Question:

I have a question about my credit.?

by  |  earlier

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i am in the process of rebuilding my credit. i have slowly been rebuilding my credit rating from the absolout bottom up, paying bills on time and the whole nine yards. i have taken out a credit card with a $1000 limit and i always keep the limit below no more than 50% of the balance. i'm thinking of responding to another credit card offer with a higher limit. is this a good/bad idea?

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8 ANSWERS


  1. Go to mycreditkeeper.com and run your credit.  It only costs $9.99 for all three bureaus.  

    On the site there is a button when you run your credit called "what if scenarios".  Click on that button and simulate adding an additional revolving credit line.  The program will show you how much your credit score will rise or fall.


  2. It depends on the length of time between your last card application and this one. If you've been in perfect re-payment on your existing card for a minimum of 2 years I'd say go for it. Each time you apply your score will drop a bit but if you keep your payments on time and in order you'll be ok.

  3. BAD

  4. You can use credit repair agency to fix your credit - for example this one - http://freecreditreport.sinfree.net - They can clean lots of bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.

  5. It is a bad idea if you have too many credit cards, say like fifteen. A healthy amount of trade accounts would be between three and seven. Having a credit card with a larger limit could be beneficial to you. If you have a large limit and you use no more than half your limit with on time payments you will begin to raise your credit score even more. You show credit worthiness when you do this and when you apply for something like a mortgage it will be a good indicator to the lender that you are a good credit risk.

    http://creditwish.com

  6. I think it's a good idea, you should also read this article on rebuilding your credit, http://www.monitorbankrates.com/how-to-b...

  7. If you do not contantly apply for credit it is a good idea, your available credit on all your cards is part if the FICO formula and determines your credit score, the more open credit you have the better your score.

  8. well it is a good idea

    when credit agencies see companies are giving you credit it helps.

    there is one down side to what yu are doing.

    leaving a balance on your card actually hurts your score.

    you should use your cards only when you have enough money to go home and immediatley pay the balance in full.

    by doing this you do nto pay intrest and the credit agencies see that you use the card but keep a zero balance.

    you can increase your score by like 60 points every 6 months by doing that.

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