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Credit Limit Help!!!!

New Visitor

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."

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3 REPLIES
Valued Contributor

Re: Credit Limit Help!!!!

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

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Message 2 of 4
Senior Contributor

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.  

Message 3 of 4
Valued Contributor

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 - $25k | Citi Double Cash World MC - $18.9k | Amex BCE - $50k | Discover it - $50k | Chase Freedom Unlimited VS- $10k | Barclay Ring $5k |
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