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Question By
gjarboni

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Asking for increased credit line on multiple cards
Back in 2007, I used to have a lot of available credit on credit cards - well over $100k. Then the financial industry nearly collapsed and Bank of America closed $50k of credit cards. This made my credit utilization go way up. Also some credit cards got converted to business cards and thus don't show up on my credit report which further compounded the problem.

Right now I have $53k in available credit with less than $2k in balances right now. I've read that if I ask for a credit line increase on 5 or 6 cards in the same month, it may show up as a single hard inquiry. Can anyone confirm this? I'd hate to ask each card for more credit and have 5 or 6 hard inquiries.

Thanks for reading.

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What you've heard about multiple inquiries only counting as one is true when you're shopping for a student loan, mortgage, or auto loan. (Even then it's more true in theory than in fact.) It doesn't work that way with credit cards.

I would definitely not ask for five or six increases at once unless I checked with the vendors and made sure they could and would do it with only a soft pull. Some will, some won't; sometimes it depends on the amount of incease you're hoping for.

Also, I've noticed that in the last couple of years more card vendors are offering automatic credit line increases, usually on the card anniversary. So perhaps just waiting will give you some increases, also.

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Reply by
Clairissa

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This is a follow-up to my earlier response. I've learned a little something that might be helpful. While what I said on 1/15 is true, it may also be true that if you have multiple cards from one vendor (Chase or BoA or whoever) you can ask for increases on all your cards from that vendor (or ask for an increase on one existing card and apply for another card from that vendor on the same day and get only one hard pull.

Of course, that's iffy, too. But it may be possible.

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Thanks for the responses, Clarissa

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