As we stated previously, 30% of your FICO score is derived by looking at the amount of credit you use vs. the amount of credit you have. We also stressed the importance of the overall age of your credit. With this information at hand it should be obvious to you why asking your credit card company to lower your limits will not boost your credit score.

Closing the gap between the total amount of revolving credit you have and the total amount of revolving credit you use will not help your credit score. In most cases, if you take this advice and put it to use, you will see your credit score drop.

The FICO formula looks at the gap between your available credit and your used credit. If this gap is reduced it does not take into account who reduced the gap, it just uses the data and the end result in most cases is a lower credit score.

You can and should use this information to your advantage. Pay down your debt and increase the gap between the credit you have and the credit you use.

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