Percent of credit limit ???

**MaryM** · February 23rd, 2008, 08:07 PM

How far down should I pay down my cards before I ask for a credit limit increase?

**Meya** · February 23rd, 2008, 10:38 PM

This is a good question. There is a flip side to this:

1. It never made a difference on my behalf. I used to have 60% utilization and still received nice cli's

2. On the flip side, try not to have a habbit of paying min payments or slow paying down to the 35% (max you should use) this can prolong your cli's becasue creditors red-flags these type of individuals thinking that they are having some type of financial problem.

Paying down is not the main question, it is how long ago did you receive your last cli and how long have you had the card.

**hjm331** · February 24th, 2008, 01:35 AM

If you avoid paying minimum payments, paying a good chunk off and paying it on time will help you get some CLI's.

**Meya** · February 24th, 2008, 04:16 AM

This is another good example!

**smcc** · February 24th, 2008, 08:20 AM

I would pay my balance down to about 20% of my credit limit before asking for a Credit Line Increase.

**MaryM** · February 24th, 2008, 10:23 AM

I have had a washington mutal card since 10/2006 and I haven't had one increase. They started me out at 500 and actually raised my rate which I could never understand since I have never been late. I call them and they tell me that they only give cli's on a random basis. Makes me think they will never give it to me. Maybe I need to pay more on the card when the bill comes in. I normally make only the min. payment

**smcc** · February 24th, 2008, 01:07 PM

MARYM your right! If you can make more than the minimum payment this would open the eyes of the lender. With all the foreclosures and the rise in credit card debt due to the economy, most lenders want to make sure you can handle the increased limit responsibly and charge your account all the way up and then can't repay. Try increasing your payments and apply again for a CLI

**hjm331** · February 24th, 2008, 04:28 PM

MaryM, that's the reason why they're not giving you a CLI. They're thinking that if you're barely being able to pay back the $500 they let you borrow, how would you be able to pay back a $1,000 limit? Credit card lenders always assume the worst scenario. Even though they give you a limit, they figure out if you're going to be able to pay back what you maxed out on the card.

As I've said before and I'll say it again, credit card companies aren't here to help consumers, they're here to make money and that is all.

So as long as you're minimum payments, don't expect a CLI. You're going to need to step it up and pay off your balances with big payments. For example, if you owe a credit card lender $900, split it up into 3 months and pay them $300 because paying the minimum won't get you anywhere. Sorry, this is reality and that's just how these credit card lenders work.

**porgy1000** · February 24th, 2008, 05:45 PM

Originally Posted by 101005

I have had a washington mutal card since 10/2006 and I haven't had one increase. They started me out at 500 and actually raised my rate which I could never understand since I have never been late. I call them and they tell me that they only give cli's on a random basis. Makes me think they will never give it to me. Maybe I need to pay more on the card when the bill comes in. I normally make only the min. payment

WAMU is not giving anyone credit line increases at this point and they have or will be raising everyones rates to around 30%. They will become part of Chase in May or June 2008. If they do, expect chase to close most of the accounts though

**hjm331** · February 24th, 2008, 05:51 PM

I will not believe the merger until it actually happens.

**interjack** · April 9th, 2009, 06:55 PM

Originally Posted by porgy1000

WAMU is not giving anyone credit line increases at this point and they have or will be raising everyones rates to around 30%. They will become part of Chase in May or June 2008. If they do, expect chase to close most of the accounts though

This is scary....

**Meya** · April 9th, 2009, 07:29 PM

From my understanding, they merged

Wow, this was a good thread to bring back up to life. I went back on my first posting to this thread, and credit cards are not like that anymore. That was only one year ago when I said that, now they are slicing and dicing limits even if you are not at 35% utilization. Way to go interjack, this was a good thread to bring up to date.

**Wanderer** · April 19th, 2009, 03:16 PM

Life is good. I keep my HSBC MC and AX cards paid. Today I pushed the love button and received a $2,000 increase to my HSBC MC (total CL is $6,000 with cash CL at $6,000) and a $1,500 increase to my HSBC AX (total CL is $8,000 with cash CL at $4,000). Not bad in the down times.

Also my WAMU Personal card transformed to a Chase Flexible Rewards personal card with a $13,500 CL an my WAMU Business Card transformed to a Chase Freedom Rewards Business Card $10,000 CL (awesome benefits - best in the industry).