What Are The Effects Of Raising A Credit Limit?
I just had my credit limit raised and asked for a diffrent card within my cardholder in order to lower the intrest rate. They granted me the credit raise and to my suprised send me a letter that stated that my intrest rate would be 50% less than the rate they had quoted me over the phone. I really don't understand how that works. Did any of my actions have a bad affect on my credit score?
As long as you did not transfer a balance or otherwise begin using a large percentage of the new credit line then your score will not be affected. Having a large credit line in itself is not a problem. You start getting penalized when you use to much of you credit or you have to many lines of credit open.
Raising your credit limit could actually raise your credit score because it will lower your overall balance to limit ratios.
You said that your interest rate was 50% less than quoted. That should be a more favorable rate. Maybe the change in card was a change in terms.
Well... I asked about the any new fees and such, the card providers had told me none are applied. Is there anything else I could do to bring up my score?
One card I currently have, when asked to raise the limit, ran a credit report. (request was done online).
So as well, you may have a new inquiry?