If I have 10,000 in available credit and my income doubles how does this effect my hypothetical "credit limit".
2007-08-25 14:23:11 · 3 answers · asked by kamui r 1 in Business & Finance ➔ Credit
Pay your credit card off in full every month and the credit card company will automatically increase your limit every 6 months to a year.
2007-08-25 14:46:42 · answer #1 · answered by bdancer222 7 · 1⤊ 0⤋
Credit score is made up of the following items; 1. Payment history 35% 2. Time in bureau 15% 3. New credit 10% 4. Type of credit used 10% 5. Debt to income ratio 30% As you can see items 1,2&5 are the most important as far as score is concerned. But you need to have a good score and a good profile. To achive this you will need at least 3 revolving accounts (credit cards) and 2 installment accounts (auto, home, personal or boats) all with good long pay historys and low balances on your credit cards. This mix of credit will give you the best score/profile. Your credit limit has nothing to do with your score, it's how much of it you have used that is important. Keep your credit card balances below 30% of your limit at all times. Pay them in full whenever you can.
2016-05-17 23:26:01 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Income doesn't have as much to do with your credit limit as does your payment history. You can always ask for a higher limit; you may get it.
2007-08-25 14:32:03 · answer #3 · answered by Anonymous · 1⤊ 0⤋