Understanding FICO® Scoring

[sdlt21]

Hello all,

I have a question. I would like to request a higher credit limit so that my outstanding balance doesn't look as bad. However, if I request a higher credit limit, does my CC company put an inquiry on my report? That inquiry could drop my score and defeat the whole purpose. Any insight? Thanks.

[MidnightVoice]

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sdlt21 wrote:

Hello all,

I have a question. I would like to request a higher credit limit so that my outstanding balance doesn't look as bad. However, if I request a higher credit limit, does my CC company put an inquiry on my report? That inquiry could drop my score and defeat the whole purpose. Any insight? Thanks.

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Some do, some don't.  What card is it?

[sdlt21]

Thanks for the quick response! It's a WAMU card. I opened it because of the 0% APR on transfer balances so I could pay down debt. The current CL is 5800 and the balance on the card is 3000.

Also, on another subject, I opened a Circuit City card in April of this year to buy a laptop with 90 days same as cash. It's paid off. But since it's so new, It has a bit of an affect on my score. Would it help to close it?

[MidnightVoice]

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sdlt21 wrote:

Thanks for the quick response! It's a WAMU card. I opened it because of the 0% APR on transfer balances so I could pay down debt. The current CL is 5800 and the balance on the card is 3000.

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Someone else might be able to tell you about WAMU

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sdlt21 wrote:

Also, on another subject, I opened a Circuit City card in April of this year to buy a laptop with 90 days same as cash. It's paid off. But since it's so new, It has a bit of an affect on my score. Would it help to close it?

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Don't close it!  It keeps your util down low and will age nicely.  It will be less new after 6 months and good after 12 months.  Closing it will make no difference to average age or age of this account

If you close it it will still age nicely for 10 years, but will adversely affect your utilization %

[sdlt21]

Thank you for the insight!