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Frequent Contributor
Posts: 401
Registered: ‎05-01-2007
0

CLI question

Good Evening myfico forum,

I was just checking my balances on a few of my credit cards and I notice that 2 of them (1 a store card(250->470) and the other a Visa(300->500)) just increased this month. Currently, trying to clean up my credit, total of 6 cards combined balance of $6265. At this point I am paying off 4 of the ones under $500 at the rate of one a month. My goal is to only have 2 credit cards with balances by January 2009(all cards (6) are in good standing). Will these increases hurt my scores or bumped them up?

FYI, those 2 cards as of November I will have had for 1 year.
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490
9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642
ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679
1/2/09 EX 668 2/13/09 669
AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED Smiley Happy ~
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: CLI question

If the credit lines were increased- it will help your FICO.
 
Just keep paying them off-
Frequent Contributor
Posts: 401
Registered: ‎05-01-2007
0

Re: CLI question

Thanks Timothy, I was a little worried because I did not request the increases.

One last question, I have been reading about Combining Cap1 accounts (some good and some bad). I have 2 Cap1 accounts (19.90% $2500 limit and 14.15% $500 limit w/AF). Would you suggest I combine them or just continue to pay them off? Had both for about 2 years.
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490
9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642
ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679
1/2/09 EX 668 2/13/09 669
AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED Smiley Happy ~
Regular Contributor
Posts: 242
Registered: ‎07-26-2008
0

Re: CLI question

I combined my Capitol One accounts, keep the one without the A/F (probably the same one you have) and then called back asking for a lower APR once they were combined (now 14.99 down for 18 something or other). Then I just applied for and got a new and better Cap One rewards card. Going to combine that one too, at some point, so I can get a better credit limit with them.
Frequent Contributor
Posts: 401
Registered: ‎05-01-2007
0

Re: CLI question

Thanks Siangirl34, I will do that after my payments post on both accounts next week. I rather have the one payment instead of 2.
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490
9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642
ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679
1/2/09 EX 668 2/13/09 669
AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED Smiley Happy ~
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