Re: Improving Credit Limits? Will this help?
10-13-2012 01:05 PM
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.
Starting Scores for 2013: EQ 723, TU 735, EX Credit Sesame 751
Current Scores: EQ 733, TU 724 (05/01/2013), EX Credit Sesame 725 (05/08/2013)
Goal Score: 740+ FICO scores
Take the FICO Fitness Challenge Bronze Spade Garden Club Member - Last App: 03/04/2013 - No apps until Fall 2013
Cards: Cap1 Venture 6.4k, Cap1 NHCR MC 750, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 4k, Citi Diamond Preferred MC 7.55k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 4.2k, Kay Jeweler's 5.1k