Should I increase the credit line on my credit card?

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skyzoo
 
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Should I increase the credit line on my credit card?

Postby skyzoo » Fri Nov 13, 2009 10:54 am

I have searched for answers for this and have found no consistent answers.

I've had the same credit limit on my primary credit card for several years. It is extremely low ($1,700) since I got the card while I was a student. I have always paid it off on time. I usually spend $400-$500 a month but sometimes more. I have a checking account with the same bank that has 15x (has had 20x) the amount of the credit limit in it at most times. I never carry any debt on the card, but sometimes spend close to the credit limit if I make a big purchase. I have read that spending near the limit is not good for my FICO score.

I don't need the credit limit to be increased and I understand why they aren't increasing it automatically (economy)... My question is... will increasing it have any affect on my credit score? If I have a larger credit limit and I consistently charge and pay off what I have been doing will it help my FICO score?

Also, what is the best way to have it increased? Should I go to the bank (bank of america) or do it online through their web site? Should I get a new card?

Thanks in advance!


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Cucumber
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Postby Cucumber » Wed Nov 18, 2009 2:29 am

You definitely need to get that limit increased. B of A sucks and I have actually gone into the bank to apply for a card before and they told me to call the 800 number LOL so they don't even handle those things there. You need a higher limit so you can make your purchases. Ask to talk with a manager (not the first rep that talks to you) and stress those points you just said about you have x times that amount in the bank and how you need it for your spending. That is screwed up that they are only giving you such a junky limit with how long you've been with them and how good of a customer you've been.
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DoingHomework
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Postby DoingHomework » Wed Nov 18, 2009 2:43 pm

I agree with Cuke.

The effect you are talking about is called "utilization." It is the percentage of your available credit that you are using. If you have a $2000 credit limit with a balance of $500 then that is a 25% utilization.

A high utilization (more than about 30%) will lower your credit score and make it less likely to get your limit raised.

Originality
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Postby Originality » Sun Mar 14, 2010 1:15 pm

yeah increase your limit its always good.

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alsteig
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Postby alsteig » Tue Jun 01, 2010 1:39 am

with Bofa online you can request right on your acct. Do a round amt. example you have 1700 I would ask for 2500. enter all your info its like 3 questions. then it will ask you to call an 800 number don't call it wait 5 days it should just go through automatically. If not call.



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