2007-04-13 10:15:26 · 5 answers · asked by nittanyisland2000 2 in Business & Finance ➔ Credit
No, it actually helps your scores by decreasing the overall utilization on your reports. (on all of your accounts - including loan accounts)
It also shows that the lender who gave you a increase feels you are credit worthy.
2007-04-13 10:26:13 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Echo is right...but don't let it get out of control.
If your total credit gets too high, it will scare the heck out of prospective lenders. They see you, making $35,000 a year with $100,000 in available credit. That will reflect on your score.
Also, be sure that you keep most of your debts paid off. Just because you have more credit available doesn't mean you have to use it. Keep your debt to around 25% of your total credit limits.
It actually is a good thing to have creditors offering to boost your credit limit. Just get some self control!
2007-04-13 20:06:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Depends on how it changes your debt ratio. If your debt ratio gets too high it can hurt your chances at buying a home or car. Also the increasing of lines of credit give you a better chance of having to file bankruptcy if you can't pay back a high balance.
2007-04-13 17:26:52 · answer #3 · answered by Wizzerd 3 · 0⤊ 1⤋
No in fact its better because if you can upkeep that credit and keep it in good standing credit you are more likely to have a better score
2007-04-13 17:24:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
not as long as you keep current with payments. Effects only the income to debt ratio. :)
2007-04-13 18:08:02 · answer #5 · answered by keep 2 · 0⤊ 1⤋