topic Re: Is there an ideal cl in Credit Cards

Is there an ideal cl

Anonymous — Thu, 22 Jan 2009 17:42:50 GMT

Hey everyone, I am new here and so far everyone has been very helpful. Thanks to all. I have 3 cards cap1 with a 1050cl, 2 orchard bank cards 1400cl on the master card, and 1350cl on the visa. What credit limits should I be striving for? I have heard that having too much available credit can be negative too.

Re: Is there an ideal cl

fused — Thu, 22 Jan 2009 17:55:17 GMT

FICO doesn't ding you for having too much available credit. Using too much of your available credit will lower your FICOs though.

What are your current FICOs?

What are the balances on these three cards?

Do you use these cards a lot?

Re: Is there an ideal cl

Anonymous — Thu, 22 Jan 2009 18:13:17 GMT

Cap1 has a zero balance right now. orchard visa $81, orchard master $51.09. My ficos are 686TU, 674EX, 673EQ. I don't use them a whole lot, but I use them often. I have one more thing. How many of these cards should I let report?

Message Edited by motiv8ed on 01-22-2009 10:13 AM

Re: Is there an ideal cl

Anonymous — Thu, 22 Jan 2009 18:12:59 GMT

@Anonymous wrote:
I have heard that having too much available credit can be negative too.

If you are applying for a prime mortgage, perhaps some lenders will balk if they see "too much" unused, available credit. How much is "too much"? Kinda like beauty and art. All in the eye of the beholder.

However, even this missive is somewhat misleading. Most mortgage lenders will all but demand you have at least a credit card or two. Key thing is they would rather see you have 2 or 3 CCs with a total of $25K available CL, rather than 10 or 15 CCs with a total of $25K available CL.

Re: Is there an ideal cl

Creditaddict — Thu, 22 Jan 2009 19:16:33 GMT

With Scores close to 700, I would strive to obtain Discover, Bank of America, or Citi. Esepcially if you pay annual fees on those Household Bank Cards.

Re: Is there an ideal cl

Anonymous — Thu, 22 Jan 2009 19:22:53 GMT

I do pay annual fees on them, however they are my oldest cards. From my other post it was suggested that I apply for some sort of store card for a better mix. Should I get another regular card?

Re: Is there an ideal cl

Anonymous — Thu, 22 Jan 2009 19:24:20 GMT

@Anonymous wrote:
I do pay annual fees on them, however they are my oldest cards. From my other post it was suggested that I apply for some sort of store card for a better mix. Should I get another regular card?

Have you tried calling and asking HSBC to remove the AFs? A lot of members have had success.

A store card is handy to have in your mix, but I would still only apply for 1 if there was some sort of promotion attached to it. Sometimes the Best Buy store card has 0 interest offers that are pretty enticing.

Re: Is there an ideal cl

Anonymous — Thu, 22 Jan 2009 19:44:30 GMT

Sounds good, i just got cli through them, should I wait?

Re: Is there an ideal cl

Anonymous — Thu, 22 Jan 2009 20:21:02 GMT

@Anonymous wrote:
Sounds good, i just got cli through them, should I wait?

Do you mean wait to ask them to waive the AF since you just got a CLI? Anytime before the AF is due should be fine.

Re: Is there an ideal cl

Anonymous — Thu, 22 Jan 2009 20:30:13 GMT

Yes, that's what I meant. Thanks so much for the help!

Re: Is there an ideal cl

Anonymous — Fri, 23 Jan 2009 15:41:58 GMT

@Anonymous wrote:
I do pay annual fees on them, however they are my oldest cards. From my other post it was suggested that I apply for some sort of store card for a better mix. Should I get another regular card?

In seeking out a new store card, also look for something you'll actually use.

For me, Home Depot offers no interest and no payments for either 6 or 12 months on purchases of $299 or more. However, DIY isn't everyone's bag.

Our Children's Place card kicks in pretty healthy discounts, at times the card is giving us a 20% discount on purchases.

Definitely call and ask about removal of AFs. Most they can say is no.

Re: Is there an ideal cl

arjames01 — Fri, 23 Jan 2009 17:07:11 GMT

Macy's is another good one to have . And Im not just saying that cause I work there. We offer frequent "use your card sales" where you can save anywhere from 10%-20% (depending on the sale) on purchases. And also coupons, and cardholder rewards are nice perks as well. That is if you shop there on occassion.