First I just want to say this is a great forum. I'm glad I found it! The wife and I are in the process of applying for a loan, last night we learned from the Mortgage Brooker that what was killing our credit score was that one of our cards has a $10,000 limit and we were carrying a balance of $12,500. My wife insits that we once had a $13,000 limit and that the CC company than changed it back to a $10,000 limit which put us automatically over the limit. What is the best way to handle this? Should I call and ask the CC company to raise our limit so we are not over? I really don't want to do that because then they will run a credit report and that could hurt our scores. Any suggestions? Thanks
Ummmmmmm I don't think that inquiries are your main concern right now. Look at your statements and see if you are over the limit. If so, you better pay it down. If you are really over the limit I doubt they are going to raise your limit, they are making a fortune in overlimit fees. That balance will just shoot straight up unless you knock it down with a big payment.
