I have one credit card with a $10,000 limit. There are times, especially around the holidays, when the balance can reach seven or eight thousand dollars.the high balance relative to our credit limit seems to lower my credit score. Should I increase the credit limit on the credit card?
Yes, it would help a bit (as long as you don't fill up that extra limit :-) ). A coworker just yesterday said that he called up his credit card company and asked for a higher limit, and it caused his credit score to increase by 20 points.