Credit reports

[OtterbatHellcat]

I'm confused....I would get upset when the CC companies raised my limit without asking me first. I would call them when they did that, and tell them to put it back where it was.

Is that wrong?

I didn't need 10K limit in the first place, but they would kick it up to 25K. I don't want that liability I figure...

[Irving]

If you don't have good control, or you're not actively trying to build credit, that's a fine thing to do. However your debt to availability ratio is one of five factors in building your credit score. If you are trying to build credit and you're at a stage where it's good enough to get increases, you should do so. Having debt isn't a problem, having a bad debt ratio is. So let's say you owe $4,000 on your $5,000 limit, and are only knocking down $100 a month. If you can get your limit to $10,000, you just went from 80% credit to debt, down to 40% credit to debt in a single phone call. Paying off $100/mo in principle, that same jump would take you 20 months.

[KevDen2005]

If you don't have good control, that's a fine thing to do. However your debt to availability ratio is one of five factors in building your credit score. If you are trying to build credit and you're at a stage where it's good enough to get increases, you should do so. Having debt isn't a problem, having a bad debt ratio is. So if you owe $4,000 on your $5,000 limit, and are only knocking down $100 a month. If you can get your limit to $10,000, you just went from 80% credit to debt, down to 40% credit to debt in a single phone call. Paying off $100/mo in principle, that same jump would take you 20 months.

That makes a lot of sense. I generally have the control. My wife does not.

[Irving]

It's a constant battle for sure. If I'm not using credit cards, then they won't raise my limits and I get letters reminding me to use their card or they'll shut it off. If I decide to use only credit cards (to either raise cash back, travel hack, or because someone stole $2,200 out of my account in just a few hours earlier this year), then swiping to satisfy every impulse desire I have becomes too easy. Especially if I go from making a lot of money to zero money faster than I prepare for.

[brutal]

It's a constant battle for sure. If I'm not using credit cards, then they won't raise my limits and I get letters reminding me to use their card or they'll shut it off. If I decide to use only credit cards (to either raise cash back, travel hack, or because someone stole $2,200 out of my account in just a few hours earlier this year), then swiping to satisfy every impulse desire I have becomes too easy. Especially if I go from making a lot of money to zero money faster than I prepare for.

I need to watch out for this (not using cards) myself.

I tend to use one card only (Amex) unless they won't take it, then my UA mileage card.

The others go unused and have high enough credit limits, but I should probably ping them all once in a while to keep things active. Some of them I got on promo's and used for zero cost balance transfers or purchases (mostly this) and zero interest over xxx time. Then after I paid them off early, got the limits raised, I stopped using them.

P.S. It does suck that I always have a high Amex revolving credit amount showing on the credit agencies records because of the stupid way their billing cycle works with their reporting cycle. Considering there's "no limit" on Amex*, it's kinda stupid.

* It's really based on your credit worthiness and spending habits. FWIW, I charged $25K for some medical bills on my Amex cause I could. Points cha-ching.

FWIW, I pay for one of the monitoring services on one of the big three and pull my new reports/scores for all three nearly every month or two when I think of it. I get weekly e-mail alerts that all is AOK. I can pull the one I pay for as often as i wish, but the free reports/scores for the other two can only be every 30+ days.

[KevDen2005]

I need to watch out for this (not using cards) myself.

I tend to use one card only (Amex) unless they won't take it, then my UA mileage card.

The others go unused and have high enough credit limits, but I should probably ping them all once in a while to keep things active. Some of them I got on promo's and used for zero cost balance transfers or purchases (mostly this) and zero interest over xxx time. Then after I paid them off early, got the limits raised, I stopped using them.

P.S. It does suck that I always have a high Amex revolving credit amount showing on the credit agencies records because of the stupid way their billing cycle works with their reporting cycle. Considering there's "no limit" on Amex*, it's kinda stupid.

* It's really based on your credit worthiness and spending habits. FWIW, I charged $25K for some medical bills on my Amex cause I could. Points cha-ching.

That's a few extra home depot gift cards

[kidicarus13]

I've been really paying down some bills, getting rid of debt and credit cards

Hopefully you don't mean closing credit cards as you pay them off.

Here are some good tips to increase your credit score...
https://www.myfico.com/credit-educat...-credit-score/

[KevDen2005]

Hopefully you don't mean closing credit cards as you pay them off.

Here are some good tips to increase your credit score...
https://www.myfico.com/credit-educat...-credit-score/

Well technically I only have one actual credit card. But we had a personal loan that was recently paid off and we have some vehicle loans that are overpaid on and getting paid off quickly.

[Irving]

Time of credit seems to be semi important as well. Different places see different cards, and I've seen variations of like 80 points depending on how old the oldest cards are. So definitely don't close any, even if they are terrible cards. It bothers me when I see stuff like "Your oldest account is only twelve years old."

[KevDen2005]

Time of credit seems to be semi important as well. Different places see different cards, and I've seen variations of like 80 points depending on how old the oldest cards are. So definitely don't close any, even if they are terrible cards. It bothers me when I see stuff like "Your oldest account is only twelve years old."

So if a company offers a really good credit deal for instance, transferring debt from one card to another to be interest free for 18 months, I should still leave the old card open?