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Calling in for credit card credit raises?
 

Got one credit card that's 4500 dollar limit, I max it out pretty easily and pay back the statement balance with no problem. Anyone ever call in to ask if they can raise limit without credit check? I hate the idea of a hard pull on your credit report, even though my credit is pretty good.

Re: Calling in for credit card credit raises?
 

Google is your friend lots of tricks and tips. One way is using the online ogin to request increase then there's tons of backdoor numbers that will get you an increase instead of the regular number on card

Re: Calling in for credit card credit raises?
 

will depend on the credit card company. capitalone can raise limits with no hard pull. but 99% of banks will require hard pull.

if you are maxing out that card constantly, you need to be requesting at least 3x more if and when you are willing to take a hard pull on your credit report. also, you will not be getting any huge limit increases without a hard pull.

Re: Calling in for credit card credit raises?
 

Wow, 3x. So I have 9500 limit on one credit card, I guess I'll ask for a 28,500 credit limit then. Lol

Re: Calling in for credit card credit raises?
 

definitely. only major companies i know of that cause issues with larger limits is Amex and Chase. and the reason you want 3x is because anything above a 30% utilization rate is considered risky from a lender's view.

After $25,000, Amex will ask for W2 for proof of income. Chase will do the same thing, but i have never found a definitive number that triggers them like with Amex.

ever since i started spending major cash on my business, i got serious about credit so i have a lot of experience with it in regards to credit cards at least.

Re: Calling in for credit card credit raises?
 

What is a utilization rate? 30% considered high?

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By the sounds of it, how much of the limit you are 'utilising' (no pun intended).

e.g. credit limit 100k. You use 30k. Your utilising 30%.

Re: Calling in for credit card credit raises?
 

Yea, I figured it would be something of that nature. Maybe someone later can chime in. For me on my 9500 dollar limit, 8000 to 8500, statement balance paid before due date, never a problem.

Re: Calling in for credit card credit raises?
 

yes, that's correct from both you.

just keep in mind, once you get to much higher limits, at some point, you will have to prove your income. simply paying off large balances can only get you so far if you are really trying to get serious about credit cards.

for now, you aren't even close to that hurdle.

Re: Calling in for credit card credit raises?
 

Pay your balance down to $1 never pay it to zero because it has a negative effect on your score. Once your payment has registered on your credit report its a good time to ask for a CLI or credit limit increase. FYI it takes quite a few hard pulls to have a negative effect on your credit score. One hard pull might drop you 5 points for a month before going back up a month or two later. I'm far better versed in credit card talk than stealth so if you have any questions hit me up.

Re: Calling in for credit card credit raises?
 

Oh, I never pay it down to 0 for sure. Sometimes on my 9500 dollar credit card, I would have a statement balance of 5500, 8500 total, I would just pay the 5500, owing 3000 for the next month. No interest :-), I think that's a cool thing about the credit cards, if u buy right at the statement closing date, wait for your inventory, u have almost 60 days to pay it off, meanwhile u try to dump your stuff.

Why would paying to 0 dollars dock your score a few notch? I have a certain score that remained the same after I applied for another credit, thinking of waiting at least a month before applying for another.

Re: Calling in for credit card credit raises?
 

Not sure exactly why. It's just what was taught to me by veterans on the credit forums. Also if your going to apply for credit cards it better to do them all in 1 day so that the hard pulls don't show to the credit card companies till a day or so later and if there is a drop in your score because of the pulls it will be after your done applying and not in the middle of you applying. It's called an app spree. Find the 2,3, 4 or 5 cards you feel you have a great chance at qualifying for and do them all within a matter of minutes.

Re: Calling in for credit card credit raises?
 

You can not have a truly high credit score if you are reporting more than 30% utilization on ANY revolving credit card.

Maxing the cards out and paying off within a day or two repeatedly may give you an increase.

If you have any derogatory remarks or public records, you would have a hard time getting a significant increase as well.

Re: Calling in for credit card credit raises?
 

Wouldn't applying for 4 or so cards simultaneously eventually pull it down within s few days? Yankee, b of a actually gives you free credit report with them, on the side of your online banking, it has it. My credit according to them is "very good." I practically max out my credit cards every month. Will see what happens later

Re: Calling in for credit card credit raises?
 

It is simple fact glacier. Just google it. It is 30% of your score.

Another fact is without having a real estate loan it is nearly impossible to have a score higher than 800 and very challenging to break 770

Re: Calling in for credit card credit raises?
 

A hard inquiry pulls 1-5 points for a month. If you had 10 hard inquiries all at one time, it may pull it down 10 points for a month or so.....

Re: Calling in for credit card credit raises?
 

Do your 10 points will go back up in a month?

Re: Calling in for credit card credit raises?
 

Might take two reporting cycles but yes, average is a month.

Re: Calling in for credit card credit raises?
 

I see. I'm reading it right now actually in some credit card forums. It says that applying for a new credit card will have a new aged account in your inquiry, which could be a factor in pulling it down. I'm thinking that since there are no late fees of at least the minimum, your credit score should go back up in a month, or 2 billing cycles.

