Why You Shouldn't Ask for a Credit Limit Increase

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Want a credit limit increase? Here's an alternative method to increase your credit limit.
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Опубликовано:

28 июл 2017

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Комментарии : 358

@AskSebby 7 лет назад

Which card issuers do a hard inquiry for a credit limit increase?: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tSz5kOTn-Ig.html

@JCizzleSoCal 6 лет назад

Chase does....

@mikedean481 6 лет назад

ROFL!!!

@itrthho 5 лет назад

I can confirm that Chase does, but they will tell you.

@MissEnglish123 4 года назад

Sebby how do u reduce ur credit limit?

@ashleywallace6188 4 года назад

Not Capital One!

@GraphicDesignations 6 лет назад

Hey Sebby... we need more people in the world like yourself, b/c too many people just look out for themselves and don't reach out to help people the way that you do. Keep up the good work!

@tubro007 4 года назад

Sebby's only here to help himself get paid by RU-vid get a clue, but it is nice that he provides some useful information.

@nist7 5 лет назад

Sebby, just found your channel. I personally found a higher limit was useful since I was helping to book travel for a wedding party and I got rewarded with lots of points. One tip that I don't see often mentioned: Chase will automatically increase your credit limit if you max out your credit limit and then you pay that entire balance off immediately within a statement cycle. I have a Chase Ink Preferred card and essentially tripled the credit limit after I almost maxed it out and then paid it off immediately before the next statement due

@robo2901 6 лет назад

I've also found out that it helps to always update your annual income as it increases (hopefully) as many times lenders will automatically increase your limit without a hard inquiry.

@CaradhrasAiguo49 7 лет назад

Didn't know about the decrease CL option, thanks much! I already have UA Explorer, CSP, and Hyatt with Chase and might cut it close against my limit with the Marriott+Freedom next year, so preemptively decreasing on the UA+Hyatt would be a very good idea!

@Zzcctennis 7 лет назад

Not all credit limit increase request, get you a hard inquire. In that case I see nothing wrong in the increase. If you keep using your card properly, like before getting the increase. I see nothing wrong with it.

@InthenameofYeshua 7 лет назад

TennisBoy it'll raise your credit score

@Zzcctennis 7 лет назад

Thats correct. With a higher limit and spending the same like you normally on the card you will lower your utilization-ratio

@RedRider1600 3 года назад

You should watch the video again. He explained why getting high credit limits can be a bad thing.

@hornets06 5 лет назад

My Chase Southwest Premier started me off with $3,500. 6 months later they upped it to $7,000. 12 months later they upped it to $16,000.

@fksara7708 4 года назад

did you call and ask or it was a timed increase?

@jamesmoore8873 3 года назад

What credit score do you need for any chase credit cards if I have a score between 618-658 with an annual income of $40,000

@Archangel552 7 лет назад

As always, excellent info. The more you know, the more you can maximize the benefits on your credit/charge cards.

@redd7188 5 лет назад

Some cards don't run your credit for an increase. Also, you can simply ask beforehand but I would suggest calling and not doing it online.

@elizabethnwachukwu5310 2 года назад

Capital one does a soft pull .

@nightwaddie5426 5 лет назад

I agree with this advice if you don't really have any financial responsibilities in the horizon, but if you are trying to get a car or a mortgage in the next year or so, I would argue that it's better to ask for a credit limit increase. A hard inquiry should only marginally affect your credit score compared to a new account hitting that Average age of accounts pretty bad. Both should decrease the credit utilization, but one will be more effective at increasing your score in the short term.

@JonelleElise 7 лет назад

Wow this video was awesome! I never thought about comparing just applying for a new card vs doing a hard inquiry for an increased credit limit. It does make sense to just apply for another card. I'm planning on applying for my 3rd credit card (chase freedom) this fall to hopefully get more credit. I want to be able to have a lower utilization (although I don't overspend) by having 3 cards. I'm new to credit so thanks for this information on your channel!

