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Hi all,
Can anyone give suggestions on ways to repair my credit. I have a mortgage and some other bills but I am unsure if that does anything to my credit score. I had a car loan, and the time period was 38 months. However, I paid it off in 25 months and now have another loan joint with my wife for a car that is 12 month old & is done at 50 months.
I have only one credit card for the past 2 years with a $500.00 credit limit. If I call and ask for an increase on my limit will that help my score go up or down? Would applying for a credit card help at all?
My credit scores are:
TransUnion: 740
Experian: 699
Equifax: 710
repairing credit
Hi Chadwyk,
Yes, you can ask the bank to increase your credit limit. This will lower your credit utilization rate in relation to your credit limit. This in turn will help your score. If the bank does not agree to your request, try to bring down the balance to improve your score.
You credit is close to perfect. So, you need not rush. You can try to get another credit card to improve your credit score.
Thanks,
Aaron
New applications and requesting a credit limit increase will decrease score, but having a better utilization ratio will help.