This is my first time to get a credit card, i have a equifax 730,transunion 729 ,experian 725 credit score and my credit line is only $1000 from bank of america,should i pay everything w/ my credit card? and paying them on time to get a credit increase? cause i keep applying for credit increase and they dont let me.
2007-08-26 09:09:46 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
The highest FICO score is 850.
(Lowest is 300)
2007-08-26 09:17:49 · answer #1 · answered by createaclick 3 · 1⤊ 0⤋
King Kirby Kirt L
your score is so great so far , i guess if you worked hard
keeping this as it is and pauing at time by time lets say 6
month they will finally accept your request and increase it ,
other wise apply for a new credit card , i know a blog
discussing this point by details its called only best deals sorry
i cant post the blog url here so open google and type : only
best deals soon you will find it in the first line called only best
deals
but please note if you didnt find exactly what you looking for
simply use the top search box which must lead you directly to
the discussion . good luck and keep the good work on .
2007-08-26 16:22:31 · answer #2 · answered by S a l m a 2 · 0⤊ 0⤋
How long have you had this credit card? You have to establish a consistent on time history for them to increase your limit. Just use the card and pay it in full and on time every month and they will up the limit in about a year.
2007-08-26 16:22:39 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
Those are good credit scores.
Are you paying the bill in full, or are you only making minimum payments with a balance close to the limit? This is most likely the scenario and is why they will not raise the limit.
Usually if you pay the bill in full every month, they will eventually automatically raise the limit.
2007-08-26 16:16:17 · answer #4 · answered by mister_galager 5 · 0⤊ 1⤋
Creditor don't base an entire decision on credit based solely on score. Debt to income, length of credit history, and utilization of current credit, including balance to high credit ratios. Today's credit crunch is tightening the guidelines on unsecured credit.
2007-08-26 16:23:10 · answer #5 · answered by Etta P 4 · 1⤊ 0⤋
680 is the credit score you get if you never borrowed anything and have never used credit if any kind.
This is by far the best credit score anyone can have.
If you do what you propose, your score will go down.
Things are measured by a ratio to your income. If you spend all your money through revolving credit and your debt is always as much as your income you will go below 650 and fast. Any thing that looks weird or out of line with your income will raise red flags and bring you down.
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850 is a score that no banks are currently lending to. Unfortunately it is too far from the mean to be remotely normal. If your income it less than $300,000 per year and you score goes that high a red flag is raised. You do not get financed.
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Your credit limit is based on your income and ability to pay
All the things you are doing to increase your credit score decrease you ability to pay score (income - monthly obligations) You are screwing your self.
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mister_galager - paying your credit charges off the same month is not considered credit and will not raise you credit score at all. If you are spending more than 75% of your income through credit instruments (Credit Cards and the like) you are considered maxed out and you limit will not be raised.
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DJB - Getting another Credit Card is foolish and will errode you ability to get credit in the future.
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Etta P - put it very well. I would add that paterns of activity that look like deliberate attempts to manipulate credit scores are also considered.
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2007-08-26 16:14:33 · answer #6 · answered by Anonymous · 0⤊ 3⤋
850.
You should use credit only when needed and pay it off each month. Not sure if that will get you the best FICO score, but who cares? Your finances is not all about your FICO score.
www.myfico.com
2007-08-26 16:18:23 · answer #7 · answered by Anonymous · 0⤊ 0⤋
850 for now startin the first of the year it will be 900. 680 is all you need and financial institutions say that a 700 is perfect. You should hoave no problems gettnig the finance you need. If there are anymore questions please let me know.
2007-08-26 17:48:53 · answer #8 · answered by Credit Surgeon 1 · 0⤊ 0⤋
Your credit score is top of the line. I would seek another credit card.
2007-08-26 16:16:19 · answer #9 · answered by Alterfemego 7 · 0⤊ 2⤋