Increasing a CC credit line (1 Viewer)

[17seconds]

Have some questions about increasing my credit line on one of my credit cards. Maybe some of you have had to do this. I have excellent credit.

A couple months back I was down to one credit card (9.9% APR) so the company doubled my credit line on it, much more than I would ever use. I didn't think much of it but then I decided to open a 0% intro APR card to put some big expenses I'll be able to pay off in a few months. The line they gave me on that one was too small, I presume because I have all the open credit on the first card.

I want to balance out this open credit so at least half of it is on the 0% APR card.

What is the best way to increase the line on the new card? Should I cut the line on the 9.9% card in half, then ask for an increase on the new card? If so, how long to I have to wait for that to work? Any other suggestions? I don't want to just ask for a line increase because it will decrease my score and I assume it won't do much since they just established the limit when I opened it.

 

[eoMMan]

Call and threaten to close it unless they increase it.

 

[SacramentoBob]

Best way to get big limits is to have big limits on competitor cards. The reason you got the low limit 2nd card is likely because you only had 1 other open card at the time.

The best way to do this depends on the bank involved, but generally it will involve calling a backdoor number to the underwriting department to get the increase. Asking for an increase at activation is one way to go about it.

 

[Maelstrom]

Use it a lot for the next couple months, potentially getting close to your limit if that is reasonable (paying off in full obviously). Then in 90 days or so, call for the increase if it doesn't happen automatically. The hit to your credit will be minimal and temporary.

 

[SacramentoBob]

Use it a lot for the next couple months, potentially getting close to your limit if that is reasonable (paying off in full obviously). Then in 90 days or so, call for the increase if it doesn't happen automatically. The hit to your credit will be minimal and temporary.

If you pay it before the statement cuts*, the credit hit will be nonexistent.

*Not all banks report based on the statement cut date, but it's a good proxy.

 

[jon_mx]

Have some questions about increasing my credit line on one of my credit cards. Maybe some of you have had to do this. I have excellent credit.

A couple months back I was down to one credit card (9.9% APR) so the company doubled my credit line on it, much more than I would ever use. I didn't think much of it but then I decided to open a 0% intro APR card to put some big expenses I'll be able to pay off in a few months. The line they gave me on that one was too small, I presume because I have all the open credit on the first card.

I want to balance out this open credit so at least half of it is on the 0% APR card.

What is the best way to increase the line on the new card? Should I cut the line on the 9.9% card in half, then ask for an increase on the new card? If so, how long to I have to wait for that to work? Any other suggestions? I don't want to just ask for a line increase because it will decrease my score and I assume it won't do much since they just established the limit when I opened it.

Why would they want to give you a high limit at a 0% rate? They will probably raise your limit once the 0% rate expires. The 0% rate is to attract new customers, but ideally limit the amount of free money they loan.

 

[17seconds]

Use it a lot for the next couple months, potentially getting close to your limit if that is reasonable (paying off in full obviously). Then in 90 days or so, call for the increase if it doesn't happen automatically. The hit to your credit will be minimal and temporary.

Already at the limit.

Nobody seems to think cutting my limit on the other card makes a difference. ???

 

[Maelstrom]

Use it a lot for the next couple months, potentially getting close to your limit if that is reasonable (paying off in full obviously). Then in 90 days or so, call for the increase if it doesn't happen automatically. The hit to your credit will be minimal and temporary.

If you pay it before the statement cuts*, the credit hit will be nonexistent.

*Not all banks report based on the statement cut date, but it's a good proxy.

Sorry, I meant the hit for asking for an increase.

 

[Maelstrom]

Use it a lot for the next couple months, potentially getting close to your limit if that is reasonable (paying off in full obviously). Then in 90 days or so, call for the increase if it doesn't happen automatically. The hit to your credit will be minimal and temporary.

Already at the limit.

Nobody seems to think cutting my limit on the other card makes a difference. ???

You need to pay it off (or at least make really large chunks of payments.) A bank will rarely give you more credit when you "need" it (i.e. when you are using it all), but rather when you show that you don't need it. Try to get the usage down to about 30%, and see if paying off that much doesn't trigger an increase.

What is the balance like on your other card, is it also near the limit?

