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I recently got a Home Depot CC with a limit of $5500. I just looked on my CR's and the limit on my report says $500??? Should I just leave that alone...or should I contact all 3 bureaus and let them know my limit is really $5500, which they can easily confirm with Home Depot. What looks better on my report? Thanx

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VeeGee,

Wasn't your original credit limit on the card $500? It might be that they reported your original before the increase. I'd wait a month to see if it updates again. Also I don't think the CRA will update your limit on your word. If they would, I don't think so many people would complain about Cap 1 not reporting the limit.

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Thanx for responding crabjoe...yes, the original limit was $500. But right then and there in the store, I asked for a higher limit, and they raised it to $5500. They changed the amount on the application and put that in the computer. But I will wait the month and see if they update it. What I really wanted to know is...wouldn't it look better in the eyes of lenders if they saw a limit of $5500, instead of $500?

Thanx again :)

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High Credit Limit is for the benefit of the scores being improved; lenders are of the opposite mind, meaning that too much credit is a worry for them that you could possibly get over extended.

So it is a scale trying to even out what is best for the scores & what the lenders would like to see.

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