topic Re: BoA Secured Card in Rebuilding Your Credit

BoA Secured Card

Dp23 — Sat, 20 Mar 2021 20:02:29 GMT

I haven't found any info on this anywhere so I thought I'd ask. Would I get a boost in my credit score by raising my credit limit by $1500? My utilization is only 3% on all 3 cards. My scores are EX 654, EQ 627 & TU 621. My current limit is 2300 combined.

Re: BoA Secured Card

AllZero — Sat, 20 Mar 2021 20:11:44 GMT

@Dp23 wrote:
I haven't found any info on this anywhere so I thought I'd ask. Would I get a boost in my credit score by raising my credit limit by $1500? My utilization is only 3% on all 3 cards. My scores are EX 654, EQ 627 & TU 621. My current limit is 2300 combined.

No, if your reported utilization are optimal, then increasing your credit limit will not be a factor in your score.

It appears you are good on the aggregate utilization front at 3%. How is your reported individual utilization?

I would suggest addressing any derogatory or delinquency that may be suppressing your scores.

I would recommend reading the below from Birdman7
General Scoring Primer and Version 8 Master Thread, pub.5.17.20

Re: BoA Secured Card

Dp23 — Sat, 20 Mar 2021 20:14:15 GMT

@AllZero wrote:
@Dp23 wrote:
I haven't found any info on this anywhere so I thought I'd ask. Would I get a boost in my credit score by raising my credit limit by $1500? My utilization is only 3% on all 3 cards. My scores are EX 654, EQ 627 & TU 621. My current limit is 2300 combined.
No, if you utilization are optimal, then increasing your credit limit will not be a factor in your score.

It appears you are good on the aggregate utilization front at 3%. How is your individual utilization?

I would suggest addressing any derogatory or delinquency that may be suppressing your scores.

I would recommend reading the below from Birdman7
General Scoring Primer and Version 8 Master Thread, pub.5.17.20

Thank you for that answer. I have 2 voluntary repos that are 6 years old & slated to fall off April & July of 2022. I have one 30 day late from Oct 2020 that I've been disputing & sending goodwill requests but no luck. No collections or other derogs. Individual utilization is 1%, 0% & 3%. I was doing AZEO & I accidentally let two cards report a balance. I gained 4, 10 & 6 points today to bring me to my current scores.