Credit Cards With a High Credit Line
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Posted: Wed Jan 12, 2005 11:19 pm
Post subject: Credit Cards With a High Credit Line
ConfusedinCardom
Date: 8/11/2000 4:48 pm CDT
Hi. Your site is very helpful.All consumers should take a look, it is very educational. I have a question. We have a few credit cards and carry a very small balance. Some of our cards have a limit that we consider very high and would NEVER dream of using. Would it be a good idea to call and ask for a LOWER credit limit, so as to make our credit rating look better? Or would this be a bad thing and make us look bad?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Wed Jan 12, 2005 11:19 pm
Post subject: Credit Cards With a High Credit Line
Doug
Date: 8/11/2000 6:12 pm CDT
Low credit lines will not help your score. A portion of your
FICO score is based on available credit lines available.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Wed Jan 12, 2005 11:20 pm
Post subject: Credit Cards With a High Credit Line
Board Monitor - CA
Date: 8/15/2000 2:14 am CDT
Thanks for your recent inquiry! You raise an interesting question. Generally speaking, I would say that the more credit that you have available, the less chance that you have of getting additional credit. However, the policies of lenders vary greatly and, in some circumstances, having a low balance on a card with a high line may be viewed in a favorable light. The FICO score, which is the most common credit scoring method, does apparently take the amount of available credit into consideration. The following paragraph from their website seems to suggest this (though the wording is somewhat vague)...
"How much of the total credit line is being used on credit cards and other "revolving credit" accounts.
Someone closer to "maxing out" on many credit cards may have trouble making payments in the future."
Therefore, it may not be a bad idea to request a line decrease. I would, however, keep one card with a "high limit" for emergencies. You can find out more about the credit scoring process by reading a recent article written by our staff at...
http://www.cardratings.org/jul00.html
Best Regards,
Curtis Arnold
P.R. Director
CardRatings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jan 12, 2005 11:19 pm
Post subject: Credit Cards With a High Credit Line
ConfusedinCardom
Date: 8/11/2000 4:48 pm CDT
Hi. Your site is very helpful.All consumers should take a look, it is very educational. I have a question. We have a few credit cards and carry a very small balance. Some of our cards have a limit that we consider very high and would NEVER dream of using. Would it be a good idea to call and ask for a LOWER credit limit, so as to make our credit rating look better? Or would this be a bad thing and make us look bad?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Jan 12, 2005 11:19 pm
Post subject: Credit Cards With a High Credit Line
Doug
Date: 8/11/2000 6:12 pm CDT
Low credit lines will not help your score. A portion of your
FICO score is based on available credit lines available.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Wed Jan 12, 2005 11:20 pm
Post subject: Credit Cards With a High Credit Line
Board Monitor - CA
Date: 8/15/2000 2:14 am CDT
Thanks for your recent inquiry! You raise an interesting question. Generally speaking, I would say that the more credit that you have available, the less chance that you have of getting additional credit. However, the policies of lenders vary greatly and, in some circumstances, having a low balance on a card with a high line may be viewed in a favorable light. The FICO score, which is the most common credit scoring method, does apparently take the amount of available credit into consideration. The following paragraph from their website seems to suggest this (though the wording is somewhat vague)...
"How much of the total credit line is being used on credit cards and other "revolving credit" accounts.
Someone closer to "maxing out" on many credit cards may have trouble making payments in the future."
Therefore, it may not be a bad idea to request a line decrease. I would, however, keep one card with a "high limit" for emergencies. You can find out more about the credit scoring process by reading a recent article written by our staff at...
http://www.cardratings.org/jul00.html
Best Regards,
Curtis Arnold
P.R. Director
CardRatings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:46 PM
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