Approved for Kay Jewlers card, but.....

[kf74]

Hello all,

Today I really wanted to get my wife something nice for Valentine's Day so I gambled and applied for a CC at Kay Jewelers. Much to my delight, I was approved.

The thing is they gave me a $1,650 limit. I used $207.

A. How does this affect my credit?

B. Should I ask them to decrease the amount?

C. Is that much of an available balance going to help or hinder my credit repair efforts? (FICO)

I know these are probably silly questions, I just value you guy's (and gal's) input.

Thanks....

This IS going to be a good year!!!

[my3girlies]

I am no expert, but you do not want them to decrease your limit or that will increase your utilization. (from my understanding)

[elyse449]

I wouldn't ask them to lower your CL unless you're worried that you'll charge too much on it. Unless you have a true concern that you won't be able to control your spending...ya know?

If you leave it where it's at and you've only charged 207.00 that will make your utilization look GREAT. It will show that you don't charge too much on the account thus presenting a tendancy to over spend or go over ones limit.

If the CL is lowered, it will appear as though you DO spend too much-does that make sense?

JMO.

Elyse

P.S. Congratulations on the Kay approval to!!!

[newbie7069]

If you could post for the benefit of others what your FICO scores were at the time, as well as which CR was pulled.

Thanks!!!!!

Also..................CONGRATS ON THE NEW TL!!!!!!!!!!!!!!!!!!!!!!!!!!!

[kf74]

I wouldn't ask them to lower your CL unless you're worried that you'll charge too much on it. Unless you have a true concern that you won't be able to control your spending...ya know?

Thanks.....

I am not worried at all about over spending. I was just concerned that a higher open balance could send the signal that I 'could' overextend myself, thus scaring off potential future creditors.

I guess a higher balance with lower utilization is good and outweighs this.

Thanks again....

[kf74]

If you could post for the benefit of others what your FICO scores were at the time, as well as which CR was pulled.

Thanks!!!!!

Also..................CONGRATS ON THE NEW TL!!!!!!!!!!!!!!!!!!!!!!!!!!!

KAY/STERLING 02/14/2007 Equifax

Scores:

TU=568 EQ=568 EX=569

[I hate EXP]

Use it just this one , and either be a freeloader or let it report once and bury it deep in your purse. High limits are good, but keeping the utilization low or non-existant are what count