How do high credit limits impact your credit score?

I have 3 credit cards (2 MasterCards and 1 retailer card). I pay off my balances monthly and therefore have no debt. One MasterCard has a credit limit of around $18,000 and the other has a limit of $19,000. The retail credit card (which I have only used once) has a limit of $12,000. As stated before, I have a zero balance on all of the cards and pay them off every month. How do these high limits affect my credit score. Currently, I rent and have no desire to buy a house until the market settles some in my area. Any thoughts?

Public Comments

1. Your high credit limits hurt you only when you've used over 1/2 of that limit. What you are doing is great! You are using your credit wisely. By the way, when you are ready and you have your credit pulled, make sure there is a small balance on each of those cards, for some reason the credit monkeys like those and your score goes up. ?? Go figure.
2. you are doing all the right things it should make your score come up as far as getting a home dont wait too long once it bottoms out it will go up of the fed lowers rates it will start to recover ifyou are looking for a good deal now is the time. dont chase prices get in low sellers are selling due to panic as soon as they get wind its warming up proces will go u and sellers will not make as good a dale as you will get now you know the market will recover
3. Having high credit limits helps you because it makes it very hard to use over 30% of your limit in any given month and that is when your scores takes a hit not 50%. Sounds like you are doing everything right.
4. Every credit card has a spending limit associated with it. This limit is decided by the credit card issuer based on your credit history, financial health and repayment record. Whenever a credit card holder goes overboard and spends more than his credit limit, the credit card companies slap an over the limit fees on him. So, over the limit fees is a penalty to cross your credit limits. The credit card issuing companies generally add anything between $20 to $40 to your monthly statement when you jump credit limits. The over the limit fees are generally mentioned in the terms and conditions that come with the credit card. Since, not too many of us care about those fine prints, very few know about their credit limits and even less know that anything such as over the limit fees exists. It is only when one such ignorant credit card holder goes out on a spending spree and gets the penalty, he comes to know about existence of any such fees. Read more from: http://www.credit-card-gallery.com/article/369,Credit_card_over_the_limit_fees_101