Re: Credit Line Increase always good for credit?
10-22-2013 07:52 AM
Thanks, everyone, for all the helpful advice!
What got me started thinking that I ought to increase my credit line was the exact same comment bobebob mentioned, "The available credit on your open revolving accounts is too low." But what many of you have said about how utilization is more important than total credit limit makes sense, and my utilization is already tiny (a few hundred dollars out of $19k).
Since I don't actually need the CLI for use, and since there would be a hard inquiry that would lower my credit scores, and since the score benefit of a higher CLI is dubious (?) given the low utilization, you've helped me change my mind and I'm not going to request the CLI after all.
Interestingly, I've also read that when you have a more or less clean credit history, the Tranunion site (which is the one that told me my limit should be higher) can sometimes grasp at straws in trying to give you useful feedback. So maybe that's what happened. The same Transunion site told me my oldest credit card was opened too recently (it's been 10 years!) and that I have "too many" inquiries (I only have one!). I'm sure having an even older credit history and having zero inquiries is better and will raise my score but I get the sense that the real things keeping my scores from being higher are the few late late payments from 2008 and the lack of a mortgage (as you guys have pointed out).