5 Ways to Quickly Boost Your Credit Score

It sounds great - try to increase your credit limits so you improve your utilization scores. But for the last year at least I have regularly gotten letters from my credit card companies reducing my credit limits in tandem with me paying the card balances down gradually. I have cards (more than one) that used to have $25,000 limits, I used the credit near to that level, but the balances are now in the $8,000 range, but the credit limits have been gradually reduced to $8400. A $50,000 line of credit that I only used half of just plain got canceled, so my 50% utilization went to 100% on that loan. I am like a lot of other small business owners, I used credit cards with modest interest rates for short term business credit. The card companies raised interest rates to near 30% and essentially ended the ability to get the credit. I will eventually pay these things down and will get a high score, but meanwhile don't ask me why my companies are not hiring new workers or why I am not consuming things I usually would consume.

JGTimo of NJ 6:47PM August 10, 2010