FAQ about the credit score and credit limit (whats my credit score)

Published: 04th June 2009
Views: N/A

This article is about questons like: the credit score and mortgage, credit score and loan, whats my credit score, credit score and credit limit, etc.

1. How many credit cards should I have?
The number of your credit cards has no impact on your credit score. You can still keep those credit cards that you don't want to use. If you cancel these credit cards, the length of your credit card history will be affected. This will have a negative impact on your credit score.

2. Is the credit limit the higher the better (for the credit score)?
Generally, if a credit card have a high credit limit, its "use of credit" will be low. This will have a positive impact on your credit score. Another good thing about the high credit limit is that you can get a better credit limit if your average credit limit (from your credit report) is high when applying for a new credit card. In the old days, the banks did not like loan applicants with a high credit limit, especially when you applied for the housing mortgage. But they do not care about this issue now.

3. How to raise my credit limit?

(1). You can call your bank or credit card company to ask for an increase on your credit limit every 6 months. (you will have a better chance to get an increase if you just returned a big amount of money recently)

(2). You can ask for an credit limit increase if you are planning to buy big stuffs (like computer, DC, DV, etc).

(3). Use the credit cards from MBNA, AMEX, CHASE or PROVIDIAN. These credit card companies are generous with their credit limit.(you can get more "whats my credit score" info from our site)


4. Do I get a inquiry in my credit report if I ask for a credit limit increase?
You can ask your credit card companies' customer representatives about this issue. Generally, If it is a pre-approved application, there will be no inquiry to your credit report. If you will need to fill out lots of forms, this credit limit increase application will probably put a inquiry to your credit report.

5. I don't spend a lot of money with my credit cards. How to produce some balance in my credit cards' bills?

(1). You can help your friends to buy big stuffs. (with your credit cards)

(2). Pay your tents with the balance transfer checks (from the credit cards with no transaction fee).

(3). Do some balance transfer (BT) if there is no transaction fee for your credit cards' BT service.

(4). Pay minimum during the "0% APR on purchase" period. (you can get more "whats my credit score" info from our site)

6. What is the best rate for "balance / credit limit" ?
Actually, what matters for your credit score is the "total balance / total credit limit". 1-2% is the best rate for you to improve your credit score. If you use more than 50% of one credit card's credit limit, this will have a negative impact on your credit score. If you are planning to apply for the housing loan or car loan recently, you can increase your credit score by decrease your balance of your credit cards. Your credit score can be improved significantly by controlling this "total balance / total credit limit" rate. (you can get more "whats my credit score" info from our site)In my point of view, the credit score is not that import for you, especially when you are not planning to apply for the housing loan or car loan. You don't need to care about this too much when making purchases. :-)


By Shane Lee. Date: 05/27/2009.

More flights,airlines info at:airlines to orlando.And:flights from minneapolis to chicago.And:driving distance orlando to miami.


Copyright belongs to Whats My Credit Score Dot Travel2ChinaInfo Dot COM . You can find more information about whats my credit score, loan credit score, credit score mortgage from our web site.

NOTE: Permission is granted by the copyright owner to disseminate this article in whole or in part provided credit is given to the author ( with a link to the article's source URL Whats My Credit Score Dot Travel2ChinaInfo Dot COM ) and this NOTE is not removed.



Report this article Ask About This Article


Loading...
More to Explore