Upping Credit Limit Down the Road - Does it Work?

[atlan]

Hello,

I hope this question makes some sense. I have a plan to pay everything off but I'm afraid my credit score won't go up because I have too many cards with a high ratio of high balance to credit limit.

I understand from reading the rebuilding credit threads that having your high balance be around 30% of your limit is a good idea for improving your credit score.

So eventually, once I have the cards all paid off, I'd like to get all their credit limits raised to a level that would show my high balance as 30% or less -- for instance, if I have one with a $1000 balance, and I pay it off (should take about a year according to my plan), could I then ask for a limit increase to $3000? And if I got it, would my credit report reflect $1000 high/$3000 limit? And would that improve my credit score?

Thanks,
*atlan*

[magyar123]

Don't think that asking for increases in your limits will go anywhere. Most credit card outfits raise limits on anniversary dates, by what THEY believe you're worth. With the current so-called credit crunch don't bet on any substantual limit increases.

[PoorGrammyinBK7]

More likely limits may decrease - credit is going to get tight for everyone, it sounds like.