credit limit increase

has anybody asked for a credit limit increase from your credit card company? were you successful? how exactly does it work does your credit take a hit as if you were applying for a new card?

 

Nope. Shit they just kept upping my limit every 3 months. I started at $1100 and within a year and a half it was at $10,000.

Are you a student? Do you have a student card? How old are you? Why do you need a limit increase?

Honestly, it was the worst thing that ever happened to me. My credit is shit now because of that and a few other factors. If you don't have the money in your wallet or your interac to buy it, you don't have the money on your creditcard to buy it either.

I wasn't super irresponsible with my credit card, but I lost my job and my bill just kept on going, up and up and up.

You'll see though that I said I also wasn't super wise with my card either.

 

not a student. I want the increase because i want to have more available credit that isnt in use. i dont care how high they give me because i pay cash for most everything.

 

Do yourself a favor. Do not ask for a credit increase. Pay down your debt. If you can't pay cash then you don't need it.

Just speaking from experience.

 

Then you really don't need a credit increase. Just pay for shit on your credit card. Go home, hit the online banking and pay it off the same day. An increased limit really isn't going to up your credit score. The more you use your card, the more credit they'll extend to you. It doesn't have to be maxed, just use it.

Or just call them and ask to increase it. Like you said.

 

my debt is already paid down.

 

I've gotten credit increases in the past. I asked for a couple and the rest were just done automatically. Never been denied, but even if you were it shouldn't affect your credit score in any way. You're not applying for new credit, just an increase in what you already have. That said, it would probably be tough to get an increase right now. Most cc companies are reducing peoples lines of credit or closing them completely.

 

Credit limits need to be thought out wisely because they can sometimes work in ways against you that you don't think of.

If you have a really high limit and decide to get a loan it can work against you, you're limit is considered unsecured debt even if the balance is currently at zero because you could walk out tomorrow and max out the limit.

Too low of a limit and it is easy to hit the number where it looks like you are struggling, such as if you have a $5000 limit and charge several things bringing the balance up too $2500 even for a short while it will ping an alert that you are at a 50% threshold limit

 

ditto