@Anthonyjones-pq4ff 2 года назад

Jonelle just don’t over 30percent mutilation in another tip pay before the closing date

@BrianErwin 5 лет назад

my credit utilization is high at the moment and credit line increases help offset the debt to credit ratio

@consumerdebtchitchat 4 года назад

My major credit card that I love increase me $800 and I said, "You can do better." I asked for a manual review and got a 2k increase. This puts me at a nice 7k limit. And this card allows me almost UNLIMITED balance transfers at zero percent for 6 mo. or 4 percent for 12 to 18 months. Haven't paid cc interest in years! It's all about leverage in my world. Love it!!! I (Like your channel - new sub. as of late)

@jakecalderon6063 6 лет назад

Thanks for the video man, a lot of good information.

@roberthansen2008 5 лет назад

You are very helpful. I learn more watching your videos today and no one ever taught me this stuff when I was a lot younger say 20 years ago or 25 years ago. Even 10 years ago. Thank you thank you thank you

@TheReccafire 7 лет назад

Sebastian, can you do video on Canadian credit cards. whats the best one. and american exchange vs canadian and transaction fees and etc. thanks.

@dugroz 5 лет назад

I asked for a credit limit increase on my Discover card & was granted a modest increase ($700) without a hard pull. I just had to update my income info, which I hadn't done in a long time.

@flycoolchick 5 лет назад

its 2019 and this info is still relevant! Great job...very helpful

@Emmanuel-ne3oi 2 года назад

Not

@Lil_strawberryy 6 лет назад

I could listen to you spew knowledge all dayyyy longggg

@sebastianshaw210 5 лет назад

Meow at me Meghan

@etizoman2403 5 лет назад

meow meghan Same!

@davidlegge4665 7 лет назад

I am in AU and have 1 card with a $500 limit. Life is so simple for me. I had limits of $90k a few years ago. Love your videos.

@joeburns9788 7 лет назад

I will take credit for sparking this topic when i asked you a while back! I think you're definitely right. Before the video I never really thought of having a credit limit "ceiling" almost. I think I'm going to keep just enough credit where my average monthly expenses are equal to 1 percent or less utilization.

@joeburns9788 7 лет назад

i do have to say AMEX 3x credit limit increases with no hard pulls seriously helped my credit score when i first started. So early on, i think its a great tool. Eventually you're just turning yourself into a risk

@theethicalhacker7271 2 года назад

I think in the beginning it’s important because the higher your credit limit is the less likely you are to go above 30% utilization if you spend within your means. I don’t understand the 200k credit limit though 😂

@palmtreewhisperer 2 года назад

The ultimate flex 💪🏼 😂

@foudres06 Год назад

Critical thing for this 30%. First having less than 10% is going to help a lot, so forget even of 30%. Then you can just pay before it get reported and put your usage to 0% or 2-3%. Actually you should not cross 30% (or even 10%) on any card.

@LDPS88 6 лет назад

made a few good points and you mentioned length of credit as a factor. but if you had 1 card with a 10 year history and are considering an increase or a new card, a new card would lower you average credit history to 5 years and take 5 more to get back to 10 years average vs getting the increase you would have 15 years average history and the inquiry would ave dropped off in both scenarios. fyi i have used both strategies in the past.

@Heisbig 6 лет назад

this makes sense to do, anything over 25k credit limit would be overkill and me charging anything past 1000 for a signup bonus/points in a year would be near impossible as at least a third would have to be gift cards. I plan to cap out a 5-8 CC in my lifetime with one or two being store CC's.

@oivas2010 6 лет назад

Hi thank you for your videos. Do store cards get counted in the total of age of credit history with other credit cards I own?

@gamester1416 6 лет назад

I got my credit limi increased without having to ask them. I have several cards but I just us them for gasoline and car maintenance most of the time.

@nelsonsalcedo29 6 лет назад

I really enjoy your videos thank you 🙏

@dannytorrez1800 2 года назад

hi why i want a high limit card is just in case i have car repair or somthing comes up i want to be able to take care of it. i dont want to use it for day to day spending. any ideas on what card i can apply for?

