Credit Score Question... Low limit, high score. (rates, accounts, charge)
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I had a high score of 800+. But that was about 10 years ago. Since then I have stopped using credit.
If I want a car, or anything else, I buy it cash. I have been happy with this arrangement until recently when I discovered (remembered) that my car insurance company is allowed to add a surcharge if you have bad credit. Unfortunately, no credit is considered bad credit - something I think is a consumer ripoff - but that's the way it is. So, I have reopened a CC account.
Question:
Has anyone been able to maintain a high FICA score while using one low limit (~$3K) CC?
Last edited by blktoptrvl; 02-26-2018 at 10:33 AM..
it's more about the utility ratio more than the high limit... ghe high limit lowers he ratio, but so does not putting anything on it outside the few times you use it to keep it active
I think I would open several cc accounts and put a dollar or two on each a couple of times a year. Credit utilization is important so try for the highest line of credit you can get.
I was told by my new home insurer that I didn't get their 'lowest possible rate' because my 'credit history' was shorter than they would have liked. Apparently it's because I opened some new credit cards to get signup bonuses. These 'newer' cards resulted in my credit history being shorter.. thus the higher insurance rate
I was told by my new home insurer that I didn't get their 'lowest possible rate' because my 'credit history' was shorter than they would have liked. Apparently it's because I opened some new credit cards to get signup bonuses. These 'newer' cards resulted in my credit history being shorter.. thus the higher insurance rate
Yes and yes.
Length of credit history for individual accounts does factor in. This is info all available online. IMNSHO, people have no business obtaining what is arguably the most expensive loan in their lives w/o first understanding how credit scores work/affect rates you see.
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New credit cards lead to lower credit rating!?
