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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