topic Should I get more credit? in Credit Cards

Should I get more credit?

Anonymous — Thu, 09 Feb 2012 20:00:57 GMT

Although my revolving debt only shows 3%, my installment debt from student loans is 100% because I'm still in school. I'm wondering if I should apply for more credit to bring my overal debt-to-credit ratio down. It is currently 77%

Re: Should I get more credit?

Anonymous — Thu, 09 Feb 2012 20:17:04 GMT

No. Installment debt util doesn't hurt your score as much as revolving.

Re: Should I get more credit?

pizzadude — Fri, 10 Feb 2012 01:09:38 GMT

@Anonymous wrote:
No. Installment debt util doesn't hurt your score as much as revolving.

+1. You should really just focus on your revolving debt, and it sounds like you already have a handle on it. Good job !

Installment %util is a negligible FICO scoring factor compared to revolving %utilization.

Re: Should I get more credit?

Revelate — Fri, 10 Feb 2012 06:55:59 GMT

If you only have one credit / charge card, I'd suggest getting another just from a scoring perspective.

2+ not really any need to get additional ones. Beyond that what others have posted is correct, you're not going to affect your utilization much with another tradeline.

Re: Should I get more credit?

Anonymous — Fri, 10 Feb 2012 16:53:00 GMT

Thanks for the feedback y'all.