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New Member
Outofajam
Posts: 5
Registered: ‎10-21-2010
0

Question about available credit being too low

[ Edited ]

 

 My EQ FICO score has been "stuck" in a very narrow band for quite some time despite that fact that my balances are super low, I haven't had a late payment in 4.5 years and derogatory information has been dropping off my reports.  A competing scoring service told me that my number of revolving credit accounts and my available credit limit  ($4,500 across two cards) are too low.  Unfortunately, I also found out that one of the cards still reports to TU and EX but no longer reports to EQ

 

So far, I've tried asking my card companies for CL increases (to no avail).  I have considered applying for another credit card but that seems so counter-intuitive to my goals.  I also thought of getting a secured card and building the deposit (and thus my available credit) but I am afraid of getting "dinged" for having a "secured card".

 

Question:  Anyone have advice on the best way to increase my available credit without hurting my credit score?


 

Hello and welcome to the forums. I'm going to split this post off to start a new thread in "Understanding FICO Scoring". I think you'll get more responses there. The only thing I will change is the title. If you want to change it to something else it is possible to edit your own post. To edit your post, go to the post. To the right you'll see "Options." Click on "Options" and select "Edit Message" from the drop-down menu. If you need any help with anything, let me know.

--marinevietvet, myFICO moderator


Starting Score: 679 EQ, 708 TU, 792 EX
Current Score: 752 EQ, 724 TU, UNK EX
Goal Score: 750 EQ and TU, 850 EX

Take the FICO Fitness Challenge
New Member
Outofajam
Posts: 5
Registered: ‎10-21-2010
0

Re: Question about available credit being too low

Thank you MarineVietVet


Starting Score: 679 EQ, 708 TU, 792 EX
Current Score: 752 EQ, 724 TU, UNK EX
Goal Score: 750 EQ and TU, 850 EX

Take the FICO Fitness Challenge
Moderator Emeritus
MarineVietVet
Posts: 14,239
Registered: ‎07-14-2009
0

Re: Question about available credit being too low

Ok back to your post.

 

One thing I will ask is where did you get your scores? No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money.

You can also purchase your Transunion score at www.transunioncs.com. At www.equifax.com EQ will still sell you an EQ FICO score but you need to look for their "Score Watch" product.

 

If you got these scores together through any type of monitoring service then none of them are FICO scores.

 

 

 

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".

Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008
0

Re: Question about available credit being too low

[ Edited ]

Outofajam wrote:

 

A competing scoring service told me that my number of revolving credit accounts and my available credit limit  ($4,500 across two cards) are too low. 

______________________________________________________________________________________________________________________________

Hi out,

 

Glad you're here - welcome!

 

RE:  The comments about your available credit limit and number of revolving accounts.

This is FAKO language - the advice that comes with FAKO scoring.  It is not FICO related, and the best thing you can do is avoid paying any attention whatsoever to FAKO advice.  Following FAKO advice can, and often does, hurt your FICO scores.

 

To see what issues FICO believes are impacting your scores most, pull FICO scores (you can do that here - and you can google "myfico discount codes" before you order).  Your report will also include items that are Helping Your FICO Score and items that are Hurting Your FICO Score. 

 

Your lenders pull FICO Scores - they are the ones you want to pay attention to.  Unfortunately, the folks that sell FAKO scores are more interested in self-promotion than they are in your FICO and financial welfare and good-being.

 

Son of Credit Scoring 101 is a great post to read for more info.

Just puttin' syrup on something, don't make it pancakes.
Mega Contributor
RobertEG
Posts: 17,816
Registered: ‎03-19-2007
0

Re: Question about available credit being too low

FICO scores your % util of CL. not your CL

$400 owed on a $1000 CL card is far worse than $400 owed on a $5000 CL card.

Available credit is not directly scored under the FICO algorithms

New Member
Outofajam
Posts: 5
Registered: ‎10-21-2010
0

Re: Question about available credit being too low

 

So, I went against the best advice that I had received here and against my own instincts and applied for another credit card to increase my number of accounts and my available credit.  My application was accepted and I added $5,000 to my available credit.  Initially, my FICO scores dipped about 5 points due to the inquiry.  However, 1.5 months after getting the new card, my EQ FICO score jumped a whopping 73 points and my TU FICO scored jumped 16 points!!!!!  I have not checked my EX Vantage score as I believe that it's useless in understanding how lenders will view me.  I will update my signature as soon as I can remember how to do that.

 


Starting Score: 679 EQ, 708 TU, 792 EX
Current Score: 752 EQ, 724 TU, UNK EX
Goal Score: 750 EQ and TU, 850 EX

Take the FICO Fitness Challenge
Moderator Emeritus
MarineVietVet
Posts: 14,239
Registered: ‎07-14-2009
0

Re: Question about available credit being too low

[ Edited ]

Outofajam wrote:

 

So, I went against the best advice that I had received here and against my own instincts and applied for another credit card to increase my number of accounts and my available credit.  My application was accepted and I added $5,000 to my available credit.  Initially, my FICO scores dipped about 5 points due to the inquiry.  However, 1.5 months after getting the new card, my EQ FICO score jumped a whopping 73 points and my TU FICO scored jumped 16 points!!!!!  I have not checked my EX Vantage score as I believe that it's useless in understanding how lenders will view me.  I will update my signature as soon as I can remember how to do that.

 


Congratulations on the score increases!!

 

To update your signature go to My Settings=======> Personal Information=====> Signature. Be sure and hit "Save" at the bottom of the page.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".


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