Credit Cards With Large Credit Limit = Boost To Score?

For just about anything you want to get off your chest about credit cards.
5 posts
Jesusclone
Green Member
Green Member
 
Posts: 5
Joined: Thu Aug 11, 2011 2:05 pm
Location: Philadelphia

Credit Cards With Large Credit Limit = Boost To Score?

Postby Jesusclone » Thu Aug 11, 2011 2:13 pm

I got a complete report of my 3 credit scores today. I do this once or twice a year. I always had perfect credit up to this year due to reasons out of my control, but always make payments on everything I have to make payments for on time. All 3 were in the 600’s, 2 labeled “good” and 1 “fair”. The report provided me with a credit simulator. It said that getting a credit card with a a large credit limit more than likely will positively affect my credit scores. Does anyone know why this would be? I never heard this before.


HipHopSays
Gold Member
Gold Member
 
Posts: 35
Joined: Mon Jul 25, 2011 11:30 pm
Location: NYC

Postby HipHopSays » Fri Aug 12, 2011 9:55 pm

an increase in credit limit speaks to your credit utility which makes up a nice hunk of the pie....ideally you want to be in the 5-12 percent utility range.

Jesusclone
Green Member
Green Member
 
Posts: 5
Joined: Thu Aug 11, 2011 2:05 pm
Location: Philadelphia

Postby Jesusclone » Mon Aug 15, 2011 3:11 pm

Is it better to just get an extra card with a high limit and not use it a whole not, or transfer everything onto the high limit card?

HipHopSays
Gold Member
Gold Member
 
Posts: 35
Joined: Mon Jul 25, 2011 11:30 pm
Location: NYC

Postby HipHopSays » Wed Aug 24, 2011 4:34 am

if the balance transfer utilizes a smaller portion of the overall limit....then it is a fine strategy.

User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
 
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Thu Aug 25, 2011 2:43 am

No one knows the magic number but higher limits, up to a certain point, can help boost a credit score.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 1 guest