Line of credit extended $1,500 for using my old card ONCE - Credit Repair Forum from Creditnet
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  1. #1
    gothamist is offline Newbie
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    Line of credit extended $1,500 for using my old card ONCE

    This is probably not news to anyone in the forum, but, it's really good to keep those old credit cards open!

    I hadn't touched my old card in a while and for fear of having it closed for inactivity, I decided to use it for a small purchase on amazon about 2 weeks back. $7, paid it off right away, no sweat.

    So I get a credit alert from Equifax yesterday telling me that my total available credit had been extended by $1,500. Huh? I checked it out and, sure enough, my old card added an additional $1,500 in credit. This puts me under that 10 percent credit utilization ratio I've read about in here numerous times, and was a nice surprise simply for using - and paying off quickly - an old card. (I transferred my balance from this card about 8 months ago.)

    Anyway, just wanted to pass this on to other members curious on how to increase their available credit line.

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  3. #2
    mindcrime is offline Senior Member
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    Re: Line of credit extended $1,500 for using my old card ONCE

    Do you mind telling us what creditor this was, and how old was the trade-line?

  4. #3
    Vettecor is offline Junior Member
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    Re: Line of credit extended $1,500 for using my old card ONCE

    Congrats on your CLI !!!

  5. #4
    gothamist is offline Newbie
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    Re: Line of credit extended $1,500 for using my old card ONCE

    Quote Originally Posted by mindcrime View Post
    Do you mind telling us what creditor this was, and how old was the trade-line?

    Believe it or not it was a bank called First Financial Bank USA. It was my first credit card I got when I was 18 - 0% for 12 months that skyrocketed to almost 30% once the intro period passed. (This was before the Credit CARD Act of 2009 - that kind of card for a college student doesn't even exist anymore, and probably with good reason.)

    Tradeline was from 2006, so it's been open 7+ years. I don't carry a balance on it any longer (that interest), FYI.

  6. #5
    gothamist is offline Newbie
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    Re: Line of credit extended $1,500 for using my old card ONCE

    OK so remember my exuberance at that $1,500 credit limit extension? Well, that's been curbed considerably after checking my score this month on credit karma and finding that my score dropped 38 (!!!) points. Huh?

    The only thing I did differently last month was make that one purchase on my old card. I carried a $7 balance on this card heading into July before paying it off. The balance has since been paid off (obviously), but CK is still reporting that balance. I'm curious to see if my score jumps back up next month once that $7 balance clears. I'll keep the board posted.

    I did not see the same effect on Credit Sesame. I did a little research and CK uses TranksRisk New Account Score, aka TransUnion. Sesame uses Experian. I don't currently use myFICO but this discrepancy (60 points between the two) has me wondering which one is closer to my FICO score.

    Anyway, I'll wait and see what happens and will keep everyone posted. (I'm sure you're on the edge of your seats!)

  7. #6
    gothamist is offline Newbie
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    Re: Line of credit extended $1,500 for using my old card ONCE

    OK, paid off that pesky $7 balance and ... my score went back up 37 points. I guess the listen is that you shouldn't carry two balances at once. Or at least I shouldn't.

  8. #7
    Logan Abbott's Avatar
    Logan Abbott is offline Administrator
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    Re: Line of credit extended $1,500 for using my old card ONCE

    Quote Originally Posted by gothamist View Post
    OK, paid off that pesky $7 balance and ... my score went back up 37 points. I guess the listen is that you shouldn't carry two balances at once. Or at least I shouldn't.
    I always guessed that carrying more than one balance might make for a point deduction, but holy cow - 37 points?!

    Thanks for sharing. I'll definitely keep this in mind.
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  9. #8
    mechanicw's Avatar
    mechanicw is offline Member
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    Re: Line of credit extended $1,500 for using my old card ONCE

    I track my scores using USAA, CK, credit sesame ,SCP, and another through A free service I have with a credit card company & again through AMEX. I can tell you these FAKO scores differ between a little and a lot they are all junk. If u really want a score pay the money and get a FICO. But why does any of them matter unless you are going for credit and it's the same scoring model the creditor is using.

    As I don't waste the money to buy actual FICO every month it would be nice to know how much of an actual score drop even low balances made on one card vs 2


    Sent from my iPhone using Tapatalk -

  10. #9
    drofcredit's Avatar
    drofcredit is offline Newbie
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    Re: Line of credit extended $1,500 for using my old card ONCE

    Congratulations on the CLI.

  11. #10
    mechanicw's Avatar
    mechanicw is offline Member
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    Re: Line of credit extended $1,500 for using my old card ONCE

    How thin is your credit file? I guess i could see with thinner files or small overall credit lines how small amounts could could somehow make debt to ratio's change dramatically but 37 points is alot of change I have seen this kind of number change with a people that have a sudden collection account.

    Is this an actual FICO score change or a FAKO?

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