Question about increasing credit card limit

[Anonymous]

Hi guys,

I currently have a Visa card (use to be WAMU) with a credit limit of $4,500 that I had for about 2 years.  Looking at my credit report I have good standing with no late payment of any.  I want to increase my limit, the question is I have a balance of $3,500.  I like to pay it off little by little.  Does this effect my chances of increasing?  Would they run a hard inquiry on my credit?

Thanks

[pizzadude]

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@Anonymous wrote:

Hi guys,

I currently have a Visa card (use to be WAMU) with a credit limit of $4,500 that I had for about 2 years.  Looking at my credit report I have good standing with no late payment of any.  I want to increase my limit, the question is I have a balance of $3,500.  I like to pay it off little by little.  Does this effect my chances of increasing?  Would they run a hard inquiry on my credit?

Thanks

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This card is currently with Chase ?  People have had varying success with getting CLIs on these converted accounts, but you can be certain that Chase will do a hard pull.   Also, carrying a balance won't help you get a CLI with Chase, it probably hurts your chances.

[Anonymous]

Thanks, it is now chase unfortunately.  I might try when my balance is about 2,500.  I have two years of good standing with them.  Hope they do increase it.

[pizzadude]

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@Anonymous wrote:

Thanks, it is now chase unfortunately.  I might try when my balance is about 2,500.  I have two years of good standing with them.  Hope they do increase it.

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Well you can always try but it will definately cost you a HP.

[Anonymous]

Chase is going to look at this account and your overall credit picture. If your utilization is this high on all of your accounts you are likely going to be declined. You need to look at it from their perspective: "shyboy owes us X dollars already, his payment history suggests he is unable to pay down his current obligation. Should we extend his borrowing ability and let him owe us even more?"

I am not trying to suggest that you are personally overextended or intend to default on your debt obligations. I am only suggesting that in the creditors eyes that revolving a balance for a long time (without a 0% or such offer) or increasing balance is a sign that you may be at risk. Remember their profiles are based upon experience with millions of people and they are not judging you as an individual or your circumstances. I have friends to whom I have loaned money and if they have a history of paying me back I am often willing to extend them additional credit even when they have a current obligation. But I am in a position to judge them solely on their individual performance, not on the behavior of others.

[AndySoCal]

I agree with ther previus post. I would not ask for CLI now. Most likely it will be declined. Your utilization is around 78% on this card. A conusmer with high utilization that is asking for a credit limit increase can be intrepreeted as a bad sign by the lender. I read another post where someone asked for a credit limit increase that had high utilization. I forget who the lender was the end result was the CLI was denied and the account was closed. Pay the balance off first then ask.