I opened my Macy*s account back in 2002, I think. I started out having a $500 credit limit. (when I good credit-not really much credit). Then my credit went all down hill after my divorce and I quit using that card although it was paid and still open. All the CRAs were reporting it open all that time from about 2003 til Januaury 2008. Because my credit was so out of wack and NO ONE was approving me for any kind of credit card I asked Macys to send me a "new" card since my last one was long gone. Well they DID. I was shocked because I knew that would run my credit again. They started me this time with a $200 limit, I believe. Now since Jan or so, I have been religious about using my card (no more than 50% of my limit) and paying it off in FULL each month. The funny thing is where I live, we dont even have a Macy*s! Ive had to do all my "credit-repair" shopping ONLINE(BTW-a nightmare if you need to return something!)After 6 months (June 2008) they up'd my limit to $800. I was shocked by that, because I didnt notice until I saw it on my credit report. It is paying off to use my Macy*s, I can say that.
Ive heard\saw somewhere that you shouldnt use more than 30% of your credit limit. Is this true?
Or is it 50%? Does it make a difference(if i WERE to carry a balance-which is against everything I believe in =) )?
I pay my balance of each month anyway.
Thanks in advance for answers =)
