I currently have 2 CC's; one with a TL of $675, the other has a TL of $750. I've made credit mistakes in the past, but I've been working over the last 6 months to improve my credit. The card I have with the $675 limit was just increased (originally $550) and I've had the card for almost 9 years! I've only gotten 2 increases during that time. This last one was because I asked for it (I didn't realize I could do that!). Well, I would like to possibly receive credit increases every 6 months (I've read that some people do this) to help improve my score by decreasing my debt-to-credit ratio. Is this a good idea? I'm currently only using between 25-30% of my TL to help keep my score in tact. I would like more available credit so if I need to use it, I have it available. I'm looking to purchase a home in the next year or so and I know I would probably need to some credit to furnish the house. Any advice?
Starting Score: TU 665 EQ 634
Most credit card companies will increase your CL every 6 months if you call and ask them to (especially if your income increased for the year). As for your CC util, paying your balances down to below 10% util will improve your scores along with when any negatives drop off your account. In time, you can gradually increase your limits which will help your overall util. The best way to increase your scores is to be keeping all CC balances paid off except one card which you keep between 1-9% util. Try that for awhile and I'm sure you'll see some decent increases in your credit scores.
@tpatterson2k9 wrote:Most credit card companies will increase your CL every 6 months if you call and ask them to (especially if your income increased for the year). As for your CC util, paying your balances down to below 10% util will improve your scores along with when any negatives drop off your account. In time, you can gradually increase your limits which will help your overall util. The best way to increase your scores is to be keeping all CC balances paid off except one card which you keep between 1-9% util. Try that for awhile and I'm sure you'll see some decent increases in your credit scores.
Thanks for the advice. I've been keeping the balances low, but I haven't been paying them off in full. I'll try that for awhile to see how it improves my score!