Like Tree0Likes

Credit score question

Reply

Old 07-10-2008, 11:42 AM
  #1
VIP Member
VIP Member
Thread Starter
 
texaschopper's Avatar
 
Join Date: Aug 2005
Location: Miramar Beach
Posts: 534
Default Credit score question

This question was posed to me this afternoon, I don't the answer 100%, thought someone else might...


If you had a revolving credit card, with lets say a 5000K balance and your limit is 8000K.... You are over 50% thus having a negative impact on your score. If you were to simply have your limit upped to say 12-14K, you would no longer be over 50%, so would this cause one's score to rise?

In concept it makes sense, the reason I ask is, I have also heard several things that would cause a negative impact by going this route. Thanks
texaschopper is offline  
Reply With Quote
Old 07-10-2008, 12:34 PM
  #2
Registered
 
IM4A2Z's Avatar
 
Join Date: Aug 2005
Location: Carrollton, TX
My Boat: 05 Sunsation 288 w/525efi
Posts: 256
Default

Yes, raise your limit and you get down below the 50% mark, simple as that.
go to myfico.com and you can model all kinds of different scenarios.
IM4A2Z is offline  
Reply With Quote
Old 07-13-2008, 12:27 PM
  #3
Registered
 
Join Date: Jun 2007
Posts: 49
Default

You have to also consider that by raising the credit limit may decrease the overall percentage of utilization, you are increasing your overall debt potential. Credit worthiness is a very interesting game to play. Before we bought our house, I had to work for 6 months to build my wife's credit. I was able to bring her credit from a 540 to just about 700 in a short period of time. There is a lot to learn and I did most of my reading and research on creditforums and myfico. There are some tricks to getting credit fixed, but the key is patience and persistence. To me, it was a challenge, almost a game where the goal was to better the credit score.

Good luck. I would highly advise reading on those forums and absorbing what they have to say.
47pilotsteve is offline  
Reply With Quote
Old 07-13-2008, 11:26 PM
  #4
Registered
 
Join Date: May 2008
Posts: 47
Default

It would increase your score. You dont want to have your balance owed on credit cards to go above 33% of the total line amount.
steeda is offline  
Reply With Quote
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
Open72
Insurance and Finance
1
08-06-2007 07:12 AM
FormulaOne
Insurance and Finance
22
07-27-2007 06:32 PM
woogie
Insurance and Finance
3
12-08-2006 08:33 PM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Quick Reply: Credit score question


OSO Sponsor
OSO Advertiser
OSO Advertiser
OSO Advertiser