When should you ask for credit limit increases?

[hjm331]

Don't hold your breath with HSBC. The reason why I closed my Best Buy Mastercard was because of CLI's. I requested a CLI at the 6 month mark, they pulled a hard inquiry on my report and denied me. I asked for another request 3 months later and they pulled my report but denied me again. I was furious so I closed the account.

I'm not saying close the account. Just use the card, let it help you build credit, then sockdrawer the card as long as it doesn't have any annual fees.

[yendor]

Don't hold your breath with HSBC. The reason why I closed my Best Buy Mastercard was because of CLI's. I requested a CLI at the 6 month mark, they pulled a hard inquiry on my report and denied me. I asked for another request 3 months later and they pulled my report but denied me again. I was furious so I closed the account.

I'm not saying close the account. Just use the card, let it help you build credit, then sockdrawer the card as long as it doesn't have any annual fees.

Thanks HJM, that's the info i am looking for.

[Meya]

11/26/2008

[ColoNative]

I asked BOA for a $1k CLI on my BOA AMEX card and my credit limit is still at $1,500.

Good things come to those who wait.

[hjm331]

It's going to be six months in December since my last CLI.

[ColoNative]

It's going to be six months in December since my last CLI.

Yeah, but you are 19; give it some time, believe me, it will start happening faster and faster each year.

Anyway, it is because of you that I requested my Macy's CLI; it made me mad that a 19 year old had the same credit line as me and I have longer credit history. So slow down darn it! LOL

[hjm331]

Yeah, but you are 19; give it some time, believe me, it will start happening faster and faster each year.

Anyway, it is because of you that I requested my Macy's CLI; it made me mad that a 19 year old had the same credit line as me and I have longer credit history. So slow down darn it! LOL

Well, I'm expecting to have my Capital One card at $10k right when I turn 22.

[ColoNative]

Well, I'm expecting to have my Capital One card at $10k right when I turn 22.

I was 29 before my Capital One hit $10K and not for a lack of trying. For a few years there, Capital One was not buding on peoples credit lines. I was stuck at $9,700 for years. My friend who is a lawyer in Dallas still only has $3,000 on her Capital One.

[hjm331]

Well, my plan is to build my credit line as high as I can so when I apply for new credit, the lenders will match and give even higher limits and that's how you become a high FICO achiever.

[ColoNative]

Well, my plan is to build my credit line as high as I can so when I apply for new credit, the lenders will match and give even higher limits and that's how you become a high FICO achiever.

Sounds like a plan and it works. I never get approved for anything under $10K anymore. All but my Discover have a $10K+ CL also.

[hjm331]

If we weren't in a recession, BOA would be giving me some nice increases by now because I heavily utilize their card and pay on-time. I currently don't have a balance on neither card so we'll see what happens next month.

[ColoNative]

If we weren't in a recession, BOA would be giving me some nice increases by now because I heavily utilize their card and pay on-time. I currently don't have a balance on neither card so we'll see what happens next month.

Yeah, they just gave me $3,000 in July for a total $19K limit. They are crazy with their CLI's.

[hjm331]

You were telling me to slow down with my CLI's. Look at you!

[hjm331]

Yeah, they just gave me $3,000 in July for a total $19K limit. They are crazy with their CLI's.

Was it in auto-CLI?

[ColoNative]

Was it in auto-CLI?

Yeah, they keep doing it too. In 2007 I used my BofA for the only time that year for a $120 brake job and they gave me $1,000 and then this year $3,000.

So keep it up and they will have you at $10K before you know it.