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0% Line of Credit offer [EXPIRED]
November 12, 2019
8:53 pm
Loonie
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... but it might make you less eligible for a new credit card, should one come along that appeals to you, or for a credit card limit increase. No?

November 13, 2019
11:53 am
Londonguy
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Loonie said
... but it might make you less eligible for a new credit card, should one come along that appeals to you, or for a credit card limit increase. No?  

Only someone who was a borderline risk in the first place need worry about that.

As long as your application information is accurate vis-a-vis your bureau profile and you meet the issuer's non-score criteria (e.g. income) and your score is in an acceptable range (i.e. 700-900), an approval bot will almost always grant you a card. And why wouldn't it, after all, these companies are in the credit granting business and they don't make any money from cards they don't issue.

A hard credit pull for applying for any given card typically temporarily knocks your score down only by 8-10 points, which is pretty much irrelevant if you already score in the 800s (my own TransUnion score is currently 886). This is how some credit savvy people make a game of obtaining literally dozens of credit cards just to get the welcome perks, then they close the accounts later and start the cycle all over again. Not something that I care to do but it's become a bit of a cottage industry in the past 5-10 years.

Getting credit limit increases is a bit of a different animal, partly because they are more a function of time with a specific card, and in part because you're not fresh meat to the card issuer. The amount of your overall credit capacity is rarely an issue, although you might think it should matter. For example, I'll bet you a steak dinner that I can get approved for 3 different new cards with a limit of $5K each long before I could ever talk my way into getting a $15K limit increase on an existing card. Does that make sense? Not really, but that's how things work

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