Best way to get an increase

[NAMC80]

I am so frustrated,  I have 3 credit cards with very low limits.  I'm looking to buy a home in the next month or so, therefore I didn't want to apply for any new credit.  Any suggestions on what I should do to get higher  limits or does it matter as long as the utilization on the cards that I have is low??

TU:774

EQ:638 (3 paid med co that Im trying to get off)

CC:

Capital One:1500 limit

HSBC: 500 limit

GEMB Dillards: 450 limit

I keep all of them under 9% utilization if I use them other than that they typically report 0 balances. Had them all for over a year.

[let]

What I've learned here, by reading post and then following their advice is to keep utilization below  10%, but keeping it to  1% seems to be the way to go.  I say that because this past month I didn't get it to  quite 10% , it was about 15% and I didn't get any points!  That's just my opinion.

[Anonymous]

Some people have reported a point increase when they only let one card report a balance, and keep that balance at about 1%. 

[Anonymous]

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@NAMC80 wrote:

I am so frustrated,  I have 3 credit cards with very low limits.  I'm looking to buy a home in the next month or so, therefore I didn't want to apply for any new credit.  Any suggestions on what I should do to get higher  limits or does it matter as long as the utilization on the cards that I have is low??

TU:774

EQ:638 (3 paid med co that Im trying to get off)

CC:

Capital One:1500 limit

HSBC: 500 limit

GEMB Dillards: 450 limit

I keep all of them under 9% utilization if I use them other than that they typically report 0 balances. Had them all for over a year.

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You are holding a bunch of cards that are not famous for CLI's. You are barred from app'ing if you want a mortgage. Adjust your UTIL, try to get the baddies off, get your mortgage, then come back after and wisely app for some new CC's that have some growth potential.

[Anonymous]

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@NAMC80 wrote:

I am so frustrated,  I have 3 credit cards with very low limits.  I'm looking to buy a home in the next month or so, therefore I didn't want to apply for any new credit.  Any suggestions on what I should do to get higher  limits or does it matter as long as the utilization on the cards that I have is low??

TU:774

EQ:638 (3 paid med co that Im trying to get off)

CC:

Capital One:1500 limit

HSBC: 500 limit

GEMB Dillards: 450 limit

---

We just app'd for a mortgage.  DH has some nice CL's - mine are low.  Our mortgage guy wasn't at all concerned about my CL's.  He was more concerned with who I carried my CC's with.  HSBC and CapOne are both bank cards, so you're in good shape there.  Some FAKO scores ding you for having low credit limits - I've not seen a FICO ding for that - maybe someone will chime in if they've seen one.

[RobertEG]

There is no such thing as a ding for low credit limits.

FICO looks at the %util of each card, your overall % util on all cards, and the % of cards showing any balance.

But when you apply for a mortgage, it is not all about just FICO score.  They look at things that are not even considred in FICO scoring, such as income, total debt. debt to income, employment history, spouse's credit, assets, etc.

Message Edited by RobertEG on 08-12-2009 04:08 AM

[DI]

I get my score increases by letting one card report a balance,  My total credit limits are $10,750.  I keep the balance reported under $200.  You can see my scores below.

[Anonymous]

Also remember to call the backdoor numbers and ask for CLI's.  Read the posts on these forums to see how each of your CC holders handles CLI's.  And remember, the CL is not going to matter to your mortgage granter, but carrying only a single balance ad DI reports (above but close to 1%) while the other CC's report zero has had good results.  Good luck with your cc's and your mortgage app!