Will Credit Limit Increases on My Credit Card Hurt my Score?
The relationship of credit limits and the balances on your lines of credit account for almost 1/3 of your credit scores. So let’s show you why an increase credit limit helps. Increase Credit Limit May Help Credit Scores! Many are scared to death of the consequences from an increase credit limit. But most of the time the reasons are only misconceptions. Now if you think you will use all of the limit and carry a balance, don’t increase your limits. But if you are just worried that raising your limits looks bad on your credit report, then this article will hopefully change your thinking. When you raise your credit limits on your cards and your balances stay the same, your credit scores should grow! Better credit scores means better chance of approvals. Plus it means better interest rates . So let’s go over why credit limit increases are a good thing for you… Why Will Credit Scores Increase By An Incre...