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Credit line increase?

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New Contributor

Credit line increase?

What is the best way to get a credit line increase?

 

Do you just use that one card a lot that you would like an increase on, and then ask for one?

Do you let it report a balnce on the statement, or just use it and pay, and don't let it report a balance ($0.00)?

 

Thanks!

 

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Super Contributor

Re: Credit line increase?

What creditor are you specifically speaking about?  They are all different so if you give the specific one perhaps card holders on here can chime in with what has worked for them.  All profiles are different, but generally speaking a heavy spend on the card, followed by paying it off in full each month for a period of months usually results in the best CLI request results. 

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New Contributor

Re: Credit line increase?

Thanks!

 

I am just starting out with this so not sure how to go about it.

 

BOA cash rewards, 1,2,3. partially secured, First ever CC, opened Fed 2016. When I opened it, I was told it would graduate after 1 year. It is at 500

I have my cell on auto pay. I let that report, it is less 9% and also use it for gas as get 3% cash back but always pay that off.

 

Capitol One quicksilver. Opened March 2016. Started with Platinum at 300 then PC and asked for credit increase at the same time and went up to 800. Credit Steps brought it up to 1,300

Have a few things on auto pay and have been my go to card since it has 1.5% cash back. Also let it report less 9%

 

Discover It, less than a month. it is at 1,250

Only ran 20 through it so far. Payed it before statement cut.

 

I'm pretty sure can't really do anything with BOA at the moment, so wondering which of the other 2 should I focus on first that is more generous with the credit increase

Thanks,

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Super Contributor

Re: Credit line increase?

If you are looking to maximize your score, which is a good idea if you're looking to receive CLIs, you should only be letting one of those accounts report a 9% or less balance, not two (or more) of them.  You'll pick up some more FICO points by only allowing one to report a small balance.

 

Capital One from my understanding only gives CLIs every 6 months, so unless you are 2-3 months away from another CLI attempt I wouldn't focus on them too much.  Discover will give CLIs as often as every 31 days; most people that don't get success in 31 days state that they were successful at 61 or 91 days; either way this is significantly sooner than CO will give increases.  I'd focus on putting most of your spend / PIF through your Discover card for the time being as I believe that one would grow quickest for you.  Just my opinion.

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