Originally posted by: lancestorm
That's good, keep paying. They will review probably every 4 - 6 months to consider lowering your APR or giving you more credit. I raised mine from a meager college-student card of $300 to $5500 now (2 or so years later).
The one thing is that if you consider ever doing a major purchase like a house, make sure your credit limits aren't insanely high. If they are too high that will raise your debt to income percentages, making getting the house loan to go through higher. I doubt I will let my 2 cards go much higher than $7500.
Good luck.
lance, am i following you here...
on one hand, i read you raised your 'credit limit' from 300 to 5.5k.
on the other, you suggest don't let this same credit limit go too high for the sake of house purchasing?
The way I see it, FICO agencies look at your history of 'maxing' out your credit card.
So if your credit limit per month is 1k and u average $500 in cc purchases, you max out consistently 50pct of your cc power...
If you raised your credit limit from 1k to 2k, and still average $500 in cc purchases, then you only max out your cc power by only 25pct....
This is a positive in the eye of the FICO...
Yet you speak of a Debt to Income ratio... can you elaborate on that point please.