Credit Limit and FICO score - a logical approach

[MidnightVoice]

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wmarat wrote:

I have used 9% util excuse a few times when I asked for CLI. I works sometimes, but sometimes it doesn't.

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I am not looking for excuses to get CLIs    I am just trying to sort out what CLIs are best for me, I am not trying to drive every card into the CL stratosphere.  As I have a limited number of cards, all in regular use, I want to know where to aim. 

[Scamp]

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@FretlessMayhem wrote:

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@wmarat wrote:

I have used 9% util excuse a few times when I asked for CLI. I works sometimes, but sometimes it doesn't.

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Working sometimes is better than not working at all!

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I'm with FM! 

I always mention the util issue when talking with a Credit Analyst about a CLI, as I think it helps reassure them that my purpose is strictly to manage my cc accounts and FICO score situation the best I can, rather than looking for more money to blow on silly stuff.

[Anonymous]

I think the 11x calculation is spot on and about what we have in our household.

[MidnightVoice]

My problem is that two are waaay to high and one is waaaay to low 

I need to change things around a little I guess

[Anonymous]

There is no such thing as a CL that is "way too high" unless you have willpower issues.

The FICO game (and yes it is a game) is rigged against people getting credit when the actually need it. Example you have 9% balances and high FICO ask for CLI - likely you will get it. On the otherhand you run into financial problems (layoff, medical, accident) and rack up from CC debt. Your util goes to 30% and FICO plummets. You ask for CLI and it get's denied. Why? likely reason will be too high balances compared to revolving limits.

So there is no such thing as a "too high limit". Your card with too low simply ask for CLI.

[Anonymous]

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@Anonymous wrote:
The FICO game (and yes it is a game) is rigged against people getting credit when the actually need it.

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Hence the famous quotation attributed to Mark Twain: "A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain."

[MidnightVoice]

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CreditMizer wrote:
The FICO game (and yes it is a game)

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I know - I was the first person here to say it 

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CreditMizer wrote:

Your card with too low simply ask for CLI.

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Some companies pull hards.

Some companies also make notes 

CreditMizer wrote:

There is no such thing as a CL that is "way too high" unless you have willpower issues.

Yes there is - nowadays some mortgage companies are looking at total available credit, and sometimes they tell customers they have too much.

I am just looking into which CCs I need to make some effort with, and which ones I can leave as they are unattended. 

[smallfry]

The higher the better for me. I like to keep the usage comfortably under 3% per card.

[wmarat]

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MidnightVoice wrote:

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CreditMizer wrote:
The FICO game (and yes it is a game)

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I know - I was the first person here to say it 

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CreditMizer wrote:

Your card with too low simply ask for CLI.

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Some companies pull hards.

Some companies also make notes 

CreditMizer wrote:

There is no such thing as a CL that is "way too high" unless you have willpower issues.

Yes there is - nowadays some mortgage companies are looking at total available credit, and sometimes they tell customers they have too much.

I am just looking into which CCs I need to make some effort with, and which ones I can leave as they are unattended. 

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I am curious, how one's available credit affects one's morgage application

[MidnightVoice]

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wmarat wrote:

I am curious, how one's available credit affects one's morgage application

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There are mortgage  companies that do not like prospective buyers to have vast amounts of available credit.  I guess the idea is that they could too easily get into debt.  People have been told to close cards or reduce limits.