Reply to A few questions about credit cards

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[quote=Anonymous]The typical cycle for the balance to reflect is 30 days after the end of your last billing cycle that reflected the $0 balance. This is only a positive on your credit report.

Second, there is some benefit to having a higher credit limit. It impacts what is called your utilization rate. Meaning, having a $500 balance and a 1,000 credit limit indicates that you are near your maximum borrowing capacity. Having a higher limit makes it appear less so.

However, any benefit you gain from this will be negated by your (no offense) low income. Credit score aside, any loans made - home, auto, credit, etc - are going to look at your debt to income ratio. Companies differ but most will consider your current and maximum potential debt load. Thus, it's unlikely anyone will give you a large credit limit anyway.

My advice:
Keep the balances low, zero is better
Only apply for new credit if you absolutely need it. 
Check your credit score once a year from all three bureaus (its free but don't fall for the many fake websites that sign you up for junk)

Congratulations on paying down the debt. 
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