High Business CC limit lower credit score?
May 8, 2012, 5:31 pm
#1
Original Poster
Join Date: Nov 2005
Location: SEA
Programs: HH Silver
Posts: 2,400
High Business CC limit lower credit score?
I just applied for and got a business CC, for a business as an independent contractor. They gave me (what I consider) a huge limit, that I find really excessive, and am afraid it will negatively affect my rating.
A little history. I have 5 credit cards, with total limits about triple my yearly income. I carry no balances, and have no debts. Have a credit rating in the high 700 low 800 depending on the company checking.
Has anyone ever called immediately after getting a CC and asked for the limit to be lowered? Is this a good idea? I am thinking about applying for a home loan soon, and dont want my interest rate to be higher, just to get a few free flights.
A little history. I have 5 credit cards, with total limits about triple my yearly income. I carry no balances, and have no debts. Have a credit rating in the high 700 low 800 depending on the company checking.
Has anyone ever called immediately after getting a CC and asked for the limit to be lowered? Is this a good idea? I am thinking about applying for a home loan soon, and dont want my interest rate to be higher, just to get a few free flights.
May 8, 2012, 5:52 pm
#6
Original Poster
Join Date: Nov 2005
Location: SEA
Programs: HH Silver
Posts: 2,400
I have heard that having a high limit will affect your credit score, in regards to being able to pay it back if you suddenly max it out.
My business card is attached to my SS number, so I am assuming it will show on my report, and score.
I guess I am wondering if I ask for a lower limit, will they score me lower because the CC company only gave me a small limit, or will it be a plus because I dont have too much credit available. Or should I just leave it alone.
My business card is attached to my SS number, so I am assuming it will show on my report, and score.
I guess I am wondering if I ask for a lower limit, will they score me lower because the CC company only gave me a small limit, or will it be a plus because I dont have too much credit available. Or should I just leave it alone.
May 8, 2012, 5:57 pm
#8
Join Date: Jan 2011
Location: Mountain Time Zone
Programs: AS Million Miler/Marriott Lifetime Titanium/ IGH Ambassador
Posts: 6,004
I just applied for and got a business CC, for a business as an independent contractor. They gave me (what I consider) a huge limit, that I find really excessive, and am afraid it will negatively affect my rating.
A little history. I have 5 credit cards, with total limits about triple my yearly income. I carry no balances, and have no debts. Have a credit rating in the high 700 low 800 depending on the company checking.
Has anyone ever called immediately after getting a CC and asked for the limit to be lowered? Is this a good idea? I am thinking about applying for a home loan soon, and dont want my interest rate to be higher, just to get a few free flights.
A little history. I have 5 credit cards, with total limits about triple my yearly income. I carry no balances, and have no debts. Have a credit rating in the high 700 low 800 depending on the company checking.
Has anyone ever called immediately after getting a CC and asked for the limit to be lowered? Is this a good idea? I am thinking about applying for a home loan soon, and dont want my interest rate to be higher, just to get a few free flights.
Your score is based on the way you manage credit the more credit you have and the less you use is a good thing. No more than a third on anyone card. Limit the number of cards that carry a balance
Your good to go !
May 8, 2012, 6:44 pm
#9
Join Date: Oct 2009
Location: Land of the parrots and parrotheads
Programs: Several dozen
Posts: 4,820
Is this a high limit (without limit) AMEX? Beware the curiosity of the cardinals as they would like to get to know you better. In fact, Fang may invite you to the company BBQ.
May 8, 2012, 6:53 pm
#10
Original Poster
Join Date: Nov 2005
Location: SEA
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Posts: 2,400
May 8, 2012, 6:57 pm
#11
Join Date: Aug 2011
Location: DFW
Programs: AA PLT, HH Gold, SPG/Marriott Gold
Posts: 1,091
Amex, Citi, and Chase will not report to your personal reports. I don't see any reason to have them lower your limit, if anything (if it does report) it will just help keep your utilization low. If down the road an underwriter or someone else has a problem with it, then call the company and have them lower it.
May 8, 2012, 8:25 pm
#15
Join Date: Jan 2011
Location: Mountain Time Zone
Programs: AS Million Miler/Marriott Lifetime Titanium/ IGH Ambassador
Posts: 6,004
Amex, Citi, and Chase will not report to your personal reports. I don't see any reason to have them lower your limit, if anything (if it does report) it will just help keep your utilization low. If down the road an underwriter or someone else has a problem with it, then call the company and have them lower it.