@joseph2705 5 лет назад

Happened several times that I max out the balance and keep it for a few months like 5 or 3 and pay it off in full and they always increase

@roxcyn 7 лет назад

I've never done either unless they offered it like you said. As far as suing for credit card debts many of them do because if they win, you will be responsible for all the legal fees.

@stonedog23 2 года назад

I thought this was going to be some earth shattering news. I think most people try to avoid hard inquiry credit increases. But if you aren’t trying to get a mortgage anytime soon or one of the inquiry sensitive cards, there is no need to be afraid of a hard inquiry at least once a year if it isn’t for a new account, but just for a credit increase.

@goshenhill40 6 лет назад

You do good videos on credit!

@waz1167 4 года назад

Thanks for the great video!

@rometimed1382 6 лет назад

Thanks for the beginning... I was thinking "Why would I ask for an increase when they phone me to increase it every other year?!"

@zintun3575 5 лет назад

You can ask for credit limit increase without getting a hard pull. Soft oull doesn’t affect your score.

@missdesireindependance5194 6 лет назад

When I apply for a new card my credit limit was only 1k which is low. When I increased my credit limit on one card I got 5k. Not sure why it work that way.

@mariomario2589 5 лет назад

Moving part of your credit limit to another credit card with the same bank. That was good info I did not now I can do that.

@thnkbg 6 лет назад

If I use 4 credit cards & keep all under 6% utilization & pay on time, does my credit score increase by 4x? I mean 4 are reporting & lets say one is worth 6 points... so thats 24 points fico score as and example right?

@RafaArtistManagement 7 лет назад

Run Away, Lol 😂🤣😂

@jilliand6591 6 лет назад

I just increased my limit today because I thought it was a good idea to have a higher limit. wish I saw this video first.

@razorbacks1983 5 лет назад

It's not gonna hurt u that bad might drop your score a few points for a month then it will jump back up

@elainekarl4162 6 лет назад

Great information thank you 👍

@mcomeslast 5 лет назад

I have in the past only because it was raising my credit score by changing my ratios. I don’t now because I don’t need it. I don’t want creditors concerned. I have 2 that gave me very high limits. I’m not calling to have them lowered yet. Discover doubled my limit last year and Navy Fed credit union gave me a limit that is half my income. I’m flattered but I won’t use an 1/8 of it. Once i get a CSR or CSP, I’ll have then lowered.

@theghostofmrcow1985 6 лет назад

Good video. Alot of time credit card companies increased credit limit without asking them. I think is best to be patient and see. Just an opinion.

@RudyC27 6 лет назад

Great videos!!!

@ochicoloto3524 2 года назад

Thanks for the video. If all my reports are frozen, can I apply and get approved for a credit limit increase on already existing cards?

@m.e.5446 4 года назад

Great video👍 I'm now rebuilding my credit I have the discover it unsecured card under 5,000 what should be my next card with no annual fee with maybe cash back options maybe you should just do a video on that thank you 😊

@jamesmoore8873 3 года назад

What credit score do you need for any chase credit cards if I have a score between 618-658 with an annual income of $40,000

@itsmesteve1081 4 года назад

I don't get the part where you talk about transaction fees towards the end of the video. Could you please elaborate on that?

@re9473 5 лет назад

Hey I have a question I had my capital one credit card with a $500 limit for the longest and I may be doing it wrong ..I make sure that it reports to them at zero balance both on the report day and also my due date .. my question is that I just recently saw something that I should have something reporting at 30 percent How much should I have reporting to them? Also any other advice you have I’m trying to build my credit score up.. Also I have a $1500 limit on a care credit card that’s completely paid off and I really don’t have any use for it

@pepidelgado 7 лет назад

Also wanted your opinion on self lender loan.

@raphaelwilliams2200 7 лет назад

Hey sebby i'm looking at traveling overseas next year, in your opinion what's the best travel card out right now offering the most points, if you have a video made on this topic could you point me to it.

@christophermartinez5160 5 лет назад

Is a product change also subjected to a hard inquiry?

