credit limit decreased

Jun 272010
 

I recently paid a nice chunk off on my Discover card (2000 from 5k balance), but was addming more to it with a recent business trip (maybe 1k more).  I see today that my I am $501 over the limit! They decreased my credit line. I assume it’s perfectly fine for them to do this, but is it really when it can cause damage to one’s credit score? I have never been over the limit with them and always paid on time, although my balance was always at the limit. NOw with me being $500 over the limit, I assume this will have a more negative effect on my score. True? If so, isnt there any recourse? I know, call them up, bla bla then hear their excuses and reasons and get nowhere.

Priortize car loan or credit card?

Apr 222010
 

In attempting to bump my score a few more points, which action would give me the most bang for my buck:

1. Pay off a car loan with only an $1100 balance and $278 monthly payment. – or -

2. Pay the $1100 on a charge card that has a $3900 credit limit and a current balance of $1,200.

 

I know the charge card balance is below 1/3 of the limit so would the complete elimination of the car loan do me more good at this point?

 

Thanks,

JoeRu

Still Looking for 3-5 points: Over Limit Cards vs. 90+%

Mar 222010
 

 

Is there any difference in scoring between maxed out/over the limit cards and cards that are reporting

just under the limit? I know that 90% or more is generally considered maxed out, but is

99% util on a card considered better than those that are reporting over the limit?

 

I only “need” a few points and I have 3 cards that are reporting over the limit and I can pay them

down slightly to get them under the limit. My util would still be obscenely high, but is there

maybe a slight increase in my scores for getting the cards under the limit?

 

I have 10 cards. Some are fine, most are on the high end of util and as mentioned above, I

have 3 cards reporting over the limit.

 

Thanks!