No. In fact, credit card companies that have better incentives and low to no interest are looking for applicants that can maintain in good standings when trusted with high credit limits.
I recently applied for a credit card that required I already be in good standings with another credit card company having a minimum $10,000 credit limit on my card. However, I also keep one card with the lowest minimum ($300) for my riskier purchases (online transactions and such) so that if the number gets stolen the thief won't get more than $300 in goods and I will be alerted sooner.
2007-08-19 06:25:54
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answer #1
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answered by Anonymous
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Normally it isn't the LIMIT that puts you at rish for a lower credit score; it is how MUCH of your limit you actually use and keep a balance on.
i.e. if you have a $5,000 limit and you are pretty much always over a $4,000 limit without ever really paying it off, that might lower your score.
There are a lot of factors that go into your credit score, the number of credit cards you have, what percentage of credit you are actually using (keeping a balance on), late payments, loans, collections accounts, etc.
2007-08-19 13:26:05
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answer #2
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answered by Meredith C 2
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No a high limit doesn't hurt you. The ratio of debt to available credit is the main thing to worry about there. You are doing great in that area. The fact that you have had it for several years and have been paying it on time (right?) will also boost your credit rating.
2007-08-19 13:20:43
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answer #3
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answered by Stewie 3
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To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your scoreyou still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs.
2007-08-19 13:19:00
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answer #4
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answered by Anonymous
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credit limit is good to have for emergencies, but not for crap that you don't.
If you kee doing what your doing you will be golden...just don't fall into the pit they are trying to dig for you.
They want you to spend more money and pay minimum payment forever in order to keep you contributing to thier payroll.....flip it on them and keep paying off the bill, and buying chewing gum with it.
2007-08-19 13:22:39
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answer #5
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answered by alfredtwyman 2
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In my experience I would say that is doubtful, however, when I think about it I have about 5 credit cards and none of them have over a $10,000 limit.
Maybe another poster will prove me a liar? ;)
Check out Wahm Search Engine
http://www.wahmsearchengine.com
2007-08-19 13:21:08
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answer #6
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answered by Anonymous
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go to freecreditreports.com , you will have access to your credit report for 30 days free, but you will need to cancel within that 30 days or after that they will start charging your credit card for their service, my wife in her name only has a visa card with a $40000 limit
2007-08-19 13:25:49
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answer #7
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answered by Anonymous
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Only if you don't pay what is due: if you don't, you're in debt and that's a no-no
2007-08-19 13:20:56
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answer #8
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answered by robert43041 7
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