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Discussion in 'Credit Talk' started by sharon, Jan 10, 2001.
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May I answer?
Not Momof3 but, higher credit limits have the potential for helping your scores. This is because it could help your credit utilization ratios. You do not want to utilize over 30% of credit limit. I try to stay about 15% as per fico website. But no one here seems to agree with me. But anyway, having a high credit limit can help your ratios cause it is harder to max out. They take your total balances/ total credit limits.
Well Roni answered your question. yes limits do help your scores and when they only report your balances and use them in the debt ratios if your limits are not being included this can hurt your scores, because they are basically counting your balances against what limits are being reported and if some limits are not being reported with those balaces then those will hurt your overall scores.
It's a good thing to have your limits reported. About 30% of your FICO score is based on the balance/available credit ratio. That is, the sum of all your balances over the sum of all your credit limits. If some accounts do not report the limit, this will increase this ratio and decrease your general FICO score.
Yes so true Example
You have 3 cards
5000 limit balance 2000
4000 limit balance 1000
3000 Limit balance 1000
Debt ratio with all limits is reported at 33%
Now take the top limit off but still count balances ratio is at 57 %, big difference