Raising my limit to increase my score, within a year of buying a house?

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Raising my limit to increase my score, within a year of buying a house?

Postby Dukpep » Mon Jun 24, 2013 1:35 pm

I've been lurking a while and have a question regarding ways to raise my credit limit but be careful because I may be looking to buy a house in the next year or so.

I currently have around a 740 on credit karma. I understand this is just a guess on what my actual score is. Two accounts were recently closed, in the last six months, one a student loan that was paid off and the other is a credit card loan. The rest of my cards are as follows.

Credit Card one: ( 4 years old ) 1500 used on a 3200 cc limit
Credit Card two: ( 3 years old ) 1200 used on a 1800 cc limit
Credit Card three: ( 2 years old ) 0 used on a 1000 cc limit
Credit Card four: ( 3 years old ) 0 used on a 3200 credit limit
Store card one: ( 2 years old ) 0 used on a 500 credit limit
Store card two: ( 2 years old ) 0 used on a 800 credit limit

Card one is used for business expenses so the fluctuation is pretty high. This is not always paid off monthly.
Card two is what I use for all personal expenditures and is always paid off monthly.

My car loan was for 25,000 and was open in february of 2010.

My question is what would be the best way to raise my credit score with out hurting the potential of buying a house in the near future? I was thinking about requesting to have the credit limit raised on my oldest card but I don't know how that will effect me other than it lowering my actual credit utilization.

Also, is their a calculator or a good rule of thumb for how much of a credit limit increase that should be asked for. I feel that the 3200 cc limit is pretty low compared to my credit score and annual salary, around $48,000.

Any advice would be appreciated. Thanks.

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Postby im_mr_awesome » Mon Jun 24, 2013 7:26 pm

Ask for limit increases on the cards you use, especially if you let a <10% balance carry month to month. If you feel up to it and are sure it will be at least 12 months until you are getting a home loan, ask for limit increases on more than just two or three. Apply for an Amex revolver (like the Blue Cash Everyday) and put your paid in full expenses on that card. Not only will you get rewards for gas and groceries, but you'll also have the 3X CLI option after 60 days, which makes your utilization even lower.

This is only my advice if you will be waiting a full 12 months before applying for a home loan. If you're looking to apply for the home loan in the next 12 months or even worse, the next 6, I wouldn't touch your limits unless you're sure they will be soft pulls.

Others on the forum will have great advice, I'm certain. I have never bought a house, so my advice may not be most appropriate.
Scores on the mend...
FICO: 654 (7/2017, AMEX), Vantage: 663 (CK)
Cards I Use Amex Premier Rewards Gold, Discover IT, Capital One QuickSilver MC, Amex Gold Delta (for the free bag)
Sock Drawer Chase Amazon, AE Visa, CareCredit, several store cards for util padding
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