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IS LOW LIMIT CARDS BAD???

tag
score_building
Senior Contributor

Re: IS LOW LIMIT CARDS BAD???


@Anonymous wrote:

... and two $300 limit cards.

 


apparently anything more than one is too many for some issuers.  given this, it seems worth it to avoid having more than one, there are better ways to build than apping multiple low limit cards especially if you want to be taken seriously by prime lenders

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 11 of 17
TangMeister
Frequent Contributor

Re: IS LOW LIMIT CARDS BAD???

A bit related here:  With regard to "low limit" charge cards, I actually received a negative response in my FICO comments from two of the three CRAs regarding this factor.  One cited that my lower limit charge card (Target - $500) reflected poorly on my report, due to my other CCs being much high limit cards. Umm...but it's a CHARGE card, and they're CREDIT CARDS.  HELLO!  Smiley Surprised

 

The other CRA suggested I should have more than one charge card, because it would reflect better on my FICO diversification.  K.......  Smiley Surprised  I don't want any more charge cards.

 

I know I should always take any negatives cited by the CRAs with a grain of salt.  Still...it was a surprise.  

 

Edit:  Oops...nevermind....those were FAKO comments from CIDP.  

Message Edited by TangMeister on 10-21-2008 09:57 PM
Message 12 of 17
Anonymous
Not applicable

Re: IS LOW LIMIT CARDS BAD???


TangMeister wrote:

A bit related here:  With regard to "low limit" charge cards, I actually received a negative response in my FICO comments from two of the three CRAs regarding this factor.  One cited that my lower limit charge card (Target - $500) reflected poorly on my report, due to my other CCs being much high limit cards. Umm...but it's a CHARGE card, and they're CREDIT CARDS.  HELLO!  Smiley Surprised

 

The other CRA suggested I should have more than one charge card, because it would reflect better on my FICO diversification.  K.......  Smiley Surprised  I don't want any more charge cards.

 

I know I should always take any negatives cited by the CRAs with a grain of salt.  Still...it was a surprise.  


Quit reading FAKO comments-

Message 13 of 17
laz98
Senior Contributor

Re: IS LOW LIMIT CARDS BAD???


score_building wrote: 

apparently anything more than one is too many for some issuers.  given this, it seems worth it to avoid having more than one, there are better ways to build than apping multiple low limit cards especially if you want to be taken seriously by prime lenders


well, too bad a lot of us already have more than one!  Smiley Mad

 

& i don't think managing ONE lousy $300 or $500 would convince anyone to give me a $5000 card, anyway.

Message 14 of 17
TangMeister
Frequent Contributor

Re: IS LOW LIMIT CARDS BAD???

Oh, that's right..they were FAKO comments from CIDP.  I went back and checked.  I've got too many reports floating around here from this month...I remembered them as FICO comments.  Nevermind!  Smiley Wink

 

Quote: Quit reading FAKO comments-

 


Message Edited by TangMeister on 10-21-2008 09:56 PM
Message 15 of 17
Anonymous
Not applicable

Re: IS LOW LIMIT CARDS BAD???


TangMeister wrote:

Oh, that's right..they were FAKO comments from CIDP.  I went back and checked.  I've got too many reports floating around here from this month...I remembered them as FICO comments.  Nevermind!  Smiley Wink

 

Quote: Quit reading FAKO comments-

 

Great quote-
These FAKO comments go away when you get a $5K CL
I sa a decent FICO boost (not because of UTL) when my first $5K Cl reported.
Message Edited by TangMeister on 10-21-2008 09:56 PM

 

Message 16 of 17
TangMeister
Frequent Contributor

Re: IS LOW LIMIT CARDS BAD???


@Anonymous wrote:

@TangMeister wrote:

Oh, that's right..they were FAKO comments from CIDP.  I went back and checked.  I've got too many reports floating around here from this month...I remembered them as FICO comments.  Nevermind!  Smiley Wink

 

Quote: Quit reading FAKO comments-

 

Great quote-
These FAKO comments go away when you get a $5K CL
I sa a decent FICO boost (not because of UTL) when my first $5K Cl reported.
Message Edited by TangMeister on 10-21-2008 09:56 PM

 


 
I didn't realize the FAKO comment was CL dependent.  Hmmm....except I'm actually well past the 5,000 CL on multiple open CCs reporting.  Interesting that I'm still getting that reference in the FAKO comments.
Which message disappears after $5k CCs report?  Is it the comment they make about needing more than one charge card, or the comment that the charge card I have is hurting my score due to it being so low compared to my other CCs?  I figure it's the first one.  
Message 17 of 17
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