Credit Line Increases

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Ikarus
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Credit Line Increases

Postby Ikarus » Tue Dec 24, 2013 5:42 pm

I plan to apply for the Duck card after the new year to boost my overall available credit so I can drop a few annual fee cards next year. I also figure it's best to get CLI's for my existing cards instead of opening more cards.

Some have said to apply for CLI on day 61, or later, for AMEX, but what is the formula for these other companies and do they require hard or soft pulls?

Merrick Bank
Cap One
Discover it
Citi
Chase
AMEX
Merrick Bank (Hooters) 4100
Cap One Quicksilver 2800
Discover it 2500
Citi Forward 5400
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 5600
Cap One Visa Platinum 750 (CLOSED)


MemberSince99
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Postby MemberSince99 » Tue Dec 24, 2013 5:48 pm

I can help with a few. Cap One I never got an increase out of so I have no idea and I've never had Merrick.


Discover you can call and ask, and they will tell you if it will be a soft or a hard it could be either one.


Chase is almost always 99% of the time a hard pull or even two hard pulls (on different bureaus).


Amex is soft, it's the last time they softed you.


And yes Amex has the 61 day CLI request (for 3X current limit). But they only allow a request for CLI across all their cards once every 6 months so assuming you get that, then you would be able to ask again 6 months later. If declined I've heard it's 90 days.

daniel2304
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Postby daniel2304 » Wed Dec 25, 2013 1:46 am

Chase is always a hard pull. The CSR I talked to confirmed that every pull from a lender on borrower's request is a hard pull.

Cap One is horrible to deal with, but it was my oldest card so I have to keep it. It's still at $2,500.

Citi Banks will let you know whether they pull your credit or not to make decision. You can do it online, give them your current annual income, it will comes back either offer you an increase or request to pull your credit. You have the right to say no at that point.

Amex has the same process as Citi, but they won't pull your credit. They usually offer a limit lower than your request a little bit (like me, I request $27,000, they came back with $26,200)

Discover will ask kind of different a little. They will ask how much do you want for the increase, instead how much do you want for your NEW limit. It will let you know whether a pull is made or not together with their decision. You didn't have the right to cancel your request.
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

Ikarus
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Postby Ikarus » Wed Dec 25, 2013 10:04 pm

All solid info. Thank you.

I've seen folks say AMEX will do 3x the current CL. Is that true?

What type of ballpark increase will Discover offer?
Merrick Bank (Hooters) 4100
Cap One Quicksilver 2800
Discover it 2500
Citi Forward 5400
Chase Freedom 1000
AMEX Blue Cash Everyday 5500
Citi Dividend 5600
Cap One Visa Platinum 750 (CLOSED)

takeshi
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Postby takeshi » Thu Dec 26, 2013 7:50 am

daniel2304 wrote:They usually offer a limit lower than your request a little bit (like me, I request $27,000, they came back with $26,200)

It's YMMV and depends on credit and the amount requested. They approved the amount I requested.

Ikarus wrote:I've seen folks say AMEX will do 3x the current CL. Is that true?

There's no 3x blanket guarantee. Again, depends on your credit. Google the 3X CLI thread on the other site and read up. 3x is a guideline as the limit for requests.

Robrus1
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Postby Robrus1 » Thu Dec 26, 2013 7:54 am

Ikarus wrote:All solid info. Thank you.

I've seen folks say AMEX will do 3x the current CL. Is that true?

What type of ballpark increase will Discover offer?


Generally assuming your credit, income, payment history, etc is ok, you will probably get the 3X from AmEx, but it is not guaranteed. Discover is impossible to figure out. I was denied a CLI from them not too long ago because they said I haven't used the card enough in the last 6 months. I'm determined to get one from them this year though.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K



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