@AverageJoesCredit wrote:
@Taurus22 wrote:@Anonymous
As @dragontears mentioned, your credit limits have no bearing on mortgage lenders. The only thing increasing your limits might do is lower your overall UTI% if you are currently carrying balances. And if you are carrying any balances at all, always practice AZEO leading up to a mortgage application for the best representation of your credit scores. Giving that card some heavier than normal spend and PIF each month will best increase your chances of CLI's......but as mentioned, also make absolutely sure that the lender doesn't require a HP for CLI.....and, freeze your bureaus in advance, just as a precaution.
Paying interest: In short, don't ever, ever, ever do that if you don't have to. Unless you are simply carrying balances due to a large purchase and intend to pay it off within just a few months....and hey, it happens sometimes, no big deal. Many also find a way to put said purchases on a card with a 0% promo for X months to avoid any interest at all, etc. which is obviously the best scenario.
It is entirely a myth (and anyone who tells you otherwise is not credit-educated) that paying interest has any bearing whatsoever on increasing credit scores or the chances of obtaining CLI's. The only thing this accomplishes is padding the pockets of the lenders....it doesn't positively affect your credit profile at all. In my 8 years of credit history, I have never once paid one red cent in interest and my scores are 809-813.
With that amount of credit history and no interest paid, curious as to why you dont have 850s?
. Regardless of whether someone is credit educated or not, life happens and sometimes interest will be paid.
Im amazed 4.5 k is paltry yet was accepted upon approval. To answer Ops question, cls can be increased without paying interest simply by using cards and paying on time. Often a lender will auto increase a card when their card is being used. Other methods are simply requesting cli via sp or hp.
@AverageJoesCredit No, no....you're taking my comment out of context.....I said anyone who tells you that you have to pay interest on your cards in order to increase credit scores or obtain CLI's, is not credit-educated. (either that, or misinformed) That is a myth that, at one time, I also wondered about when I started researching credit and came to understand that it was simply false.
Honestly, credit age is the only thing holding me back from 850, I would imagine. That, and the fact that I don't AZEO each month. And for the record, stating my scores wasn't intended to be a trot.....I was just again emphasizing the fact that paying interest doesn't increase scores. One can have good scores without ever paying any interest on their cards. I'm personally not infatuated with having 850's....
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