CLI- Do i have to request one or are they given through time?

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nismoZtuner
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CLI- Do i have to request one or are they given through time?

Postby nismoZtuner » Mon Jul 29, 2013 3:53 pm

Ive been somewhat curious on credit line increases, Do the companies give an increase while time passes or do i have to ask for the increase....

For example ive had my first credit card since early august of 2012 with a credit limit of $600. up to now I have not been late on any of my payments that includes the new cards ive been approved for. I haven`t gone over 50% of my credit limit with my new cards I have. The highest ive been on my first credit card was $450/600 which I paid of in full before the closing date.

If credit card companies give credit limit increases without asking them then I will wait.
What do you guys think?
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Postby MemberSince99 » Mon Jul 29, 2013 4:39 pm

It depends on the company how they handle CLIs - each of them does it differently as a rule. You might get lucky and get one without asking but you generally have to ask. And if you ask they will probably pull your credit report resulting in an inquiry - not always, but you should expect it.

As far as your cards go, since BofA hasn't given you an increase, and if you are willing to take an inquiry, you can call and ask for one. Generally every 6 months to a year is good. You've had it almost a year so I'm sure you could probably get one with them if you are willing to take an inquiry to do it (and with 600 you probably should)

With Amex you are probably due to try the 61 day 3X CLI. If you aren't aware of what that is, please search the forums or Google the term to learn about it.

With Discover, you can only ask after 3 months now (it used to be 6 but they recently changed it). They MAY give you an auto cli but don't count on it.

Finally with Amex PRG you can't get a CLI as it's a no preset limit card. It simply grows internally and you can learn what it will allow by clicking the "Will my charges be approved" button on the Amex site.

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Postby nismoZtuner » Mon Jul 29, 2013 7:14 pm

Well I kind of do want to request an increse just with my BOA CC since that will definitely help my credit score. I will ask for an increase by the end of this year since I had3 inquiries already in less than 2 months.. I need to let time pass so that there can be a gap.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

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Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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Postby MemberSince99 » Mon Jul 29, 2013 8:19 pm

Or you could do it now and let them age together. At least do it by August when you have a year with them. Don't wait longer than that 600 isn't much even Cap One would probably give you close to that. I'd be shocked if you couldn't get at least 2k out of them - with your new score, and history, I wouldn't even be surprised to see 5k. Once you cross that barrier things move up in a hurry.

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Postby nismoZtuner » Mon Jul 29, 2013 10:00 pm

I'll do it during August, it's only a few days away- hopefully they increase my limit to a good amount.

That will get rid of that low credit limit- I just wonder how much my credit score will jump after that and hopefully it doesn't lower my score. Under my transunion credit score recommendations it tells me that my low bank credit limit is affecting my score.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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Postby MemberSince99 » Mon Jul 29, 2013 11:21 pm

For it affecting your score you aren't doing too badly. If they do a hard pull it will probably balance out the inquiry for a bit then your score will climb. That's the best guess I'd have.

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Postby nismoZtuner » Tue Jul 30, 2013 12:45 pm

I will let you know what happens.
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

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American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

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Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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Postby MemberSince99 » Tue Jul 30, 2013 3:37 pm

Cool please do share the results.

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Postby takeshi » Tue Jul 30, 2013 4:08 pm

nismoZtuner wrote:I haven`t gone over 50% of my credit limit with my new cards I have.

50% is still high. Make sure your reported utilization is low before requesting a CLI.

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Postby MemberSince99 » Tue Jul 30, 2013 4:44 pm

I would guess with the OP's scores, which are quite good, he or she doesn't let that report and is just saying they only use up to that. I do agree don't let that report as your statement amount if you can help it.

I mean personally I feel like if you really think about it, if they won't want you to actually use the limit why do they give it to you? Oh well we'll give you 2k but if you use more than 200 of that it's a HUGE red flag that you are going to stiff us. I mean that doesn't really make sense. And with a 600 limit card 50% would mean you have 300 bucks, a miniscule amount by about any standard. (If that's a problem, you have worse issues than your credit cards).



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