credit card limits

[th_tan]

I have 5 credit cards, a couple are store cards. I have been with all of them anywheres from 6-14 months. However they all have low credit limits (ranging from $75, to $800), and they've been maxed out for some time now. I am about to pay them all off completely, is there a way I can try to get CL increase without getting inqs in my credit history?

[dayana]

Every credit card has its limits. Everybody knows that.

But do you know what your credit line says about you? Or the limits that hefty credit card lines can place on the rest of your financial life? Let's take a look.

First, a credit limit is much more than a cutoff point for spending. It's a reflection of how a particular credit card company gauges your credit worthiness and your likeliness to charge away on their card.

[loanstar]

the key to increasing your credit limit is to keep making payments on time, if you do this for several months, the lender will be happy to increase your limit, sometimes they do it even without your request.

[simpleyme]

It has been my personal experiance that if you pay the card off and do not use it for acouple months they often up your credit limit to entice ytou to use the card

it also seems the less you need a credit increase the higher the increase you will get

[buzz]

It depends on the company. Some will give automatic CLI's, others usually only at customer request and at the expense of a hard inquiry.

Often, the quick and easy way is to get another card at the same company and merge the two cards. The success and effectiveness of this method can vary widely, though, depending upon the company policies and your relationship with them.

If you pay off the balances and have a clean credit report, the odds are in your favor. Replying to a "pre-approved" offer may increase your chances.

[AccountAnalyzer]

I have a American Express with No Set Credit Limit

[safari]

I have a American Express with No Set Credit Limit

That's a charge card though, not a credit card. You have to pay off your balance in full every month.

[AccountAnalyzer]

That's a charge card though, not a credit card. You have to pay off your balance in full every month.

No I don't have to pay the full balance every month it's a minimum payment every month. And it's a annual fee

[kilcher]

You have 5 cards maxed out and you want to increase their limit? I'm not sure that's a smart thing to do.

[Pupart]

No I don't have to pay the full balance every month it's a minimum payment every month. And it's a annual fee

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If you are only paying the minimum, you are paying a very high price for whatever you are charging.
Get wise about credit... and pay your maxed off cards off. Then only charge what you can afford to pay off at the end of each month.

[AccountAnalyzer]

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If you are only paying the minimum, you are paying a very high price for whatever you are charging.
Get wise about credit... and pay your maxed off cards off. Then only charge what you can afford to pay off at the end of each month.

Yes i decided to do that and will set my own spending limit for $200 once the card is paid in full. There will be no reason for me to go over $200 a month unless a emergency happens.

[poundwise]

This if off the subject but...

I've always thought AMEX was pretty lame to advertise "no pre-set" credit limit. The reason being, you have a limit, it just fluctuates as they continually evaluate you, your credit situation, and oftentimes even the purchase itself.

In their commercials, they show a man buying dinner and his card is declined. The ad points out how this is embarrassing and suggests that it could have been avoided using AMEX.

The real problem is, this guy is a doofus. If you know you have a $10K limit and you have $9975 on the card, and you try to buy 10 people dinner, guess what can happen? Duh.

AMEX customers DO get declined. I'd much rather KNOW my limit than have it perpetually determined behind-the-scenes.

[AccountAnalyzer]

This if off the subject but...

I've always thought AMEX was pretty lame to advertise "no pre-set" credit limit. The reason being, you have a limit, it just fluctuates as they continually evaluate you, your credit situation, and oftentimes even the purchase itself.

In their commercials, they show a man buying dinner and his card is declined. The ad points out how this is embarrassing and suggests that it could have been avoided using AMEX.

The real problem is, this guy is a doofus. If you know you have a $10K limit and you have $9975 on the card, and you try to buy 10 people dinner, guess what can happen? Duh.

AMEX customers DO get declined. I'd much rather KNOW my limit than have it perpetually determined behind-the-scenes.

I never knew my limit on my Amex card because of the no set credit limit thing. The highest I went was $1300 and now it's coming back down. I do know that having a CC with no set credit limit means I should only have that one card. No need for any other cards

[anonymous_saver]

No I don't have to pay the full balance every month it's a minimum payment every month. And it's a annual fee

I hope you are actively trying to get rid of your annual fee card for one that doesn't have an annual fee?

[AccountAnalyzer]

I hope you are actively trying to get rid of your annual fee card for one that doesn't have an annual fee?

Well I was very fortunate to get approved after being $8000 in debt from college. So i just decided to let my credit clear in 7 years and when i reapplied for a CC and I was approved, I didn't make a big deal out of the annual fee which is $30 a year.