It happens despite what seems to be the trend around here. People seem to tend to forget that sources always need to be considered and that myFICO has many builders and rebuilders which will skew the data. Any discussion forum site tends to skew the data since users aren't necessarily representative of the full population of people out there.
@Anonymous wrote:
I'm curious if the amount of available credit could negatively impact my scores?
No. Consider the standard factors.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
Revolving utilization has a significant impact and falls under Amounts Owed. Since revolving utilization is balance(s) / limit(s) then, generally speaking, higher limits means lower revolving utilization which is bettter for your scores.
However, it's never just about score. FICO scoring is just one consideration. A creditor/product's underwriting criteria is another consideration. For a given profile, creditors can vary in what they're willing to extend to that profile and what they considera safe amount of overall extended credit to that profile. If your credit limits add up to a point that is considered the safe limit (or more) for your profile then you will run into trouble with getting more credit extended to you.
We can't tell you what that limit is for you for any creditor. You're only going to find it by bumping into it. Even if you do bump into it with Chase and want to open a new card, Chase will allow you to reallocate to open the new card.
@Anonymous wrote:
My scores have jumped a gigantic amount recently, from 750 to 830, but it was surprising nonetheless how much they bumped my available credit
Which scores? Which model(s) and which CRA(s)? If the score that Chase references increased by that much it shouldn't be surprising that they would give you a CLI. Your credit profile and your income will determine the limits and CLI's that you qualify for with any creditor.
@Anonymous wrote:
I didn't ask nor really want it to be honest as I have no intention of ever charging anywhere near that lol.
Don't look at limits as how much you intend to charge. Consider revolving utilization. Consider that while 30% is a suggested max it's not ideal and that lower is better with ideal being well under 10%. Ideally you'd want limits around 10X spend though that's not necessarily feasible for everyone. I happen to have the credit to support high enough limits that with my spend and even a smaller balance being carried on a 0% offer I'm at about 3% now.
That said, revolving utilization can also be reduced by paying down balances prior to report date. Additionally, revovling utilization is determined based on currently reported balances and limits. Generally, short term high utilization isn't an issue whereas prologned high utilization can lead to trouble. Even if one had high revolving utilization on one cycle, one could adjust it next cycle and scores would recover as reovling utilization dropped.
I seem to have forgotten while writing that you said you revolving uttilization is already low. If it's already low you may not see much gain from getting it lower depending on how low it is and how much you reduce it. Generally, the bigger gains come from bigger reductions in revolving utilization.
@Anonymous wrote:
I'm thinking about closing down my US bank card, which has been stuck at $4k forever (no balance). Good or bad idea?
It's not just a matter of what you presented. You have to consider how useful the account is to you. Also consider the info in the Closing Credit Cards thread linked in the Helpful Threads sticky. Ifit's of no use to you then see if US Bank has other products that would be of use to you and whether or not you could PC to such a product. If getting a CLI means it would be worth keeping to you and you haven't automatically received one then request one. You have to decide based on your priorities. If your credit has improved that much then US Bank may give you a CLI.
