Increase in Credit Limit

[Bluezy]

Just remember to keep debt low while the companies raise your credit limits. Helps the ole' FICO in the long run IF you can resist adding more debt.

[abowers]

I'm not using the CCs and paying extra each month to the minimums- only buying things with cash.
I'm paying the minimum + some as it is, but if I babysit or sell any bags, that money goes straight to the CCs in addition.

[puck36]

Originally Posted by Ima saver

I like the free money that I get from the 1% cash back. Right now, I have more than $500 coming back to me in august!!

I don't think spending $50,000 to get $500 back is a very good plan. You can take $50,000 and turn it into $51,750.00 in one year at a rate of 3.5% which is much better than just getting back $500. I personally do not use cc's anymore I find my self spending way to much.

[sweeps]

Originally Posted by puck36

I don't think spending $50,000 to get $500 back is a very good plan. You can take $50,000 and turn it into $51,750.00 in one year at a rate of 3.5% which is much better than just getting back $500. I personally do not use cc's anymore I find my self spending way to much.

Ima's husband is a home builder. If he doesn't spend the $50K on materials, he has no job.

So if he has to spend $50K, why not get a free $500 as a reward.

[PrincessPerky]

We have enough availible credit to buy a house in PA (not CHarlotte though) but they still gave us a loan, would have loaned us about twice as much if we wanted it (thank you my mortgage is big enough!)

[slimcustomer]

Originally Posted by abowers

My total credit card(s) limit isn't more than ~$5,000. So when I am at a point in my life where I am ready to buy a house, that won't be a huge percentage of my income.

My total credit card(s) limit isn't more than ~$500,000. So when I am at the point in my life when I'm ready to buy my next house, I can just charge it .

[parafly]

Originally Posted by Fern

If you plan to possibly purchase a house anytime down the road, keep in mind the following: When the bank reviews your mortgage application, they will count as debt your maximum line of credit on every credit card you have, REGARDLESS of whether you have maxed out the card or not. They do so because you have the potential at any time to run up big bills up to your limit, so, being the conservative institituiotns they are, they count it all as debt.

I have told my credit card companies in the past to put an indefinite hold on any automatic credit increases unless i tell them to do so.

Is this really the case for all people?

I can see this being an issue for people whose FICO scores are hovering in the range of 660 - 720, but what about people that have a FICO score of 800+? From what I understand, a person with a FICO score of 800+ gets the best possible rates on their mortgage regardless of their credit limit. Correct me if I'm wrong.