 

[SacramentoBob]

Use it a lot for the next couple months, potentially getting close to your limit if that is reasonable (paying off in full obviously). Then in 90 days or so, call for the increase if it doesn't happen automatically. The hit to your credit will be minimal and temporary.

Already at the limit.

Nobody seems to think cutting my limit on the other card makes a difference. ???

If you're at their internal exposure limit, they may require you to re-allocate limits to make it happen.; Chase is a bank that would do this for you. There's no way of knowing for sure, but your best bet would be to find the backdoor number (Google it) for the underwriting department and call. The people there are actual decision makers instead of front line call center folks.

Some banks are more conservative (Chase/Barclay), some are more generous (American Express). Some have very generous, but formulaic, unbendable rules (American Express), others are like the wild west (Synchrony). The answer may even depend on the specific card you have.

 

[Juxtatarot]

Use it a lot for the next couple months, potentially getting close to your limit if that is reasonable (paying off in full obviously). Then in 90 days or so, call for the increase if it doesn't happen automatically. The hit to your credit will be minimal and temporary.

Already at the limit.

Nobody seems to think cutting my limit on the other card makes a difference. ???

It is unlikely that it would.

Just call them and ask for what you want.

 

[SacramentoBob]

Use it a lot for the next couple months, potentially getting close to your limit if that is reasonable (paying off in full obviously). Then in 90 days or so, call for the increase if it doesn't happen automatically. The hit to your credit will be minimal and temporary.

If you pay it before the statement cuts*, the credit hit will be nonexistent.

*Not all banks report based on the statement cut date, but it's a good proxy.

Sorry, I meant the hit for asking for an increase.

Depending on the bank, it may not even require a credit pull. They will just go off an previous account review of your credit report. American Express is good for this. Chase will almost always do a fresh pull on your credit, giving you a ding.

 

[SacramentoBob]

At least tell me what bank this is so I can give you a ballpark of how things work there.

 

[17seconds]

Use it a lot for the next couple months, potentially getting close to your limit if that is reasonable (paying off in full obviously). Then in 90 days or so, call for the increase if it doesn't happen automatically. The hit to your credit will be minimal and temporary.

Already at the limit.

Nobody seems to think cutting my limit on the other card makes a difference. ???

You need to pay it off (or at least make really large chunks of payments.) A bank will rarely give you more credit when you "need" it (i.e. when you are using it all), but rather when you show that you don't need it. Try to get the usage down to about 30%, and see if paying off that much doesn't trigger an increase.

What is the balance like on your other card, is it also near the limit?

The other card is currently 5% of the limit, and normally I pay it off every month.

I don't want to pay off the 0% card, that's why I'm using it, to pay it off later on in 2015 while it is still 0%

 

[17seconds]

Use it a lot for the next couple months, potentially getting close to your limit if that is reasonable (paying off in full obviously). Then in 90 days or so, call for the increase if it doesn't happen automatically. The hit to your credit will be minimal and temporary.

If you pay it before the statement cuts*, the credit hit will be nonexistent.

*Not all banks report based on the statement cut date, but it's a good proxy.

Sorry, I meant the hit for asking for an increase.

Depending on the bank, it may not even require a credit pull. They will just go off an previous account review of your credit report. American Express is good for this. Chase will almost always do a fresh pull on your credit, giving you a ding.

The 0% card is a Chase Slate

 

[[icon]]

Some banks are more conservative (Chase/Barclay), some are more generous (American Express). Some have very generous, but formulaic, unbendable rules (American Express), others are like the wild west (Synchrony). The answer may even depend on the specific card you have.

This makes sense... My Costco Amex card limit has been upped automatically by significant amounts 3x now. Getting to the point I'm going to consider declining future increases.

 

[17seconds]

Went through the backdoor number and after speaking with them they handed me over to a mainline CSR anyway.

Took several days but I got the increase.

Thanks for the help.

 

[SacramentoBob]

Went through the backdoor number and after speaking with them they handed me over to a mainline CSR anyway.

Took several days but I got the increase.

Thanks for the help.

That's interesting, I've never had that happen to me when calling Chase's backdoor number.

 

[Exit 1]

Go to a Chase branch and slap it on the table. They'll give you the back door.

 

[Bonfire]

Go to a Chase branch and slap it on the table. They'll give you the back door.