Hello everyone,
I'm new here
and also somewhat new to the whole Credit Game. I'm working on building a good credit history, but sometimes it's a little intimidating because I don't want to do anything that hurts my credit score.
Okay, let me give you a little backround information on myself. Well so far I have two credit cards. One is with Bank of America ($300 limit) and one is with capital one ($500). The latter one was originally my husbands but then he put my name on it as well. Each account carries a balance of $80 (I'm trying to pay that off completely). No late payments on either one. We also have a mortgage and a car payment each months. And that's it debt wise.
Anyway,today I found out that bank of america would be willing to give me a credit line increase to up to $3300. And now I'm not sure if this would be a good idea. I just heard that it can look bad on your credit history if you have too much open credit. But I guess, I don't really have a lot. I was actually planning on paying both balances off and not really use them much. Except every now and then to show some account activity. I just think it would be good to have $3000 in case of an emergency. But I'm also worried that it might tempt me in spending more...
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Can anyone break down for me what the pros and cons of a credit line increase would be? And is it possible to decrease a credit line, in case you ever have too much open credit?
Thank you, I would really appreciate your help and input.
