Credit Limit Increases - Credit Repair Forum from Creditnet
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  1. #1
    Tegleg is offline Senior Member
    Join Date
    Mar 2007
    Posts
    296

    Credit Limit Increases

    I thought it would be beneficial maybye to others in the same boat as I credit wise.

    In credit repair part of your work lies with acquiring some new credit to show you can use credit responsibly.

    Often in credit repair, like me, you may get approved for some credit but maybye at low credit lines. Therefore, about every 6 monthes-a year you may want to ask the creditors to increase your credit limit. Not for the purpose of using it per say, but higher limits help utilization and look better to potential creditors.

    However, it's hard to know how a creditor can/will raise your limit or whether they won't. Will they let you apply for one online? Do you have to call? Will they even consider it? Will they pull your credit again?

    These are questions I have had & with the help of the good peeps here I have some answers. I thought maybye I would post my experiences & maybye others may chime in on thier particular cards.

    Orchard Mastercard: (The rebuilder card, often with a AF) Will charge a fee to raise your CL & often will only give 100.00. This I learned from calling them. No hard pull & in my opinion too much hassle.

    Target RedCard: Will not take CLI requests, no luv button, accounts are auto-reviewed periodically & if they give you one it shows up on your statement. No hard pull for auto review per CSR.

    Old Navy: Has a credit limit increase luv button, I tried it at 4 mths & was denied, so they may want 6 monthes hx. No hard pull. I will try it again at 6 mths unless the letter they send about the decline reason says they don't like me.

    HSBC Visa Platinum: Will not take requests for CLI's. Accounts are periodically auto-reviewed and CLI's may be given & will show up on your statement. No hard pull per CSR.

    Walmart Store Card: Has a credit limit increase luv button. You can try it once the account is 4 monthes old. No hard pull noted. I hit my luv button at 4 monthes and got a 125 CLI. Better than none!

    Care credit: They will take phone requests for CLI's but prefer it only be asked if you have a need (medical/dental procedure coming up etc) They asked if I would let them do a hard pull when I asked & I declined. They denied a CLI but stated if I let them pull my credit they would prob give one.
    YMMV....

    Thats all I have for now but will add more as they get old enough to ask.
    I thought maybye this might help others like me. Please feel free to add your experiences!

    Tegleg
    "You can throw me out the window, I'll just get back up" Pink

    Get strong, get educated!

    Equifax FICO 696, getting there!
    Transunion FICO 712!!!!!!!!!!!!!!!!!!!!
    Experian FICO: who knows?

    Only thing I owe is my mortgage.

    Carecredit for dental work is paid off!!

    Current obsessions: Eventually getting a Penfed cash reward card.

    Proud homeowner as of 051707!!!!
    Thank you Bizwiz! You are awesome! /hugs!

  2.  
  3. #2
    dixiecup is offline Member
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    Mar 2007
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    78
    YOu read my mind! I was just wondering how you went about asking for a CLI. If you could do it online or it had to be in writing.

    I have two accounts with First Premier Bank (I know a lot of people don't like them, but they've been really good to me and worked with me through some hard times and they are the only two cards I still have open and can use, in an emergency of course.) I've had them both about 8 years and have never asked for an increase because I've had some ups and downs, got behind, got caught up, etc, and they never closed me down!

    Well, I'm caught up for good this time and have been current for about a year straight now. My limits on both are only $400 and I have them about 50% utilized. but I intend to pay them down to $0 balance next month!

    So would it be feasible to ask for a CLI at that time?

    Sorry, didn't mean to hijack the thread.

  4. #3
    Tegleg is offline Senior Member
    Join Date
    Mar 2007
    Posts
    296
    npnp! I don't mind hijacks =))

    I haven't dealt with First Premier, but I can offer an opinion.

    Do they have a online account access? If they do there may be a "luv button" aka a CLI button you can click to ask for one.

    If they don't have a website or a luv button is not there then maybye after you pay them down next month call them? You could prob ask before but it might look better with the balances are down. Be sure to ask:

    Do they take requests for credit limit increase? Some do & some only do CLI's on auto reviews of your acct.

    Will they charge you for a CLI? My cruddy Orchard card does!

    Will they pull your credit to consider it? I am avoiding hard pulls when I can because I have too many inquiries atm.

    I plan to ask for CLI's every 6 monthes on my accts that don't pull credit to do it & hope that the auto review ones will like me.

    Post what you find out, it may be helpful to others down the road =))

    Tegleg
    "You can throw me out the window, I'll just get back up" Pink

    Get strong, get educated!

    Equifax FICO 696, getting there!
    Transunion FICO 712!!!!!!!!!!!!!!!!!!!!
    Experian FICO: who knows?

    Only thing I owe is my mortgage.

    Carecredit for dental work is paid off!!

    Current obsessions: Eventually getting a Penfed cash reward card.

    Proud homeowner as of 051707!!!!
    Thank you Bizwiz! You are awesome! /hugs!

