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About LinkBacksI have searched for answers for this and have found no consistent answers.
I've had the same credit limit on my primary credit card for several years. It is extremely low ($1,700) since I got the card while I was a student. I have always paid it off on time. I usually spend $400-$500 a month but sometimes more. I have a checking account with the same bank that has 15x (has had 20x) the amount of the credit limit in it at most times. I never carry any debt on the card, but sometimes spend close to the credit limit if I make a big purchase. I have read that spending near the limit is not good for my FICO score.
I don't need the credit limit to be increased and I understand why they aren't increasing it automatically (economy)... My question is... will increasing it have any affect on my credit score? If I have a larger credit limit and I consistently charge and pay off what I have been doing will it help my FICO score?
Also, what is the best way to have it increased? Should I go to the bank (bank of america) or do it online through their web site? Should I get a new card?
Thanks in advance!
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Green Member
- Join Date
- Nov 2009
- Location
- USA
- Posts
- 1
Should I increase the credit line on my credit card?
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Centurion Member
- Join Date
- Apr 2008
- Location
- Zuma
- Posts
- 596
You definitely need to get that limit increased. B of A sucks and I have actually gone into the bank to apply for a card before and they told me to call the 800 number LOL so they don't even handle those things there. You need a higher limit so you can make your purchases. Ask to talk with a manager (not the first rep that talks to you) and stress those points you just said about you have x times that amount in the bank and how you need it for your spending. That is screwed up that they are only giving you such a junky limit with how long you've been with them and how good of a customer you've been.
OBAMA
Stop talking crap about him!
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Centurion Member
- Join Date
- Sep 2009
- Location
- Arizona
- Posts
- 411
I agree with Cuke.
The effect you are talking about is called "utilization." It is the percentage of your available credit that you are using. If you have a $2000 credit limit with a balance of $500 then that is a 25% utilization.
A high utilization (more than about 30%) will lower your credit score and make it less likely to get your limit raised.
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Green Member
- Join Date
- Mar 2010
- Location
- Charlotte North Carolina
- Posts
- 5
yeah increase your limit its always good.
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Platinum Member
- Join Date
- May 2010
- Location
- San Diego, CA USA
- Posts
- 96
with Bofa online you can request right on your acct. Do a round amt. example you have 1700 I would ask for 2500. enter all your info its like 3 questions. then it will ask you to call an 800 number don't call it wait 5 days it should just go through automatically. If not call.
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