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Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Credit Limit and FICO score - a logical approach



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


I am not looking for excuses to get CLIs  :smileyvery-happy:  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.  :smileywink:
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Valued Contributor
Scamp
Posts: 2,791
Registered: ‎03-18-2007
0

Re: Credit Limit and FICO score - a logical approach



FretlessMayhem wrote:


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



Working sometimes is better than not working at all!

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.
_____________________________________________________________________________
It's never too late to become the person you might have been. ~George Eliot

02/12/09 EX: 701 / 02/08/10 EQ: 719 / 02/08/10 TU: 723

Backdoor Numbers, Credit Scoring 101, Understanding Your FICO Score PDF
Established Contributor
watchnerd
Posts: 527
Registered: ‎11-29-2007
0

Re: Credit Limit and FICO score - a logical approach

I think the 11x calculation is spot on and about what we have in our household.
4/25: TU 793, EQ 791, EX ?
Goal: 800s by 12/09
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Credit Limit and FICO score - a logical approach

My problem is that two are waaay to high and one is waaaay to low  :smileyvery-happy:
 
I need to change things around a little I guess
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
New Contributor
CreditMizer
Posts: 123
Registered: ‎05-01-2007
0

Re: Credit Limit and FICO score - a logical approach

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.
Contributor
TeeVeeDude
Posts: 102
Registered: ‎04-09-2008
0

Re: Credit Limit and FICO score - a logical approach



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




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."
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Credit Limit and FICO score - a logical approach



CreditMizer wrote:
The FICO game (and yes it is a game)
I know - I was the first person here to say it  :smileyhappy:
 


CreditMizer wrote:

Your card with too low simply ask for CLI.

Some companies pull hards.
 
Some companies also make notes  :smileyhappy:
 


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.  :smileyhappy:


The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Credit Limit and FICO score - a logical approach

The higher the better for me. I like to keep the usage comfortably under 3% per card.
Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007
0

Re: Credit Limit and FICO score - a logical approach



MidnightVoice wrote:


CreditMizer wrote:
The FICO game (and yes it is a game)
I know - I was the first person here to say it  :smileyhappy:
 


CreditMizer wrote:

Your card with too low simply ask for CLI.

Some companies pull hards.
 
Some companies also make notes  :smileyhappy:
 


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.  :smileyhappy:




I am curious, how one's available credit affects one's morgage application
IN VINO VERITAS.
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: Credit Limit and FICO score - a logical approach



wmarat wrote:

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


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.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

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