Question : Is requesting an increase in a credit card limit treated the same as an application for new credit for FICO?
I know that applying for a new card will reduce my FICO, and that increasing credit limits (while keeping debt amounts constant) will increase my score - but this would not be the case if requesting the increase in credit limit is treated as a new credit card application?
- asked by MSB
All Answers:
Answer #1
no
- answered by GILMEISTERA
Answer #2
When you ask for an increase in your credit limit,your lender performs what's called a periodicreview. Which is actually an inquiry with thecredit reporting agency. These inquiries createdas a result of the periodic reviews are notsupposed to be factored into your credit score.More informationhere:
http://www.badcreditfixup.com/what-determines-your-credit-score.php
- answered by OJ in Vegas
Answer #3
Depends. Some banks do a hard pull on your reportsand check your scores which is called a hard pull.Sometimes they do a soft pull. A hard pull is anew inquiry on your report just like a newapplication and has to be authorized by you. Asoft pull isn't a new inquiry and can be done byyour card companies periodically. Soft pull islike account maintainance. Chase always does ahard pull as far as I know for CLI. When yourequest your CLI, ask them to do a soft pull andnot a hard pull and see if they will do that. Itried this with RBS, they dont do soft pulls.Capital One and HSBC did and increased my creditwithout a hard pull. Cards that offer automaticCLIs tend to do it via soft pulls. As long as itis not a hard pull, it wont count against yourFICO scores. Read the difference in the followingarticle.
http://credit-free-report.blogspot.com/2007/12/hard-pull-vs-soft-pull.html
- answered by N K
Answer #4
No it isn't....FYI: One application for new creditwon't necessarily cause your credit score todrop....Also, if this is a CapitalOne card you aretalking about, they will deny the limit increaseanyway as they've frozen credit limits for severalyears now.
- answered by Slimick
Answer #5
getting a new credit cards improves your creditscore more than if you just call your existingcredit card company and ask them to raise yourcredit limit. a website to get great informationabout all the different credit cards and comparethem before applying is cardlister.comhere is thelink
http://www.cardlister.com/
- answered by CardListerDotCom
Answer #6
Actually, one of few best ways to increase yourFICO score is by having more than one account.Andyes, by having another credit card is good way toincrease one's credit limits.Just, know thathaving another credit card is like having extraresponsibility.If you can handle paying off bothcredit card score, than you should go for it.
- answered by Kenny J
| 
