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Two Quick Credit Questions

S

simms

Diamond Member
Ok. So I have a credit rating of 710, is that good? I've only started building credit since about last year.

Secondly, I want to apply for another card. Thing is, when I applied for the card I have now, they gave me a 10K (not really 10, but just picked a number out of random) limit on it. I had a friend tell me that I will get denied for any other cards because 10K is my "limit on all cards", or something like that. In order to apply and be approved for another credit card, I have to call the creditor I'm already with, ask them to LOWER my limits (say around 4K) before I can get approved for the second one (with a limit of 6K, I'm assuming). Is this right, or can I just apply for the 2nd one and not bother to lower the limit on the first?

Simon
 
I wouldn't request your limit be lowered.

Make sure if you've had the first cc for at least 12 months. When you apply for a new cc, your current balance should be low or $0. Your balance to limit ratio's should always be low.
 
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