I have a question regarding the impact of revolving account credit limits. I am currently rebuilding my credit and want some advice or direcection regarding how my overall credit limit affects my FICO Score. Here are some details regarding my scenario:-
I have one credit card with a 500.00 limit and 1% utilization.
Should i apply for additional cards and keep them at a zero balance to improve my overall limit or stay where i am at since i haven't applied for any credit in the last 12 months.
You definitely want to have more than one card, so go ahead and apply for something that you can get. Perhaps a store card like Macy's or Nordstrom. They are generous with credit limits. Capital One is another choice, but they will pull all 3 reports. You can also do a secured card, but it would come with annual fee.