increase available credit

[Anonymous]

I'm thinking of increasing  credit limit on my Macy's VISA card.  They said it would be a soft hit (what is that?) and that I could increase it $10,000 if I want.  How would I decide how much?  Also, it's a VISA as well as a Macy's so I could increase one or both.  Would it matter?  Should I do both? 

I'm canceling a card that has a $48 fee and they won't work with me.  My score went from 802 to 794.  NOw that I've gotten a new card  to replace the one I'm going to cancel it went up to 806.  I still haven't canceled the one with the fee, I'm paying it off on the first and will then cancel but my limit will be a little lower than what I've had for the last few years.

Marybeth

Message Edited by roscoe on 07-30-2007 12:18 PM

[Anonymous]

remember that by cancelling a card you might cancel history. I would never cancel a card that I had for a long time as that is also taken into affect for your scores.(unless it was costing me a bundle) IF you got the macy at or about the same time it won't hurt as much.

I Have many cards that total CL of $50,000. I would never use it BUT it brings my UTIL way down.

A soft pull means it will not be shown to anyone but you. Hard pull can be seen by everyone that looks at your CR.

I would go with Macy  with whatever CL they will give. You do not need to max it!!!!!!

Only use as needed & be sure to PIF  if possable

Cancelled cards....all baddies will remain on CR for 7 years.....all good info. remains for 10 YEARS

But if cancelled you will lose UTIL.

Message Edited by HappyDays on 07-30-2007 02:27 PM