@Anonymous wrote:
my score is respectable i believe. i just want to get it better. i have two revolving accounts in good standing for a substantial amount of time. i also have a couple installlment accounts as well. my two revolving accounts are hsbc (best buy store card) and a wells fargo.
hsbc (best buy) is my oldest card with 2600 limit and a balance of 500
wells fargo is one year old with a opening limit of 5k and my balance now is roughly 400
i called hsbc about a year ago, maybe longer, and asked for a credit limit increase and it went from 1800 to 2600! hi 5!!
i have no intentions of using the cards however i know that with a higher available credit and a low balance my fico would reflect a better score. if my hsbc credit limit jumpes to 3500 or my wells fargo jumpes to 7500 with my balances remain the same or even decreae i can only imagine my score will reflect positively??? however, am i naive to realize that inorder to do a CLI there needs to be a hard pull and that hard pull will negate the increase in my fico i am expecting??
@Anonymous are correct that a CLI will help your Ficos for one reason, util. The lower your util, normally <9% you will see your best scores (In my case my scores max out @ 1-4% util)
Some CCC's don't hard pull for CLI's (AMEX for one) When you called HSBC a year ago for a CLI did they hard you? The best thing to do is call the CCC and ask them if requesting a CLI will they hard you.
Here's something funny, I just apped for the AmEx PR Gold and was approved, they pulled TU, my Fico was 790 before the pull and I checked my TU report and score 3 days later (the hard was there from AmEx) asnd my score was still 790. Another thing I was surprised about was that an inq hit it's year mark in June, my score was 790, and after the inq hit the year mark my score remained 790 it didn't go up a few points like I expected. So I don't know how Fico really works, maybe once you get over the 760 mark a single inq falling off or even having a hard inq hit your reports don't affect your score like it does when your score is lower???? I just don't know.
You have 7600 total revolving credit now and 8.4 util (actually 9% because Fico rounds up util) if you're looking for a score boost right now, I would just pay all that you can on the balances you owe now, try to get yourself around 1-2% util, you should see an increase, you will also see a larger increase if you only have 1 CC showing a balance.
I would pay the HSBC completely off before the due date and if you can pay as much as you can on the Wells Fargo by the due date, leaving a small balance to report, try to get yourself around 1-2% util with just one card reporting a balance and you will see your "Max" scores.
Asking for CLI's and if they do hard you, you will most likely not see any increase in your scores because of the inq's.
Again the best thing for you (you said you're just trying to increase your scores) is to pay one card completely off and pay as much as you can on the other, I would pay all but 5.00 on the second card, let that 5.00 report and then pay it off after the statement posts, and keep doing this month after month and you will see you "Max" scores.
Also remember its better to have one CC report a small balance (say for example 1% util) rather than both CC's reporting a 0 balance. Fico likes to see some util rather than 0 util.
I hope any of that made any sense LOL.
Best of Luck!
