Credit Line Increases

on a personal CC (such as AMEX, BofA)
I won't use it, but someone told me to periodically try to request an increase because it actually makes your credit score more appealing to other lenders should you ever apply for a loan in the future. I'm currently at $20,000 with zero balance on one card, and $20,000 on the other with $2,900 balance.
I'm planning to request to $30,000 to see what they can offer.

if you have $0 balance on that $20k line, i don't see why you should request even more. $20k is a fairly high credit line already and the ratio between the balance to high credit is obviously really good with a $0 balance. it would be really good with a $5000 balance.

that person does make a good point however. higher credits with small to no balance shows other creditors you are able to manage your debt well and gives you a better credit score.

i'd also say many cc companies are not increasing credit limits in response to the poor economic conditions. no harm in trying, i just don't see it necessary for you

2009-01-15 07:35:05 by Asile

Lowering your interest rates and increasing your balance on your credit cards is as easy as pie! Watch this video to learn how I do it every 6 months!

I would stay away from that card. Sounds like they charge a lot of fees for what they offer. There are better cards out there. Shop around. You could always save up some money and get a secured Visa.

Chances are that if your stuck with a Salute Visa it is because you have poor or no credit. In most cases when you are in either situation, credit card companies are not quick to increase your limits.

2007-11-09 03:52:03 by muf

Price: $5.95 $5.95

A few questions:

Back in March, I closed a Bank of America "Worldpoints Rewards" card that someone apparently at Bank of America fraudulently opened without my permission. They did a fraud investigation and said it was fraud, cancelled the card account, and said it would all be cleared from my credit report. I have to pull my credit report...probably in May is when I'm thinking is best, because I had to have a 'fraud alert' placed on it to make sure it wasn't the first stages of identity theft. It wasn't. I later got that credit card (which had been cancelled) in the mail and destroyed it.

In the same month of March...I had two credit line increases on two of my credit cards (I asked for them). One went from $3,800 to $5,000. Another went from $2,200 to $2,700. It was in March...I think I remember the $5,000 one having a statement that closed just before on like March 11th. When will these show up on my credit score? Best to wait until May to pull my credit report and score?
And I know this is a dumb question that can't be answered by others too well: but how many numbers on my credit score do increases like that count for? My last credit score was...I think 752 before these increases. All cards in good standing...excellent payment histories (sometimes 2-4 payments a month). Highest balance on the highest card...is only 1/5th of the credit line. The rest aren't even that much.

Have you ever thought about how many people in our country don't have a perfect credit score? You will surely be surprised to know that over 30 million Americans have a below average credit score. Boosting your credit rating takes some work. There is no quick fix to increasing your ratings. Repairing any damage takes time, but it also does not spell doom!

So what is credit rating anyways? It is a number given to assess and reflect your creditworthiness. Your credit score will be a number valued from 300 to 850. While numerous factors can be attributed towards this rating, your payment and debt history are more important than others.

To start with, you shall need a copy of your credit report. If everything in the reports is good, then you can be rest assured that you will have a good credit score. Getting your credit reports is easy and pain free. Actually you are permitted one free copy of your credit report, every year. Read more about it at: http://www.credit-card-gallery.com/artic le/196,Increasing_Your_Credit_Rating

2007-04-09 22:02:24 by Anonymous

Is it bad to request a credit line Increase yourself?
Usually, the bank automatically somehow increases it. I was wondering if it is okay to ask first for a credit line increase.
Would it look like I need financial helps if I do request it?

Thanks ~

If you have a good reason, especially expansion, there's not downside to it is there. but if your in trouble, they won't give it to you anyway.

2007-07-08 18:04:27 by goldsparkly

This is the question for economics. Lamar just received notice his credit card company is increasing his credit card company by 1,000 dollars. Lamar is very happy about that. Comment on Lamars statement.

Thanks.

Credit Line Increases can be good and bad, and you asked for the pros and cons.

Pro-

1. Higher Limit, lowers over all utilization percentage which raises your score.

2. More money in the case of an emergency.

3. Can make banks with higher limits trust you more because another bank has already takin the risk.

Con:

1. Other current creditors that he does business with may decrease his limit, or close the account in fear of having to much credit extended. (which has potential of decreasing the age of his report - a score factor)

2. Most credit line increases come at the price of an inquiry being placed on your credit report.

I would also like to note that a couple of the answers on here are extremely innaccurate....

If a credit card company lowers your limit below your balance, they legally cannot charge you an over the limit fee, and anything over the limit stays at the current APR at the time of the decrease.

And the problem in todays economy isnt Credit Card Debt....
more like irresponsible rela estate agents, brokers, and lenders.

2009-03-15 19:12:00 by The Saints