Credit question...

[GE]

I am a billionaire astronaut oil tycoon with a 12" cock so i have no need of credit.

Pics?

[Baron Von Crowder]

I am a billionaire astronaut oil tycoon with a 12" cock so i have no need of credit.

So... unemployed?

[Captain Crawfish]

i had one like that open on my credit for awhile also. i never charged on it but i think just opening it lowered my score a bit. eventually it will come off your report.

[Nash B.]

I was always under the impression that too much available credit is a bad thing in the eyes of lenders. Pretty sure that came from my mortgage broker, several years ago. I've slept AND been inebriated since then, so I could be wrong.

Makes sense.

Pesonally as a mortgage underwriter i see high limits with low balances as a good thing. it shows money management skills and not relying on credit cards to live. but i can see the risk associated with the possibility of additional debt accumulated...

Also makes sense.

[Broncojohnny]

Sorry, I forgot to say "enjoy your debt lifestyle, plastic slaves!"

[jw33]

Dave Ramsey would shit a brick

[Samhain]

I am a billionaire astronaut oil tycoon with a 12" cock so i have no need of credit.

You're stealing svo855s shtick!

[chronical]

How big is the limit? Ideally, never close a card that doesn't have an annual fee. Utilization of available credit is big factor in FICO scoring. If you have several other credit card open with larger limits and similar age, you could consider closing it if it's become a burden to manage it.

[chronical]

On a related note, I got one of those "go to the website and get an instant credit line increase" on one of my CC's. Don't really see a reason to do so... would it theoretically be beneficial if you were to increase the room for debt/utilization ratio? I don't really need it, but was wondering if there would be any benefit.

Yes you should increase your cards if you can. Let's say you have an 800 FICO credit score with one credit card that has a $1000 limit and no balance. And your fridge goes out and you put it on the card and now you have a $900 balance on a $1000 limit credit card. FICO will score you as maxed out and your score will plummet to maybe as low as the high 600's. Now had you had 3 credit cards with $33,000 limits and made the same purchase. The $900 balance wouldn't be but a drop in the bucket and the change would be as few as a few points.

[71chevellejohn]

Go pick something pretty out for Elvis.

[chronical]

Wrong, closed by consumer is not good on a credit report. Closed by provider is fine.

Leave it open and let them cancel it for inactivity.

This is wrong. Neither of them are negatively impact your score just because they were closed. Other than utilization or the account falling off 10 years after closure and loosing the beneficial age of the account, there isn't a negative impact on closing accounts

[chronical]

I was always under the impression that too much available credit is a bad thing in the eyes of lenders. Pretty sure that came from my mortgage broker, several years ago. I've slept AND been inebriated since then, so I could be wrong.

No. I have four times my annual income in available credit. Lenders make money lending (or try to) and they all want a piece of the pie