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Average CC Limits and Credit Scores

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Frequent Contributor

Average CC Limits and Credit Scores

I know we have a good discussion going on the magical 5K CC limit...I feel like I'm almost at the point (a few months out) from where I could flat out get approved for a min 5K limit.

 

However, I noticed when I check my reports on freecreditreport (Transunion) that I always see that a negative factor is that my average credit card LIMIT balance is below 2K.  With my recent Target CLI, this has pushed my average CCL over 2K.  Should I expect to see a modest jump, a negligible jump or no jump at all on my scores now that my average is over (just slightly but still over) 2K?

 

Edit - mistype fixed above (strikethrough)


Gardening since 8/5/15
Message 1 of 6
5 REPLIES 5
Super Contributor

Re: Average CC Limits and Credit Scores

That is not your fico score. Please ignore that.

For more insights, check out this sub section:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/bd-p/ficoscoring
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Message 2 of 6
Valued Contributor

Re: Average CC Limits and Credit Scores


@Rattler2000 wrote:

I know we have a good discussion going on the magical 5K CC limit...I feel like I'm almost at the point (a few months out) from where I could flat out get approved for a min 5K limit.

 

However, I noticed when I check my reports on freecreditreport (Transunion) that I always see that a negative factor is that my average credit card balance is below 2K.  With my recent Target CLI, this has pushed my average CCL over 2K.  Should I expect to see a modest jump, a negligible jump or no jump at all on my scores now that my average is over (just slightly but still over) 2K?



High Average ballance does not help with your score, and the higher total CL you have the lower credit utilization you will have so your FICO scores may increase a little unless its a big drop in utilization

AMEX: $25,000, CSR: $10,000, Chase Priority Club: $1,500, Freedom: $5000, Freedom Unlimited: $1000, Discover: $21,000, BoA $11,000, WF Cash Wise: $5000

EQ FICO - 753
TU FICO - 755
EX FICO(AMEX) - 766
Message 3 of 6
Frequent Contributor

Re: Average CC Limits and Credit Scores


@Imperfectfuture wrote:
That is not your fico score. Please ignore that.

For more insights, check out this sub section:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/bd-p/ficoscoring

Thanks!  Taking a look now.


Gardening since 8/5/15
Message 4 of 6
Frequent Contributor

Re: Average CC Limits and Credit Scores


@SwiftTone wrote:

@Rattler2000 wrote:

I know we have a good discussion going on the magical 5K CC limit...I feel like I'm almost at the point (a few months out) from where I could flat out get approved for a min 5K limit.

 

However, I noticed when I check my reports on freecreditreport (Transunion) that I always see that a negative factor is that my average credit card LIMIT balance is below 2K.  With my recent Target CLI, this has pushed my average CCL over 2K.  Should I expect to see a modest jump, a negligible jump or no jump at all on my scores now that my average is over (just slightly but still over) 2K?



High Average ballance does not help with your score, and the higher total CL you have the lower credit utilization you will have so your FICO scores may increase a little unless its a big drop in utilization


I actually mis-typed in there...it should say that the negative factor is that my average credit card LIMIT is below 2K and now my average CCL is above 2K.


Gardening since 8/5/15
Message 5 of 6
Super Contributor

Re: Average CC Limits and Credit Scores


@Rattler2000 wrote:

@Imperfectfuture wrote:
That is not your fico score. Please ignore that.

For more insights, check out this sub section:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/bd-p/ficoscoring

Thanks!  Taking a look now.


This links back to the "Understanding FICO Scoring" board?

 

OP the larger driver of getting higher CL is your annual income, if stated on the credit card app, and your FICO scores. When your FICO scores rise, after time with no lates, then lenders are more comfortable giving you larger limits, provided your income can support it.

 

You can also be given lower limits, if the lender is conservative, even though you have $10k limits from some cards. There are many variables so any generalized statement that "higher average leads to higher limits" is not reliable, except on average. For individual card apps, no, not reliable.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 6 of 6
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