Quote:
Originally Posted by dewilson58
The credit reporting companies have tools to help people increase their credit scores. For entertainment, last month I played with the tool. I have one credit card and if I called the credit card company and lowered my credit limit (the limit, not my usage) by $20,000.....it would increase my credit score.  Insurance companies are smarter than to buy into that "logic".
I dislike agreeing with myself as well.  |
Wrong. You have it backwards.
One of the most significant factors in determining your credit score is the percentage of your available credit you are using. The higher your credit limits the better. (And the lower your reported balance the better.)
"A credit limit increase may affect your credit score.
A credit line increase “can, many times, help your credit score,”. If you increase your credit line and keep your usage the same, you automatically shrink the utilization ratio."