Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
Re: Does this make sense?


roscoe wrote:
My credit score was 802, after applying for the new card it's 794.  Don't know my other ones right now.
My limits are:
Macy's $8,000-0 balance
Capital one $6,000-$600 balance which will be paid off.  I always pay the balance when it's due and then I'll cancel this one.
Home depot $4500-0 balance. this is the new card.
 
Marybeth


This 802 score, is it a FICO score and which CRA? Just curious, nice score! If you pay off the CAP1 I don't see any problems. Just remember closed CC TLs (tradelines) with zero balances do not factor in util% calculations. FYI, for max FICO points it's best to have 1-9% util of total CL (credit limit) on all CCs reporting on your CRs (credit reports). Also, it's common for your FICO scores to get dinged with a new inq and new account especially for folks with high scores. If you need a bigger CL then go for it, your score alone should get you the financing required to purchase the Dow Jones Industrial!:smileyhappy:
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1