Credit goal for 2012

After my failed attempt to raise the limit on my Visa rewards card, I am vowing to not apply for more credit or credit limits until November 1, 2012. This means:

  • not having my car insurance company re-pull my credit history to try to reduce my rates
  • not trying to up the limit on my credit card at my credit union
  • not trying to up the limit on my Visa rewards card
  • not applying for any new credit cards (not that I had planned on doing so anyways)

At that point, my credit history will have a length of just over 2 years and an average age of about 2 years.

I will then apply for the following all at once (to reduce the hit on my credit long-term):

  • ask my car insurance company to re-pull my credit history to try to reduce my rates
  • ask my credit union to increase the limit on my credit card with them and switch to the rewards program
  • ask Chase to increase the limit on my Visas rewards card

Wish me luck with this goal! It also means that I will continue to mostly use my debit card due to the low credit limits on my credit cards.

6 thoughts on “Credit goal for 2012

  1. I once asked to increase my rate on my credit card and they were SO cold to me. They gave me the 3rd degree. Then another credit card kept increasing my limit without asking me.

    It baffles me! these credit card companies haha!

    Good luck with your credit score stuff!

    • Thanks Young! I know, I don’t get it either. A friend got his first card at 18 with an $800 limit, unsecured! Six months later, they bumped it up to $3,800 and another year later, it was $6,800. I wish that would happen to me :(

      I’m crossing my fingers that my credit union will just bump it up for me ;) A $1,000 limit doesn’t make it worth it for me to pay for their rewards program.

  2. You can ask your local credit union to increase your credit without a hard pull. I have a Visa credit card from my local credit union. I just politely asked the CSR over the phone if I could have my credit limit increased without a hard pull. Moments later, I had my limit increased from $500 to $2000. Worse they can do is say ‘no’.
    It is even easier with AMEX. They just have an online request form without a hard pull. I request one every 6 months to increase my limit by 20% each time and it has always been instantly approved.

    • Wow, thanks Tvo – that’s a great tip! My credit union does have an online form, but I’m not sure if that’s a hard pull or a soft pull.

      I would assume that your credit union then takes into account your balances, the deposits versus withdrawals, and your overdraft history when making that decision?

      • Yup that is it, if they see from their own history that you have been reasonable with your interactions, they will probably give you a bump in credit. I would call the phone number on the back of the credit card as I don’t know how your online form works. The back of my card is a local phone number and not a 1-800 so I got to someone helpful really quick. Just let it known to them that you don’t want a hard pull on your credit when you bring the request up.

        • I know that they won’t consider raising the limit until I’ve had the card for a year, so I’ll wait until I hit that point next month. The local branch is about half a block from my office, so I’ll go in and ask.

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