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My neighbor in Phoenix told me his credit score jumped 40 points after one simple call
We were talking by the mailboxes last week, and he said he called his card company to ask for a higher limit on his oldest card. He told me they said yes right away, and his score went up because his total debt looked smaller compared to his new limit. Has anyone else tried asking for a credit limit increase to help their score?
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terry_walker6mo ago
That part about his total debt looking smaller is the key. People forget that asking for that increase triggers a hard inquiry on your report. That inquiry can drop your score 5-10 points right away, and it stays there for two years. So if you're planning to apply for a mortgage or a car loan soon, that quick boost might not be worth the new mark on your file. You have to time it.
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stellac976mo ago
You're totally right, @terry_walker, about the hard inquiry. That's the part everyone misses. They just see the higher limit and think it's all good. But a 10 point drop is real, and it sticks around. If you need your score to be its best for something big, that timing is everything. It can really mess up your plans if you're not careful.
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jason9584mo ago
I'm not so sure it's that serious, @stellac97. My credit took a two point hit after a hard inquiry last year and bounced back within a month. Unless someone's credit is right on the edge of a cutoff, that 5-10 point drop from an inquiry probably won't make or break a mortgage approval. The real risk is if you've got multiple inquiries in a short span, not just one from asking for a limit increase.
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