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What is considered a low credit limit? I have this message as one of my credit scoring factors.

Contributor

Re: What is considered a low credit limit? I have this message as one of my credit scoring factors.

Thanks and I guess that is all that truly matters.

fused wrote:


PositiveChange wrote:
Credit Check Total.  I do for sure have one card under $1,000, kept it for history, rebuilder  creditone.  Are $2,000 cards considered low limit?


What's important is FICO doesn't care. This is why we tell everyone to disregard any comments associated with FAKO scores.



Message 11 of 12
Established Contributor

Re: What is considered a low credit limit? I have this message as one of my credit scoring factors.

That's the first time I ever heard that one.

PositiveChange wrote:
Thank guys!
 
Here is the exact message and yes it is from a fako site, I suppose anything outside of fico is fako.
 
Having low credit limits on your accounts and loans counts negatively against your credit score. Having a high amount of credit is a positive factor because it indicates to lenders that other creditors have trusted you by lending you money in the past. However, since your major credit card limits are generally low, lenders may think you dont have enough experience with high limits.



1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Message 12 of 12