Will getting an increase in credit line increase my credit score?

[Madison]

I am trying to raise my credit scores. I have paid one credit card off completely and have paid the other one down to 56% of credit limit. Should I ask for a credit line increase? If credit line is given would it help my FICO credit score? We are trying to buy a home and I need to get my FICO score up.

1) Should I make a small charge on the Credit Card with 0 balance. It has been paid off since August?

2) Should I ask for a CLI?

3) I have several other credit cards also which our balance is 80% of credit line. Should I try and increase the credit line for them also?

4) We have paid off the highest interest finance loans. How much does that help our FICO score.

Thanks

Message Edited by Madison on 09-26-2007 11:26 AM

[Anonymous]

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Madison wrote:

I am trying to raise my credit scores. I have paid one credit card off completely and have paid the other one down to 56% of credit limit. Should I ask for a credit line increase? If credit line is given would it help my FICO credit score? We are trying to buy a home and I need to get my FICO score up.

1) Should I make a small charge on the Credit Card with 0 balance. It has been paid off since August?

2) Should I ask for a CLI?

3) I have several other credit cards also which our balance is 80% of credit line. Should I try and increase the credit line for them also?

4) We have paid off the highest interest finance loans. How much does that help our FICO score.

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1) 1-9% util is optimal for FICO scoring purposes.

2) Yes, it always helps. See CC Tactics in my sig.

3) Post all your CC balances, APRs, limits and the CCC.

4) Finance charges don't affect your FICO scores at all. Whether it's 0% or 34%.