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Please note that Macy's no longer reports its CL's to the credit bureaus. Company policy states that they cannot even release your CL to you if you call them to inquire about it. Bummer considering it used to be one of my highest CL's (albeit being a store card), so now I just have it down to $0 balance and use it anytime I want to use my discount (I work for Macys).
While high credit limit may give your an edge, I think your best bet right now it to pay off as much debt as possible. This way you stand at much better chance of getting more credit. If you can make sure BoA does a soft pull for credit line increase, you can ask for one on the existing account while you apply for the British Airway card.
@Anonymous wrote:Higher credit limits do affect FICO scores. Someone with 0% utilization on $2000 in tradelines will not have as many points as someone with 0% utilization on $10k, for that category. I'm not sure how much the CL affects this, but that category has a max of 150 points.
Actually that is not true. 0% util on $2,000 in TLs will net the same FICO points as %0 util on 10K in TLs. Same goes for any other percentage, 1% util, 5% util and etc. In FICO scoring, its all about util and balaces owed, and how many revolving TLs have any balance reporting.
@fused wrote:
@Anonymous wrote:Higher credit limits do affect FICO scores. Someone with 0% utilization on $2000 in tradelines will not have as many points as someone with 0% utilization on $10k, for that category. I'm not sure how much the CL affects this, but that category has a max of 150 points.Actually that is not true. 0% util on $2,000 in TLs will net the same FICO points as %0 util on 10K in TLs. Same goes for any other percentage, 1% util, 5% util and etc. In FICO scoring, its all about util and balaces owed, and how many revolving TLs have any balance reporting.
+1
I've seen this on my own reports.
Where you might see a difference is on Equifax, which will hit you for high absolute balances. Even then, you have to have an awfully high balance.
Otherwise, util is util, regardless of the denominator (total CL.)
If you want a relatively easy higher CL then apply for a CC through a local or national CU. They will typically approve a higher limit and lower APR than any bank before a large national bank chain will. They work the same and report the same. Less hassle and more rewards in the long run.