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When Should You Increase Your Available Lines of Credit?

When Should You Increase Your Available Lines of Credit?

Finance
It’s better to have credit and not need it, than to need credit and not have it! For most folks, this is abundantly clear. Everybody should have access to a sufficient line of credit, and manage it well. Sensible advice for sensible folks. But what happens when you find yourself in a bind; either you need credit and you don’t have it, or worse yet – you don’t qualify for credit? These are difficult situations to contend with. Credit availability is one of several factors that goes into calculating your credit score. Leading analysts on this topic routinely advise clients to understand each of the major categories of a credit score, notably: New Credit applications account for 10% of your credit score The Type of Credit you have accounts for 10% of your credit score Your Cred...