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Does low CL affect score?

SOLVED
Established Member

Does low CL affect score?

One of my friends told me that having a card with a low CL (like below 1k) does little to nothing for your score.  I looked through the credit scoring guides, and haven't found anything to back him up.  Is there any truth to that?

 

I ask because I'd like to app for a secured BoA visa, but the collateral deposit doesn't bear interest, so I'd prefer only to put like $250 in there.  Thanks much

Message 1 of 5
4 REPLIES
Moderator Emeritus

Re: Does low CL affect score?

Size only matters, because bigger CLs are easier to manage util. Tell your friend that 8 months ago, I had only one active CC with a limit of $500. My util was 4% and my EQ FICO was 790. You be the judge.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Message 2 of 5
Moderator Emeritus

Re: Does low CL affect score?


ByrdMan wrote:
Tell your friend that 8 months ago, I had only one active CC with a limit of $500. My util was 4% and my EQ FICO was 790. You be the judge.

That's pretty good considering the lack of a mix of credit.

Message 3 of 5
Moderator Emeritus

Re: Does low CL affect score?

I had a small open installment loan too <$5,000.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Message 4 of 5
New Member

Re: Does low CL affect score?

FICO does not take into account your limit, only utilization. Although some of the other scoring models I think do and unfortunately some company's are using these newer models.

Message 5 of 5