Reply
Frequent Contributor
tempusfugit123
Posts: 335
Registered: ‎02-06-2008
0

Improving Credit Limits? Will this help?

Hi everyone I haven't been on here in years! But now that my credit is looking oh so terrible again I'm in need of some help. Last year I went on a very crazy app spree. I don't know why I did this but I got approved for one thing and couldn't help myself. After racking up several new accounts I lost my job. I have since recovered from missed payments and being several months unemployed but now I'm trying to find out ways of improving my credit. I am going to pay off my balances entirely and increase my deposits for my secured cards for my wells fargo 10k and my cap1 3k. Alot of my credit limits now have been reduced on all of my cards. Some of my cards, such as Target, haven't seen a cli in 4 years. But anyways do you think this will help improve something? My inq are set to fall off next year in February.

 

Thanks all

Moderator Emeritus
tinuviel
Posts: 4,877
Registered: ‎11-02-2010
0

Re: Improving Credit Limits? Will this help?

First of all, let me say that I'm sorry to hear about your job loss. I'm happy to hear you say that you've recovered from that situation and wish you the best as you continue to move on from an unpleasant chapter in life.

 

Will paying off balances help your credit situation? I don't see how it can do otherwise. Utility plays a major role in credit scoring, and lenders don't like to see high balances stay on cards for an extended period of time. On top of which, interest charges rack up and can add up to a major chunk of change over time. If you pay your cards off and then continue using them, but not allowing high balances to ride, then lenders should become more comfortable with you, and this could indeed lead to future credit limit increases. It may take some time, as they'll need to be able to see this as a new, consistent pattern of your credit usage.

 

 

 

 


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Frequent Contributor
tempusfugit123
Posts: 335
Registered: ‎02-06-2008
0

Re: Improving Credit Limits? Will this help?

Thank you Tinuviel! Credit is very important to me. Will be paying off my balances ASAP

 

Valued Member
Chadsnana
Posts: 26
Registered: ‎04-12-2007
0

Re: Improving Credit Limits? Will this help?

Sorry to hear about your situation. It just takes one life event for the rug to be pulled out from under us. The only fix is to pay your bills ontime and try to reduce your balance. Back in the day when I was trying to fix my credit, I sent everything that I could to pay down my cards. Sometimes it was as little as $5 a week. I would pay what I owed plus anything left over. A few bucks here and there and I got it paid off.

http://ficoforums.myfico.com/t5/image/serverpage/image-id/2760iB9166C1A493A3CBC/
Valued Contributor
maiden_girl
Posts: 2,098
Registered: ‎12-29-2011
0

Re: Improving Credit Limits? Will this help?

Sorry to hear about your job loss. I found myself in the exact same situation you were in just a month ago. I have since recovered and now employed again thank god.

The truth is out there...
FICO scores: 764 (EQ) 732 (EX) 757 (TU) 9/14 | Goal score: 750+ (all 3)
Tradelines: Capital One QS NPSL (5.0k) | Discover IT (6.0k) | Walmart Mastercard (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)







myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+