Question about credit...

[AznMaverick]

Will increasing my credit limit by about $7k decrease my credit score?

 

[imported_Trippin315]

It shouldn't.

 

[Tom]

I wouldn't loan you anything.

 

[kmrivers]

It should increase it, depending on how much you owe. For example:

Lets say your current limit is 10,000. You owe 8,000. This hurts your score because the proportion of balance to credit limit on your revolving account is 80%. Increasing your credit limit should improve your score if you have a high balance on the account.

 

[jlbenedict]

as long as you don't utilize any of it..

 

[AznMaverick]

ok sounds good, thanks guys. i plan to use a maximum of $2k of credit and pay it back at the end of the month. my usual balance is about $300 per month.

 

[Queasy]

Originally posted by: AznMaverick
ok sounds good, thanks guys. i plan to use a maximum of $2k of credit and pay it back at the end of the month. my usual balance is about $300 per month.

You're more than fine then. As long as you don't go over say 40-50% of your available credit.