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yarianna

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Does getting a credit increase improve your credit score favorably?
I have 3 credit cards that are close to the limit and I was wondering if getting an increase would help my credit score favorably since I cant pay them fast enough. They are from balance transfers from other cards

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Yes, it would improve your credit scores as it would lowering the utilizations, however, the higher balance to its limit? The harder is to get credit limit increases or obtaining more/new credit. Not only that, it might spook other lenders you currently have, when you have high utilizations on multiple credit cards for extended period of time.

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JohnnyRain is correct.

You need to look at paying your cards off, and then only spend what you can comfortably pay off every month. Payiing interest is wasted money. Look at your statements and add the interest you've paid for the year of 2016. At credit card rates of 16% to 25% - that's a tremendous waste of hard earned money.

If your cards are already at their limits; all you're probably going to continue doing is charging and digging yourself further into debt with an increase.

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