@NayteeD 7 лет назад

Should i apply for a balance transfer from a card with 7k and 14% interest or wait to refinance my car in a few months with 20k debt and 12% interest?

@ex0stasis72 4 года назад

Huh, I learned something new. I should consider downgrading my limit on my old cards I never plan to use anymore so that my new cards in the future from the same company can have a higher limit.

@luckygirlfromtheislands7592 6 лет назад

How much credit do you think is appropriate for ones income? Should it be equal to or less than ones income?

@XPoChangLinX 7 лет назад

Taiwanese Whisky~~ Lots of good info, Trying to get an Amex Platinum in two years.

@jackb99 7 лет назад

Ask Sebby, is prepaying your card negative in anyway? Like will it show like you’re not making payments?

@MaxMikescrool1 5 лет назад

@sergeantenglishbeginnersen7749 3 года назад

I have a discover card. 2. They closed one of my accounts and said they need a verification release form so they can check my tax filling from the government. I have never been late but I did lie on my income when I opened the account. Will account holder closing. The account on my credit report hurt me .?

@stevenmiller7747 7 лет назад

Along the lines of this discussion here's a subject that maybe you can give a short answer to or a future topic. If I already have a Chase credit card, what info can they get from me with a hard pull as opposed to a soft pull? Almost all banks seem to do CLI with soft pulls, what exactly is a company like Chase looking for with their hard pull that they can't get from a soft pull and your history with them. Seems ridiculous to me although Chase is my favorite card issuer.

@MightiestArm 7 лет назад

Can I apply for a credit card if I work full time with Uber. Because they'll ask me how much I make per year

@spencerbott4 2 года назад

How often does Chase offer CLI? I got my first card with them 11 months ago. Hoping it's once a year? Anyone know? I'd rather not take a hard inquiry

@VincentPascual 6 лет назад

I have one Citi card. I am thinking about applying for another Citi card. If I decrease my credit limit on my Chase Freedom, would it increase my chances of a higher CL on the Citi? In other words, do issuers look at the cards and CLs you have with other issuers to determine how much of a CL you get on a new card with them? Another thing: I got a CL increase on my CIP without asking for one.

@GHNairn 5 лет назад

How does credit card balance get paid if you die? Also, do older people say over 70 years old get discriminated against to get higher limits or even getting higher balance cards?

@CJ-111 4 года назад

I have a question. I got a credit building card 2 years ago with a £200 limit. I managed to get a card a year later with £2000 increasing to £3000 this year. My original card is never used and is still £200. How much will it affect my score to cancel the lower one? I don't use it at all.

@CJ-111 4 года назад

@@frankmatthew4220 the limit on the card I'm talking about is 1500.. not great tbh

@momojorge1 6 лет назад

thank you, it is very educational and usefull

@keenan8140 4 года назад

I've asked for credit limit increases and most of the time the creditors use their internal metrics to make a decision rather than pulling my credit report. I always ask if the request will result in a hard inquiry.

@drzshory 3 года назад

Thanks so much for this information, I wish I didn't ask for a credit limit increase now ;/. Watching your other videos gives me hope that there will be great bonus sign ups for credit cards in the next few years once those hard inquiries are deleted off my account.

@pepidelgado 7 лет назад

I have student card with a credit limit of 300 and it can take days before the charges are posted. I will be going to Europe in December, so I'm hoping they will offer an increase in November. Should I wait a month before I leave to ask for the credit increase? I pay off my credit card every week. To be honest I don't even need credit I'm just trying to build my credit score for future me. I am trying to avoid foreign transaction fees with my bank

@Nathaniel_Peterson 6 лет назад

I would never ask for a credit limit increase if I knew it would result in a hard inquiry, but I've seen many banks offer credit limit increase request forms on their respective websites. You just have to do a little research and make sure there is no inquiry before hand.

@AskSebby 6 лет назад

Many also do it automatically :)

@miguelmontenegro6181 4 года назад

Question what is the best credit card for start building. Credit

@joshuawest3546 5 лет назад

Yeah I’ve made requests but they don’t pull a hard check they usually review my account history. At least with Bank of America.

