Question, does increasing my credit limit on Best Buy CC help/hinder my score??

[USSVOYAGER]

All Credit cards debt free, FICO score at 721 as of April this year, purchased some stuff at Best Buy in July using only half of my credit limit. This morning while using the automated system over the fone with Best Buy I accidentally pressed the wrong button immideatly increasing my limit from $1400 to $2000. Does this hinder my score because I have asked for an increase or does it help because now I am using a smaller percentage of my allowance.

Thanks

[MarineVietVet]

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@USSVOYAGER wrote:

All Credit cards debt free, FICO score at 721 as of April this year, purchased some stuff at Best Buy in July using only half of my credit limit. This morning while using the automated system over the fone with Best Buy I accidentally pressed the wrong button immideatly increasing my limit from $1400 to $2000. Does this hinder my score because I have asked for an increase or does it help because now I am using a smaller percentage of my allowance.

Thanks

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It lowers your util which should help your score. You went from 50% (700/1400) to 35% (700/2000).You might get a small ding if the increase caused a hard inquiry but if it's the only one you have then the damage is minor.

7/09
TU-742
EQ-779

Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".

[haulingthescoreup]

It shouldn't hurt your score. When I hit the Best Buy luv button, it was a soft.

You might not see a score increase if your util doesn't drop by a certain amount. You said you're debt free on your other cards --does that mean that they're reporting $0? If so, then probably no increase, unless you were getting dinged for having one card with high util.

I've never gotten hurt for one high util card. If you have several, or if your total util is high, that definitely hurts.

But congrats on your accidental CLI! Always good to have a little wiggle room, IMO.

[USSVOYAGER]

Thanks guys for the comforting news (BTW I love the line "I'm a recovering credaholic") All my other cards are at a 0 balance and my bal of $500.oo I will pay off in full (that's what I usually do and that seems to help). So the only outstanding amount will be my car loan which I have gone 4 years out of 6 years. My next FICO update will be in August. The Best Buy luv button, I like that one as well!!

Hoping for a 750 FICO score

[MarineVietVet]

It shouldn't hurt your score. When I hit the Best Buy luv button, it was a soft.

I never knew about such things ("luv" buttons) until I started reading posts here. I went to Best Buy online just now, hit the button and got a $1,000 increase. LOL

I've tried that with my Citi account but I guess they don't "luv" me as much. I never have gotten instant approval. It's a strange world.

[haulingthescoreup]

Yes, with Citi, you need to be aware that if you're presented with an online form that you have to fill out, it's a hard.

But if you have a message that you are pre-approved for a CLI, and do you want to accept it, it's a soft.

[marty56]

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@haulingthescoreup wrote:
But congrats on your accidental CLI! Always good to have a little wiggle room, IMO.

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Or more rope to hang myself via death by DW.  I would still try to PIF it as soon as possible.

[haulingthescoreup]

lol, marty, when you die, I'm expecting you to go to that big Best Buy in the Sky. Possibly one next door to a lethally-spicy Tex-Mex restaurant.

[Anonymous]

I was just looking for the best buy luv button, I think it is gone.  Where was it?

[creditwherecreditisdue]

A soft INQ CLI can never hurt, and may help, your FICO score.