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How often should you be asking for credit line increase on your credit cards?

T

Tommy2000GT

Golden Member
I just requested a credit increase on my AMEX card using the online request system. I got approved instantly when I requested $15k. I think I should have asked for more like $20k or $25k. Now I'm wondering when I should do it again.
 
Do you need more than that? If not, who cares?

Otherwise, I think the ding from applying for credit only lasts a few months. I wouldn't apply any more frequently than that. Or maybe call and see if they will increase it without doing another hard pull.
 
Many credit card companies limit one increase every six months. The ding on your account only lasts for six months.

Ignore the haters who say "why do you need higher limits"? The higher the limits the less your score suffers when you do run balances.
 
I had cards with less than $200 limits when I was an undergrad. In those days, there were no regulations against marketing cards to college students without jobs. There'd be tables all over campus giving away king sized candy bars or t-shirts if you apply for their card. As a student, I had no cares about inquiries to my credit history (which pretty much didn't exist).

Mostly, I just got rejected, but I did get my first card with that low limit and I used it to part together my first computer. I had to buy a little at a time over a few months, and as I was spending near the limit (and paying it off), I got automatic bumps. I did call to ask for more when I needed to buy a monitor and didn't have enough credit.

That was long ago. Now, I don't even bother. My limits are high, and I have several cards, and I never utilize much of the limit unless I buy a car and they let me use the card (cash back). Even then, dealerships often limit it to like $5K or so, so I'm still not utilizing much of the limits.
 
I only had to ask once, and it's because my 10k credit line was almost run up so I wanted more buffer. Got another 10k. Ended up bringing it back down to 10k as I ended up paying it off with the mortgage.

As for credit cards, mine have always been increased automatically, I just have to confirm it. One of my CCs is at like 5 grand or something crazy like that. Come to think of it I think my newest card is 5 grand too. That's 10 grand of credit in credit cards alone, then I got a 10k credit line.
 
It depends. If the lender pulls an inquiry only when I really really want one. For those that don't every six months. More credit available means better score whenever you do have to carry a balance.

The ding for a new inquiry lasts for one year. It diminishes as time goes on but impacts your score for a year. It remains on your report for two years.
 
Red Squirrel said:
I only had to ask once, and it's because my 10k credit line was almost run up so I wanted more buffer. Got another 10k. Ended up bringing it back down to 10k as I ended up paying it off with the mortgage.

As for credit cards, mine have always been increased automatically, I just have to confirm it. One of my CCs is at like 5 grand or something crazy like that. Come to think of it I think my newest card is 5 grand too. That's 10 grand of credit in credit cards alone, then I got a 10k credit line.
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things must be different in Canada. I've got ~50k of credit card limit available to me, and I've never purchased anything that requires a payment plan. Of course, I can't imagine ever racking up that much credit card debt. Now if they took away the 3% check fee, I might.
 
I've had credit cards for something like 25 years, and have never asked for a credit increase. I don't know that it matters much to my total credit/credit used ratio since I have not carried a balance on a credit card or paid interest on one in at least 15 years and probably longer. I have about $100-125K in available credit on 4 cards.
 
Tommy2000GT said:
I just requested a credit increase on my AMEX card using the online request system. I got approved instantly when I requested $15k. I think I should have asked for more like $20k or $25k. Now I'm wondering when I should do it again.
Click to expand...

If you want that good wedding band, you'll need to borrow more than that - to show her you love her.
 
Tommy2000GT said:
I just requested a credit increase on my AMEX card using the online request system. I got approved instantly when I requested $15k. I think I should have asked for more like $20k or $25k. Now I'm wondering when I should do it again.
Click to expand...

Depending on how often your girl uses it up completely.

😎
 
JulesMaximus said:
I don't think I've EVER asked for an increase on my credit cards.
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I have asked for a decrease on mine so I could get approved for a higher mortgage amount. I also asked them to stop auto increasing it. So now I sit at $5K credit limit for the last 10 years and never hit the ceiling on it.
 
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