| Author |
Message |
|
Options 
Bookmark online
|
anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
|
|
|
|
|
Fri Aug 29, 2008 11:49 am
|
|
|
Hi Fireyone
If you have $3000 credit limit in your card and you have only $300 credit limit left on your account, the creditors will consider $300 while offering you credit. Moreover, $300 is only 10% of your credit limit which affects your credit score adversely, With only 10% of your available credit limit the creditors might find it risky to offer you further loans. So you should always use not more than 30% of your credit limit.
_________________
Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
|
|
|
|
|
Fri Aug 29, 2008 1:11 pm
|
|
|
No I meant it the other way. That I would have only used $300 of the $3000. Therefore I would have $2700 left to the good on the card. It was just a figure to showq an example. I don't know why I thought that they would conseder the whole line of credit. Just heard it somewhere.
Makes more sense the way you explain it cause how can it count against you if you didn't use it. |
|
|
Lorri
Joined: 15 Jul 2008
Lorri's page
Posts: 297
196 Magic Points
|
|
|
|
|
Sat Aug 30, 2008 2:47 am
|
|
|
Now I'm confused...
_________________
"Never give up on someone you can't go a day without thinking about". |
|
|
1002543
Joined: 31 Aug 2008
1002543's page
Posts: 82
79 Magic Points
|
|
|
|
|
Sun Aug 31, 2008 3:38 am
|
|
|
It depends on your lender.
You can call CS
You can find backdoor number, detour CS and talk to Credit Analyst
You can hit LUV button.
Some lenders will pull hard on you (Chase), some soft (BOA, AMEX). |
|
|
CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 382
4431 Magic Points
|
|
|
|
|
Tue Sep 02, 2008 3:44 am
|
|
|
fireyone
lenders can get nervous if you have to much credit availible to you. They may not want to extend you a loan if you have a large amount of credit availible via ccs b/c if you then use that availib;e credit you might default on your loan. Basically, this will depend on your income. If you could afford to pay on your loan and all of your possible debt it wont effect you.
_________________
****************************
Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:
www.homecreditrepair.net
http://homecreditrepair.hqforums.net/ |
|
|
anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
|
|
|
|
|
Tue Sep 02, 2008 9:22 am
|
|
|
Hi fireyone
You should not spend more than 30% of your credit limit. This is because amounts owed contributes about 30% in your credit score and so use of credit over 30% of the credit limit will lower your credit score. Now if you use only 10% it will not affect you credit score in any way if you pay it back on time.
_________________
Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
|
|
1002543
Joined: 31 Aug 2008
1002543's page
Posts: 82
79 Magic Points
|
|
|
|
|
Tue Sep 02, 2008 10:56 am
|
|
|
| Sorry Anthony, but your info is not accurate. You can spend as much as you wish, but you should not allow to be reported more than 9% of your CL. |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
|
|
|
|
|
Wed Sep 03, 2008 12:45 am
|
|
|
| Okay now I am undrstanding a little better. I am not looking for credit I was just trying to figure out how this works. I mean if someone has all these open lines of credit and then goes to the bank for a loan I thought somehow that would count against them even if they didn't use all the money on the cc accounts. I know that banks have these debt to income ratios. |
|
|
1002543
Joined: 31 Aug 2008
1002543's page
Posts: 82
79 Magic Points
|
|
|
|
|
Wed Sep 03, 2008 12:52 am
|
|
|
Indeed, some morgage lenders demand CL decrease before approving.
Some CCC may deny application claiming that an applicant has sufficient credit to his/her income. |
|
|
goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3993
1034 Magic Points
|
|
|
|
|
Sun Aug 02, 2009 5:39 am
|
|
|
| That would make sense if they are going to lend you money that they would have taken some precautions, usually they are lending a great amount of money. |
|
|
goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3993
1034 Magic Points
|
|
|
|
|
Sun Aug 23, 2009 10:35 pm
|
|
|
Hard these days to get increases, I know people that have had good credit who are now having limits raised but lowered for no reason at all, or their intrest rates are being raised for no reason.
There are new laws being passed to protect the consumers with these crazy credit card companies. |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
|
|
|
|
|
Sun Aug 23, 2009 11:31 pm
|
|
|
This is very true. Recently we paid off alot of credit card debt. We never put any new balances on the cards and did not close them. Every year upon renewal we usually got an increase, especially with discover card. This hear there was no increases in any of the accounts..not that I minded. I thought it could have been the big limit they already had in place or the economy. My guess would be the economy.
What really irks me is all the opt out letters these companies are sending when the taxpayers bailed them out and now they are going to charge even the ones with good credit quite a lot more interest. |
|
|
goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3993
1034 Magic Points
|
|
|
|
|
Mon Aug 24, 2009 11:02 am
|
|
|
It is very unfair, and you would think that they would want to keep their good customers as a good base income for their companies. Hard to say what they are thinking.
there will be new rules coming from the government soon on how they deal with customers, like they have to give so many days warning before increasing rates.
Fair enough, I remember seeing an elderly lady on TV who was shocked at her rate going so high, she actually could not afford it because she was on a fixed income. |
|
|
fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4493
8662 Magic Points
|
|
|
|
|
Mon Aug 24, 2009 1:31 pm
|
|
|
| I heard some things about the new laws coming into effect. What really has me stumped is why the government gave them a certain period of time before enforcing these new laws. This gave the credit card companies a really good advantage. Most hurriedly upped credit card interest rates and changed contracts before the new laws had a chance to pass. Some of the laws just recently changed a week or so ago...this is when we started getting opt out letters. What really amazes me is alot of these companies want you to pay your bill in full once you opt out and they close the card. Most have relied on credit cards to get them through the tough economic times and can not afford to pay them in full. |
|
|
goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3993
1034 Magic Points
|
|
|
|
|
Mon Aug 24, 2009 5:18 pm
|
|
|
| They should not be able to change the rules in the middle of the game. Do you have one that wants you to pay in full? I don't see how they can enforce something like that on an old account, rules should apply to new accounts only. |
|
|
Previous 1 2 3 4 Next 
