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maxing out (almost) cards with good apr?

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takeshi74
Senior Contributor

Re: maxing out (almost) cards with good apr?


@MarineVietVet wrote:

The last paragraph of my post reads: Now this approach really isn't necessary if you're not looking to apply for any credit in the near future or unless you are trying to tweak your score for maximum effect but some folks do this as a hobby just to see how high they can get their score.


Sorry, went a bit overboard with the quote trimming.

 


@Anonymous wrote:

I have made a few successful ones lately and got some new cards, so it seems that my debt utilization does not bother them too much. 


Don't rely on that.  It's certainly possible to get approvals with high utilization but that doesn't mean that you can just ignore utilization.  As you stated your recent low limits are an indicator.  High utilization not only affects approvals but limits and APR's granted as well.

 


@Anonymous wrote:

On the other hand they have been giving me low limits so it does have some influence........One thing that worries me about my credit report is the number of hard inquires - six. I am monitoring that closely.


Inquiries are 10%.  Utilization is 30%.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

If you're worried about the 10% you should definitely be worried about the 30%.

 


@Anonymous wrote:

There was once in the past when one card actually decreseased my limit so I would like to keep them happy and avoid that . 


That's one example of the adverse action I was referring to.  As stated above, bother overall and individual utilization matter.

 

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