Credit Tips: Do High Credit Limits Affect Credit Score?

Posted On: May 1, 2006

Author: ajulius
Posted: Sun Feb 05, 2006 6:30 pm
Post subject: Credit card utilization rates

Hello. I currently have 6 Credit cards. 1 is maxed with 5k, other is at like 16500 with a 20k limit, others are paid in full and/or not used. Limits range from 3600 to 31400. Only 1 of the 4 is giving a worthwhile balance transfer deal for 0% at 12 months but the limit is only 3600 which again will hurt my credit score. I have a long credit history and have never been late for a single payment.

I used to get as low as 4.99% with a $65 fee for balance transfers which I took advantage of. Now all my rates for future transfers has gone up to 7.99%. I gather my credit score has something to do with this including card utilization.

I cant really move around the funds because Ill get jacked for 7.99% and balance transfer fees because of the weak offers.

Any suggestions? Thanks!

Author: Polonius
Posted: Sun Feb 05, 2006 8:23 pm
Post subject:

Pay down those cards (at least to less than 50% on each), wait for your credit scores to reflect those changes, and then apply for new credit. You should get some nice 0% offers that way.