|
|
| *Ostroff, Fair and Company>>>Credit |
Will a higher credit card limit hurt or help my credit score? |
If I am eligible for a higher credit limit for my credit card...will raising the limit hurt my credit score?? It wlil help. It will have a direct effect on your debt to available credit ratio. It will give you more cushion against what you collectively owe, but it won't help if you decide to start running up the card just because you got an increase. That's when you have to be even more conscientious about how much your're spending, because remember that's not YOUR money, it's someone else's you're borrowing. Source(s): credit analyst/underwriter it will help it if u make the minimum low monthly payments. Here's a great explanation about credit scores in Money magazine. See below. http://money.cnn.com/2007/06/20/pf/six_w... HELP. Having a higher credit line always help your credit score. It even says it right on your credit report. However, if you are reckless with your credit it could hurt you if you rack more then you could afford to pay. The more a bank is willing to lend you the more confident they are that you are good for it. Having more credit means that you are considered a lower risk. If you fail to service your dept then your credit rating will get hurt, until then the more money they are prepared to give you is an indication of a better credit score. Spend wisely, remember anything you buy that doesn't earn you money is a liability and rich people are those whose liabilities are less than their assets and income. (Assets earn you money) Income is what you earn in your job and from your assets. |
| Tags |
| Investing Insurance Credit Corporations Other - Careers & Employment Technology |
Finance Categories--Copyright/IP Policy--Contact Webmaster |