experienced advice needed on Credit Limits

[Drsgwld]

I have 3 trade lines
Quick Silver MC 1500 (7mo)
5th 3rd MC 500 (10 mo)
Great Lakes Student Loan 3500 bal of 4100 (nearly 4 yrs since opened)
My FICO is in the 650s

Because my history post divorce of a little more than 5 yrs ago is young and an old 08 BK is a blight that's keeping my score down, which I'm trying to increase. I need to get a larger trading line/credit limit, but not sure how to go about doing it or if I'd even qualify. All my payments are timely and never missed with low balances on revolving <6%. Any help would be appreciated!

[Dj4Money]

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@Drsgwld wrote:
I have 3 trade lines
Quick Silver MC 1500 (7mo)
5th 3rd MC 500 (10 mo)
Great Lakes Student Loan 3500 bal of 4100 (nearly 4 yrs since opened)
My FICO is in the 650s

Because my history post divorce of a little more than 5 yrs ago is young and an old 08 BK is a blight that's keeping my score down, which I'm trying to increase. I need to get a larger trading line/credit limit, but not sure how to go about doing it or if I'd even qualify. All my payments are timely and never missed with low balances on revolving <6%. Any help would be appreciated!

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 How often do you use your card? If you them often, keep your balances under 30%, ideally under 10% and pay on-time they will increase your credit lines regularly.

 If this is the case already, did you call up and ask for a line increase? 

[Drsgwld]

FICO told me the magic balance percent is 6% and don't go over it, but use and carry over a balance of 6%.

[Drsgwld]

I haven't ask for one. I did get a 500 increase from 1000, but my available credit limit is low and that hurts me.

[SunriseEarth]

What other baddies are on your CRs, aside from the BK?  Also, do you always let balances post on both CCs?  if so, you might want to try getting one to a zero balance and letting a balance post on the other one.  

[Drsgwld]

Actually, that is it! There is nothing else except for a DTE that was on a budgeted acct which was closed in 2012 that states always paid on time.

[Drsgwld]

One of my credit cards show always shows used, but 0 balance the other card I've kept at less than 30%. Last month, I made the mistake of paying both balances and I took a major 11 pt loss. I contacted FICO and they said to use and carry a 6% balance.

[SunriseEarth]

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@Drsgwld wrote:
Actually, that is it! There is nothing else except for a DTE that was on a budgeted acct which was closed in 2012 that states always paid on time.

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Odd, but perhaps you just need more positive credit.   I'd try going for another CC.  If you're in the mid 600s, you have quite a few options.    You might be able to get into Barclay with that...perhaps either the Rewards MC or the Apple Visa.   You could definitely get some SCT cards and probably most of SyncB's store card lineup.   Some feel that you need good credit to dilute any bad credit.   Your profile might be in that situation.  

[Drsgwld]

I think your right, although I've been told that the most Luvly is a much broader credit limit. I'm just not sure of my best options. Prime hates BKs

[Anonymous]

To help encourage CLI's you should charge the card up and pay it back down immediately, use it for everything you would normally pay for with cash, check or debit card - groceries, utilities, etc., and pay the balance in full within a day or two of the charges - basically cycle as much cash as you can through the card each month, and leave the 6% amount to carry over, then pay that a few days after the statement closes, to avoid interest charges.

The Credit Card companies would much rather make money from vendor processing fees, than they would from interest charges on balances because there is virtually no risk involved.