky, what is your current reported util? (what you're calling the debt to CL ratio.)

Util is just a fraction. Yes, you can reduce util by increasing the denominator (increasing the total CL), but you can also get the same result by reducing the numerator (reducing the amount of the balances reporting on your statements.)

Getting util down very, very low will result in automatic CLI's with time. The problem with trying for CLI's (or new cards) when you have balances reporting is that creditors know what that's all about. Impressing them with negligible balances will work out for you a whole lot better in the long run.

Your best bet is to have only one of your cards reporting a balance, 9% or less of that card's CL and ideally around 1-3% of your total CL. Make sure that the other two report $0 by paying them off before the statements post. This is the type of behavior that nervous lenders like to see these days.

Do realize that as a new borrower, you are going to be looked at very, very closely by your lenders. Your best bet is to behave in a very conservative manner with your credit.

[Anonymous]

hauling,

Thanks for that very informative post.  I can take a hint...so far not one person has thought this is a good idea, infact I appear to have angered some.  I'll go ahead and take the advice I've been given.  I'm glad I found this place before moving forward with this. Thanks.

[haulingthescoreup]

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drewsky6 wrote:

hauling,

Thanks for that very informative post.  I can take a hint...so far not one person has thought this is a good idea, infact I appear to have angered some.  I'll go ahead and take the advice I've been given.  I'm glad I found this place before moving forward with this. Thanks.

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lol, you're welcome, and I hope you didn't take it too personally.

This place is like an AA meeting --just about all of us are here because we screwed up on something in the past, and for many, it was getting in over our heads early on and then having a hard time digging out. So when we see someone looking like us back in the day, we get pretty excitable.

Good luck with your credit future! At least you're realizing that credit has to be actively managed for best results.

[Anonymous]

Hi everyone!  I'm new to the site and was just browsing through some of the posts in here.  I work for a credit card company and feel it is my due dilligence if you will; as a consumer and a CSR to respond to your question (drewsky6).

I completely understand that you want to increase your FICO; who doesn't.  30% scoring for debt:balances is huge.  Unfortunately, you may hurt yourself by asking for a CLI if you don't need to utilize it.  I've had people call to get a CLI, it needed to be reviewed by Credit, CLI was declined and as a result of Credit reviewing the account and entire credit portfolio the original CL was in turn decreased.  Some decreases were minor; others...well...  So my advice to you is hold off for now.  I'm sorry I can't give you a timeframe for a better time; but hopefully this information helps you in your decision. 

P.s.  In response to item #3-there isn't a right/wrong answer for HI.  The truth is always the best way to go

[Anonymous]

Sorry, I meant debt:avail credit; not debt:balances.

[marty56]

The "I have your cat" approach works for me.

If I needed to have a CL for a major purchase, I would call the CCC and tell them I wanted to buy a 52 inch TV from Best Buy and I would pay it off in 12 months and ask if they would allow me to.  I would not ask for a CL unless I had a specific purchase in mind and had an exit plan for when it would be PIF.  CLs to lower util or moving debt around are a bad idea.