Re: Calling in for credit card credit raises?
 

Getting a new card will definitely bring your score down for a few months or longer but it is not because of the inquiry.

That is why it is best to apply for new credit all at once. Combined similar inquiries in a short about of time get bundled and go back quickly.

NEW open credit will drop your score for a while and it drastically lowers your age of accounts, but we are talking years and years of age to get great results in that area. More than seven years on the same open accounts actually.

Re: Calling in for credit card credit raises?
 

and late report on a credit card is two full billing cycles. It is 60+ days late in order to get a 30 day late mark. Fees do not matter in your credit report.

Re: Calling in for credit card credit raises?
 

I applied for a business AMEX card a few months ago (approved) and ever since I did that all my other cards have increased my limits... I'm going to guess fearing that I would switch my monthly transactions over to AMEX (I did).

Some banks start you off with higher limits (AMEX I have no limits).

Some you'll have lowered limits (Capital One 6k I believe) .. what's the point?

Re: Calling in for credit card credit raises?
 

Aspkin, how did you get your other cards to increase your limits? U just called them in and said raise it or else? Lol. Did you also show proof of income with that Amex?

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They know when you apply for another card.. or get a new card. I didn't call them.

Amex did a hard pull request and saw what they needed to see.. that was enough for them.

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I definetely need to get that Amex card. I also heard that Amex business has a particular benefit that is useful for stealth users.

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never heard of this one before, my brother who only has 1 credit card from the time he was 18 had 820 when he applied for his house with that one card.

Its hard but to do it you need long history (8 plus years or so with card) on your credit cards which most of us don't have.

Best way to really boost is to have a car loan or similar lines of credit in addition to credit cards

Re: Calling in for credit card credit raises?
 

amex is easy to get, the business cards are at least with decent credit and they start you out with awesome limits that you had to pay off each month of course. it says no limit but they do have an internal limit on the cards

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One auto is ideal. I have four and it hurts my score a bit. Still A+ but never over 800
7-16% of your total debit being in Real Estate is idea for your Credit score, auto score, and insurance score.

More than 32% CAN have a negative effect however. :peace:

Re: Calling in for credit card credit raises?
 

Amex offers charge cards and credit cards. What Aspkin is talking about is a charge card.

You can check your spending power inside of your account and charge cards do not show up on a credit report because they have to be paid off every month unlike a credit card.

Very few companies offer charge cards.

Re: Calling in for credit card credit raises?
 

I've had the Costco Amex card before, plus my credit is listed as very good, hopefully they don't give me problems with just that, but you never know.

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Unknown, u said paid off every month unlike a credit card, isn't that a credit card? Unless u mean the sometimes 60 days u can wait to pay it off and the charge card is at best the 31st no matter what.

Re: Calling in for credit card credit raises?
 

correct.

on a charge card, you can't just let an open balance sit forever and never pay it off. unlike a credit card.

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Oh, well, I guess that's ok with me. I never like accruing debts anyways. But the cool thing that a credit card has is you can make a big purchase right at the closing date of the previous statement, and then you don't have to pay it off for like 55 days. Adequate time to unload your inventory. So for example my due date is on the 9th, closing date is on the 13th. So if I make a big purchase on the 13th, I don't have to pay until the 9th of the second month.

Wonder if Amex charge card can do that.

Re: Calling in for credit card credit raises?
 

In the UK we have something called a BA Amex card. Its really the best credit card I have ever used.

£10k credit limit which is more than enough for any day to day along with the odd large purchase. The thing that makes is great is that every year so long as I spend at least £15k on the card I get buy one get one free airline tickets through BA (British Airways)

Very very handy

Only downside of Amex is that its only accepted in about 85% of shops which is a shame

To go to OPs question. I have never called for a raise. Generally I will get them every 3/4 months automatically from the card company without any sort of checks. Does it not work like that in the USA?

Re: Calling in for credit card credit raises?
 

Nope, doesn't work like that here James, just tried calling in this morning, says they have to do a credit check. They raised my limits before because I've been with them for so long. I'll try other channels to see if I can get my limits raised. The Amex definetely looks intriguing.

Re: Calling in for credit card credit raises?
 

some companies will give automatic raises, but there really is no specific outline that will guarantee you to receive one. just have to use the cards consistently and be a loyal customer.

again, if you want big increases, you will eventually have to take the hard pull. that's not a horrible thing though. just try to avoid having 6 or more within a 6 month period. atfer 2 years, they completely fall off your report.

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On the upside, when you've got an AMEX, it feels like your elite. :d

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Ha yes, until you cannot pay for something because the shop doesn't take AMEX and your stood there looking a bit daft

I make sure I always carry my VISA with me now as well to avoid said situations :)

Re: Calling in for credit card credit raises?
 

6 Ways to Increase Your Credit Limit

:juggle:

Re: Calling in for credit card credit raises?
 

Also, have you made use of your free credit check to confirm your standing etc etc.

:coffee: