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Impact of new high-limit credit card on FICO

New Member

Impact of new high-limit credit card on FICO

Howdy -
 
Newby here, but wanted to ask a quick question.  I have decent credit - low 700s last I checked.  I didn't have much available credit in my name (had 1 card in my wife's name, i think $15K limit), so I put in for a Cap One card.  Well, I was approved with a $30K limit.
 
Just curious if such a high limit will be an asset or detriment to my overall credit.  Thanks!!
Message 1 of 12
11 REPLIES
Frequent Contributor

Re: Impact of new high-limit credit card on FICO

It is my first time seeing Cap One offering $30k initial CL for individuals..
That is a very good starting CL. I don't see negative sides of it unless you max out you limit or if you don't take good care of your credit.
Message 2 of 12
New Member

Re: Impact of new high-limit credit card on FICO

This card likely will not get used.  I just needed some available credit should I ever need it.  We have that other card in my wife's name that we use instead and pay off each month - using it just for the points. 
 
Thanks for the response!  Much appreciated.
Message 3 of 12
Super Contributor

Re: Impact of new high-limit credit card on FICO



Adawg wrote:
This card likely will not get used. 


To keep it alive, use it sometimes.  I put things like utilities and charitable donations on the cards I don't use - keeps them ticking over and I know exactly how much the bill will be every month
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
Message 4 of 12
Moderator Emeritus

Re: Impact of new high-limit credit card on FICO



Adawg wrote:
Howdy -
 
Newby here, but wanted to ask a quick question.  I have decent credit - low 700s last I checked.  I didn't have much available credit in my name (had 1 card in my wife's name, i think $15K limit), so I put in for a Cap One card.  Well, I was approved with a $30K limit.
 
Just curious if such a high limit will be an asset or detriment to my overall credit.  Thanks!!


Are you kidding me! OMG! That is a GINORMOUS initial CL. Congrats! Cherry! You must own your house and make a lot of dough. Use it wisely and you should be fine.
Message 5 of 12
Established Contributor

Re: Impact of new high-limit credit card on FICO



Adawg wrote:
Howdy -
 
Newby here, but wanted to ask a quick question.  I have decent credit - low 700s last I checked.  I didn't have much available credit in my name (had 1 card in my wife's name, i think $15K limit), so I put in for a Cap One card.  Well, I was approved with a $30K limit.
 
Just curious if such a high limit will be an asset or detriment to my overall credit.  Thanks!!


On a cap one card?
<-------------------------thud
Message 6 of 12
Epic Contributor

Re: Impact of new high-limit credit card on FICO

I thought cap1 only offered up to 25k max???
Message 7 of 12
Established Contributor

Re: Impact of new high-limit credit card on FICO



Creditaddict wrote:
I thought cap1 only offered up to 25k max???





I know the No Hassle Ultra for Professionals has a $30K max line.

hey congrats on such a great line! Having it will help, but make sure you use it every once in a while.
Message 8 of 12
Established Contributor

Re: Impact of new high-limit credit card on FICO

Sweet CL from CapOne!!  That should help your score.  Even though you get an inquiry and have to "reage" your history, 30k is a grip of available credit and should more than offset the hits you take initially.  IMO...Smiley Wink
07/26/2007 TU-688
EQ-656
EX-649
Message 9 of 12
Valued Contributor

Re: Impact of new high-limit credit card on FICO

make sure you use cap 1 some each month.  they like that.
Message 10 of 12