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    • mustachio
    • By mustachio 13th Mar 17, 12:32 AM
    • 49Posts
    • 14Thanks
    Credit rating and credit card allowance
    • #1
    • 13th Mar 17, 12:32 AM
    Credit rating and credit card allowance 13th Mar 17 at 12:32 AM
    I have a credit card related question (I know, I know). I have credit card and the amount they will let me spend has extended from £2000 to £7000 (over about 5 years).

    My question is would the extensions given by a credit card reduce your potential borrowing in relation to credit scoring, etc?

    I actually have a very good credit rating but I am just wondering if it is worth reducing my limits back down since I am not using them and don't intend to

    Many thanks in advance.
Page 1
    • Dobbibill
    • By Dobbibill 13th Mar 17, 3:57 AM
    • 2,091 Posts
    • 3,216 Thanks
    • #2
    • 13th Mar 17, 3:57 AM
    • #2
    • 13th Mar 17, 3:57 AM
    It depends on many things - each lender is different.

    On one hand, this limit demonstrates you can manage credit responsibly. If you are using and paying off in full each month.

    On the other hand, if you wanted a loan for £10k then you are asking a lender to almost treble your lines of credit overnight.

    So many other factors as well though it's never going to be a definitive answer.
    • Ben8282
    • By Ben8282 13th Mar 17, 7:37 PM
    • 1,666 Posts
    • 676 Thanks
    • #3
    • 13th Mar 17, 7:37 PM
    • #3
    • 13th Mar 17, 7:37 PM
    £7000 total credit limit on credit cards is quite low. Nothing to worry about at this stage.
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