CREDIT LIMIT on CC Doesnt Show up

[Anonymous]

Bottom line, if I keep it the way it is, where only one card at30K limit and that CL ends up being properly reported with the bureaus, it is still better to have a total of 3 cards with a combined total CL of 30K? Which will help bring back my FICO before the drop of 60 points?

Please advise...thks

Message Edited by sss on 05-26-2007 09:07 AM

[Tuscani]

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sss wrote:
Bottom line, if I keep it the way it is, where only one card at30K limit and that CL ends up being properly reported with the bureaus, it is still better to have a total of 3 cards with a combined total CL of 30K? Which will help bring back my FICO before the drop of 60 points?

Please advise...thks

Message Edited by sss on 05-26-2007 09:07 AM

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Personally, I would rather have three cards with a 10k than one at 30k.

[MidnightVoice]

I don't know the actual algorithm, but I get the impression a small number of cards is better if you are not in financial trouble.

If you are in financial trouble, a small number of cards merely multiplies the late fees and over the balance fees 

[Anonymous]

Sounds like you opened a new account and re-allocated two old accounts into the new one.  Usually the merger keeps the oldest date but thats up to the bank. 

You don't have to move 10K to the old cards, you can probably get away with 500 which will get their age back into the formula.  They should report with their original age, in fact they are still ON your report just marked closed instead of open.  If you have high utilization it will kill your fico score too.