Credit line increase through new card or existing, Which is Better?

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twinkletoes
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Credit line increase through new card or existing, Which is Better?

Postby twinkletoes » Wed Apr 13, 2011 2:19 pm

Is it better to request a new credit card or just try to increase your limits on existing cards to increase your overall available credit. Do you take a bigger hit one way or the other on your credit score? Does anyone know? Thanks!!


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Mogul of Pineapples
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Postby Mogul of Pineapples » Mon May 02, 2011 2:25 pm

twinkletoes wrote:Is it better to request a new credit card or just try to increase your limits on existing cards to increase your overall available credit. Do you take a bigger hit one way or the other on your credit score? Does anyone know? Thanks!!


It really depends. I personally have had the best luck apply for a new card from the same issuer, then reallocating the limit over to my main card with them. Though others have success getting a high increase fast, like this: http://creditcardforum.com/american-express/2639-amex-credit-line-increases.html

With the second part you asked about the credit score impact. A new card application will always result in a hard inquiry. On the other hand an increase on an existing card may be possible with only a soft pull, which does not affect your credit. Lately I haven't been able to get soft pull increases on my cards but if you look at the post I liked to, he had two of them that were successful with a soft pull.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Meltdownblitz
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Postby Meltdownblitz » Tue Jun 14, 2011 10:17 pm

How do you ask your credit card company for a "soft pull", or an increase on your credit limit without it showing on your credit? And is it good to ask all your companies possibly since I never asked any of then before?

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tntexan72
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Postby tntexan72 » Wed Jun 15, 2011 12:42 pm

If you don't want a "hard inquiry" and to play it safe, call the 1-800 on the back of the card and speak to a live person. Ask for a CLI and ask the CSR if it's a soft or hard. They should be able to tell you.

I will tell you this, base on my experience...if they ask for HHI, it's generally a hard. Also, don't do it through the automated process on the website of your CC, you won't know if it's hard or soft until it's too late.

Meltdownblitz
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Postby Meltdownblitz » Wed Jun 15, 2011 9:28 pm

What does HHI mean? Sorry :) but very useful info, thanks again!

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tntexan72
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Postby tntexan72 » Wed Jun 15, 2011 9:33 pm

HHI = Household Income. The higher the HHI, generally the higher the CL...in addition to what else is on your CR. Just be prepare to submit paperwork to prove it, if the information is requested by the lender. I know most CU (Credit Union) will request a 2-yr tax returned when apping for one of their credit card. Most big banks won't do that, but than again, you never know.



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