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Regular Contributor
cocomadd
Posts: 217
Registered: ‎05-17-2013
0

How can I increase my credit limit?

I have new credit only 2 months old.  I have a car note that I have paid on time for over 2 years.  I have 4 medical collections 2 are almost 2 years old the others are 5 years old.  No other derogitory items other than a late car payment from 2008, that car was already paid off.  Is it possiblle to increase the limit so that I may increase my credit score?  I have 800 on a secured card with my credit union.  Do you think adding 500 to it will increase my score?  Thanks.  I need to increase my score by at least 20 points.

Exp/647-Fako
EQ/629-Fico
Trans/656-Fako
NEW SCORES
EX/665
EQ/642
Trans/656 Fako

This is new to me but I will take the 750+ challenge! Goal by May 2014
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: How can I increase my credit limit?

How is the balance on that CC?

 

FICO scores off the utilization of a revolving acct. So, if you have a $0 balance on a $800 CC, then you have 0% util. If you add $500 to it, then you have a $1300 CL CC, but you still will have 0% util. Your FICO wouldn't improve any because util didn't improve. Make sense? However, if you are carrying balances on your CCs and/or have other accounts with a balance factoring into util (e.g. a CO'd CC, a HELOC, or something like that), then increasing any CL or paying down debt (preferably) could increase your FICO. Depends on the changes.

 

I'd focus on the baddies.


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