Hi folks. Overall, I'm in pretty solid fiscal shape. About 5% aggregate util, more available credit than my annual income, most cards reporting zero, and waiting for my final derog, a 6.9-year-old 30-day late, to drop from EX.
On a whim, decided to see what Cap One's CreditWise had to say. Number one on the 'ways to improve' list was:
The highest credit limit on your open credit accounts isn't high enough compared to people with similar credit profiles.
I understand what these words mean, but I'm struggling with the practical impact. I'd have thought that cards on my upper end (22, 22, 16, 16, 15 and 14K) would be sufficient. I have more credit than I dare use. Any thoughts on how high my limits *should* be, as far as CreditWise and/or Fair Isaac are concerned?
On a whim, decided to see what Cap One's CreditWise had to say. Number one on the 'ways to improve' list was:
The highest credit limit on your open credit accounts isn't high enough compared to people with similar credit profiles.
I understand what these words mean, but I'm struggling with the practical impact. I'd have thought that cards on my upper end (22, 22, 16, 16, 15 and 14K) would be sufficient. I have more credit than I dare use. Any thoughts on how high my limits *should* be, as far as CreditWise and/or Fair Isaac are concerned?
The first thing to consider is that CreditWise uses VantageScore FAKO scores.
Looking at your signature line, if your FICO scores are current, I don't see much to worry about. FICOs of 760 will get you the same interest rate as a FICO of 820. If we were talking about CK I would say that the "The highest credit limit on your open credit accounts isn't high enough compared to people with similar credit profiles" was just a touting statement to get you to apply for more credit.
I say, keep doin' what you're doin' and wait for the derog to drop off. From where I am sitting, you appear to be doing well my friend!
P.S. A little gardening wouldn't kill ya!
Thanks. Yeah, the scores are all within 30 days.
The mortgage and HELoan INQs are all one year or older. The remaining INQs are attributable to 8 cards added in the past year (arguably a bit over the top, but I'd been carrying some non-trivial 0% BT balances, wanted to lower my aggregate util, and also took advantage of some attractive SUBs. I'm ahead of schedule to pay off the BT debt before the 0% offers expire).
And, yes, I should garden.
The mortgage and HELoan INQs are all one year or older. The remaining INQs are attributable to 8 cards added in the past year (arguably a bit over the top, but I'd been carrying some non-trivial 0% BT balances, wanted to lower my aggregate util, and also took advantage of some attractive SUBs. I'm ahead of schedule to pay off the BT debt before the 0% offers expire).
And, yes, I should garden.
Vantage does look at largest open limit for scoring purposes.
I don't honestly know why but I had that reason code a few years ago (Alliant gives Vantage reason codes) and then once I got my CSR and goosed the limit it went away.
The line may be around 20k-25k or so would be my guess.
@Revelate wrote:Vantage does look at largest open limit for scoring purposes.
Then I should get a nice VantageScore boost when my Flagship Rewards $25K starts reporting.
Op, in my opinion you are doing just fine. The reasons given, as you know, are sometimes irrelevant to what your actual situation is. As far as I see it, you are in great shape and it you have a 30-day late about to come off too? You'll really be in a good spot once that happens!!