@dieyoung8259 5 лет назад

2 cards from capitol 1, asked for an increase they bumped me up to $3500, spent about a grand, paid it off. 6 months later I applied for a new card from capitol 1. They hit me with a $10, 000 credit limit on second card. I totally missed out on the rewards for spending x amount within a certain time for rewards points. Kudda kicked myself. I'm cooking with grease baby!

@jala5293 5 лет назад

The reason that people want such high credit utilization is because keeping your utilization between 5-10% is how you get above an 800 Fico score. Hard inquiries temporarily reduce your score, the decreased utilization will permanently boost your score

@oazizpharmd2993 7 лет назад

Ask Sebby, I actually encountered this when applying for the two Southwest cards to get companion pass. I had to transfer Credit from my CSR so they would open the second card. My question now is if I was to lower my CSR balance to below 10k, or a Visa Signature card below 5k, will I lose the Visa benefits?

@AskSebby 7 лет назад

I usually keep the minimum for the specific card type (i.e., 5k for Signature / 10k for Infinite).

@kevinmartinez-os6bq 7 лет назад

I recently received a targeted offer by AMEX for a business gold card with a 5,000 min spend and 75k points bonus. Would it be worth it to take it?I already hit my min spend on my Amex platinum card which gave me 60k. I would be happy to able to combine them and have a potential 150k in points

@christianandrew5515 7 лет назад

Hey sebby can you do a video on when to close an account ?

@CytotoxicTrev 7 лет назад

My girlfriend had suggested I ask for a credit limit increase, but I find your strategy of simply applying for a new card to be more appealing.

@Scratchync 6 лет назад

Ask Sebby, I am hoping you can help me. I just started working on my credit again. My score was VERY low. (Upper 400's). I am now in the mid 600's BUT, ALL of the bad on my credit report is MEDICAL and have already gone to collections:(. I am having a HARD time getting my credit cards to give me credit line increaaes:(. The most I have is $601. Would getting a secured card with a higher credit limit help me? My utilization on my cards is less than 10%, my payments are 100% on time. I feel like I am doing all I can BUT, it's not going fast enough and I need to invest some $, hopefully by getting a mortgage!!. Thanks foe your help:). I really appreciate it!!😁

@TheeeRevoked 5 лет назад

Wouldn't it be nice for having more leeway for your credit utilization ?

@AH-zw4zr 6 лет назад

Hey sebby! Ur videos are great! I just moved from Canada to the US recently and it took my a little over a year to get a credit card, even tho I make over 100G. My Canadian credit history doesn't help here. I started with the city double cash. Any tips! Thanks

@AskSebby 6 лет назад

Build out a base of cards. More videos and posts on this: www.google.com/search?q=asksebby+credit+base

@crzune 6 лет назад

You are asking the average person, but some people use their card for business or work purposes. For example lets say you live in a metropolitan city that has loads of businesses, warehouses and factories spread through a state but you can't get to them because of distance and you don't have a car. If you used a credit card to buy a card to hold down a job that is good because you are getting return on investment if however you are spending just for leisure then it's pointless, when I use my card I try to make I call a 'justifiable purchase' something that is essential or that somewhat important or will give me back value. Good video though

@jessehernandez536 5 лет назад

buying a car on a credit card ? let’s say you have a 20% interest rate on your card. you just made an awful purchase, it’ll take years for you to pay off a car at minimum payments. i also understand not everyone in the world has the pleasure of financing. but still buying a car on a card would pretty much be robbing you every month.

@ricksmith9794 6 лет назад

no I don't what happens if they increase like me know thank u

@mehdish3 2 года назад

Hey seby, are lounge passes individual ? Or can I bring my partner or and children?

