Thread: Credit Cards With Large Credit Limit = Boost To Score?

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.

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.

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?

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