Lending tree alert

[Anonymous]

So, I got an alert from lending tree that I need to increase my available credit. However my utilization is less than 1% at the moment. Some further digging into their app and I found that they consider having 3.2k total credit poor and having 99.99% of that 3.2k available as also being poor.

All this has left me questioning if having too little total credit could be affecting my score. I should have a decent length to my credit history at this point, and I thought the only things particularly hurting my score were my one delinquency and my AAoA. Any insight would be appreciated.

[RSX]

How many cards do you have that get you to 3.2k ?

[Anonymous]

I have two cards, with a third currently being mailed to me.

I have a Capital One Platinum card with a $750 limit and a Commenity/petland card with a $2500 limit. Additionally, last week I applied and was approved for a Duck's Unlimited card with a $1300 limit, but it hasn't made it to me yet, and isn't yet being reported anyways.

[RSX]

Those additional cards should help then and it will increase your total CL

let em sit for a couple of months and see how your score improves - run small amounts through them, but only with things you were going to pay for anyway, like gas or groceries

[dynamicvb]

The first thing to consider is that lending tree gets paid when you click on one of their links and open a card, loan, etc.., so realize their advice may not be in your best interest. The third card will help as Fico likes to see 1/3 of your revolvers reporting a balance also know around here as All Zero Except One with the one balance being less than 8.9% of the card's limit. Having them report like that is good for a few points the month they report. 

Keeping your utilization percentage down is what helps hold up your score. Keeping 1% on 4K CL is the same as keeping 1% on 40K CL. Utilization is only good during the month it's reported and it has no memory so if you are over one month you can get any points lost back the next by getting the percentage back down. In the whole scheme of things paying on time and letting accounts age is what moves your scores higher and into higher scorecards not the amount of credit limit on your cards. 

[RSX]

^^

good point and I should have mentioned that.  Lots of free advice from CK and lending tree to get you into more accounts- but you don’t always need them

i figure with only 2 cards, the third is a good step

This forum is better for advice than the advice the lenders who make money off you give