Increasing Credit Limit

Maple08

I've got an Amex Everyday cashback card and Amazon Platinum card, both have relatively low limits but not going to ever restrict my spending habits. I know New Day say to wait 6 months before asking for a limit increase and I guess Amex is similar too.

When it comes to asking for a limit increase, are there any downsides?
For example, if I get rejected, will that affect me in any way?
Do I have to wait 6 months in between asking for limit increases?
How often do you guys request if it's not done automatically?

Brie

I request increases when I need them.  Like when I plan on buying a car or other large purchase.  

Sandtree

Maple08 said:

I've got an Amex Everyday cashback card and Amazon Platinum card, both have relatively low limits but not going to ever restrict my spending habits. I know New Day say to wait 6 months before asking for a limit increase and I guess Amex is similar too.

When it comes to asking for a limit increase, are there any downsides?
For example, if I get rejected, will that affect me in any way?
Do I have to wait 6 months in between asking for limit increases?
How often do you guys request if it's not done automatically?

It depends if they do a hard credit search upon the request, if they do then that may impact your ability to get credit elsewhere... a single search shouldnt be much of a problem but if you are doing it on both cards then you are more likely to have trouble elsewhere in the near future.

Lenders dont see the outcome of searches directly, they clearly can see indirectly if you have a hard search registered and suddenly a new product appears or a limit increases. A negative result therefore isnt recorded anywhere externally.

Obviously a positive outcome can also have a negative impact on your ability to get lending elsewhere though this is a double edged item given that lenders are conflicted between you having too much available credit -v- income but like to see that other lenders trust you with high limits.

You need to follow the banks guidance, most have a minimum time between request but others will allow you to wreck your credit history in the short term by making frequent applications each with a new hard search being recorded.

Never ask for a limit increase unless I actually immediately need it and given the limits I've got (esp if the place excepts AmEx) its been many years since having a need to ask.

msallen

Maple08 said:

I've got an Amex Everyday cashback card and Amazon Platinum card, both have relatively low limits but not going to ever restrict my spending habits. 

So why do you want to increase the limits?

Maple08

msallen said:

Maple08 said:

I've got an Amex Everyday cashback card and Amazon Platinum card, both have relatively low limits but not going to ever restrict my spending habits. 

So why do you want to increase the limits?

I’m just asking so that I know what to expect in the future if I need to ask for an increase.

jay1804

Maple08 said:

I've got an Amex Everyday cashback card and Amazon Platinum card, both have relatively low limits but not going to ever restrict my spending habits. I know New Day say to wait 6 months before asking for a limit increase and I guess Amex is similar too.

When it comes to asking for a limit increase, are there any downsides?
For example, if I get rejected, will that affect me in any way?
Do I have to wait 6 months in between asking for limit increases?
How often do you guys request if it's not done automatically?

From my experience with AmEx you can request every 3 months, although the websites say's "You are eligible to apply for a credit limit increase at any time" but I have now found out form a AmEx advisor if the request is with the 3 months it auto-declines, and restarts the clock.