There are many reasons to increase your credit limits. Basically we can boost our credit scores by lower the usage of your line of credit. We can get more free money from banks and earn more interests. Sometimes the credit card issuers will increase your limits without a request. However, you may want to increase you limits for some reason. And you can’t wait to get an automatic increase. Here, I summarized the process on how to increase your credit limit with different banks.
Citi Cards
1) Log in your citi account.
2) Go to the menu bar, go to Manage My Account>Credit line Increase Request.
3) After clicking that button, you will get two results: Instant Approved with a specific amount. This will not get a hard pull on your credit report, since Citi review your credit report monthly. And the decision is based on the last soft pull. I got $800 increase from $2,000 to $2,800 after 6 months. Another result is you have to put some information and go to manual review process. Usually a hard pull will reflect on your credit report. So please be careful to full in the form.
Chase
Usually they will pull a credit report every time you ask for increasing your credit limit except for the automatic increase. You can submit the request online (similar to Citi) or call chase customer service. When the CSR asks your annual income, they will pull your credit report. So be careful about that. Ask them whether or not to pull your credit report before give them the authorization.
American Express
There is no hard pulls for increasing credit limit from American Express. There will be a soft pull on your credit report although they ask for your annual income. This is the most friendly credit card issuer for credit limit increase. Log in you AMEX account, go to account services, and then click “credit management”. You will see “Increase Your Line of Credit”. They will ask for your annual income and you have to fill in the amount you want. Fill in the form and then there will be a decision for you. You can get instant approval. Sometimes the amount will be smaller than you requested. Sometimes, you can get the amount you requested. Usually a high household income will help you to get higher limit. If you see a notice for 7-10 days, it doesn’t mean they deny your request. At this time, you can call in and talk to a credit analyst directly. Usually the increased amount will appear in less than 15 min. Again, no hard pulls. Generally, the credit line under $24,900 is safe.
Bank of America
You can ask for a credit limit increase online. (Just on the left side of your account information.) You have to fill in some information like occupation, income and housing payment. They will not pull your credit report. If they want to access your credit report, they will notify you. SO there is a soft pull on your credit report. The process is similar to that of American Express. Someone indicated that there’s a trick on how to increase credit limit if you have two credit cards from BOA. Can you figure out it?
Discover
Call customer service 1-800-347-2683 and they will ask you some questions. From my understanding, they will also increase your credit limit automatically. When you call them up for increase your credit limit, please ask them not pull your credit report. To my knowledge, there will be a soft pull but you have to require them to do so.
HSBC
They will pull your credit report if you can’t get automatic increase. Somebody said the HSBC was operated by a bunch of “Space Monkeys.” Even though you can get $10,000 from other credit card issuers, you might get $500/$750 from HSBC. No matter how high your credit score and how long your credit history is they just give you what they think should be.
Capital One
I believe they will pull (soft) your credit report from 3 credit bureaus and they will increase your limit automatically. However, please don’t expect too much from it. When you apply for their card, they will also pull your credit report from 3 bureaus. That’s why I don’t suggest my readers use their cards. Their credit limit usually sucks. For your credit score’s sake, please don’t touch Capital One!
WaMu
They claim they will periodically review your account. If you maintain a good standing with your account with them, they will increase for you automatically. Some report a huge increase while others report tiny increase. I hope I can get a huge jump on my account.
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October 12th, 2007 at 12:36 pm
I had a problem getting a credit limit increase from Chase and after calling in (after recieving the letter) I was able to get my limit increase. However I do not have the large amount of credit available with you.
After speaking with a chase banker about opening a business credit account (for a legitimate business) he mentioned that if you have an account that you max out every month (even if you pay in full) it will raise red flags with Chase. Because of that I’d suggest paying down the credit card before the due date so that the posted limit doesn’t show as maxed out (although since they issue your card this might not matter), and I’d suggest using another card you have until you get the limit increase you ask for.
Also be careful how many times you ask Chase. In my experience they hard pull your credit for limit increases, so repeatedly trying to increase your limit will also ding your credit score a bit.
October 12th, 2007 at 4:08 pm
When you said that “the credit line under $24,900 is safe” in the AmericanExpress part,did you mean their famous financial review process?
October 12th, 2007 at 4:31 pm
Not exactly. It’s generally believed that if your request is under $24,900, you have great chance to get approved.
October 13th, 2007 at 11:09 am
So, you mean if I do not give the authorization, they can not pull credit record?
October 13th, 2007 at 11:13 am
Yes. When they ask for annual income, they are about to pull your credit report. When you are asked to fill in a form, you are willing to let them pull your credit report. So be careful about those stuffs.