topic Re: Credit Limit Help!!!! in Credit Cards

Credit Limit Help!!!!

Anonymous — Mon, 21 Jun 2010 00:24:39 GMT

I am trying to bring my fico score up. Have a secured card with a $500 limit. Will it help if I increase the credit limit? The balance is very low, but fico always says "available credit too low."

Re: Credit Limit Help!!!!

smc733 — Mon, 21 Jun 2010 01:05:55 GMT

It may, but more importantly, keep your utilization under 10% ($50).

Re: Credit Limit Help!!!!

Anonymous — Mon, 21 Jun 2010 01:10:35 GMT

It will help a little by lowering utilization reported. IMO, It can help get better limits on future credit.

If that is your only CC, you may consider getting another secured card. That will help in the future, not the short term.

Re: Credit Limit Help!!!!

smc733 — Mon, 21 Jun 2010 01:14:44 GMT

@Anonymous wrote:
It will help a little by lowering utilization reported. IMO, It can help get better limits on future credit.

If that is your only CC, you may consider getting another secured card. That will help in the future, not the short term.

+1 to Wolf3. A second card will help utilization, but it also helps by giving you a second revolving line of credit.