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I ONLY have 13500 max available credit. Would I benefit requesting a CLI to boost my available credit? How much does available credit weigh over credit inquiries? Also, I have a Capital One that regularly gives me increases as well as Walmart, but my youngest, BOA (a little over 1 year old) has NEVER given me an increase. Should I request a CLI? Or just wait it out?
Do you mind posting some data points.....credit scores, inquiries, number of accounts, AAOA.....thanks!!
Sure! My credit score by fico standards (not fako) is 722. Inquiries are 4. AAoA is 8. And I'm not sure how many I have... college loans are throwing it off... but I THINK 9 total. I have 3 open, 3 school loans, and 3 closed iirc
Your profile IMO looks great to request a cli from BofA. It is definately a HP but if it has been over a year and your payment history is good and utilization is in line, I think you will do well. Remeber to go high and let them counter. As far as inquiries, you look pretty good. How recent are you 4 inq..? In regards to waiting it out...I just spoke with BofA about an auto increase on my account and they stated that it rarely happens any more...Let us know how it goes...Thanks!!
@Anonymous wrote:I ONLY have 13500 max available credit. Would I benefit requesting a CLI to boost my available credit? How much does available credit weigh over credit inquiries? Also, I have a Capital One that regularly gives me increases as well as Walmart, but my youngest, BOA (a little over 1 year old) has NEVER given me an increase. Should I request a CLI? Or just wait it out?
The size of your credit limits (either total or individual) is not a FICO scoring factor. Suppose Bob and Fred each have four credit cards and (say) 5% utilization. Bob's cards have credit limits of 1k each and Fred's are 20k each. Fred will not get even 1 extra point for having the huge credit limits. All that matters there is the utilization.
You could spend 20k a month on your cards (given your credit limits) and still have a very low utilization. You'd just need to pay your cards down a few times.
On the other hand, if you'd like a CLI, feel free to ask for one. Nothing wrong with that.
As Doinit explained, BOA definitely does a hard pull for CLI requests. Many issuers do not, but BOA does. This link may be helpful as you look into getting CLIs:
http://www.doctorofcredit.com/maximize-your-credit-limits-for-the-citi-gold-deal/
I had assumed that ALL requests are a hard pull! I think I'll wait until some of my inquiries fall off until I do BofA, but I can do Capital One now as I have NEVER requested an up! Also, does anyone know if Walmart does a hard pull on request?
I had NO idea it could be so easy CO just gave me $2k INSTANTLY without bumping my credit!
Delighted to hear that that link was a help! Best of luck...
Congrats on your increase!! For Walmart, call credit solutions for Synchrony Bank and request high. It will be a soft pull and you will probably be successful as well.
Question... on Walmart could I get away with using the request feature online instead of calling? I avoid phone calls where possible.