too much credit

[Smooth_J]

Sorry for all the questions all. If you have a couple credit cards and they have high limits (10k+), would that affect your FICO score even though there is really no balance (less than 1000) on them?

[Anonymous]

Depends on age, but you have the ideal setup for score building = high limits with low balances. If those cards are at least a year old you're golden as long as you keep utilization low, under 15%.

[MidnightVoice]

My problem is I have too little credit, and I use what I have.  So my utilization is too high.  But asking for more would require an enquiry, and I don't want any of those.  Just keep the overall utilization as low as possible, and I don't think the kigh limits will hurt, and will probably help

But at least credit card companies hate me because I don't pay finance charges. 

[Tuscani]

1-9% is ideal

[Boswd]

yeah it sounds like you are fine, it was just take a little time for your history to grow.

Too much credit comes into play when people have way too many credit cards, some people have up near like 6 to 12 credit cards and charge cards.   Even though I don't think FICO penalizes you for having too many credit cards, future lenders will take into account that you can be considered risky for reason of being stretched out credit card wise. 

[Anonymous]

---

@MidnightVoice wrote:

My problem is I have too little credit, and I use what I have. So my utilization is too high. But asking for more would require an enquiry, and I don't want any of those.

---

In the short run, that's true, but in the long run, the benefits to lower utilization and having more positive TLs vastly outweigh the minor, short-lived ding a couple extra inquiries will give your FICO. This is especially true when you have few positive TLs now.

[Anonymous]

Not sure but I read somewhere if you have over $10k card limit it counts more. Someone please confirm.

However higher limits is always a "good" thing for your credit score. More the better as long as you can handle your spending. :-) Congrats.

Oh, I missed this part. You do not always get inquiries for CLI's if you specifically tell them not to pull your credit. Just ask your credit card company every 6 months if you apply for a CLI "WITH OUT" pulling your credit. The increase is usually smaller, but no inquiry.

Message Edited by ilovepizza on 05-22-2007 12:19 PM

[Anonymous]

Midnight Voice:

Do not think the CCCs hate you. When they give you a 0% APR card to use for one year or longer, they want you to use it for everything you buy. If you look at the other side, everytime you swipe your card at a store, the seller is paying a transaction fee to VISA, MC, AMEX etc. which is usually 2% of all credit card sales. So the CCCs do get their share, not from your pocket, but from the merchants' pocket.

Bottom Line: They never lose money even if you PIF every month.

[Anonymous]

never mind. I ramble off subject. deleted.

Message Edited by ilovepizza on 05-22-2007 12:24 PM

[Smooth_J]

I used to have quite a few, but now I only have 3 or so. I will use them all (gas, food, and then etc). Other than that - this is only to build my credit. After that, some of these will be cancelled.