Credit Card Rate DECREASE - Should I request limit decrease??

ironlady2022

Paul_Herring has made a very valid point. You should check with your mortgage provider how much you can overpay, some companies only allow up to 10% a year.

Paul_Herring

maz7 wrote: »

We can overpay £500 per month on the mortgage so our thoughts were to (when our mortgage rate is higher than nett savings rate) to overpay £500 per month from the fund built up and bring mortgage term down that way and saving the interest.
Am i right in my thinking?

If, and only if, there aren't any other limits to the repayment amounts - i.e. you will actually be allowed to over-pay your mortgage by (12x£300) £3,600 per year

And, also, if the sum saved won't take too long to shuffle across to your mortgage using that method.

theoretica

Is a large unused credit limit any more of a fraud risk?

AliBongo73

I reduced one of my credit card balances down which then reduces the risk of fraud - less balance for them to play with before they hit the limit and it gets rejected, although hopefully the bank would pick it up before it got to that.

Paul_Herring

theoretica wrote: »

Is a large unused credit limit any more of a fraud risk?

No.

Not using the card at all, (thus not immediately noticing any fraud on it) is a greater risk.

Not reading your statements at all is a greater risk.

Simply having a larger credit limit - not at all. You're only liable to the first £50 of any fraud, and most of the companies waive that anyway.

cos_2

I've wondered long and hard about this 'availability' thing, that folk discuss on this site. I've held some cards for a long time with a zero balance and a limit (each) of between £7500 and £10000. I had used up their cashback feature, or whatever, and paid down the balance. I then applied for another card to use their particular benefit and so on. Never declined in the last 10 years or so.

My available credit used to be higher than my gross income, although I have since closed a card and it's now lower, but I've never come across the 'too much available credit' situation.

I suspect it's a bit of a myth despite the mighty Experian's statement, and the fact is that every creditor has, quite simply, their own qualifying criteria.

P.S. Paul's post above is particularly relevant. I've twice been hit by fraud but caught it early because both cards were in use and I checked my accounts very regularly.

maz7

Paul_Herring wrote: »

If, and only if, there aren't any other limits to the repayment amounts - i.e. you will actually be allowed to over-pay your mortgage by (12x£300) £3,600 per year

And, also, if the sum saved won't take too long to shuffle across to your mortgage using that method.

Checked what I can overpay and it is £500 per month.