Which card issuers do a hard inquiry for a credit limit increase?: kzread.info/dash/bejne/poeul82IhNGTeco.html

@JCizzleSoCal

6 жыл бұрын

Chase does....

@mikedean481

6 жыл бұрын

ROFL!!!

@itrthho

5 жыл бұрын

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

@MissEnglish123

4 жыл бұрын

Sebby how do u reduce ur credit limit?

@ashleywallace6188

4 жыл бұрын

Not Capital One!

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 жыл бұрын

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

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 жыл бұрын

TennisBoy it'll raise your credit score

@Zzcctennis

7 жыл бұрын

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

@RedRider1600

3 жыл бұрын

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

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 жыл бұрын

Capital one does a soft pull .

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.

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 жыл бұрын

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

@jamesmoore8873

3 жыл бұрын

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

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

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.

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

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 жыл бұрын

The ultimate flex 💪🏼 😂

@foudres06

Жыл бұрын

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.

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!

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

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?

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?

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?

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

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

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.

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 жыл бұрын

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

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

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

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

@Emmanuel-ne3oi

2 жыл бұрын

Not

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

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.

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

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

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.

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

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?

Is a product change also subjected to a hard inquiry?

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?

I could listen to you spew knowledge all dayyyy longggg

@sebastianshaw210

5 жыл бұрын

Meow at me Meghan

@etizoman2403

5 жыл бұрын

meow meghan Same!

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 жыл бұрын

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

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.

I really enjoy your videos thank you 🙏

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)

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.

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

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.

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

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

@MaxMikescrool1

5 жыл бұрын

No

Also wanted your opinion on self lender loan.

Great information thank you 👍

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

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 .?

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 жыл бұрын

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

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.

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

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 жыл бұрын

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

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

Thanks for the great video!

Great videos!!!

You do good videos on credit!

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?

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.

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

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.

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 жыл бұрын

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

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

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.

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

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

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

@helena3631

4 жыл бұрын

capital one also

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 жыл бұрын

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

What is utilization?

Run Away, Lol 😂🤣😂

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 😊

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 жыл бұрын

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

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

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 жыл бұрын

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

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.

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

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 жыл бұрын

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

Is it good to have a low percentage utilization on your credit card?

@AskSebby

6 жыл бұрын

Yes. You also don't want to carry a balance (it doesn't make sense paying any interest).

What's the best credit card for traveling just making gas purchase and food purchases on the road the boost my score

@marioteixeira8137

6 жыл бұрын

Rodriguez Hudson chase cards

@noelomeli7054

6 жыл бұрын

potentially the amex blue cash everyday for groceries. he has another video on best grocery cards. personally I use citi Costco for gas.

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 жыл бұрын

Interest rates don't really matter though since you're paying off your card in full: kzread.info/dash/bejne/lq6nmM-iocyzj9o.html

When you request multiple new cards, does it not reduce your credit score?

@ScottyByrd

4 жыл бұрын

It can slightly reduce but if you get a card y’all end up with more credit which will raise it ! Main thing is to be on time with payments and just set it to autopay also just make sure your first card never gets canceled 😂

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.

citi bank does not let credit limit transfer.

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!!😁

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

So I'm confused,I'm making a BIG payment soon my card had a limit of $1,000 and applied and got approved for $18,500 is that a temporary increase?? It seems like it's to high and good to be true?? Lol

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

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.

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.

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.

Why is having a high credit limit detrimental if you have an extensive track record of paying off your cards in full every month? I understand you say it's not necessary, but how is it detrimental?

great info

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.

@ScottyByrd

4 жыл бұрын

JoeDago I’d try Reddit

@tubro007

4 жыл бұрын

@@ScottyByrd I'll give Reddit another shot, seems to be the only diverse online forum.

thank you, it is very educational and usefull

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.

Hi Sebby. Just found this channel. I just asked for a credit increase 2days ago 1st card, Capital 1 platinum (Ive had about 1yr ). The rep told me no inquiries that would effect or he told me it wouldn't be pulled, can't remember which. They gave me an increase after about 2mo. Would like to new card to increase utilization levels and to be able to pull cash and travel when needed, but afraid I'd be denied. Not sure how legit Credit karma is to the credit companies but my score is 765. How stringent is the app process for Chase and which card should I try next. Thanks

@AskSebby

6 жыл бұрын

Can you fill this out? :) asksebby.com/free-card-consultation/

Does anyone know the names of credit card forums?

@AskSebby

6 жыл бұрын

ficoforums.myfico.com/

Hey ask Sebby, I had a question about the Amex credit line increase. They do soft pulls but since you have more than one Amex card and me only having one, is the 3X credit line increase true? Or is it better to wait every 6 months when they review the account

@stevenmiller7747

7 жыл бұрын

David Lopez the 3X CLI is true, I just did one with instant approval online and you can do it 60 days after you open your account. It's either a soft pull or they tell you they need more info and it will be a hard pull. Just be careful with AMEX, if you go over $25,000 with a credit line they will probably shut your account down and do a financial check. So if you are originally given a $10,000 credit line I would just go up to $20,000 and forget about the 3X. Stay away from $25,000 or more with AMEX unless you don't mind having your accounts shut down for a few weeks.

@chichi3701

7 жыл бұрын

David Lopez - The 3X CLI worked for me. I waited 6 months before making the request. I was not instantly approved and instead got a message saying a letter would be sent to me in 10 days. I did not receive that letter and called them to inquire. I was then told to call back in 24-48 hrs for an answer. I checked my acct after 48hrs and I got the 3X CLI. With that said, I have heard of people getting the 3X CLI after just 61 days. Others have been denied and had to try later.

@DavidLopez-hv1dh

7 жыл бұрын

Thank you guys so much

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 жыл бұрын

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.

If you've made this mistake before how can you fix it?

Thank you

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.

Should I keep a zero balance on most of my cards?

Let’s be real. Credit cards are especially good for businesses, and in case of extreme emergency need, or for people who are extreme consumers and pay everything off. The security for transactions is best of all. The more cards you have , the more you’ll spend to get The benefits. Be frugal, and stop behaving like credit card moochers , that’s the most pragmatic way to save money.

@thefpvlife7785

2 жыл бұрын

I'm 53 n have been a thin file with a Avg 790 fico my entire life. I'm ok with that.