Quote:
Originally Posted by Jimellow
Thanks for the replies.
Do you have any recommendations in regards to what I should set me credit limit at?
The form allows me to set a limit, and I've read that ideally a user spends 30% of his limit per month, on average. Does that sound right?
I don't need a high spending limit, but I would like to have the option of putting larger purchases on the card without it going over the % of limit that is going to ultimately hurt my rating.
At what point does going over the % of limit negatively affect an account; immediately or only if you carry a balance? I don't carry a balance, and if the overage only applies to carried balances, I don't need my limit nearly as high.
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Get the highest limit you can get approved for - having unused extra credit line has a nominal impact on your score, and it will help you long term to keep a lower credit limit ratio.
Since it doesn't appear you're in the "need a low limit to ensure you don't overspend catagory" it shouldn't have any impact on your actual spending. That said, it doesn't necessarily matter if you just charge an amount and pay it off, or you actually carry a balance, your score will begin to be negatively affected if you go over 30% of your limit. However, it doesn't have a significanly negative impact until over 50% of your limit.
And.......Bringing it back from the grave one more time
http://www.tfproject.org/tfp/tilted-...nt-credit.html