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SVTPerformance's Chain of Restaurants
Road Side Pub
Credit Score / Report Gurus
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<blockquote data-quote="CobraJohn01" data-source="post: 16320026" data-attributes="member: 3005"><p>The reason the credit limit increases help your score improve is because it lowers your overall credit utilization %. If you have little to no balance each month, requesting limit increases could actually hurt you because the cards perform credit inquiries before granting an increase. If you rack up too many inquiries in a short amount of time (1-2 years, as inquiries take 2 years to drop off), the overall number of inquiries can impact your FICO score as well. </p><p></p><p>All of these things are factored in when determining your FICO score:</p><ul> <li data-xf-list-type="ul">Payment history</li> <li data-xf-list-type="ul">Average age of credit accounts - the older the better</li> <li data-xf-list-type="ul">Derogatory remarks - things such as bankruptcies, liens, collections, etc</li> <li data-xf-list-type="ul">Mix of types of accounts - loans, credit cards, etc.</li> <li data-xf-list-type="ul">% of credit utilized - typically want that to be under 20-30% of your total available credit</li> <li data-xf-list-type="ul"># of inquiries - these are hard inquiries, like applying for loans, cards, credit limit increases, etc. Soft inquiries aren't factored, like the ones insurance companies perform when you shop for auto insurance, or the ones credit card companies perform when they mail you all those annoying offers to sign up for a new card with them.</li> </ul></blockquote><p></p>
[QUOTE="CobraJohn01, post: 16320026, member: 3005"] The reason the credit limit increases help your score improve is because it lowers your overall credit utilization %. If you have little to no balance each month, requesting limit increases could actually hurt you because the cards perform credit inquiries before granting an increase. If you rack up too many inquiries in a short amount of time (1-2 years, as inquiries take 2 years to drop off), the overall number of inquiries can impact your FICO score as well. All of these things are factored in when determining your FICO score: [LIST] [*]Payment history [*]Average age of credit accounts - the older the better [*]Derogatory remarks - things such as bankruptcies, liens, collections, etc [*]Mix of types of accounts - loans, credit cards, etc. [*]% of credit utilized - typically want that to be under 20-30% of your total available credit [*]# of inquiries - these are hard inquiries, like applying for loans, cards, credit limit increases, etc. Soft inquiries aren't factored, like the ones insurance companies perform when you shop for auto insurance, or the ones credit card companies perform when they mail you all those annoying offers to sign up for a new card with them. [/LIST] [/QUOTE]
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