@yreva22 wrote:Hey guys,
I have a NFCU CLOC of $3k which appears to be the maximum limit. I got this maybe 5-7 years back when I was in the process of rebuilding my credit. I've now got credit scores 800+ across the board, multiple credit cards including NFCU Cash rewards and Platinum, $35,00 and $45,000 limits respectively.
I haven't used my CLOC and never will. My initial plan was to get it up to $15k back then, but that failed a while ago and it's been stuck at $3k ever since
Question: Is the low limit of $3k CLOC hurting me? It's my lowest credit limit on my reports. I have not intention of obtaining a mortgage or making any big financial purchases in the next 2-3 years. Would it be a good idea to close this $3k CLOC and possibly transfer the limit to one of my other 2 cards? Or just close it completely.
Thanks in advance for your time
1. In my opinion, no, the low limit is not hurting you.
2. I'm pretty sure you can't transfer the limit to your credit cards.
3. If I were you I would keep it. You never know when you might make a mistake or have an emergency or something that would make an overdraft line of credit a welcome cushion.
