Posted on Wednesday, 30th December 2009 by jkibler
Cards credit limit increase can quickly increase your credit rating
Increasing your credit limits on the cards you currently have can actually be a good idea if you are interested in increasing your credit score. Is not unheard of for people to have unsecured credit limits in the $70,000-$100,000 range.
Increasing your credit card limit can increase your credit score
Credit utilization, which is the percentage of available credit, is used as a factor in determining your overall credit score. An example of credit utilization is if you have a credit limit of $100,000 on your card and you have a balance of $50,000, your utilization figure is 50% and you have $50,000 available credit. Your 50% utilization looks good to people determining your credit score.
Another reason to increase credit card limit
You are much better off to increase the limit on your present credit card than to get new credit cards as new applications will damage your credit score because they result in hard inquiries to the credit bureaus. It is a good idea to always attempt to limit hard inquiries on your account. I always ask are you going to check my credit record. If they are going to, many times I will reconsider my plans.
The trick is to get an increase in your credit card limit without the credit card company making a hard inquiry on your account. Some credit card issuers will automatically give you a limit increase after you have had the card for six months.
To qualify for an increase in card limit you must have your card for six months and use your card and make your payments on time or even early.
You can call the credit card company and ask for an increase in your limit but be sure and ask them if a credit check is required. If it is required then it may be a good idea to abandon that request because they are going to make a hard inquiry to the credit bureaus and this will lower your credit score.
After you have increased your card limit keep using the card and make your payments on time then go back to the company after 6 more months and do the same thing over again. They will quickly look at your payment history, your balance and many times grant your request without a credit check.
Jimmy says, increasing your credit card limits without increasing your balance is a good thing if you want to raise your credit score.
Whoa Jimmy?
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Cards credit limit increase can result in increasing your credit score and if you have any experience in this area please share with our readers in the comments.
Tags: credit cards
Posted in Credit Debt | Comments (19)
January 10th, 2010 at 7:19 pm
Thank’s for The Nice Read I’ve found Credit Free Report is a excellent site to check my credit report and get my score 4 nothing. Anyone else used them?
Jimmy says, I have used them also myself.
Thanks for the comment
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