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Comment on What would happen if you maxxed out your credit cards and line of credit then moved to some village in the phillipines?

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Peppycito@sh.itjust.works ⁨1⁩ ⁨day⁩ ago

I have a credit card with $25k limit on it. I kept accepting increases because I thought it was funny how they kept giving it to me. Thrn I heard having a lot of credit lowered your credit score or some bullshit so stopped. I still get offers to raise it. I’m not rich, just paid off my house.

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TheReanuKeeves@lemmy.world ⁨1⁩ ⁨day⁩ ago
I’m not so sure that higher limits reduce your credit score, if you kept your spending the same then your credit utilization % would be lower, which is a factor that increases your credit score.

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- Peppycito@sh.itjust.works ⁨1⁩ ⁨day⁩ ago
  I don’t know how it works. I never use a $1000 of my limit, let alone $25k. Especially at 20% or what ever my card is.
  
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  - NABDad@lemmy.world ⁨1⁩ ⁨day⁩ ago
    Yeah that dude is right. One of the things they look at is available credit. If you close an account with a $20k limit and zero balance, your score will drop.
    
    For any future/current parents with good credit: if you add one of your kids to your credit card, their credit rating gets a boost.
    
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