Will Higher Limits Help My Score

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Will Higher Limits Help My Score

Postby alsteig » Thu Aug 25, 2011 12:01 am

I am 24 with an Amex Blue cash @ 11% 20k limit Bofa americard @ 7% with a 20k limit and WF Platinum w/ a 10k limit I run about 30k through the cards collectively per year. Should I try and request higher credit lines? I always pay the cards in full each month and never spend more than about 4k. I want an 800 Cred score and am still a ways off (770) I have no other debts or loans. perfect payment history in all of my bills. Please advise what I should do?


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Mogul of Pineapples
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Postby Mogul of Pineapples » Thu Aug 25, 2011 2:51 am

Hey Alsteig good to see you back. Higher limits up to a certain point will help. In your case, being that all your limits are in the 5 figures I doubt that is the cause. Getting a FICO of 800 or above is in the 13th percentile:

What Is The Highest Credit Score Possible?

My advice would be:

  • Since you have a max history of 6 years it could take some more time, even if you are doing everything right
  • Installment loans are an important part. I have a small loan on my car @ 4% solely for that purpose. Could easily pay it off but specifically got the loan to add an installment to the mix.
  • As I mentioned in your other post, adding a couple more revolving accounts over time could help. Perhaps one or two new credit cards per year until you reach 5 to 7. Whatever you choose make sure you will keep them, because you don't want to bring down your average age of accounts.
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.

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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
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