will my score raise when i lower my balance?
my score two months ago was 690 697 700.one of my credit card payments is do, its an 8,000 limit and im maxed out, my two others at 0 balance i dont use them,im going to apply for a line of credit,if i lower it to 7,000 before my payment is do, will my score raise by me lowering my balance when they run my credit that same week,my debt to ratio will be around 40% i pay all my bills on time:rent,car note, cc bills,student loans, with other merchant accounts are at 0 balance with a nice limit.my bank just offerd me an up to 10,000 loan at 8% for 18months but i want a line of credit instead of loan can i tell them i want a line instead,i need acually 15 to 20,000 shouldnt i be able to receive that line amount with my scores and debt to ratio.
The way it works is your total debt divided by your total credit limit equals your debt to credit ratio any time this number exceeds 30% your score takes a hit.
This does not include vehicle or mortgage loans only credit cards.
As far as the line of credit is concerned that will be determined by your debt to income ratio and ability to repay.
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