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I need to raise my middle score by 15 pts for my mortgage loan approval. I have 3 low limit cc.s with a total of 1% utilization. My question is if i increase my secured card from 200 to 1000 credit limit will it improve my score. not much else i can do besides time to improve at this pt.
No. Although if you're carrying small balances on all three cards, you can get a boost by paying two of those to 0%.
Really mauve?? I thought having a higher limit (setting aside utilization %) does improve your score (though I imagine not significantly). Silly Experian tells me that one of the things hurting me is low credit limits on my cards. Not true?
It may be true for FAKOs, but not for FICOs. If you're getting a score from EX, it's a FAKO.
@MBOhio2 wrote:Really mauve?? I thought having a higher limit (setting aside utilization %) does improve your score (though I imagine not significantly). Silly Experian tells me that one of the things hurting me is low credit limits on my cards. Not true?
If you got your reports and score from the EX website the reports are accurate but the scores and advice are best ignored.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
If your CL inreases without proportional increase in balance, then yes the increased CL will lower your % util, which should improve your scoring of % util.
The key is your overall % util of your CLs, and not the CLs themselves.
Robert, I said "no" because OP said balances were at 1% or less already. An increase in CL wouldn't make a difference in this case.
Oh yes, I totally realized that the score I was looking at was a FAKO (from Experian directly) but I thought there would at least be some truth to the advice they were giving... so annoying that they would suggest things to consumers (e.g. increase credit limits) that literally have no bearing on scores!!
Thanks for the answers!
This is another problem with FAKOs - the advice will help you raise your FAKO, but some actions will raise your FAKO and lower your FICO.
That's so bizarre... you would think they'd all be on the "same team"... thanks for the info mauve!