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New Visitor
Posts: 1
Registered: ‎06-20-2010
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Credit Limit Help!!!!

I am trying to bring my fico score up. Have a secured card with a $500 limit. Will it help if I increase the credit limit? The balance is very low, but fico always says "available credit too low."

Valued Contributor
Posts: 1,282
Registered: ‎05-13-2010
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Re: Credit Limit Help!!!!

It may, but more importantly, keep your utilization under 10% ($50).

BofA Cash Rewards VS - $10k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $19k/11.99%
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Credit Limit Help!!!!

It will help a little by lowering utilization reported.  IMO, It can help get better limits on future credit.   

 

If that is your only CC, you may consider getting another secured card.   That will help in the future, not the short term.  

Valued Contributor
Posts: 1,282
Registered: ‎05-13-2010
0

Re: Credit Limit Help!!!!

 


Wolf3 wrote:

It will help a little by lowering utilization reported.  IMO, It can help get better limits on future credit.   

 

If that is your only CC, you may consider getting another secured card.   That will help in the future, not the short term.  


+1 to Wolf3.  A second card will help utilization, but it also helps by giving you a second revolving line of credit.

 

BofA Cash Rewards VS - $10k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $19k/11.99%

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