What is a good credit card limit to have in order to improve one’s credit score?
I recently opened up 3 secured credit cards with a credit limit of $ 300, $ 350, and $ 300 respectively. I subscribe to Credit Check Total and received the advice below in order to improve my score. How much should I increase my limits to? Should I increase them on all three or can I increase just one? What is the magic number for credit limits in order to improve one’s score? With my secured credit cards you basically deposit money into the accounts if you want to increase the limits. Any advice is appreciated.
From Credit Check Total:
“Having low credit limits on your accounts and loans counts negatively against your credit score. Having a high amount of credit is a positive factor because it indicates to lenders that other creditors have trusted you by lending you money in the past. However, since your major credit card limits are generally low, lenders may think you dont have enough experience with high limits.”