  5. #4
    Hedwig is offline Senior Member
    Join Date
    Jan 2003
    Posts
    4,928
    If you use the button on the web page, you won't know until later if they do a hard pull.

    You may want to call them, ask if they do a hard pull. If they say no, ask for an increase. The worst they can do is say no, and you're no worse off than you are now.
    The Answer is 42!!

  6. #5
    Tegleg is offline Senior Member
    Join Date
    Mar 2007
    Posts
    296
    Wow, I hadn't thought of that. Thats very good to know & keep in mind. Thanks Hedwig!

    Tegleg
    "You can throw me out the window, I'll just get back up" Pink

    Get strong, get educated!

    Equifax FICO 696, getting there!
    Transunion FICO 712!!!!!!!!!!!!!!!!!!!!
    Experian FICO: who knows?

    Only thing I owe is my mortgage.

    Carecredit for dental work is paid off!!

    Current obsessions: Eventually getting a Penfed cash reward card.

    Proud homeowner as of 051707!!!!
    Thank you Bizwiz! You are awesome! /hugs!

  7. #6
    apexcrsrv is offline Registered User
    Join Date
    Nov 2006
    Posts
    2,558
    Tegleg:

    Just wanted you to know (if you didn't already) that you're scores are way to good for Orchard and First Premier. Unless these were my oldest accounts, I'd consider tossing them insofar as you can do better.

    Orchard is fine is you can get the fee waived or reduced but, there is no reason to pay that ridiculous monthly fee to First Premier. Of course, it is your business but, I thought I'd make the suggestion.

    Those EQ scores are up to a Delta Sky Points and Premier Pass level at least.

  8. #7
    prissypoo is offline Senior Member
    Join Date
    Jul 2002
    Posts
    131
    After a year of building credit for hubby, he got an offer for a capital one card. I had him apply since he needed more credit and he got a card with a $750 limit. We got a letter from capital one about a month later, saying that if we:

    1. Make 3 monthly payments on time,
    2. Use the card within 90 days, and
    3. Don't go over the limit

    he'll get an increase of $500 automatically. I thought that was interesting....
    prissypoo

    "I may be an idiot, but there's one thing I'm not, sir, and that, sir, is an idiot." - Peter Griffin

  9. #8
    Tegleg is offline Senior Member
    Join Date
    Mar 2007
    Posts
    296
    Apex, thank you for your advice. The First Premier accts are Dixiecup's
    the Orchard is mine, unfortunatley it is my oldest TL. I am negotiating with them per the AF & have told them I will close the acct unless they either waive it or lower it significantly.

    Citi denied me for a preferred about 3 monthes ago, I didn't try a premeir. Is premier easier? If so I may try that in about 6 monthes or so.

    Prissy, thanks for the info!

    Thanks
    Tegleg
    "You can throw me out the window, I'll just get back up" Pink

    Get strong, get educated!

    Equifax FICO 696, getting there!
    Transunion FICO 712!!!!!!!!!!!!!!!!!!!!
    Experian FICO: who knows?

    Only thing I owe is my mortgage.

    Carecredit for dental work is paid off!!

    Current obsessions: Eventually getting a Penfed cash reward card.

    Proud homeowner as of 051707!!!!
    Thank you Bizwiz! You are awesome! /hugs!

  10. #9
    apexcrsrv is offline Registered User
    Join Date
    Nov 2006
    Posts
    2,558
    Premier Pass and Applied Advantage are generally the easiest. Delta Sky Points from AMEX is in range as well but, they're pulling EX.

    You may try the Union Plus card from HSBC as well.

  11. #10
    Tegleg is offline Senior Member
    Join Date
    Mar 2007
    Posts
    296
    Citi & Chase are both BK unfriendly so far. I emailed them both about how they view bk's because I don't want to waste inquiries in the future. Citi CSR says they will not even consider until BK is over 7 years old. I have emailed Chase per thier policy but have gotton no answer yet. Someday I may try the "big dogs" but right now CU's are pretty darn good =))))

    Got the CLI denial letter from Old Navy they said they don't consider CLI requests until the acct is over 4 monthes old. I had thought mine was but evidently not.

    Oh well on I go....btw I closed Orchard 300CL because they refused to waive the AF. I still have Target and CJ's that are the same age and a Mervyn's card from 2000. Everything else is 6 mths or younger. It may ding me abit for awhile but I have nothing major coming so be it. Just could not force myself to pay them another 59 bucks.

    BTW Amex scares me, I'd be watching my back all the time if I had one of thier cards!

    Tegleg
    "You can throw me out the window, I'll just get back up" Pink

    Get strong, get educated!

    Equifax FICO 696, getting there!
    Transunion FICO 712!!!!!!!!!!!!!!!!!!!!
    Experian FICO: who knows?

    Only thing I owe is my mortgage.

    Carecredit for dental work is paid off!!

    Current obsessions: Eventually getting a Penfed cash reward card.

    Proud homeowner as of 051707!!!!
    Thank you Bizwiz! You are awesome! /hugs!

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