topic Re: Debt in General Credit Topics

4

Anonymous — Wed, 20 Feb 2013 02:46:55 GMT

Hello, I am 26yrs. I have about 45,000 in Student loans 25,000 Car loan 600 in Credit card debt and a 5,000 loan. I bring about 41,000 home; I am active duty military. I recently got approved for a USAA card with a 7,000 limit. Should I lower the limit on my new card because of my previous debt. Eq-662 Trans-668 Experian-702

Re: Debt

Anonymous — Tue, 19 Feb 2013 15:08:21 GMT

No, the higher your CL the better it is for your utilization if you use it correctly.

Only the CC debt is revolving, the other debt is installment which has its own utilization.

Re: Debt

Anonymous — Tue, 19 Feb 2013 15:13:02 GMT

With my military star card $600 with a $3,000 which I think is good. Now with a 7,000 credit limit I figure 2,000 will be a good point be at on the card. I don't plan on using it.

Re: Debt

Anonymous — Tue, 19 Feb 2013 17:03:15 GMT

For optimum scoring, let one report 0 and the other at 9% or below.

If you can't do that, keep the balances very low on your cards.

Re: Debt

RobertEG — Tue, 19 Feb 2013 18:57:38 GMT

The only time one would want to lower their CL is if they have the past tendency to want to charge more based on that higher CL.

Self-imposed control.....

From a FICO perspective, it is not beneficial.