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1234yousuck

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Increase in Credit Score?
I have a good credit score according to creditkarma (Transrisk score 712) I already have a $12,300.00 credit limit between my Discover credit card and my gas cards. I am currently using (Utilization Rate) 32%, I have a payment score of 100% on time payments for home mortgage, car notes, credit card and gas cards. (Never late Once in 12 years) Is it a good idea to get another credit card to increase my credit limit thus causing my utilization rate to come down? I also am at only 26% against my anual income. I feel as though my score should be higher. My goal is to hit 775 to 800 to refinance my home at a low interest rate.

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I would first recommend that you contact Discover and ask if they would review your worthiness to increase your credit line. Most companies check at random to see if you are eligible for a credit line increase, but you are allowed to make a request with most companies (some even have an online request system). My utilization rate dropped a good deal once my credit line was increased. Although the hit would likely be minimal, you have to remember you will get a hard inquiry, a new account, and your average age of accounts will drop when you open a new credit card. So I would definitely recommend first contacting your current credit cards and request that they extend your line of credit, especially with your exemplary record with them.

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