I have a credit card with $25k limit on it. I kept accepting increases because I thought it was funny how they kept giving it to me. Thrn I heard having a lot of credit lowered your credit score or some bullshit so stopped. I still get offers to raise it. I’m not rich, just paid off my house.
I’m not so sure that higher limits reduce your credit score, if you kept your spending the same then your credit utilization % would be lower, which is a factor that increases your credit score.
Yeah that dude is right. One of the things they look at is available credit. If you close an account with a $20k limit and zero balance, your score will drop.
For any future/current parents with good credit: if you add one of your kids to your credit card, their credit rating gets a boost.
I have a credit card with $25k limit on it. I kept accepting increases because I thought it was funny how they kept giving it to me. Thrn I heard having a lot of credit lowered your credit score or some bullshit so stopped. I still get offers to raise it. I’m not rich, just paid off my house.
I’m not so sure that higher limits reduce your credit score, if you kept your spending the same then your credit utilization % would be lower, which is a factor that increases your credit score.
I don’t know how it works. I never use a $1000 of my limit, let alone $25k. Especially at 20% or what ever my card is.
Yeah that dude is right. One of the things they look at is available credit. If you close an account with a $20k limit and zero balance, your score will drop.
For any future/current parents with good credit: if you add one of your kids to your credit card, their credit rating gets a boost.