Canadian Money Forum banner

Will an increased credit card limit help or hurt an upcoming line of credit app?

2487 Views 1 Reply 2 Participants Last post by  moneygardener
I have the option of increasing my credit limit from 1000 up to 5000, however i will be applying in the near future for a 10k line of credit for a car loan. By increasing my credit card limit, will that help or hurt my future application?
1 - 2 of 2 Posts
If it is an unsecured line of credit the more external credit you have extended to you the more this will hurt you.

If it is a secured LOC it doesn't matter.
1 - 2 of 2 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.