Moderator Emeritus
Posts: 4,875
Registered: ‎11-02-2010
Re: Improving Credit Limits? Will this help?

First of all, let me say that I'm sorry to hear about your job loss. I'm happy to hear you say that you've recovered from that situation and wish you the best as you continue to move on from an unpleasant chapter in life.


Will paying off balances help your credit situation? I don't see how it can do otherwise. Utility plays a major role in credit scoring, and lenders don't like to see high balances stay on cards for an extended period of time. On top of which, interest charges rack up and can add up to a major chunk of change over time. If you pay your cards off and then continue using them, but not allowing high balances to ride, then lenders should become more comfortable with you, and this could indeed lead to future credit limit increases. It may take some time, as they'll need to be able to see this as a new, consistent pattern of your credit usage.





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