04-09-2009 04:03 PM
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.
04-09-2009 04:52 PM
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.
04-09-2009 04:55 PM
04-09-2009 05:02 PM
04-09-2009 05:08 PM
04-09-2009 05:23 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.