Is it your experience that the higher the credit limit (no matter what the ratios) the better the credit score? I have noticed that banks tend to give a similar limit to what they see on the report. I have really small limits ($700 - $1000 on all) and wonder if I will ever get a platinum or gold card with a good credit limit. It does not help that all my cards are with lame companies like First Premier who never give decent increases. But does a $2000 balance on a $10000 limit look better than say a $200 on a $1000 limit? Curious.
I don't know for a fact, but exercising my credit and having good banks for customers has given me control of over $140,000 in credit. http://www.creditsense.com
Hey Creditwork If you don't mind me asking, are you talking personal or business credit? If it's business credit, how did you start when you were newly acquiring credit?
Re: Hey Creditwork I am talking personal credit. I do control close to $100,000 in business credit with CreditWorks and another $100,000 or so with my IT Consulting company. Acquiring business credit is as simple as opening an account at CompUSA, Dell or Gateway. CreditWorks got credit after a few months of operation from Amex, a few months later Advanta gave us some credit. I say it takes a couple of years of operations, but you can build business credit the same way as personal credit. Start slow, exercise the credit, build a good payment history and you will get plenty of increases. My consulting company started with an Amex green card. http://www.creditsense.com
Re: Hey Creditwork Wow! So you mean use your credit cards. Then when you receive your bill, pay the balances in full. This will give you increases? Will it also increase your scores?
Re: Hey Creditwork Own my own consulting company as well, and my personal credit gets my business credit. Don't think for a minute that you are going to get an EIN and go on an application spree. You will need to use your personal SSN.
