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Dear Dr. Don,
Would my FICO score be higher if I increased the credit limit on my credit card(s)? I now have $12,000
on one card. I have no credit card debt because I pay in full each month. It's my guess that my FICO
score is about 800 or more.
-- Corny Compilation
Dear Corny,
If your credit score is bouncing around 800, I want you to stop wasting energy on trying to improve
your score.
Trying to get to an A++ from an A+ isn't worth anything other than bragging rights at
the homeowners' association picnic. And if you were bragging to me, I'd excuse myself to go find the
horseshoe game, where "close enough" still scores.
Bankrate has partnered with myFICO.com
to provide a
FICO Score Estimator that will give you a
better guess as to your current credit score.
You can also consider registering as part of the
class action suit against TransUnion and receive
six months to nine months of free credit monitoring
from TransUnion.
Having your credit lines increased may raise your credit score because it increases the
ratio of credit used to credit available. For someone like you who doesn't carry a balance and already
has access to a fair amount of credit, the impact should be negligible.
There's always the risk of unintended consequences here. Too much credit outstanding makes
it that much harder for the next creditor to say yes. If you're managing your credit history with an eye on
your next loan application, you don't want to get carried away with taking on additional credit lines you
don't need.
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