Re: Does a high limit effect credit negatively?
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Posted by SunkissedBeach
(69.157.240.230) on March 09, 2004 at 19:02:19:
In Reply to: Re: Does a high limit effect credit negatively? posted by J Kelly on March 09, 2004 at 15:28:35:
Absolutely yes. To much open credit can hinder your wife for future credit. If she goes for a mortgage the bank might ask her to lower her limit.
In my opinion that is way to high a limit for anyone to have. Anything over 5,000 is to much, I would have your wife contact the lender and have the limit reduced. As far as keeping it at 50% as another poster suggested, in a word preposterous. When making purchases always pay IN FULL each and every month, that is the secret to having a high credit score. Watch over time her credit score go up about 3 points per month by doing this. Always use credit wisely and NEVER as a means for a purchase you can not really afford to pay for when the statement comes.
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