So what kind of credit score do you think I have now with that type of limit? The last time I checked my credit score it was 640.
2007-07-07 14:18:39 · 8 answers · asked by Sweet Honey 4 in Business & Finance ➔ Credit
I have had this Target card for about a year and a half. I pay off the balance every month, faithfully. My car balance is $1100 now. At the beginning of the year it was $9000 maybe that's why my credit limit jumped. So this does mean my score has gone up??
2007-07-08 03:43:56 · update #1
To get that credit limit increase, yes, your score probably went up ahead of the increase -- likely because of you having a solid payment history.
Now that you've gotten the credit limit increase, there's a good chance that your score will go up even more because 30% of your FICO score is based on what percentage of your available credit you're using. Now that you've got $9500 in available credit, you can be using a much smaller percentage of your available credit and that will increase that 30% component of your FICO score.
If you're interested in the gory details of how FICO is calculated, check out the recent blog posting at http://www.uthunk.com/ .
2007-07-08 02:56:22 · answer #1 · answered by moviegoer_j 3 · 0⤊ 0⤋
Wow! That is a significant jump. You must have paid off some of your other bills. Yes, your credit score should increase if you have not tapped in more than 30% of your balances. You can check it online at www.equifax.com
2007-07-07 23:37:49 · answer #2 · answered by ShacklesOff.com 3 · 0⤊ 0⤋
they look at your credit score priodically, there is either a misprint on your limit, like it should be only $950 and I would contact the company to verify if this is true, be careful this is how people get in financial binds. You may have increased your credit score and to find out go to Equifax.com; or any of the high end credit boards to find out. Go to google.com and ask Free credit report or free credit score. You are allowed to recieve one free credit report per company per year.
2007-07-07 21:25:42 · answer #3 · answered by bluedolphin 1 · 1⤊ 0⤋
In most cases a credit card company will pull credit and an increase may be extended based on your credit score, so it must be greatly improved. keep up the good work!!!
2007-07-07 21:29:47 · answer #4 · answered by Etta P 4 · 0⤊ 0⤋
No it doesn't, and I would be very affraid of such a huge jump in your credit card limit. Not that it will affect your credit score, but that when you get up to such a high amount, it makes it harder to pay off monthly, which then causes a running balance, late payments and then of course higher % rate on your card. BEWARE it is a credit TRAP.
2007-07-07 21:29:26 · answer #5 · answered by oregonnymph 2 · 2⤊ 0⤋
First, did ur credit score increase? if yes, then maybe that y they increase your credit limit,
For me, my credit score just recently decrease and I dnt know y, but after that my credit limit increase, so i think it is different for some paticular reason, the increase on your limit might not always be based on your credit score,,,
just to let u know thats what just happen to me recently ,,,
2007-07-07 21:44:04 · answer #6 · answered by samui_cloud 2 · 0⤊ 0⤋
yes, your credit line increased and your score by all means increased congratulations to you
2007-07-07 21:26:04 · answer #7 · answered by Michael M 7 · 0⤊ 0⤋
No, it most likely didn't change at all.
2007-07-08 07:32:30 · answer #8 · answered by Expert8675309 7 · 0⤊ 0⤋