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which is better

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Anonymous
Not applicable

which is better

which would be better for your credit report, lets say you have 1 year of history, and 1000 cl. which would help out more,if you could add a trade line, longer history (8 years) or 10,000 cl? if you pick the history, low cl. if you pick high cl, no history..
Message 1 of 8
7 REPLIES 7
MidnightVoice
Super Contributor

Re: which is better

My guess is history, unless you have a util % problem
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 2 of 8
Anonymous
Not applicable

Re: which is better

I think I'll have to respectfully disagree with Midnight on this.  (Most unusual since there is very little posted here by him that I have found that I disagree with)
 
I think the higher credit line will help you more for a couple of reasons.
 
1.  On a credit review lower credit lines look like what they are, rebuilders.
2.  When/if FICO08 comes out your going to loose that history you just gained, and it's weighed far less than util.
3.  In the meantime, the 8 year history is going to hurt you since your credit file is very thin at the moment and you will most certainly be in a different scoring bucket comparing yourself to others with long history.  (And with a thin file that will most certainly hurt you much more than the small increase due to age)
 
Just my 2 coppers worth.
 
Van
 
 
Message 3 of 8
Creditaddict
Legendary Contributor

Re: which is better

I agree... Credit line over history when you have very little credit as it is.
When you apply for new credit they base some of your approval and credit line based on what you are currently handling.  If that is just 1000, they are probably not going to venture much higher than that with a new trade line, BUT if you are showing that you can revolve 10k and not get in trouble, they are more likely to approve with credit lines similiar.
Message 4 of 8
Anonymous
Not applicable

Re: which is better

I would say what ever your financial goals are.

For me, it's a priority of getting higher credit limits, as I'm not in the market for a new car or house.

If I were, it'd probably be longer history(stability)

IMO there is no "better" just different approaches to different priorities.
Message 5 of 8
MidnightVoice
Super Contributor

Re: which is better



Vanyel wrote:
I think I'll have to respectfully disagree with Midnight on this.  (Most unusual since there is very little posted here by him that I have found that I disagree with)
 
I think the higher credit line will help you more for a couple of reasons.
 
1.  On a credit review lower credit lines look like what they are, rebuilders.
2.  When/if FICO08 comes out your going to loose that history you just gained, and it's weighed far less than util.
3.  In the meantime, the 8 year history is going to hurt you since your credit file is very thin at the moment and you will most certainly be in a different scoring bucket comparing yourself to others with long history.  (And with a thin file that will most certainly hurt you much more than the small increase due to age)
 
Just my 2 coppers worth.
 
Van
 
 


You are probably correct in the case of a very shortt history like the OPs.
 
And feel free to disagree - I know I am not quite perfect  Smiley Very Happy
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 6 of 8
fused
Moderator Emeritus

Re: which is better

For a better score, I would take the longer history with the smaller CL.
Message 7 of 8
fused
Moderator Emeritus

Re: which is better

bump
Message 8 of 8
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