@jonathanhenriques2459 4 года назад

I requested a higher interest rate on a card only because the guy on the phone told me it was a soft inquiry and wouldn’t hurt my credit score at all maybe a week or two later my score went down 31 points. This was through Bank of America. Did the guy lied to me and tell me it was a soft inquiry that wouldn’t hurt my score but it was actually a hard inquiry? Do credit increases ever go through with a soft inquiry? And if so do they not hurt your score as much or if none at all? Where are they typically always hard inquiries cause if that’s the case I feel like I was lied to

@TheBertin1 6 лет назад

what if I have a discover secured card. when I first git it I only had 200$in hand to give so I only got 200 credit limit an dafter 3 months I want to increase it to maybe 500 or more to have my utilization low. I will give them the money would it still be a hard inquiry

@AskSebby 6 лет назад

I would add unsecured cards once you get your score higher. Unless you really need the higher limit right now, in the short-term.

@matte.9736 2 года назад

Most of my cards don't do a hard pull for the increase so I see know issue in doing this. I do agree if it is a hard pull.

@LethalLemonLime 6 лет назад

Wow I wish I had watched this before! I increased it because I have one card. The limit was low so it was easy to get 30% utilization (I always had enough money to pay back and always did. Never late. Always in full) so I googled (mostly reddit) and no one said this!! They just said, just call. This is the first time hearing this. Now I want to apply to a new card and worried about that hard inquiry.

@AskSebby 6 лет назад

In the long-term, it's not that big of a deal and you'll probably be fine for your application. If you want to talk strategy moving forward: www.asksebby.com/free-card-consultation/

@222222e 4 года назад

I don't understand why people think the banks lose on defaults. The bank wins regardless if you default or not. The bank doesn't even have anything at risk with credit card payments or on credit cards. They can write off the balance of your statement and recover it to settle with the DTCC.

@SamuraiEdge556 Год назад

There’s a RU-vidr that said put 30k and they’ll counter offer with an amount at the highest they can give you. Is that true?

@Awesome_1789 5 лет назад

citi bank does not let credit limit transfer.

@javieralvarez2693 5 лет назад

Always ask for in house credit line increase.

@courtneysarver6132 6 лет назад

So if I have a very small limit ie $250 and I have had it for years without ever missing a payment, should I not ask for an increase? I don't want more cards because I have such a low interest rate on this one I never have fees...

@AskSebby 6 лет назад

Interest rates don't really matter though since you're paying off your card in full: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-dzs6miqiM_w.html

@iBornReadyi 7 лет назад

great info

@feltondubroc9878 5 лет назад

Hello there...question....I have a prepaid credit card to build my credit with only 300 and I would like to increase it so I can keep it under 30%...will it be a bad move to do so?

@justus4331 5 лет назад

Felton Dubroc i recommend you check Credit Karma, it will tell which ones are hard inquiry/low inquiry and impacts to your credit score 😊

@thefpvlife7785 2 года назад

Capital one sux. 22 yr perfect history n a 791 Experian fico n for the first time in my life asked for an increase from 10k to anything above that n they declined me. Yes I'm employed. I'll never deal with cap one again.

@kbrown6819 6 лет назад

If you apply for credit cards every 2 to 4 months, how does that effect your inquiries to the new card issuer when applying for their card?

@AskSebby 6 лет назад

You'll have more inquiries. Different issuers have different rules related to inquiries. For example, Citi has a 6/6 rule: blog.asksebby.com/rules-to-know-for-citi-credit-card-applications-a15f81254e88

@bjtwuk 6 лет назад

Just so you know, Citibank will not allow you to transfer a credit limit from one card to another.

@helena3631 4 года назад

capital one also

@babysisdolls3336 4 года назад

I want to get a Chase card....2 of my 4 cards offered credit increases...took it to lower my allocation...only had my cards for 5 months..just got in the 700 club range.

@sunghong524 6 лет назад

What's the best travel credit card? Do a video. Your video is really long, but it's pretty good.

@AskSebby 6 лет назад

It really depends on your needs. There's no right answer. For most people, I think the Chase Sapphire Reserve, Amex Platinum, or Citi Prestige offer a lot of value. For hotel cards, the IHG, Hyatt, and Marriott are on the top of my list for keeper cards.

@tubro007 5 лет назад

Where does one find Online Communities working towards high credit limits? I can't find online communities for anything, all that comes up in searches are articles.