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Credit limit increases

C5vette211
New Member

Credit limit increases

I am looking to lease a car in the near future and have high credit card utilization. I had to live off credit cards the last few months. I have a 626 score now with 4 inquiries. My debt to income ratio is low. If I ask for a line increase it would help my utilization but add hard inquiries. Which will effect my score more? Should I ask or just keep paying down over time?

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Jnbmom
Community Leader
Senior Contributor

Re: Credit limit increases


@C5vette211 wrote:

I am looking to lease a car in the near future and have high credit card utilization. I had to live off credit cards the last few months. I have a 626 score now with 4 inquiries. My debt to income ratio is low. If I ask for a line increase it would help my utilization but add hard inquiries. Which will effect my score more? Should I ask or just keep paying down over time?


Are your cards maxed out and which cards do you have? If they are close to limit they may not grant an increase and depending on what cards you have it may be a SP, however with your current score they may not grant them. A lot depends on your history with them as well. Are you making more than the minimum payments?

EXP 758 TU 783 EQ 729
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