Update on credit limits
At the beginning of each month we attempt to raise the limits on each of our credit cards by requesting a credit line increase without performing any hard inquiries on our credit reports. As mentioned in our post on strategies on raising your credit limit, most credit card companies offer an automated option online to request a credit line increase without having to pull your credit report which would otherwise have a negative impact on your credit score.
The reasoning for this strategy is explained in our post in October when we began to track our progress.
This month we were able to raise the limit on the wife’s Citi Dividend card to $6,900, which was somewhat expected since the last increase we were able to get on this card was back in November. Currently, we are not using this card (that is why it is hidden on our balance sheet right now), but plan to transfer some of this card’s available credit to the Citi Simplicity card in paying off the student loan #2.
A nice surprise was that the Advanta website finally gave us a different answer when requesting the credit line increase instead of the standard “request will be reviewed and notification will be sent via mail within 7-10 business days” response we usually get. In the past, a letter follows in the mail stating “Insufficient length of time account has been open”. Last time we thought we would get a different answer because the account was 6 months old, but I guess we had to wait another month because this time around we were asked if we wanted an increase of $4,000, $3,000, $2,000 or choose to decline the increase. I figured if it was offering an increase of $4,000 then there is the likelihood we would get it and it worked. So, now with the increase, our credit limit on the Advanta BusinessCard is $6,500.
What was even more surprising though is that we were able to increase the credit limit on the American Express Blue card once again, this time to $16,300(!). This came as quite a shock because we just got an increase last month and I was expecting to get the standard hard-inquiry form. Instead, it offered the increase which we gladly accepted. In our experiences, the American Express website has been, by far, the most giving as far as credit line increases are concerned.
All other cards required an additional hard inquiry to request a credit line increase which we are unwilling to do at this time.
As stated before, Discover has no online mechanism to request a credit line increase. According to other people’s experiences it is best to call them every three months instead. So, when we do our round of requests in March we’ll be making a call to Discover.
As for the Simplicity card, which we just recently received in December, we are unable to request a credit line increase via the web at this time because Citi does not allow an automated credit line increase on their cards for the first 6 months, so we won't start trying until June.
To date our credit card account limits are as follows:
The reasoning for this strategy is explained in our post in October when we began to track our progress.
This month we were able to raise the limit on the wife’s Citi Dividend card to $6,900, which was somewhat expected since the last increase we were able to get on this card was back in November. Currently, we are not using this card (that is why it is hidden on our balance sheet right now), but plan to transfer some of this card’s available credit to the Citi Simplicity card in paying off the student loan #2.
A nice surprise was that the Advanta website finally gave us a different answer when requesting the credit line increase instead of the standard “request will be reviewed and notification will be sent via mail within 7-10 business days” response we usually get. In the past, a letter follows in the mail stating “Insufficient length of time account has been open”. Last time we thought we would get a different answer because the account was 6 months old, but I guess we had to wait another month because this time around we were asked if we wanted an increase of $4,000, $3,000, $2,000 or choose to decline the increase. I figured if it was offering an increase of $4,000 then there is the likelihood we would get it and it worked. So, now with the increase, our credit limit on the Advanta BusinessCard is $6,500.
What was even more surprising though is that we were able to increase the credit limit on the American Express Blue card once again, this time to $16,300(!). This came as quite a shock because we just got an increase last month and I was expecting to get the standard hard-inquiry form. Instead, it offered the increase which we gladly accepted. In our experiences, the American Express website has been, by far, the most giving as far as credit line increases are concerned.
All other cards required an additional hard inquiry to request a credit line increase which we are unwilling to do at this time.
As stated before, Discover has no online mechanism to request a credit line increase. According to other people’s experiences it is best to call them every three months instead. So, when we do our round of requests in March we’ll be making a call to Discover.
As for the Simplicity card, which we just recently received in December, we are unable to request a credit line increase via the web at this time because Citi does not allow an automated credit line increase on their cards for the first 6 months, so we won't start trying until June.
To date our credit card account limits are as follows:
- Advanta BusinessCard - $6,500 (+$4,000)
- American Express Blue - $16,300 (+$2,100)
- Citi Dividend - $6,800
- Citi Dividend (wife) - $6,900 (+$1,200)
- Citi Driver’s Edge - $6,600
- Citi Simplicity Rewards - $3,600
- Discover Restaurant - $5,000
posted by Brian at
7:39 AM
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