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Great Question About Credit....Well I think It is :) Credit Card Limits And Your Score

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sr1019
New Contributor

Great Question About Credit....Well I think It is :) Credit Card Limits And Your Score

Got a question for all you fellow MYFICO members.  Question is my membership sites (ex. EQ, EX, TU) state that one of the reasons my score is low is because of my average revolving charge card is below $2,000 dollars.  Have any of you heard of that before?  I'm curious to know how much of a hit I'm taking because of that.  So, I'm going to try and up them and apply for one more card hoping to get a higher limit as my scores are higher than they were when I got my cards in the past.  

Rebuilding Phase- First goal, cross into 700 on all three CR's
As of 2/22/2014- EQ FICO: 684, EX FICO: 696, TU FICO (Walmart): 711
First 700 achieved, two more to go!
Message 1 of 6
5 REPLIES 5
gdale6
Moderator Emeritus

Re: Great Question About Credit....Well I think It is :) Credit Card Limits And Your Score


@sr1019 wrote:

Got a question for all you fellow MYFICO members.  Question is my membership sites (ex. EQ, EX, TU) state that one of the reasons my score is low is because of my average revolving charge card is below $2,000 dollars.  Have any of you heard of that before?  I'm curious to know how much of a hit I'm taking because of that.  So, I'm going to try and up them and apply for one more card hoping to get a higher limit as my scores are higher than they were when I got my cards in the past.  


Yep, it is irrelevant to FICO, the Experian site FAKO puts quite a bit of emphasis on it. Clarifying its the limit of bankcards not store cards that they are referring to.

Message 2 of 6
Rhaeny
Valued Contributor

Re: Great Question About Credit....Well I think It is :) Credit Card Limits And Your Score

Yea that is totally FAKO scoring reasons.  EXP had that on my reason codes a long time ago.  I wouldn't concern myself about it.  

 

And even for the real FICO's, I have never seen them mention anything about CL's except to talk about if I'm using too much! Smiley Very Happy


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Message 3 of 6
indiolatino61
Valued Contributor

Re: Great Question About Credit....Well I think It is :) Credit Card Limits And Your Score


@sr1019 wrote:

Got a question for all you fellow MYFICO members.  Question is my membership sites (ex. EQ, EX, TU) state that one of the reasons my score is low is because of my average revolving charge card is below $2,000 dollars.  Have any of you heard of that before?  I'm curious to know how much of a hit I'm taking because of that.  So, I'm going to try and up them and apply for one more card hoping to get a higher limit as my scores are higher than they were when I got my cards in the past.  


Let me give you an example of how unimportant these reasons often are...my Quizzle.com account says that my AAoA is 7 years, 10 months and my oldest account is 26 years, which is accurate. Right underneath for the reasons my score is "low" (750), the number one reason states, "Not enough revolving credit history."  This makes no sense at all...lol! Just use these sites as report monitors, but ignore the actual scores and recommendations. The best of luck to you.

 photo Logo - Credit Card Collection - Data Inclusive_zpskiw5xfjj.jpg photo emerald_zpsfitcxbh5.jpg
Message 4 of 6
PaBill
Regular Contributor

Re: Great Question About Credit....Well I think It is :) Credit Card Limits And Your Score

FICO comes out with some stupid reasons too!

 

Two days ago, a negative on my EX:  "The remaining balance on your non-mortgage installment loans is too high."  What?  The balance dropped $3.9K, in 13 months, on a $16.8K truck loan...

 

And today, a negative on my TU:  "You have too many credit accounts withh balances.  FICO High Achievers have an average of 3 credit accounts carrying a balance.  Number of your acounts carrying a balance - 3 accounts."  If the standard is that the average High Achiever has 3, and I have 3, why is that a negative?

 

IMHO, the monitoring services are a waste, but FICO comes out with some stupid crap too...

EQ-805, EX-797, TU-804. Back in the Garden on 8/4/15. Just came out for a 5K CLI bump on the Barclay card...
Hover over a card for the CL...
Message 5 of 6
sr1019
New Contributor

Re: Great Question About Credit....Well I think It is :) Credit Card Limits And Your Score

Thanks all for the info.  I really appreciate everyone's help!  Glad to know its only a FAKO concern and not a FICO.  

Rebuilding Phase- First goal, cross into 700 on all three CR's
As of 2/22/2014- EQ FICO: 684, EX FICO: 696, TU FICO (Walmart): 711
First 700 achieved, two more to go!
Message 6 of 6
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