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Forum ยป Is it a good idea to take a credit increase when they are offered?
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Thread: Is it a good idea to take a credit increase when they are offered?

post 1646228613 09-02-2021, 08:19 AM
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  1. TheUniBrah
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Is it a good idea to take a credit increase when they are offered?

ill start with saying this: I do not live off of credit and do notneedthe additional credit space to get by month to month.

My credit score is over 800 currently.

Is there any harm in accepting a credit increase? At which point are there diminishing returns for credit increases (i.e. once credit surpasses % of overall income, etc)?
post 1646228743 09-02-2021, 08:22 AM
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  1. ontclone
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Originally Posted By TheUniBrah⏩
ill start with saying this: I do not live off of credit and do notneedthe additional credit space to get by month to month.

My credit score is over 800 currently.

Is there any harm in accepting a credit increase? At which point are there diminishing returns for credit increases (i.e. once credit surpasses % of overall income, etc)?
Why not take it? just take it and don't use it unless there is some underline downside. you never know when you will need it and wished you had it
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post 1646229033 09-02-2021, 08:25 AM
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Originally Posted By ontclone⏩
Why not take it? just take it and don't use it unless there is some underline downside. you never know when you will need it and wished you had it
In the process of shopping for a mortgage. Not sure if a sudden hit on credit score would have a significant impact.
post 1646229213 09-02-2021, 08:28 AM
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  1. Retoaded
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yes because one of the FICO score components is the percent of available credit that you are using. You want the denominator going up, so take a limit increase.
post 1646229273 09-02-2021, 08:28 AM
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I was told once that having a ton of available credit can be seen as a liability, but am not a financecel, so curious what others think.

I have a good solid secured LOC for a couple hundred gs, so having only ten grand available on credit card is fine for me
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post 1646229453 09-02-2021, 08:31 AM
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Originally Posted By Anachron⏩
If it's being offered, take it.

There won't be a hit on the credit rating, only if you request it.
Originally Posted By Retoaded⏩
yes because one of the FICO score components is the percent of available credit that you are using. You want the denominator going up, so take a limit increase.
ty men
Originally Posted By Hutrapper⏩
I was told once that having a ton of available credit can be seen as a liability, but am not a financecel, so curious what others think.

I have a good solid secured LOC for a couple hundred gs, so having only ten grand available on credit card is fine for me
This is what i was alluding to. I only have 2 CC's (1 is for work) and this increase is only +25% on a small base to begin with so i think i should be good.
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